PTI | March 16, 2018 11:54 PM
Disagreeing with RBI Governor Urjit Patel, former central bank chief C Rangarajan today said the Reserve Bank has ‘enough powers’ to supervise the banking sector, though it has to consult government while taking action against earring bankers.
To prevent PNB-type fraud, FinMin asks banks to directly integrate SWIFT with core banking by April 30FE Online | March 16, 2018 1:53 PM
All the banks will now have to directly integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with its core banking solutions (CBS) by April 30., Ministry of Finance said today.
Pragya Srivastava | March 16, 2018 10:11 AM
Indian banks have been sitting on the bad loans volcano for a long time. But it did not quite become a subject of drawing room discourse until diamond czar Nirav Modi was found involved in a massive banking fraud. And once it did, it re-opened the debate whether it was time for the privatisation of Public Sector Banks (PSBs).
PTI | March 16, 2018 12:25 AM
Delhi Lt Governor Anil Baijal has requested the Reserve Bank of India (RBI) to inquire into the alleged irregularities in Delhi Nagarik Sehkari Bank Ltd and has also directed the Economic Offences Wing of the Delhi Police to probe into the matter.
IANS | March 15, 2018 8:40 PM
The CBI on Thursday arrested two directors of Kolkata-based computer manufacturing firm R.P. Info System for allegedly cheating a consortium of banks to the tune of Rs 515.15 crore, an official said.
IANS | March 15, 2018 6:18 PM
All public sector banks (PSBs) will have to link their SWIFT systems with their respective Core Banking Solution (CBS) systems by April 30 as a measure to prevent frauds like the recent one perpetrated on Punjab National Bank (PNB), it was announced on Thursday.
Reuters | March 15, 2018 12:47 PM
Urjit Patel’s speech on PNB Fraud made it clear that he is no yes-man for New Delhi. Since taking charge of the RBI in 2016, he has been notably less outspoken than his predecessor, Raghuram Rajan, who was not shy about holding the government to account, especially on non-financial matters.
Bloomberg | March 15, 2018 12:28 PM
India has compiled a list of people it is considering barring from leaving the country because of their involvement with companies that have defaulted on loans, a person with knowledge of the matter said.
Blockchain, Artificial Intelligence, Machine Learning not just for geeks; they can help SMEs, traders tooFE Online | March 15, 2018 12:01 PM
Banks in India should start conducting POCs (proof of concept) in this DLT (distributed ledger technology) to get a deeper understanding of its (blockchain technology) implications from the dimension of deployment in trade finance.
FE Online | March 15, 2018 11:55 AM
In just one month, the Punjab National Bank (PNB) has detected yet another fraud through Letters of Understanding (LoU), according to the the complaint filed with the police.
FE Bureau | March 15, 2018 3:12 AM
Suryoday Small Finance Bank (SSFB) is expanding its footprint by tying up with ex-bankers for a partnership-led outlet model. The bank on Wednesday announced the opening of its first partnership led outlet in Chennai.
RBI governor cracks whip, says will break nexus between banks and businesses as PNB scam fallout growsAshish Pandey | March 14, 2018 6:02 PM
Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday said that a few businesses are in cahoots with the lenders and the banking regulator is working towards breaking this unholy nexus.
PTI | March 14, 2018 2:45 PM
The Reserve Bank of India (RBI) is expected to cut key policy rates by 25 bps in August, which will lead to lending rate cuts, and in turn support growth, says a report.
FE Bureau | March 14, 2018 4:22 AM
The Reserve Bank of India (RBI) on Tuesday disallowed banks from issuing letters of undertaking (LoUs) or guarantees for trade credits for imports into India.
Shayan Ghosh | March 14, 2018 4:13 AM
A clutch of public sector lenders may provide short-term loans to Punjab National Bank(PNB) with which PNB will repay banks the money they lent to the Nirav Modi and Gitanjali Gems groups against letters of undertaking (LoUs) issued by PNB.
FE Bureau | March 14, 2018 2:54 AM
State Bank of India (SBI) on Tuesday lowered charges payable for non-maintenance of average monthly balance (AMB) for savings accounts.
HDFC Bank bans Bitcoins, Ethereum, Ripples like cryptocurrency purchase through its debit, credit cardsFE Online | March 13, 2018 10:49 PM
HDFC is not the first bank to take a step of this sorts against cryptocurrency. Earlier in mid-February, Citi Bank had banned its customers from buying cryptocurrencies using credit and debit cards.
PTI | March 13, 2018 9:19 PM
The bank has closed 41.16 lakh savings bank accounts between April 1, 2017 and January 31, 2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh.
IANS | March 13, 2018 8:02 PM
The RBI had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the misuse of which was unveiled last month in the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), Parliament was informed on Tuesday.
PTI | March 13, 2018 7:29 PM
Fraud-hit Punjab National Bank (PNB) has taken a series of measures to check misuse of SWIFT message platform, allegedly used by Nirav Modi and his associates to defraud the bank of Rs 1,2967.86 crore, the Finance Ministry said today.
Bad news for people like Nirav Modi, Vijay Mallya; Modi govt comes up with plan to tighten noose around wilful defaultersPTI | March 13, 2018 7:23 PM
The number of wilful defaulters, who did not repay loans to public sector banks (PSBs) despite the capacity to do so, rose to 9,063 at the end of December 2017.
PTI | March 13, 2018 5:47 PM
It’s India’s third largest private sector bank.
ANI | March 13, 2018 11:15 AM
The agreement also enforces cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources
Pradhan Mantri Suraksha Bima Yojana: Insurers lose 80-100 pc on it, seek at least doubling of premiumChirag Madia | March 13, 2018 5:37 AM
Government-owned insurance companies, mainly, are incurring losses of 80-100% on the prime minister’s accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Shayan Ghosh | March 13, 2018 3:13 AM
Contradicting its reply to an earlier right to information (RTI) query, the Reserve Bank of India (RBI) has recently said bank-wise information on special mention account (SMA) 1 and 2 is exempt from disclosure under Section 8 (1) (a) & (d) of the RTI Act.
Motilal Oswal | March 13, 2018 1:04 AM
HDFC Bank (HDFCBK) has consistently grown its market share in loans and deposits across credit cycles, and has emerged as the best-managed bank in India with robust profitability/growth metrics.
Bloomberg | March 12, 2018 11:35 AM
India’s unreformed banking system needs a massive privatization drive. The sooner this dawns on authorities, the better for taxpayers, investors and borrowers. It took one $2 billion fraud at government-owned Punjab National Bank to snuff out all the excitement over a $32 billion recapitalization of these moth-eaten institutions.
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