The rural development ministry has launched a scheme for scheduled commercial banks -- Swarnjayanti Gram Swarozgar Yojana -- restructuring the existing five schemes: integrated rural development programme, training of rural youth for self-employment and development of women.

Union Bank raises FCRN rates

Union Bank of India has hiked its FCNR (B) deposit rates by 0.25 per cent to 5.75 per cent for dollar deposits maturiting between two and three years. The new rates were effective from September 27.

RBI to unveil electronic clearance

The RBI has decided to launch electronic clearances using V-sat connections from October 1 to induce greater efficiency in the banking industry.