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


Subscribe to Finance SEG Newsletter

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


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