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


  • 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