MONEY & BANKING


Moneylife Digital Team 09 September 2019
Country's largest lender State Bank of India (SBI) on Monday announced a reduction in its marginal cost-based lending rate (MCLR) by 10 basis points (bps) across all tenors. At the same time, SBI also lowered interest rates on fixed term deposits across all maturities by up to 25 basis...

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IANS 06 September 2019
For the first time, the public sector Oriental Bank of Commerce (OBC) has come clean on its loan exposure to the absconding diamantaires Nirav Modi and his uncle Mehul C. Choksi, here on Friday.   The development comes ahead of the OBC's upcoming merger with the Punjab National Bank...

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Moneylife Digital Team 05 September 2019
The long struggle to get the banks to charge customers of floating rate loans appropriately and transparently has now come to a happy end. Under severe political pressure to ensure that policy rate cuts are reflected in the new lending rates, the Reserve Bank India (RBI) has now made it...

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A strong economy and weak banking can hardly coexist. We have been stuck with weak banking for the past eight years in a row despite executing reforms such as the introduction of the Insolvency and Bankruptcy Code (IBC), the drive for financial inclusion through schemes such as Pradhan Mantri...

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IANS 03 September 2019
The Union Cabinet here on Tuesday approved infusion of over Rs9,000 crore capital in the IDBI Bank to meet the regulatory capital requirements by raising the capital adequacy ratio (CAR), said HRD Minister Prakash K Javadekar.   IDBI Bank shareholders—the government and the Life...

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IANS 03 September 2019
Following the latest announcement on merging state-run banks, ICICI Securities (I-Sec) on Tuesday estimated that Syndicate Bank shareholders would get 140 shares of Canara Bank for every 1,000 shares of Syndicate Bank, while Allahabad Bank shareholders would get 176 shares of Indian Bank for...

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IANS 31 August 2019
The real agenda of the government in merging banks is to help big corporates as consolidation of the banks will not result in recovery of huge bad loans, said a top official of the All India Bank Employees' Association (AIBEA).   Opposing the merger of 10 public sector banks into...

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Moneylife Digital Team 30 August 2019
The Indian government has decided to merge several public sector banks (PSBs) to create four large banks. Oriental Bank of Commerce (OBC) and United Bank of India (UBI) will be merged with Punjab National Bank (PNB) to create second largest bank in India. Canara Bank and Syndicate Bank will...

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IANS 30 August 2019
Fraudsters have hit a Mumbai-based investment banking analyst who lost Rs 87,000 while buying three beer online via a Unified Payments Interface (UPI)-based digital payments platform.   According to media reports, Radhika Parekh dialed a contact number listed for Star Wine shop which...

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IANS 30 August 2019
Counterfeiting of the newly-designed Rs 500 notes shot up by 121 per cent and of the Rs 2,000 notes by 21.9 per cent in 2018-19 in comparison to the previous year, the RBI said on Thursday.   Of the Rs 200 denomination note, which was introduced in August 2017, as many as 12,728...

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IANS 29 August 2019
The balance sheet of RBI swelled by 13.42% from Rs 36.17 lakh crore to touch Rs 41 lakh crore during the 2018-19 due to domestic and foreign investments, according to the annual report of the central bank relased on Thursday.   There was an increase in the size of the bank's balance...

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Aravind Natarajan 29 August 2019
Consumers could find themselves badly out of pocket on calling banks on the numbers provided to raise a dispute or make an inquiry. These are special number starting with 1860 that are often mistaken for toll free numbers by ordinary people.   In fact, numbers starting with 1860 are...

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Girish Mittal 28 August 2019
In April 2019, I had applied for a credit card and, to my utter surprise and dismay, it was rejected. I made some enquires and I was told, rejection was due to low credit score. I was in a state of shock because the last time, I checked my credit score, in 2018, it was 800 plus, which is...

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IANS 27 August 2019
On Monday, the government won and the RBI lost in what turned out to be an attritional war that saw a Governor being scalped. One can argue that the central bank works at the pleasure of the government and the RBI Act says this with great clarity. Mint Street after its board meeting announced...

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IANS 27 August 2019
The Enforcement Directorate (ED) probe involving Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, arrested in a money laundering case, has revealed that the amount of the bank fraud is approximately Rs 1,492 crore, much higher than Rs 354 crore as mentioned by the Central Bank...

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IANS 23 August 2019
Reserve Bank of India's August policy meet had quite a few 'unconventional' takeaways. It will surely be recalled for the 35 basis point rate cut and 'floccinaucinihilipilification' (no spelling error!).   The rare term came from the external Monetary Policy Committee (MPC) member...

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IANS 22 August 2019
The liquidity crisis in the NBFC sector was so grave that net loan disbursal by non-banking financial companies (NBFC) and housing financing companies (HFC) to realty developers declined by nearly 50 per cent in 2018-19 on a year-on-year (YoY) basis to an estimated amount of Rs 27,000 crore,...

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IANS 22 August 2019
The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit stating whether it is ready to cooperate with the Dutch bankruptcy administrator which is also pursuing insolvency proceedings against the...

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IANS 20 August 2019
In a bid to boost car sales amid piling inventories, the State Bank of India (SBI) on Tuesday waived processing fee on car loans during the upcoming festival season and is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest.   The...

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IANS 20 August 2019
The government on Monday removed the requirement of 'Debenture Redemption Reserve' (DRR) for listed companies, non-banking financial companies (NBFCs) and housing finance companies (HFCs).   A statement by the Corporate Affairs Ministry said that the decision has been taken in...

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