The World of Finance: Week of October 06th to October 12th 2014

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India: RBI

  • RBI cancels licence of Ajmer Urban Co-operative bank on insolvency
  • RBI clarified that the total number of free transactions (both financial and non-financial) at other bank ATMs would continue to remain at five a month if the transactions are carried out at both the metro centres and other locations
  • RBI to monitor trades by companies in debt markets
  • RBI: Mid, small size house price rise moderated more
  • RBI raises concern over increasing credit to realty, infrastructure sectors

India: SEBI

  • SEBI notifies one-time registration system for brokers
  • SEBI may modify colour codes for mutual funds
  • As an attempt of rationalizing expenses, SEBI asks Finance Ministry if it could deduct legal fees from penalties before remitting the amounts to the Government
  • SEBI to replace listing regulations, tighten trading rules

India: Finance Ministry

  • The Finance Ministry and the RBI are set to finalise a new monetary policy framework by the end of the year that will make the Government responsible for setting targets of retail inflation
  • The Government is in discussions with the RBI on scrutinising the practice of banks selling insurance products, commonly called Bancassurance
  • Finance Ministry refuses to reduce excise duty on branded diesel

India: Banking Development

  • Jan Dhan Yojana: new bank accounts opened exceeds 5.5 Cr mark, mobilizing deposit of INR 4,268 Cr
  • Union Territories of Chandigarh, Puducherry and the three districts of Gujarat — Porbandar, Mehsana and Gandhinagar achieve the target of “at least one bank account for each house” under Jan Dhan Yojana
  • Bank of Maharashtra has launched Doorstep Banking Service (DSBS) for Corporate/Retail Cash or Instruments

India: Banking Expansion

  • Canara Bank to raise Rs 1,500 crore for asset growth in FY15
  • Canara Bank ties with Deutsche Bank for payment solutions
  • SBI opened its first customer service point (CSP) at Tura, Meghalaya
  • Federal Bank ties up with IIFL to offer enhanced broking services

India: General banking

  • National Bank increased the interest rates by 2% on FDs of INR 1 Cr
  • World Bank keen on funding Andhra Pradesh Buddhist circuit
  • The Karnataka High Court has suggested to the authorities concerned to ensure that every construction worker in the State gets a no-frills bank account

India: Frauds

  • Based on an allegation by Golf Technologies, a Magistrate’s Court directed Delhi Police to issue notices to Axis Bank’s CEO and its top officials with regard to a fraudulent transfer of Rs19.89 crore

India: They said it

  • S S Mundra, RBI Deputy Governor: The central bank plans to announce the final norms on small and payments banks next month
  • Arvind Mayaram, Finance Secretary, India : RBI and Government Will Cooperate on Inflation

India: Forex reserve

  • India’s forex reserves down $2.75 Bn to $311.42 Bn

International:

  • U.S. and UK to test big bank collapse in joint model run
  • World Bank Group launches Global Infrastructure Facility to channel funds to emerging markets
  • Jim Yong Kim, World Bank President: Trade Facilitation Agreement (TFA) implementation problem a ‘real shame’
  • Iran and Russia are planning to establish a joint bank in an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector
  • The International Swaps and Derivatives Association (ISDA) and 18 major banks that dominate the market will now allow financial watchdogs to apply temporary stays to prevent a rush to close derivatives contracts if a bank runs into trouble