Tag Archives: ICICI

The World of Finance: Week of September 15th to September 21st 2014


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India: RBI

  • RBI will issue the final guidelines on universal banking licences on tap before the end of this fiscal
  • RBI cancels licence of Ajmer Urban Cooperative Bank
  • RBI: banks free to charge ATM users
  • RBI asks banks to roll out Point of sale (POS) machines for debit cards

India: SEBI

  • SEBI relaxed its proposed corporate governance norms by bringing related-party transaction norms in line with the Companies Act
  • SEBI to soon notify norms for Real Estate Investment Trusts
  • SEBI pulls up mutual funds over high commissions

India: Finance Ministry

  • Finance Ministry: Government to pay 2% commission to banks for direct benefit transfers

India: Banking Development

  • South Canara District Central Cooperative (SCDCC) Bank launched “bank-cum-ATM on wheels”
  • Axis Bank launches e-surveillance facility at ATM locations
  • Canara, HSBC, Oriental Bank of Commerce, Life Insurance launched CHOICeNET, a portal that will allow bank employees to provide end-to-end information for their customers’ life insurance policies
  • Federal Bank launches new version of e-passbook

India: Banking Expansion

  • SBI associate banks to raise Rs33, 000 crore capital in next 5 years
  • South Indian Bank plans to raise ₹500 crore via QIP
  • ICICI Bank Ltd signed a framework agreement with the Export-Import Bank of China (China Exim Bank) for $1 Bn
  • Axis Bank signs MoU with China Development Bank
  • SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8Bn for imports of raw material, energy, equipment, mechanical and electronic products, among others from China

India: General banking

  • Banks open 4 crore accounts under Jan Dhan Yojana; mobilize Rs 3,700 crore
  • EPFO mandates firms to provide workers’ bank account numbers for easy PF transfer
  • Japan’s Mizuho Bank to open branch in Ahmedabad by mid-2015
  • State Bank of Hyderabad launches settlement scheme for NPAs
  • The Export Import Bank of India has extended a USD 62.95 Mn Line of Credit (LOC) to Republic of Senegal for a rice self-sufficiency programme

India: Frauds

  • In Vadodara, Four persons were arrested and accused for duping loan seekers in the United States (US) through tele-calling and amassed around Rs 3 crore

India: They said it

  • K Sinha, SEBI Chief: Work in progress for guidelines on wilful defaulters
  • The International Monetary Fund (IMF): RBI needs to further increase policy rates to bring down inflation on a sustained basis

India: Forex reserve

  • India’s foreign exchange (forex) reserves dipped US$ 1.62Bn to US$ 315.698 Bn in the week ended 12 September 2014


  • China’s central bank is injecting a combined 500 Bn Yuan ($81.35 Bn ) of liquidity into the country’s top banks
  • G20 finance ministers agreed on allowing automatic sharing of all bank information with tax authorities at the end of each year, starting 2017