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Clearing time for cheques to be cut from 2 days to a few hours: RBI Governor
Shaktikanta Das,Governor,RBI “This means that cheques will be...
RBI holds rates again; focused on bringing down inflation to target
Shaktikanta Das, Governor, Reserve Bank of India Resilient and...
Finance Ministry starts groundwork for fresh bank consolidation
The Finance Ministry wants banks to undertake an internal exercise for the best match and then come up with the merger idea. This plan would have to weigh various aspects including regional balance, geographical reach, IT compatibility, financial burden and human resource transition.
PNB could take control of OBC, Andhra Bank, Allahabad Bank: Reports
New Delhi has been trying to merge smaller regional state-run banks with better managed larger government-owned lenders as one way to reduce bad loans that stand at more than Rs 9 trillion ($130 billion), or nearly 5 per cent of the nation’s gross domestic output.
BoI to sell 25.05% stake in its life insurance joint venture
In its request for proposal (RFP), the bank said it is proposing to sell 6.48 crore equity shares which amounts to Rs 1,106 crore.While BoI has a 28.96 per cent stake in the life insurance joint venture, Union Bank of India and Dai-ichi Life has 25.10 per cent and 45.94 per cent, respectively.
IRDAI seeks proposal from LIC on stake reduction in IDBI Bank
“We will decide on the timeline (for stake reduction by LIC in IDBI Bank). We are not leaving it to them. I have asked them (LIC) to give a proposal and after that we will take a decision,” IRDAI Chairman Subhash Chandra Khuntia said on the sidelines of an event organised by Ficci here.
SBI has found fraud worth Rs 7,951.3cr in Apr-Dec: RTI reply
The bank also did not share details of these frauds such a due to phishing/online/debit/credit cards fraudulent transactions or borrowers engaging in fraudulent activities with the borrowed money.
Automation has SBI leaving 25% retirement vacancies open for tech
The board has come out with a five-year roadmap in 2018 to replace only 75 percent of the retiring employees every year, he said, adding an average of up to 10,000, including 8,000 clerks and 2,000 officers are being hired annually as replacements.
NPCI identifies new type of digital banking frauds
The entire ecosystem including Banks & Fintech companies have to work collectively towards creating awareness and educating customers to refrain from sharing their account/card credentials, OTP/PIN and/or giving access to their mobile handsets to unscrupulous persons through such remote screen access apps.
Citi India CEO lost RBI confidence
The RBI around the end of last year informed Citigroup that it wouldn’t approve a new term for Pramit Jhaveri, who had been India chief executive officer (CEO) for almost a decade, people with knowledge of the matter said. That prompted the bank, which had planned to nominate Jhaveri for another three-year term, to change course and move him to another position, the people said, asking not to be named.
Deposits in Jan Dhan accounts set to cross Rs 90,000 crore
New Delhi: Total deposits in Jan Dhan accounts are set to cross Rs 90,000 crore with the government making the flagship financial inclusion programme more attractive especially by doubling accident insurance cover to Rs 2 lakh. According to data from the...
PNB plans to dilute minor stake in life insurance JV
“In the DRHP (draft red herring prospectus), they (PNB) have chosen only to dilute a small percentage, they want to hold the substantial holding at more than 26 percent. So, therefore that signals you their intention,” said the company’s managing director and chief executive Ashish Srivastava