The World of Finance: Week of October 13th to October 19th 2014


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India: RBI
• RBI governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine
• Reserve Bank Launches Financial Literacy Awareness Programme
• RBI allows Repco Home Finance to raise foreign shareholding to 49%
• The Bombay High Court has issued notice to the RBI in connection with a PIL which alleges that the non-performing assets (NPA) of nationalized banks rose up from Rs 455 crore for the year ended March 2008 to Rs 9,190 crore in March 2012
• RBI: No Rs. 5,000 Denomination Note Launch
• RBI has signed a pact with Central Bank of Kenya for exchange of information and supervisory cooperation
• RBI issues caution on fake bills post FinMin alarm
India: SEBI
• To check any fraudulent use of investor accounts by brokers, SEBI plans to tighten norms for the Power of Attorney taken by them from their clients including by colour-coding such PoAs as per the risks involved in such transfer of powers
• SEBI issues guidance on one-time registration process
India: Finance Ministry
• Arvind Subramanian Named Chief Economic Adviser to Indian Finance Ministry
• The Finance Ministry has written to the RBI to consider reimposing some restrictions on gold imports
• Govt plans to catch chit funds under Rs 100 cr that escape SEBI net
• Finance ministry: Black money study reports yet to be accepted
• Finance ministry asks State Govts to be extra alert over foreigners buying immovable properties
• Finance Ministry forms bankers’ panel to progress in power projects. The panel will submit its suggestions by November 7
India: Banking Development
• Corporation Bank has launched the ‘e-Mandate’ (digital mandate) service to provide robust platform for large volume of repetitive payments
• Kotak Mahindra Bank launched a Facebook-based instant fund transfer service wherein one can send money to friends on the social media network real time, for free
• SBI has come up with new norms for ATM transactions, offering more free ATM usage for customers maintaining higher account balance
India: Banking Expansion
• Andhra Bank is targeting a business of over Rs 3 lakh crore by March 2015 and will be opening 400 more branches
• Canara Bank will raise up to Rs 850 Mn rupees (USD 13.85 Mn) through selling shares to institutional investors or a preferential issue
India: General banking
• Axis bank cuts base lending rate by 10 basis points to 10.15%
• Bank of Baroda raises deposit rate to 8.75% from 8%
• 6.02 cr bank accounts opened under Jan Dhan scheme
• India’s banks will restructure more than Rs.5,000 crore in loans disbursed to borrowers in Jammu and Kashmir, which was devastated by floods last month
• Jammu and Kashmir Bank pays Rs 128.88 crore dividend to state
• ICICI Bank chief Chanda Kochhar has been awarded honorary Doctor of Laws degree by Canada’s Carleton University for her work in the financial sector
• The Andhra Pradesh Government has opened an exclusive account with Andhra Bank for collecting donations for providing relief to those affected by cyclone
• Bank unions call for strike on 12 November over wage hike
• Karur Vysya bank won IDRBT Banking Technology Excellence award
India: Frauds
• The Thane district consumer forum has held Canara bank liable for failing to block a customer’s ATM card even after she lodged a complaint about a fraudulent transaction. The consumer forum has directed Canara Bank to reimburse Rs. 55,200 fraudulently withdrawn along with interest at 9% per annum from August 2010
India: They said it
• S Sandhu, Financial Services Secretary: The Reserve Bank will soon invite applications for issuance of licences in three categories — small banks, payment banks and universal banks — to achieve financial inclusion target
• Raghuram Rajan, RBI Governor: RBI is in talks with govt on keeping its independence
• Raghuram Rajan, RBI Governor: RBI is in discussions with the government over the country’s monetary policy framework
India: Forex reserve
• Foreign exchange reserves rose by $.1.31 Bn in the week ended October 10 to $312.74 Bn
• French bank Group BPCE launches Twitter cash transfer service
• Five bank branches (HSBC Holdings, Hang Seng Bank, Citibank and Australia and New Zealand Banking Group) in Hong Kong shut due to Occupy Central disruptions
• Shanghai Cooperation Organization (SCO) Development Bank ready to finance projects in India, Iran