MONEY & BANKING


Though India did not face the financial crisis of 2008 that made bankers from the west to sit up and think about how to regain trust of customers, lenders in our country need to do an introspection, as service in domestic banking and financial institutions leaves much to be desired  

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The latest RBI KYC guidelines for opening new bank accounts make it a lot easier for common man as only one document would suffice as proof of identity and proof of residence   The Reserve Bank of India (RBI) has come with modifications in KYC (Know Your Customer) guidelines. These...

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MDT/PTI 07 December 2012
Finance Minister P Chidambaram said that irrespective of NPAs going up or down, the loan recovery should be made in a respectful manner   New Delhi: Finance Minister P Chidambaram has warned that severe action will be taken against banks if they employ muscle-men or undesirable...

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Stephen Rosling 06 December 2012
I recently did a word count on a new product offered by a well-known bank—the total word count was over 40,000!  Now some customers would choose to read this material before they sign. However, I would suggest that 99.9% would simply sign without reading. Is this fair?   It’s fair to...

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MDT/PTI 05 December 2012
According to SBI MD Gupta, the bank's decision not to raise interest rates on savings deposits is a purely commercial one and does not amount to cartelisation   Mumbai: The nation's largest lender State Bank of India (SBI) on Wednesday dismissed allegations of cartelisation by big...

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If you receive any cheques which are non-CTS compliant, you should encash them before 31 December 2012. If they are post-dated and payable after 1 January 2013, you may get these exchanged with new CTS 2010 cheques as the old cheques will not be cleared thereafter Of late you would have...

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MDT/PTI 04 December 2012
Top three banks which require capital are Indian Overseas Bank, Central Bank of India and the Bank of Maharashtra New Delhi: The Union government said it will decide about Rs15,000 crore capital infusion in the public sector banks (PSBs) to shore up their capital base this week, reports...

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MDT/PTI 03 December 2012
The I-T department has written to a number of foreign tax authorities as details of stashed funds on more than 60% of those named on the list show the bank balances of a particular day rather than the entire financial transactions done by the individual or the account holder New Delhi:...

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MDT/PTI 03 December 2012
The Finance Minister asked banks to lend more money to students as education loan Mohali: Around 24 lakh students took loans for education with banks having an outstanding amount of Rs52,000 crore, Union Finance Minister P Chidambaram said, as he asked banks to lend more money for this...

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MDT/PTI 30 November 2012
A Mumbai-based construction company has been reportedly sanctioned credit facilities under regular consortium--Rs2,510 crore--and as China Project consortium -- Rs410 crore-- with 26 banks, with PNB as lead bank   New Delhi: The Central Vigilance Commission is examining a reference...

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Moneylife Digital Team 29 November 2012
Unless a solution to the problems of the heavily leveraged sectors and corporates is found, it is very unlikely that the economy will move ahead, says Espirito Santo Securities   Over the last five years (FY07-FY12) the debt of the top 10 debt-laden Indian conglomerates has increased...

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MDT/PTI 29 November 2012
In a written reply Minister of State for Finance SS Palanimanickam said there are no official or authentic reports of large scale stashing of black money belonging to corporate houses in foreign banks   New Delhi: There are no "official" reports of large-scale stashing of black money...

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MDT/PTI 29 November 2012
Micro-finance is in a 'danger zone' and to think that poverty alleviation in India is possible through this 'discredited model' is 'crap', says the union Minister for Rural Development    New Delhi: Micro-finance is in a 'danger zone' and to think that poverty alleviation in India is...

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MDT/PTI 27 November 2012
Chidambaram said the micro-finance institutions should adopt responsible financing by way of transparency and interest rate rationalisation and must follow respectful recovery procedure   New Delhi: The micro-finance institutions (MFIs) need to have a code of conduct and must follow...

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After the publicity and denials there is no followup on Arvind kejriwal revelations. A few weeks ago, the charges of India Against Corruption (IAC) against HSBC and the 700 accounts, obtained from Geneva, truly seem like a case of ‘hit and run’. Everyone named by Arvind Kejriwal has got...

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MDT/PTI 26 November 2012
Banks are not allowed to trade on the commodities market, including gold, as the regulator and the government fear that their entry could spike inflation that too when all banks are selling gold, but are not allowed to buy back the same   Mumbai: The Reserve Bank of India (RBI) should...

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MDT/PTI 23 November 2012
RBI governor said introduction of Islamic banking is not possible in the absence of a separate law, however, the central bank can look at other methods for channelizing funds from NRIs based on the principles of Islamic law Kochi: Reserve Bank of India (RBI) Governor D Subbarao ruled out...

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MDT/PTI 23 November 2012
AEPS is the the payment system that will be used to support direct cash transfer for the government's welfare schemes Mumbai: As the government is all set to roll out direct cash transfer for its welfare schemes, the National Payment Corporation of India (NPCI) has said seven banks have...

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MDT/PTI 22 November 2012
In the first two quarters of 2012-13, banks referred a record number of 74 CDR cases, involving Rs40,000 crore for restructuring New Delhi: Holding corporates responsible for a major part of the rising bad loans, Dr KC Chakrabarty, deputy governor of the Reserve Bank of India (RBI) said...

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MDT/PTI 22 November 2012
Rights issue for recapitalisation of banks is under consideration of the government and it will be done for all state-run banks New Delhi: The Union government has said it will finalise Rs15,000-crore capital infusion for public sector banks soon to help them enhance capital base and...

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