The World of Finance: Week of March 31st to April 06th 2014

The world of finance week of Mar 31 to Apr 6

The world of finance week of Mar 31 to Apr 6

India: RBI

  • The RBI granted new banking licenses to IDFC, an infrastructure finance firm and Bandhan Financial Services, a micro-lender institute
  • RBI governor Raghuram Rajan suggests new banking licence aspirants to consider applying for a differentiated licence instead of a full licence
  • RBI directs banks to strengthen credit appraisal for Gold loans

India: SEBI

  • SEBI Directs MFs to Declare Monthly AAUM (Average Assets Under Management)
  • With the restoration of additional powers, SEBI has initiated proceedings against entities suspected to have indulged in ponzi-related schemes
  • SEBI unveils mobile app contest; winner to get Rs 3 lakh prize
  • SEBI installs new software tools for fraud detection

India: Data

  • Bank credit grows by 14.3%; deposits rise by 14.6% till March 21
  • According to a McKinsey report, 87% of General Managers of PSU banks are retiring in next three years

India: Banking expansions

  • Federal Bank plans to open office in Dubai
  • Doha Bank to open 1st branch in India next month; eyes $5 Bn business in 3 years
  • HDFC Bank to open 20 new branches in Chhattisgarh in 2014-15

India: General banking

  • Axis Bank launches home loan scheme for lower income group
  • CDC invests $28 Mn in Ratnakar Bank
  • United Bank recovers Rs 2,500 crore bad loans in Quarter 4

India: They said it

  • Raghuram Rajan: Retain PSU bank talent or face national calamity
  • Raghuram Rajan: It’s a shame many don’t have bank A/c; KYC norms need a relook
  • Rajiv Lall, Executive chairman, IDFC on receiving the banking license: “First three years will be all about compliance, geographical expansion and experimentation. We are not focused on balance sheet growth in the first three years”
  • Chandra Shekar Ghosh, CMD, Bandhan, one of the receivers of New Banking License: “We have got adequate capital for starting and the capital adequacy ratio is about 21%”

India: Frauds

  • Delhi police arrests three persons for credit card fraud, found bank details of over 1000 people in their laptop
  • In Surat, two people became victim of phishing phone calls and lose INR 74,700
  • A 51-year-old person has been arrested in Delhi, for cheating nearly 900 people for around INR 15 crore by fake promises of high returns

India: Forex reserve

  • India’s Forex Reserves rose to $303.67 Bn as of March 28 from $298.64 Bn in the previous week


  • Barclays to sell UAE retail operations to Abu Dhabi Islamic Bank for $177 Mn