Tag: Banks

Centre raises interest rate on small savings by up to 0.4 per cent

However, interest on savings deposits has been retained at 4 percent, annually.

September 20, 2018

Banks across India to remain open in September first week

It said the week was starting with Janmashtami on Monday, September 3, and then the banks would go on strike for demands related to pension. 

August 30, 2018

Banks promise Rs 1.30 lakh cr for highway development: Nitin Gadkari

Gadkari said he has held meetings with banks, RBI Governor and Union Finance Minister regarding funding to the road sector.

July 19, 2018

As ATMs dry up, govt blames ‘unusual demand’, vows to print more notes

Finance Minister Arun Jaitley on Tuesday sought to allay fears, saying "there is more than adequate currency in circulation"

April 17, 2018

Maximum complaints against banks, telecom depts in last 3 years: Govt

The banking division in the Department of Financial Services and the Department of Telecommunications (DoT) received the maximum number of complaints in the last three years, the government informed the Lok Sabha today. A total of 1,06,299 and 1,21,075 complaints were received by the DFS (banking division) and DoPT last year, according to a reply …

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March 21, 2018

Banks to frame robust risk management system in 6 months

After the Reserve Bank of India (RBI) barred banks from issuing guarantees in the form of letters of undertaking (LoU) to prevent any further misuse of the facility that led to the PNB-Nirav Modi fraud, bankers on Thursday collectively decided to put in place more rigorous and secure risk management mechanism. They have decided that …

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March 16, 2018

Nearly 87 crore bank accounts seeded with Aadhaar

A month before the expiry of the deadline, around 80 per cent of bank accounts and 60 per cent of mobile connections have been linked with national biometric identifier Aadhaar, according to a senior official at UIDAI. The government has mandated submission of the 12-digit unique identity number by every bank account holder by March …

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March 4, 2018

Banks at receiving end of clients have become cautious: Jaitley

In the wake of the Rs.11,400 crore PNB scam, Union Finance Minister Arun Jaitley on Tuesday said banks have become cautious as many of them have been at the receiving end of their clients. Delivering the inaugural address at the 3rd annual meeting of Asian Infrastructure Investment Bank (AIIB) here, Jaitley said: “Banks have become …

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February 27, 2018

Banks obliging defaulters, ignoring farmers: Mamata

Amid the nationwide uproar regarding the $1.8 billion banking fraud, West Bengal Chief Minister Mamata Banerjee accused banks of not providing credit to farmers and self-help groups, who repay loans, while defaulters are always obliged by the lenders. “Banks are not providing loans to farmers who used to repay their debt. But lenders are providing …

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February 17, 2018

Banks will decide if to lower interest rates: Jaitley

Sounding a note of caution on the inflationary impact of rising global crude oil prices ahead of the RBI’s final monetary policy review of the fiscal, Finance Minister Arun Jaitley on Monday said that lowering interest rates is a decision entirely in the domain of banks. In an interview to CNBC-TV18 following the presentation of …

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February 6, 2018

Goa govt will stand guarantee for farm loan: CM

The Goa government is ready to stand guarantee if banks come up with a proper loan scheme for farmers in the state, Chief Minister Manohar Parrikar said on Tuesday. Addressing a function organised by the NABARD (National Bank for Agriculture and Rural Development), the chief minister said his government is ready to provide the “back …

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January 30, 2018

Banks asked not to insist on collateral security

The Sub Committee meeting of the State Level Bankers’ Committee of MSME and Skill Development held under the Chairmanship of L N Gupta, Additional chief secretary, called upon bankers not to ask for collateral security in the case of loans up to Rs.10 lakh in the MSE Sector. The sub committee noted that RBI has …

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January 19, 2018

Banks’ performance to be under scrutiny: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said that Indian taxpayers were making a sacrifice to keep the banking system in good health and hence the performance of banks would be under the lens over the next few years. He said the government’s Rs 2.12 lakh crore recapitalisation plan was to keep banks in good health, …

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January 6, 2018

Bailout not good but banks need to be strengthened: Jaitley

Noting that the “bailout” for state-run banks through the Rs 2.12 lakh crore recapitalisation plan has turned out to be a “moral hazard” in view of the corporates’ inability to repay loans, Finance Minister Arun Jaitley on Thursday said that capital infusion is solely aimed at strengthening the banking system. He was replying to the …

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January 5, 2018

PSBs receive capital infusion from government

Several public sector lenders on Saturday said they have received capital infusion from the central government. State-owned Bank of India said it has received a capital infusion worth Rs 2,257 crore. “The bank has on December 29 received an infusion of Rs 2,257 crore from Government of India in form of common equity tier-1 capital, …

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December 31, 2017

Banks need to take haircut of 60% on NPAs: Crisil

Banks will need to take a “haircut” of up to 60 per cent on their bad loans to resolve the issue of massive non-performing assets (NPAS) accumulated in the Indian banking system, which is holding up higher economic growth, rating agency Crisil said on Wednesday. According to the American agency S&P-owned Crisil, tepid investment growth and …

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December 21, 2017

FRDI Bill likely to come up in winter session, bank depositors worried

The Financial Resolution and Deposit Insurance Bill (FRDI), 2017, which has got bank depositors worried about their savings, is expected to come up in Parliament’s winter session that starts Friday. The FRDI Bill proposes to create a legal framework to help financial institutions such as banks, insurance companies, rural and cooperative banks in case of insolvency. …

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December 14, 2017