Every individual has a Savings Bank account, but pays little attention to the interest earned on the balance in this account. Some people may not even know that the balance they maintain in their savings bank accounts earn an interest. In the past, before RBI had deregulated the savings bank interest rate regime, all banks… Read More »
The supreme monetary authority of India, seems to be shifting its focus to the revival of growth, and is taking steps in the relevant direction. It hasn’t been much time since the first cut of 0.25% in the repo rate was implemented, and the RBI is already contemplating another cut of the same proportion in… Read More »
The Reserve Bank of India releasing its third quarter monetary policy has today announced a reduction in the repo rate and cash reserve ratio by 25 basis points. The new effective repo rate for the third quarter is now fixed at 7.25% while CRR rate has revised to 4%. This move is likely to… Read More »
The RBI governor Mr. D. Subbarao today announced the Annual Policy statement for the year 2011-12. Here’s a look at what the document contains. “The annual policy has been created under very different set of conditions as compared to the last year” were the opening lines of the Governor.
Looking to file a complaint against poor services offered by your bank? Time to get in touch with the Banking Ombudsman.
Recently, RBI Governor, D Subbarao has indicated that RBI is in favor of deregulating the savings bank interest rate, which is currently fixed at 3.5% p.a. for deposits up to Rs. 2 lakh. Deposits over Rs. 2 lakh are currently deregulated allowing banks to fix their own rate. Interest on savings bank account is the… Read More »
Unlike most countries, multi-layers of loan securitisation, derivatives trading using deposit holder’s money, and lending to known sub-prime quality borrowers are not allowed in India. RBI has also been strict in monitoring the health of the banks using several measures and reports.
Public sector bank, Bank of Baroda intends to open 12 foreign branches this fiscal. M D Mallya, CMD of the bank said, “By June, we will have a branch in Auckland and we will open our tenth branch in the United Kingdom. This fiscal, we also plan to expand in the African subcontinent and would… Read More »
The banking sector is anticipated to come back to normalcy in this result season according to the analyst estimates. The leading 7 Indian banks are anticipated to increase their net profit by an average estimated 13% year-on-year (y-o-y) in March 2010 quarter. Except Bank of India (BoI), the rest of 6 banks may post a… Read More »
HDFC and ICICI Bank are facing hard time with the new FDI norms that declares them foreign banks. Now the RBI is expected to bail out these banks. It is possible that the central bank would shortly be sending out a directive which would categorize these banks as “foreign-owned Indian banks”. This move by RBI… Read More »