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


Subscribe to Finance SEG Newsletter

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


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