The government has decided to update the base year for compilation...
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RBI asks banks to bring down inoperative accounts urgently report their numbers quarterly
Expressing concern over the rising sums of money lying in such...
Bandhan Life expands its strategic partnership with Bandhan Bank into Northern India
Bandhan Life has announced the expansion of its strategic...
Citigroup forms energy transition group within investment banking – memo
The entity will be headed by Serge Tismen and Shail Mehta, and will focus on companies including those involved in hydrogen, charging infrastructure, carbon capture and sequestration and biofuels, said the memo, the contents of which were confirmed by a bank spokeswoman on Thursday.
2,118 branches of state-run banks closed or merged in last fiscal: RTI
The highest number of 1,283 branches of Bank of Baroda were either closed or merged, No branch of Bank of India and UCO bank was closed in the last fiscal. The government consolidated ten PSU banks into four in the last financial year, bringing the number of nationalised banks to 12.
RBI allows fresh moratorium for small borrowers as COVID-19 cases spike
“Small businesses and financial entities at the grassroot level are bearing the biggest brunt of the second wave of infections,” Reserve Bank of India Governor Shaktikanta Das said, as he announced a slew of other measures to enhance liquidity and boost lending to various needy sectors.
RBI limits tenure of bank CEOs, MDs to 15 years, rule to be effective from October 1
Lenders like Kotak Mahindra Bank may be affected though the impact will not be felt immediately as RBI has allowed CEOs to complete their current tenure.
Promoter Uday Kotak who has been at the helm of the bank for over 12 years had been re-appointed for a term of three years starting January 2021.
RBI to conduct customer satisfaction survey on bank mergers
Of the 22, a set of four questions has been drafted separately for assessing customer service and grievance redress issues of customers of branches of banks that have been merged with other banks in the year 2019 and 2020.
Citigroup’s retreat highlights global banks’ struggle in China, India
“The ability to scale rapidly is a very important factor, and that’s one of the reasons why local banks move so fast, and are in a better competitive position in retail and consumer banking,” said Joydeep Sengupta, senior partner at McKinsey in Singapore. “For foreign banks, it’s likely to get harder to scale profitability.”
Investors line for new banking licenses
Applicants under guidelines for ‘on tap’ Licensing of Universal Banks are:UAE Exchange and Financial Services Limited,The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank),Chaitanya India Fin Credit Private Limited,Pankaj Vaish and others
SBI drags feet on loan to Adani firm for controversial Australian coal mine
The Carmichael mine has been the focus of environmental protests since it was proposed in 2010. SBI shareholders have joined the opposition. BlackRock and Norway’s Storebrand ASA raised their objections over the past year, and Amundi SA divested its holdings of SBI’s green bonds because of the bank’s ties to the Carmichael mine.
SBI Chairman Dinesh Kumar Khara, who took charge in October, is reticent to disburse the funds to Adani given the opposition to the Australian project, bank officials said. Still, no decision has yet been made about the loan, they said.
Axis Bank becomes a co-promoter of Max Life
The Axis Entities have a right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, subject to regulatory approvals.With the conclusion of this transaction, Max Life’s Board will be strengthened further, with co-option of three nominee directors of Axis Entities on its Board.
Automatic recurring payment to comply with RBI direction from April 1
Under the new norms, banks will be required to inform customers in advance about recurring payment due and transaction would be carried following nod from the customer. So the transaction would not be automatic but would be done after authentication from the customer.