A recent press report said that the Reserve Bank of India as a part of green initiatives has asked all the financial services companies including non banking financial companies (NBFCs) to gradually stop using cheques and switch over for electronic payment system. The government has suggested various steps for all the units in the financial… Read More »
A recent press report said that the Reserve Bank of India has imposed penalty on two cooperative banks for not abiding by the norms of the central bank. The two cooperative sector lenders – the Pravara Sahakari Bank and the Baroda Traders Co-operative Bank have been imposed a monetary penalty of Rs. 5 lakh for… Read More »
A recent press release said that the government is going to launch e – payment scheme for contractors, government employees and retirees. Mr. C.R. Sundaramurthi, Controller General of Accounts (CGA) explained that in the Electronics Payment Mechanism the payments, salaries, pensions and other retirement benefits could be credited in the respective bank accounts of the… Read More »
According to a recent press report, Global banking giant Goldman Sachs has alleged that Indian economy is going to face the downside risk which ensures that Reserve Bank has to lower its projection growth rate from 8 per cent to 7.6 per cent for this fiscal. Goldman Sachs from the Global ECS Asia Research in… Read More »
A recent press report said that Indian Overseas Bank (IOB) has reported an increase of 0.64 per cent in its net profit for the quarter ended September 30 at Rs 207.46 crore as against Rs 206.15 crore in the last year of same period. The bank’s total income for the quarter stood at Rs 4,822.56… Read More »
In the recent press report, RBI announced a deregulation of the savings bank (SB) interest rate which will help the SB account holders to enjoy high earnings. This change in the policy is expected to bring out a great transformation in the banking operations. Before the deregulation, banks were supposed to give four percent per… Read More »
A recent press report said that most of the insured were dissatisfied with the settlement of claims of medical insurance. This has made the health insurers to re – look their model of settling the claims. Earlier the Health insurers would outsource their claim settlements to Third Party Administrators (TPAs) in order to save costs… Read More »
A recent press report said that the net profit of Tuticorin based Tamil Nadu Mercantile Bank for the second quarter ended September of this fiscal year has been dropped by 1.5 per cent to Rs. 64.74 crore compared to the corresponding period last year. The bank’s board has determined to pay an interim dividend of… Read More »
The city Co- operative bank is one of the well known banks having almost 8 branches in Mumbai and 2 branches in Thane District. In addition to banking for conveniences of its customers the Bank is also providing insurance and other services. Its loan portfolio includes housing loan, personal loans, educational loans, business loans, mortgage… Read More »
The city Co- operative bank is one of the well known banks having almost 8 branches in Mumbai and 2 branches in Thane District. In addition to banking for conveniences of its customers the Bank is also providing insurance and other services. Its loan portfolio includes housing loan, personal loans, educational loans, business loans, mortgage… Read More »