A recent press report said that the Finance Ministry is likely to look for the Parliament’s nod for an additional Rs. 10,000-12,000 crore to recapitalize about half a dozen public sector banks this fiscal. Reports said that over and above Rs 6,000 crore has been allocated in the budget. Mr. D. K. Mittal, Financial Services… Read More »
According to the Reserve Bank of India’s balance of payments data released recently, the net direct investment into India has increased significantly by $7.2 billion during the April to June 2011 period, against $2.9 billion in the corresponding quarter last year. Reports said that the net loans offered by banks were at $11.5 billion compared… Read More »
A recent press report said that the Department of Industrial Policy and Promotion has said that the strategy used by the RBI’s to control inflation is wrong. Reports said that the industry department has suggested an alternative to the central bank to control inflation. Reports said that the central bank has raised its policy rates… Read More »
A recent press report said that Indian banks have told the Reserve Bank of India, which has raised rates 13 times since February 2010 to control inflation to change course and keep interest rates steady as they fear asset quality will be further impaired with high interest rates and a slowdown in growth. Reports said… Read More »
A recent press report said that Bajaj Finance Limited, a non-banking financial company (NBFC), has launched a co-branded credit card with Standard Chartered Bank. The company has initially planned to focus on captive clients. It has planned to issue 150,000-200,000 cards within 12 months of starting operations. Reports said that the company has planned to… Read More »
A recent press report said that a Parliamentary panel wants the Reserve Bank of India (RBI) to frame guidelines on pricing of factoring services in order to prevent any “exploitative practices” by ‘factors’. It also wants the rates charged by ‘factors’ not be higher than those charged by banks for receivable financing. These suggestions form… Read More »
A recent press report said that SKS Microfinance is likely to approach the Reserve Bank for a banking licence, according to sources. Reports said that the company may approach the RBI for licence after the Board of Directors approval. Mr. M R Rao, CEO and Managing Director, SKS Microfinance said that the company does not… Read More »
The Reserve Bank of India has imposed a penalty of Rs. Five lakh (Rupees five lakh only) on Karnataka Bank Limited for non-compliance with its directives on derivatives. The penalty on Karnataka Bank Limited has been imposed for failing to carry out proper due diligence on user appropriateness and suitability of products and failing to… Read More »
A recent press report said that the Reserve Bank of India has asked select old generation private sector banks to improve governance standards Reports said that the RBI has asked banks to improve governance structure to make sure that there is minimum intervention of the board in the day-to-day operation. It also said that the… Read More »
A recent press report said that the Reserve Bank of India has RBI raised its repo rate by 0.25 percentage points to 8.25 per cent and the reverse repo rate to 7.25 per cent. Policy rates are up by a cumulative 350 basis points since March 2010. Reports said that the hike is due to… Read More »