In a notification from the Reserve Bank of India, the Export – Import Bank’s (Exim Bank) agreement on Line of Credit (LOC) to the Government of the Republic of Senegal was concluded such that LOC to the latter would be $27.50 million for financing eligible goods, services, machinery and equipment including consultancy services from India… Read More »
A recent report from Insurance Regulatory and Development Authority (IRDA) said that all the pension plans must provide pension the policyholders, which is exactly expected out of them. According to Mr.J.Hari Narayanan, IRDA chairman, there are traditional pension plans where annuity may or may not be available. This does not serve the exact purpose of… Read More »
According to a recent press release from the Reserve Bank of India, decisions regarding financial inclusion were taken at the State Level Bankers’ Committee (SLBC) meeting chaired by Dr.D.Subbarao, the RBI Governor. The decisions included that the banks in Rajasthan would ensure that all 3,883 identified villages with a population of more than 2,000 are… Read More »
A recent press release said that Standard and Poor credit rating has cut Spain’s credit rating from AA to AA- informing the euro briefly about the challenges for the European Major Powers as the G20 countries meet to discuss about the euro zone debt crisis. Fitch credit rating has already downgraded Spain followed by Standard… Read More »
A recent press report said that Karnataka Bank has given KPMG Advisory Services (P) Ltd. the task of conducting the business process re-engineering for the bank. According to a statement given by Mr.P.Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, the bank has taken up this process or re-engineering its process in… Read More »
Since the start of your professional life, your well-wishers including family members and friends might have told you, “Work Hard and Earn More”. You possibly made it the mantra of your life but the day you received your pan card and approached the income tax department, the mantra started to sound like a myth after… Read More »
A recent press report said that the Government of India has appointed two more members on the Central Board of Directors of the Reserve Bank of India. According to reports the new Directors are Shri Y.H. Malegam, who has been re-appointed from October 7, 2011 and Prof. M.V. Rajeev Gowda who has been appointed from… Read More »
A recent press report said that Syndicate Bank, a public sector bank, and Karnataka Vikas Grameena Bank, a Adhara-based regional rural bank, have planned to jointly instituting ‘professor chair on agricultural finance’ at the University of Agricultural Sciences, Dharwad. Reports said that Mr. Basant Seth, the Chairman and Managing Director of Syndicate Bank, has planned… Read More »
A recent press report said that the Reserve Bank of India has conveyed their approval for the re-appointment of Dr. V. A. Joseph, as Managing Director & CEO of South Indian Bank Ltd for a period of three years, with effect from October 01, 2011 till September 30, 2014. Recently the bank has recorded 24… Read More »
A recent press report said that the RBI has penalized Gujarat-based cooperative lender Mansa Nagarik Sahakari Bank Limited (MNSBL) for violation of Anti-Money Laundering (AML) guidelines. The RBI has imposed a penalty of Rs 1 lakh on Gandhinagar- headquartered MNSBL for violating the RBI’s instructions regarding the submission of reports on cash transactions above Rs… Read More »