A recent press report said that Bank managements have set aggressive goals for their branches to sell equity schemes with systematic investment plans (SIPs) that could restore the drooping riches of the mutual fund industry. Reports said that SBI, the country’s largest lender has planned to sell 25 lakh SIP units this financial year ending… Read More »
A recent press report said that the regional office of the Reserve Bank of India in the southern Indian city of Thrivanathpuram has notified that the last date for exchanging coins of denomination of 25 paise or less is June 29. Reports said that coins can be exchanged at currency chest or small coin depot-maintaining… Read More »
A recent press report said that Vijaya Bank has planned to reach its target in housing loan portfolio during the current financial year in spite of the hike in its lending rates. Mr. Jayarama Shetty told the press that borrowers can confidently avail of loans it offers the advantages of transparency to borrowers and there… Read More »
A recent press report said that UCO Bank has planned to ramp up its ATM network to 3,000 machines by end March 2013 from the current level of 681. Reports said that the bank desires to expand its ATM network to 1,500 by the end of the current fiscal. The bank is also expecting its… Read More »
A recent press report said that the RBI has penalised 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. The RBI has imposed fine on 48 banks (mostly co-operative) in the first six months of 2011 where as only 15 such actions were taken during 2010.… Read More »
A recent press report said that Housing loans have not witnessed any slowdown in demand. Mr. .Deepak Parekh, Chairman, Housing Development Finance Corporation (HDFC) has also told the press that the housing loan have not faced any slow down in demand in spite of the increase in interest rates. He also said that the hike… Read More »
A recent press report said that the Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 70,00,000 on SBI Life Insurance company for paying around Rs.204 crore to eight of its corporate agents and six master policyholders, far in excess of the stipulated levels. SBI Life Insurance is 74:26 joint venture between… Read More »
A recent press report said that the Reserve Bank of India has imposed a monetary penalty of Rs.5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More »
The RBI reports said that the Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh (Rupees one lakh only) on the Dahod Urban Co-operative Bank Limited, Dahod, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More »
A recent press report said that the Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh (Rupees one lakh only) on Pragati Sahakari Bank Limited, Vadodara, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violations… Read More »