A recent press report said that a Parliamentary panel wants the Reserve Bank of India (RBI) to frame guidelines on pricing of factoring services in order to prevent any “exploitative practices” by ‘factors’. It also wants the rates charged by ‘factors’ not be higher than those charged by banks for receivable financing. These suggestions form… Read More »
A recent press report said that Vijaya Bank has taken up the development of a circle in Mangalore city named after its founder chairman. Reports said that the Dakshina Kannada Deputy Commissioner, Dr N.S. Channappagowda, laid the foundation stone for the development of A.B. Shetty Circle in Mangalore city. A bank has taken up beautification… Read More »
A recent press report said that BNP Paribas does not need any financial support and has no knowledge of any move by German engineering group Siemens to withdraw deposits from a large French bank. Mr. Michel Perebeau, Chairman of the bank said that the bank has no need at the moment for any recapitalization. When… Read More »
According to a recent press the new policy rate hike seems not to have come as a jitter to small private lenders. Small private lenders such as Catholic Syrian Bank, Tamilnad Mercantile Bank and City Union Bank have already raised their base rate before RBI’s rate hike announcement. Mr. A.K. Jagannathan Managing Director and Chief… Read More »
A recent press report said that in an attempt to extend the reach of banks in rural and semi-urban areas, the finance ministry has asked public sector banks to integrate their operations with regional rural banks (RRBs). Reports said that the charges for various banking services used by customers of RRBs are to be aligned… Read More »
A recent press report said that the Reserve Bank of India (RBI) has asked banks to develop effective risk management controls for lending to small scale enterprises (SME). According to reports the RBI has said that lending to the SME sector was extremely essential for economic growth, but still a policy change is required to… Read More »
A recent press report said that the Indian Banks’ Association (IBA) has circulated a revised Model Educational Loan Scheme to its member banks with broad operational guidelines. The Banks can adopt the scheme by making necessary changes to their existing schemes. Reports said that banks have been asked to ensure that the Educational Loans Scheme… Read More »
A recent press report said that the board of Axis Bank has approved the merger of the financial services business of Enam Securities Private Ltd (Enam) with itself by transferring the business into the bank’s wholly owned subsidiary. According to the notice issued to the BSE the bank has said that it will merge Enam… Read More »
Bank funds have started flowing into microfinance institutions (MFIs), although slowly and in small amounts. Mr. Samit Ghosh, CEO and Managing Director, Ujjivan Financial Services said that the company has received Rs. 100 crore from both public and private sector banks, in August; and in September Rs. 25 crore from another PSU bank. Reports said… Read More »
A recent press report said that Union Bank and the State Bank of Travancore (SBT) have raised their lending rates by 50 basis points, following the hike in key policy rates by the Reserve Bank last month. Union Bank’s new base rate, or the minimum lending rate, would be 10.75 percent per annum, while SBT”s… Read More »