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 »
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 Jagruti Co-operative Bank Limited, Belgaum, Karnataka, 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)… 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 Pioneer Urban Co-operative Bank Ltd., Belgaum, Karnataka, 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… Read More »
A recent press report said that the Government has appointed Mr. Harun Rashid Khan as Deputy Governor of Reserve Bank of India. Mr. Harun Rashid Khan fills the vacancy of superannuation of Ms. Shyamala Gopinath. The central bank traditionally has four Deputy Governors, with two of them being from the RBI and the other two… Read More »
A recent press report said that IndusInd Bank has posted a 52 per cent rise in net profit for the first quarter ended June 30, 2011. Net profit grew to Rs 180 crore, from Rs 118 crore in the corresponding quarter last year. Mr. Romesh Sobti, Managing Director and CEO, IndusInd Bank, said that the… Read More »
A recent press report said that HDFC Bank, has launched ‘Infinia’ cards for the uber-rich, high net worth community in India. Aditya Puri, managing director, HDFC Bank, told reporters at a press conference that the card has been positioned directly against Amex, and the company believes the card to be a better product. The card… Read More »
A recent press report said that Housing Development Finance Corporation Ltd (HDFC) has reported a healthy growth in loans to individuals and corporates and has recorded 22 per cent increase in its net profit in the April-June 2011 quarter. HDFC has posted a net profit of Rs 1,176 crore against Rs 967 crore in the… Read More »