The World of Finance: Week of August 25th to August 31st 2014

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India: RBI

  • RBI eases norms, allows single document containing address and ID proof for opening Savings account
  • RBI has asked the public to pay their income tax dues well in advance, authorizes 29 agency banks to accept such payments
  • The RBI has eased the refinancing procedure of external commercial borrowings

India: SEBI

  • SEBI sets 1-year target to complete probes; 221 cases underway
  • SEBI introduces new settlement guarantee safety net
  • SEBI opens new office in Bangalore

India: Finance Ministry

  • Finance ministry considers splitting post of CMD for PSU banks
  • The Finance Ministry initiates actions for listing of one of the country’s largest asset management companies, UTI
  • The Finance Ministry has asked the state-owned LIC to submit details on structuring the Rs 30,000-life cover to be offered under the Jan Dhan Yojana

India: Banking Development

  • All branches of banks across the country will become Aadhaar-enabled by early next month, allowing customers to open accounts with just their 12-digit Aadhaar number
  • ICICI Bank announced the launch of two new mobile banking applications; ‘iLoans’ and ‘iTrack’, for accessing loan account details and tracking status of dispatches, respectively

India: Banking Expansion

  • Banks to hold 60,000 camps to open 7.5 cr accounts under Jan-Dhan Yojana

India: General banking

  • Indian Bank to revise interest rates on FCNR (B) deposits
  • SBI Lowers Interest Rate on Home Loans

India: They said it

  • Arun Jaitley, Finance minister: Containing inflation top priority of Government
  • Raghuram Rajan, RBI Governor: Indian banks’ bad loan level not ‘scary’
  • Raghuram Rajan, RBI Governor: India Better Prepared for Federal Reserve Rate Hike
  • U.K Sinha, SEBI Chief: New Powers to Fast-track Prosecution, Refunds

India: Forex reserve

  • Foreign exchange reserves declined by $810.7 Mn to $318.579 Bn

International:

  • Deutsche Bank’s London branch was fined £4.7 Mn ($7.8 Mn) on Thursday by the U.K.’s Financial Conduct Authority for putting the wrong buy and sell markers on millions of transactions in regulatory reports