A recent press report said that the RBI has penalised 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 »
A recent press report said that the Government has decided to introduce the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2001, during the Winter Session of Parliament. According to the new Bill, it will modify nine sections of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI)… Read More »
A recent press report said that Excise Minister K. Babu, during the inauguration of inaugurating the Canara Mega Outreach Utsav, said that the initiatives of Canara Bank in the uplift of the rural population were commendable. He also declared open 15 new branches of Canara Bank in the state. Reports said that planning Board Vice-Chairman… Read More »
A recent press report said that the Reserve Bank of India on Wednesday relaxed norms by doubling the transaction cap on small money transfers in order to facilitate fund transfers to people, particularly migrants, who do not have bank accounts. According to the new norms, the cash payout arrangements for amounts being transferred out of… Read More »
A recent press report said that the National Housing Bank which regulates HFCs has planned to waive pre-payment charges on floating rate housing loans. MR. R Verma, chairman and managing director, NHB told the press that it will soon bring guidelines to remove prepayment penalties on all accounts. He said that they were currently examining… Read More »
A recent press report said that the bewildered Maharashtra State co-operative bank which has been suffering from huge bad debts amounting to Rs.400 crore has planned to sell its bad loans to asset reconstruction companies. It has planned to sell the loans, especially given sugar factories, on auction to asset reconstruction companies. The country’s largest… Read More »
A research report by Crisil states that the raising interest rates would result in increased equated monthly installments (EMI) of home loan borrowers of about Rs.6000 crore annually. This increase in EMIs coupled with slowdown in economic growth would lead to increased nonperforming assets (NPAs) of the lenders. The uninterrupted hike in policy rates since… Read More »
A recent press report said that the Government has announced an extension of 2 per cent interest subsidy on rupee export credit for a year effective from April 1, 2011. The Reserve Bank of India, in its recent announcement said that the banks should reduce the interest rate to be charged on the exporters to… Read More »
A recent press report said that the state of Kerala is likely to set benchmark for all by trying to get the top place and being the first to achieve 100% financial inclusion in the country. Ms. Archana Bhargava, executive director of Canara Bank told the press that an announcement confirming that the state likely… Read More »
A recent press report said that Axis Bank has announced the launch of ‘NISHCHINT’ a lifetime ‘Fixed Interest Home Loan Scheme’ which offers home buyers housing loans at a fixed rate of 11.75% p.a. for the entire duration of the loan. The duration of the loan is fixed as 20 years. Mr. R. K. Bammi,… Read More »