The World of Finance: Week of November 10th to November 16th 2014

the-world-of-finance-week-2014-Nov-18

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India: RBI

  • RBI will allow small banks to have a pan-India presence, against earlier proposal of limiting the presence in only a few districts
  • RBI tightens norms for NBFCs by raising the capital adequacy requirement and the net owned fund limit

India: SEBI

  • SEBI to amend guidelines for willful defaulters on November 19
  • To make delisting easier and faster, SEBI will soon announce a new set of regulations wherein time required to complete such an exercise may be more than halved from a minimum of 137 days at present

India: Finance Ministry

  • Finance Ministry Review Meeting With Chiefs of PSU Banks on November 20
  • Finance Ministry may tighten gold import norms

India: Banking Development

  • Karnataka Bank launches national wide CASA campaign
  • The Andhra Bank launched two schemes to encourage saving among children from an early age

India: Banking Expansion

  • HDFC Bank gets FIPB approval to raise foreign investment to 74%
  • Bhartiya Mahila Bank opens its second branch in Vadodara, Gujarat

India: General banking

  • Kerala and Goa have become the first states in the country to provide one basic bank account to every household under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in two-and-a-half months of its launch
  • Bombay Stock Exchange and the National Stock Exchange are looking to set up small banks in the country
  • India Post says keen to become a universal bank
  • Corporation bank receives Indira Gandhi official language awards from the President
  • Uber shifts to mobile wallet for payments following RBI norms

India: They said it

  • Raghuram Rajan to micro lenders: Don’t make a fortune out of the poor
  • Jayant Sinha, Minister of State for Finance, India: Land ‘sacrifice’ necessary for industries, job creation
  • Jayant Sinha, Minister of State for Finance, India: Attitude of Jharkhand banks to Jan Dhan not satisfactory

India: Forex reserve

  • India’s foreign exchange reserves fell by $778.4 Mn to $315.13 Bn for the week ended Nov 7

International:

  • South Africa and China push for fast ratification of BRICS bank
  • PM Modi wants proposed BRICS Bank to be ready by 2016