Category Archives: Members

The World of Finance: Week of November 10th to November 16th 2014

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India: RBI

  • RBI will allow small banks to have a pan-India presence, against earlier proposal of limiting the presence in only a few districts
  • RBI tightens norms for NBFCs by raising the capital adequacy requirement and the net owned fund limit

India: SEBI

  • SEBI to amend guidelines for willful defaulters on November 19
  • To make delisting easier and faster, SEBI will soon announce a new set of regulations wherein time required to complete such an exercise may be more than halved from a minimum of 137 days at present

India: Finance Ministry

  • Finance Ministry Review Meeting With Chiefs of PSU Banks on November 20
  • Finance Ministry may tighten gold import norms

India: Banking Development

  • Karnataka Bank launches national wide CASA campaign
  • The Andhra Bank launched two schemes to encourage saving among children from an early age

India: Banking Expansion

  • HDFC Bank gets FIPB approval to raise foreign investment to 74%
  • Bhartiya Mahila Bank opens its second branch in Vadodara, Gujarat

India: General banking

  • Kerala and Goa have become the first states in the country to provide one basic bank account to every household under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in two-and-a-half months of its launch
  • Bombay Stock Exchange and the National Stock Exchange are looking to set up small banks in the country
  • India Post says keen to become a universal bank
  • Corporation bank receives Indira Gandhi official language awards from the President
  • Uber shifts to mobile wallet for payments following RBI norms

India: They said it

  • Raghuram Rajan to micro lenders: Don’t make a fortune out of the poor
  • Jayant Sinha, Minister of State for Finance, India: Land ‘sacrifice’ necessary for industries, job creation
  • Jayant Sinha, Minister of State for Finance, India: Attitude of Jharkhand banks to Jan Dhan not satisfactory

India: Forex reserve

  • India’s foreign exchange reserves fell by $778.4 Mn to $315.13 Bn for the week ended Nov 7

International:

  • South Africa and China push for fast ratification of BRICS bank
  • PM Modi wants proposed BRICS Bank to be ready by 2016

The World of Finance: Week of November 03rd to November 09th 2014

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India: RBI

  • RBI prescribes measures for banks to prevent cheque frauds. Makes SMS alerts for cheques mandatory
  • RBI cautioned the Indian corporate sector against increasing leveraging of their balance sheet, failure to hedge foreign currency debt and intra-day trade

India: SEBI

  • SEBI has proposed that bank funding to listed small and medium enterprises (SMEs) be given a priority lending tag
  • SEBI mulls performance-based fees for MFs

India: Finance Ministry

  • Jayant Sinha took charge as Minister of State in the Finance Ministry
  • FinMin asks RBI to ease infra funding norms
  • Hasmukh Adhia took charge as Financial Services Secretary, replacing G S Sandhu

India: Banking Development

  • Pradhan Mantri Jan Dhan Yojana: Banks to do ward-wise survey to gauge extent of exclusion

India: Banking Expansion

  • Ratnakar Bank (RBL) plans to raise funds through an initial public offer which will hit the market in the next 8-9 months
  • Axis Bank has signed a pact with NongHyup Bank (NH Bank) to enhance cooperation in treasury, trade and other business between India and South Korea
  • Syndicate Bank is planning to open 300 more branches and 27 mid-corporate branches during the current financial year
  • Corp Bank to raise Rs 1,500 cr capital via Basel llI bonds in Q3

India: General banking

  • Axis and HDFC Bank to charge their own customers beyond 5 ATM transactions
  • Central Bank of India turns around to report net profit of Rs 103 crore
  • Standard & Poor’s lowered credit rating of Indian Overseas Bank (IOB) to BB+
  • ‘Make in India’ push: Union Bank cuts rates for MSMEs
  • SBI says that associate banks don’t need capital

India: Frauds

  • The Punjab Commission for Non-Resident Indians (NRIs) has issued notice to the HDFC Bank after a Britain-based NRI alleged that an amount of Rs.70 lakh was siphoned off from his account allegedly by an official of the bank

India: They said it

  • Narendra Modi, PM, India: Jan Dhan Yojana needed as banking benefits did not reach poor
  • KC Chakrabarty, former deputy governor of RBI: India offers more banking licences to foreign banks than local players
  • R. Gandhi, Deputy Governor of RBI: India’s central bank has asked the government to adopt a key panel’s suggestions on restructuring bank boards, but in a phased manner
  • HR Khan, Deputy Governor of RBI: Recent fall in inflation does not mean decline is permanent

India: Forex reserve

  • India`s foreign exchange reserves grew by $1.73 Bn to $315.91 Bn for the week ended Oct 31

International:

  • Sri Lanka supported setting up of a SAARC       Development Bank for meeting infrastructure funding needs of countries in the region at low cost
  • The central banks of China and Canada have agreed to a currency swap worth 200 Bn yuan ($32.67 Bn) or C$30 Bn

The World of Finance: Week of October 27th to November 02nd 2014

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India: RBI

  • RBI on Fed taper: India will need domestic funding for infra
  • RBI allows banks to appoint NBFCs as Business Correspondents
  • RBI auction awaited for launching new inflation indexed bond funds
  • RBI Asks Rural Banks to Partially Freeze KYC Non-Compliant Accounts
  • RBI lifts curbs on share purchase of ING Vysya Bank by FIIs
  • RBI Allows Urban Cooperative Banks to Act as PAN Service Agents

India: SEBI

  • SEBI notifies new ESOP regulations
  • SEBI to frame rules against insider trading

India: Finance Ministry

  • Finance Ministry to seek additional Rs 10,000 crore fund for PSBs
  • Finance Ministry takes austerity measures to cut fiscal deficit to 4.1%

India: Banking Development

  • ICICI Bank and Axis Bank announced partnership with the Ministry of Road Transport & Highways, NHAI) and Indian Highways Management Company Limited (IHMCL) for the launch of the Electronic Toll Collection (ETC) programme on the National Highway 8. This service enables motorists to pay tolls electronically without stopping at the toll plazas
  • A scheme offering loans at concessional rate of interest to women entrepreneurs and a home loan for people belonging to the economically weaker section (EWS) have been launched by Syndicate Bank

India: Banking Expansion

  • Infrastructure Development Finance Company Ltd (IDFC) informed stock exchanges that it received the board’s approval to demerge its financial undertaking into a wholly-owned step-down subsidiary IDFC Bank Ltd
  • Vijaya Bank raises Rs 500 cr through bonds

India: General banking

  • Leading banks, including ICICI Bank, HDFC Bank and Axis Bank, are continuing to offer free withdrawals from ATMs and five withdrawals at non-home bank ATMs even after the circular allowing them to restrict transactions comes into effect
  • Robbers Dig Tunnel to Steal Crores From A branch of PNB in Haryana
  • The Supreme Court has set an end-March deadline for the investigation that is meant to determine which Indians have hidden untaxed money abroad
  • Bank unions to go on strike on Nov 12 seeking wage revision
  • Govt modifies selection process for public bank heads
  • Appointment of 8 PSU Bank Heads Likely by November-End
  • Shailendra Bhandari to step down as ING Vysya Bank CEO; Uday Sareen to take over

India: Frauds

  • In Delhi, Five men have been arrested here for allegedly duping a bank of nearly Rs 33 crore by taking loan from it against spurious gold in connivance with some of its officials

India: They said it

  • GS Sandhu, Secretary, Financial Services: According to an RBI survey of the impact of Jan Dhan Yojana in 10 districts, it was found that around 68 percent first timers opened their accounts under the scheme
  • Usha Ananthasubramanian, CMD, Bharatiya Mahila Bank: Bharatiya Mahila Bank Ltd is launching several women-centric products in particular to encourage women entrepreneurs

India: Forex reserve

  • India forex reserves up USD 495.5 Mn to USD 314.77 Bn

International:

  • India along with 20 other countries on 23 October 2014 signed an agreement to become the founding member of the China-backed Asian Infrastructure Investment Bank (AIIB)

The World of Finance: Week of October 20th to October 26th 2014

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India: RBI

  • RBI to Banks: Partially Freeze KYC Non-Compliant Accounts
  • RBI eased some rules for identifying defaulters and taking corrective actions since banks found it impossible to comply with the strict norms
  • RBI warns companies for their lack of hedging
  • RBI has finalized organizational restructuring of the RBI by reassigning responsibilities of deputy governors under four new clusters
  • The RBI is running a pilot project with a group of private payment gateway operators like Oxigen and Airtel Money to facilitate money transfers without the intervention of a bank

India: SEBI

  • SEBI revises proprietary open position for non-bank brokers
  • SEBI to empanel administrators to look after refund process
  • SEBI said stock exchanges can waive penalty on stock brokers in cases related to modification of client codes for non-institutional trades. non-institutional trades, limited to only once in a quarter

India: Finance Ministry

  • The Government will likely disclose to the Supreme Court next week names of people against whom strong evidence exists of stashing away black money in Swiss banks
  • Indian Government had no outstanding Loans from RBI in Oct 17 Week
  • Finance ministry has cleared 20 small ticket FDI proposals which will lead to inflow of Rs 988 crore into the country
  • Finance Ministry: Insurance Bill to be taken up in Winter Session

India: Banking Development

  • Employees’ Provident Fund Organization (EPFO) has started a new facility to transfer provident funds of foreign employees to bank accounts in their own countries

India: Banking Expansion

  • IDBI Bank raises Rs 2,500 crore via Basel III compliant AT-I bonds
  • Syndicate Bank celebrated its 89th Foundation Day on Monday, October 20, by opening 18 new branches in Telangana and Andhra Pradesh
  • Yes Bank raises $422 Mn by dual currency loan facility

India: General banking

  • Bank of India appoints three directors 1. Shri. Neeraj Bhatia 2. Shri. D Harish 3. Shri. Sanjiv Kumar

India: Frauds

  • In Mumbai, A lawyer received a call from a customer service representative seeking to verify his credit card details to upgrade it with the latest security features and four days later, Rs 5,000 had been debited from his bank account using his card to make a mobile bill payment

India: They said it

  • Arun Jaitley, Finance Minister, India: Private companies will be allowed commercial coal mining soon
  • Arun Jaitley, Finance Minister, India: Bill to implement Goods and Services Tax in winter session
  • G S Sandhu, financial services secretary of India: increasing the FDI limit in the insurance sector may attract $5 Bn to the sector over the coming five years
  • Raghuram Rajan, RBI Governor: India has credibility in foreign markets

India: Forex reserve

  • India’s foreign exchange reserves increased by $945.6 Mn to $313.68 Bn in the week ended October 17

International:

  • A total of 25 lenders failed the European Central Bank’s (ECB’s) “stress tests”, which were billed by Brussels as “most intense scrutiny that banks have ever undergone in Europe”
  • SBI is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country
  • India signs up for China’s Asian Infrastructure Investment Bank

The World of Finance: Week of September 8th to September 14th 2014

World of Finance: September 08th to September 14th

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India: RBI

  • RBI has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal money
  • RBI fixs 70 years upper age limit for private bank CEOs, whole-time directors
  • RBI will adopt a common recruitment system from next year to tap talent for its core functions
  • RBI: Guarantors may get wilful defaulter tag too
  • RBI: Flood victims eligible for loans, easier interest rates

India: SEBI

  • SEBI likely to ease deadline for corp. governance norms
  • SEBI: Major offences, repeat violations can’t be settled
  • SEBI plans to align KYC (know your customer) norms for domestic investors with the foreign portfolio investors (FPI) regime

India: Finance Ministry

  • The Finance Ministry is finalizing the draft Cabinet note on reducing government stake in PSU banks to up to 52 per cent as part of recapitalization drive
  • Finance Ministry asks public sector banks to participate in Swachh Bharat Mission
  • The corporate affairs ministry has rejected a proposal by the finance ministry to exempt banks from 2% mandatory corporate social responsibility (CSR) norms owing to their capital constraints
  • Finance Ministry Framing Incentive Scheme for Bankers to Push ‘Jan Dhan Yojana’
  • Finance Ministry said it has released in advance the installment worth Rs 856.29 crore in October to Jammu and Kashmir to help the state government deal with the unprecedented situation of flood and natural calamity

India: Banking Development

  • As part of its ‘go-green’ initiative, HDFC Bank has started sending PIN, unique code number, for debit card holders through SMS instead of the practice of sending it by post
  • ICICI Bank has launched a facility under which an account holder with it can transfer money to a mobile phone user in the country even without the latter having an account with any bank
  • Banks opting for alert-based surveillance at ATMs, which detects attempts to tamper with cash

India: Banking Expansion

  • ICICI Bank plans to raise $500 Mn

India: General banking

  • Rural ministry asks states to open bank accounts of wage seekers under MGNREGA
  • Jammu and Kashmir Bank has stepped up its operation and reopened 149 out of its 300 branches in Kashmir
  • Karnataka Bank has appointed B A Prabhakar, who retired as chairman and managing director of Andhra Bank, as an additional director

India: Frauds

  • Three persons, including a woman, who were allegedly trying to cheat a bank to the tune of Rs 40 lakh by applying for a home loan on forged documents in Mayapuri area of West Delhi, have been arrested
  • In Indore, the District Consumer Forum has penalized a bank for bouncing a cheque given by a city resident on false grounds

India: They said it

  • Raghuram Rajan, RBI Governor: Need to change appointment process in state banks
  • Raghuram Rajan, RBI Governor:  Inflation across board still too high to begin easing
  • Shyam Srinivasan, MD and CEO, Federal Bank: The worst is over for banking

India: Forex reserve

  • India’s foreign exchange reserves dipped by USD 1.327 Bn to USD 317.313 Bn in the week ended September 5

International:

  • The Bank of England released a report after what it termed a lengthy investigation about digital currencies like Bitcoin.
  • Senior IAS officer Subhash Chandra Garg was appointed as Executive Director in World Bank
  • Barclays bank appoints John McFarlane as new chairman

The World of Finance: Week of June 09th to June 15th 2014

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India: RBI

  • RBI steps in to check rupee’s fall
  • RBI to soon come out with payment bank
  • RBI relaxes cap on United Bank of India’s loan limit power
  • RBI has mandated banks to maintain 60 % liquidity coverage ratio (LCR) from January 1, 2015
  • RBI simplified the KYC norms for opening accounts. Now only one address proof – either permanent or current – will be required to open a bank account

India: SEBI

  • SEBI asks Finance Ministry to rationalise securities transaction tax (STT) to lower transaction cost
  • SEBI has written to RBI to explore the possibility of mutual fund schemes being granted an ongoing window to meet liquidity needs
  • SEBI board to consider market reforms this week

India: Finance Ministry

  • FinMin puts merger of regional rural banks on hold
  • Banks and financial institutions urged Finance Minister Arun Jaitley to increase the Rs 1 lakh standard deduction limit under Section 80C of the Income Tax Act to increase household savings

India: Banking Developments

  • Lucknow-based HCBL Cooperative Bank has started a novel initiative of handholding micro entrepreneurs engaged in traditional handicrafts
  • Yes Bank has received shareholders’ nod for re-appointment of Rana Kapoor as managing director and CEO of the bank

India: Banking Expansion

  • Bharatiya Mahila Bank targets Rs 1,800 crore business this fiscal
  • HDFC Bank opens 17 rural mini-branches in Uttar Pradesh
  • Central Bank of India proposes to raise an estimated Rs 540 crore by selling stake on preferential basis to LIC
  • Indian Overseas Bank seeks Rs 3,500 crore capital support from Government
  • J&K Bank opens Business Unit at village Imoh, Anantnag and commissions 5 ATMs
  • Union Bank of India (UBI) has set up its central processing cell (Saral) in Bangalore to process and clear all proposals with limits of Rs 1 crore and above

India: General banking

  • Bank of India plans to raise Rs 4000 crore from the equities market
  • IDFC Bank to be operational by October next year
  • Syndicate Bank plans specialised Mid Corporate and MSME branches
  • Vijaya Bank plans to raise about ₹600 crore capital to fund its business growth
  • SBI to organize banking and economics conclave on June 17
  • 18 PSU banks failed to meet FY’14 target of setting ATMs
  • SBI to merge five subsidiary banks with itself as it prepares to fund the economy
  • J&K Bank approves share split in 1:10 ratio
  • “The long-term wage-settlement negotiations between the trade unions in the banking sector and the Indian Banks Association have resumed”

India: They said it

  • R Gandhi, Deputy Governor, RBI: RBI to soon announce rules for on-tap banking licenses

India: Frauds

  • A journalist from Nandurbar in northern Maharashtra withdraws Rs 10k, bank sends SMS for Rs 25k debit

India: Forex reserve

  • India’s foreign exchange (Forex) reserves increased by $203.2 mn to $312.58 bn for the week ended June 6

International:

  • Kolkata IT expert Bikram Dasgupta appointed World Bank advisor to Bangladesh

The World of Finance: Week of May 19th to May 25th 2014

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India: RBI

  • RBI eased gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal to boost export
  • RBI: All new ATMs to be installed by banks from July 2014 to provide audible instructions, Braille keypads
  • RBI is in the process of formulating strict guidelines to discourage lenders from mis-selling and to hold them accountable for all products they are offering
  • RBI has rejected the state government’s request to reconsider the decision on turning down the banking licence application from district central cooperative banks (DCCBs) of Nagpur, Wardha and Buldhana
  • RBI moots partial credit enhancement by banks to corporate bonds

India: SEBI

  • SEBI revises fee for market intermediaries
  • SEBI raises cash transaction limit in MFs to Rs 50,000 from existing limit of INR 20,000
  • SEBI, RBI aim to boost interest rate futures trading

India: Finance Ministry

  • Allow banks, FIIs in commodities market: Finance Ministry panel

India: Banking Developments

  • Canara Bank opened e-lounge at Tirupati
  • IDFC has sought RBI’s approval to appoint its executive chairman Rajiv Lall as the MD and CEO of its proposed bank

India: Banking Expansion

  • Canara Bank has created new 37th circle office of the bank, the Tirupati Circle which will cover six districts of Andhra Pradesh and 63 branches
  • IDBI Bank plans to set up 600 branches this fiscal, taking its overall branch network to 2,000 branches
  • Canara Bank enters South Africa; opens branch in Johannesburg

India: General banking

  • A bank employees’ union has asked the government to reject the Nayak committee recommendations on bank privatisation
  • Bank unions issue strike call on May 23 against P J Nayak Committee report
  • The Government rejects HDFC Bank’s proposal to raise the cap on foreign institutional investment to 67.55% from 49%
  • The State Consumer Disputes Redressal Commission directed HDFC Bank to pay a compensation of Rs. 3 lakh to a senior citizen who received repeated promotional calls and e-mails pressurising him to use their credit card
  • The commerce ministry has begun talks for the establishment of a South Asian Development Bank that will provide low-cost funding to SAARC countries for improving infrastructure and strengthen trade ties

India: Frauds

  • In Nagpur, unidentified fake bank employees continue to dupe people by making them disclose their ATM/credit card details on phone
  • Robbers on Thursday, May 22nd, looted Rs 20 lakh from Sadar area branch of Vijaya Bank in Agra. The robbers also set the CCTV control room on fire to mask their identity

India: Forex reserve

  • Foreign exchange reserves rose by $1.09 Bn to $314.93 Bn for the week ending May 16

International:

  • Union Bank board approves P10-B Basel 3 bond sale

The World of Finance: Week of May 12th to May 18th 2014

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India: RBI

  • RBI has told the Government that the banking regulator should have the final say when it comes to resolving financial crisis at banks, even if they are state-owned
  • RBI’s P J Nayak panel report calls for single bank licencing regime
  • RBI to ease interest rates

India: SEBI

  • SEBI asks FinMin to consider tax sops for mutual funds
  • SEBI has suspended registration of three stock brokers “for a period of two weeks” for fraudulent trade activities in shares of BPL Ltd, Videocon International and Sterlite Industries, back in 1998
  • SEBI came out with a risk management framework for Foreign Portfolio Investors (FPIs) pertaining to various aspects, including margin requirements

 India: Finance Ministry

  • P Chidambaram bids farewell to Finance Ministry

India: Banking Developments

  • ICICI Bank will charge its customers for redeeming points collected on their credit and debit cards
  • To raise additional capital, public sector banks will soon be allowed to set up a holding company. Also, banks have been permitted to issue shares to employees
  • The Bharatiya Mahila Bank has launched ‘Nanhi Kali’, an exclusive recurring deposit scheme for the girl child

India: Banking Expansion

  • SBI opens Retail Assets and Small and Medium Enterprises City Credit Centre in Shillong
  • RBL Bank, previously known as Ratnakar Bank, today said it has appointed Rama Bijapurkar as an independent director on its board

India: General banking

  • Bank unions to protest against privatisation on May 21
  • United Bank of India has filed a winding-up petition against REI Agro Ltd for non-payments of Rs 224 crore outstanding dues
  • Federal Bank officers’ strike on May 15
  • The state consumer commission recently ordered the Bank of Baroda to pay compensation of Rs 3 lakh to a former employee for refusing to pay its contribution towards his provident fund

India: They said it

  • Raghuram Rajan: Reserve Bank of India’s best tool to control inflation is interest rate
  • Madhu Kapur, the widow of YES Bank co-founder Ashok Kapur: Rana Kapoor should not be allowed another term as YES Bank CEO

India: Forex reserve

  • The Foreign exchange reserves rose by $1.97 Bn to $313.83 Bn in the week ended May 9, on higher currency assets

International:

  • Deutsche Bank has circulated a video to employees, warning them not to do anything to tarnish the group’s reputation
  • People’s Bank of China tells banks to quicken mortgage lending
  • Bank of England Governor issues warning over housing inflation

The World of Finance: Week of May 05th to May 11th 2014

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India: RBI

  • RBI’s decision to let banks offer independent savings accounts to children over 10 has received mixed response
  • RBI has asked banks not to penalize account holders for not maintaining minimum balance in their inoperative accounts
  • The Government has asked the RBI to set up a committee to look into the insurance regulator’s concerns that some of the instruments issued by banks to raise tier-II capital were perpetual and illiquid
  • RBI to banks: Don’t levy pre-payment fee on floating loans

India: SEBI

  • To enhance enforceability of various regulatory provisions by listed firms, SEBI proposed a new set of rules that would require greater disclosures by the companies and give more powers to stock exchange to check any non-compliance
  • SEBI signs Memorandum of Understanding with Financial Intelligence Unit for effective implementation of anti-money laundering rules

India: Finance Ministry

  • The Finance Ministry proposes lowering bank’s exposure limits, especially of small banks, for capital fundings to single borrower and borrower groups
  • FinMin cancels India Post’s plan to set up a bank
  • The finance ministry has called a meeting of the chiefs of public-sector banks (PSB) and financial institutions to review their performance in FY14 on May 13

India: Banking Developments

  • Ratnakar Bank Limited (RBL) will be launching a special edition ‘Cricket Credit Card’ in association with IPL franchise Delhi Daredevils; will have features like Match Passes on redemption of reward points for IPL matches featuring DD

India: Banking Expansion

  • Syndicate Bank plans to raise fresh capital of Rs 2,650 crore during the present fiscal
  • Dena bank seeks Rs 1,200 cr in capital from Government in FY15
  • The Kakinada Town Co-operative Bank, having a network of 13 branches in the East Godavari district, is expanding its operations to Visakhapatnam district by opening a branch in Visakhapatnam

India: General banking

  • Dhanlaxmi Bank Ltd’s attempt of raising around Rs 233 crore through preferential allotment has failed as a group of investors from Mumbai decided against investing in the bank
  • Bharatiya Mahila Bank says no need to raise capital at present
  • The All India Bank Employees Association (AIBEA) has revealed the secret list of the country’s top 406 loan defaulters who together owe public sector banks a whopping Rs 70,300 crore. Kingfisher Airlines top the list with Rs 2,673 crore
  • Two Padma awardees in top defaulters’ list

India: They said it

  • R Gandhi, Newly appointed RBI Deputy Governor: An entity’s failed attempt at getting a bank licence will not have any bearing on its move to pick up a large share-holding in an existing bank
  • P Chidambaram, Finance Minister to Bharatiya Mahila Bank: Hire laterally from other sectors

India: Frauds

  • In Bathinda, The district police have a person for encashing a fraudelnet draft of INR 7 lakhs from Punjab State Central Cooperative Bank’s civil lines branch
  • Within days of opening a new account with Vasai Branch of a private bank, a 30-year-old man was conned into giving away his bank details and personal identification number (PIN) to a caller, who withdrew INR 50,000 from his account, from an ATM in New Delhi
  • A man was arrested for allegedly taking loan from a bank by producing fake land documents in Odisha’s Ganjam district after the bank lodged FIRs against 36 people leveling similar charges

India: Forex reserve

  • India’s foreign exchange (Forex) reserves rose by $1.94Bn to $311.85Bn for the week ended May 2

International:

  • World Bank has banned two Indian entities, Savoir Soft Solutions Private Ltd, for 3 years, and Mr. Laxminarayan Mallick for 4 years, for violating its fraud and corruption guidelines making them ineligible to participate in any projects financed by the global lender
  • India moved a step closer to gain access to bank account information of its citizens in offshore banks after a host of countries, including Switzerland and Singapore, committed to share all financial information with other governments

The World of Finance: Week of March 31st to April 06th 2014

The world of finance week of Mar 31 to Apr 6

The world of finance week of Mar 31 to Apr 6

India: RBI

  • The RBI granted new banking licenses to IDFC, an infrastructure finance firm and Bandhan Financial Services, a micro-lender institute
  • RBI governor Raghuram Rajan suggests new banking licence aspirants to consider applying for a differentiated licence instead of a full licence
  • RBI directs banks to strengthen credit appraisal for Gold loans

India: SEBI

  • SEBI Directs MFs to Declare Monthly AAUM (Average Assets Under Management)
  • With the restoration of additional powers, SEBI has initiated proceedings against entities suspected to have indulged in ponzi-related schemes
  • SEBI unveils mobile app contest; winner to get Rs 3 lakh prize
  • SEBI installs new software tools for fraud detection

India: Data

  • Bank credit grows by 14.3%; deposits rise by 14.6% till March 21
  • According to a McKinsey report, 87% of General Managers of PSU banks are retiring in next three years

India: Banking expansions

  • Federal Bank plans to open office in Dubai
  • Doha Bank to open 1st branch in India next month; eyes $5 Bn business in 3 years
  • HDFC Bank to open 20 new branches in Chhattisgarh in 2014-15

India: General banking

  • Axis Bank launches home loan scheme for lower income group
  • CDC invests $28 Mn in Ratnakar Bank
  • United Bank recovers Rs 2,500 crore bad loans in Quarter 4

India: They said it

  • Raghuram Rajan: Retain PSU bank talent or face national calamity
  • Raghuram Rajan: It’s a shame many don’t have bank A/c; KYC norms need a relook
  • Rajiv Lall, Executive chairman, IDFC on receiving the banking license: “First three years will be all about compliance, geographical expansion and experimentation. We are not focused on balance sheet growth in the first three years”
  • Chandra Shekar Ghosh, CMD, Bandhan, one of the receivers of New Banking License: “We have got adequate capital for starting and the capital adequacy ratio is about 21%”

India: Frauds

  • Delhi police arrests three persons for credit card fraud, found bank details of over 1000 people in their laptop
  • In Surat, two people became victim of phishing phone calls and lose INR 74,700
  • A 51-year-old person has been arrested in Delhi, for cheating nearly 900 people for around INR 15 crore by fake promises of high returns

India: Forex reserve

  • India’s Forex Reserves rose to $303.67 Bn as of March 28 from $298.64 Bn in the previous week

International:

  • Barclays to sell UAE retail operations to Abu Dhabi Islamic Bank for $177 Mn