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...
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.
Banks to conduct special clearing operations for closure of govt accounts on Mar 31: RBI
Under this, presentation clearing will take place between 1700 to 1730 hrs and return clearing will take place between 1900 and 1930 hrs at the three CTS (cheque truncation system) grids located in New Delhi, Chennai and Mumbai.
Under the CTS system, there is no need to present a cheque physically for clearance, instead an electronic image is being transmitted to the paying branch through the clearinghouse, with the relevant data.
India will have heterogeneous banking sector in a decade with four types of banks: Shaktikanta Das
There will be large banks having presence across the country and the world, mid-size banks present across the economy, small finance banks/regional rural banks/cooperatives to take care of the small borrowers and digital players, said RBI governor Shaktikanta Das .
Financial services space set for disruption over next 10 years: Kamath
Citing the first wave of change brought about in the banking space 20 years ago, Kamath said it changed the sector in a positive way.
“Unless you internalise it’s going to be a digital world…we will see a very quick evolution of this space in the next 10 years. It’s not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way,” the former president of New Development Bank said.
RBI forms external advisory committee for evaluating banking applications
The guidelines for ‘on tap’ licensing of Universal Banks in the private sector on August 1, 2016 and the guidelines for ‘on tap’ Licensing of Small Finance Banks in the private sector on December 5, 2019, had indicated that the applications for Universal Banks and Small Finance Banks would be initially screened by the RBI to ensure prima facie eligibility of the applicants.
RBI is yet to take decision on industrial houses owning banks :Thakur
Replying to a query on the RBI’s internal working group (IWG) report which had recommended that large corporate or industrial houses may be allowed as promoters of banks, he said the central bank has not taken any decision on the issue.
”The RBI will take a final decision keeping in mind interest of consumers of banks” Thakur said, adding even today private sector majority stake is in banks like ICICI and HDFC.
Our digital transactions have gone as high as 67 pc now: SBI Chairman
At present, there are 35 million registered users of Yono and the bank is opening over 35,000-40,000 savings accounts per day with the help of the mobile app, he said.
While 59,000 crore car loans aggregating to around Rs 4,000 crore were sanctioned, the bank could generate 15,000 home loan leads worth Rs 4,000 crore with the help of Yono, he added.
The platform also helps in distributing products of the bank’s subsidiaries including SBI Life Insurance, SBI General Insurance and SBI Card and SBI Mutual Fund.
So far in this fiscal, close to 25 lakh personal accident policies and seven lakh life insurance policies have been issued using the Yono platform, Khara said.
Nationwide bank strike continues to impact PSB services on second day
As per the call, on Monday, employees and officers joined the strike and the strike was a total success. Normal banking services were affected because of the strike, C H Venkatachalam, General Secretary, AIBEA said.