UTI Retirement Solutions, the pension arm of UTI Asset Management Company has outshined SBI Pension Fund and Life Insurance Corporation Pension Fund in the National Pension Scheme (NPS) for government employees. Under NPS, employees have to contribute 10% of their basic salary and dearness allowance with a matching contribution from their employers. It is estimated… Read More »

According to Economic Research Report by Macquarie, the Reserve Bank of India(RBI) may hike the Cash Reserve Ratio next month and policy rates by April in view of the rising inflation and excess liquidity in the money markets.

Bank of Baroda will soon be opening a foreign branch in Auckland, New Zealand, through a 100 per cent subsidiary of the banks, according to Mr M.D.Mallya, Chairman and Managing Director.

Union Finance Minister, Mr Pranab Mukherjee, said that the Government cannot allow commercial activities of banks to be supervised by representatives of people. Mr. Mukherjee was speaking in the Lok Sabha.

SBI Cards, one of the largest credit card issuers in the country is moving on to better times. The credit card major saw its non-performing assets (NPAs) fall to 9.77 per cent, as on September 30, against 10.5 per cent at the same time last year. Formerly, the NPA’s had reached an all time high… Read More »

In the near future, banks may be able to do away with the “know your customer” process. This is a possibility once a sizeable chunk of population gets a Unique Identification number. Addressing the press after attending a meeting organised by the Reserve Bank of India (RBI) on Friday on using UID for financial inclusion,… Read More »

The government owned bank, United Bank of India, is likely to file a red herring prospectus with the Securities and Exchange Board of India for their initial public offer (IPO) next week. This was stated Chairman by the Chairman of the bank, Mr. Satish C Gupta. Mr. Gupta said, “We hope to come out with the IPO… Read More »

According to a statement released to the press by United Bank of India, the bank has obtained licenses for opening 11 new branches in unbanked gram panchayats in the state of West Bengal. This is being done in the backdrop of the recommendations of the T M Bhasin Committee, appointed on behalf of West Bengal State… Read More »

A key Parliamentary Standing committee has recommended that financial charges levied by credit card companies should not be left entirely at the discretion of the banks. The high interest rate charged by credit card providers has finally caught the eye of the law makers and this recommendation is sure to create pressure on the RBI to regulate… Read More »