The World of Finance: Week of October 20th to October 26th 2014

the-world-of-finance-week-2014-Oct-26

Subscribe to Finance SEG Newsletter

India: RBI

  • RBI to Banks: Partially Freeze KYC Non-Compliant Accounts
  • RBI eased some rules for identifying defaulters and taking corrective actions since banks found it impossible to comply with the strict norms
  • RBI warns companies for their lack of hedging
  • RBI has finalized organizational restructuring of the RBI by reassigning responsibilities of deputy governors under four new clusters
  • The RBI is running a pilot project with a group of private payment gateway operators like Oxigen and Airtel Money to facilitate money transfers without the intervention of a bank

India: SEBI

  • SEBI revises proprietary open position for non-bank brokers
  • SEBI to empanel administrators to look after refund process
  • SEBI said stock exchanges can waive penalty on stock brokers in cases related to modification of client codes for non-institutional trades. non-institutional trades, limited to only once in a quarter

India: Finance Ministry

  • The Government will likely disclose to the Supreme Court next week names of people against whom strong evidence exists of stashing away black money in Swiss banks
  • Indian Government had no outstanding Loans from RBI in Oct 17 Week
  • Finance ministry has cleared 20 small ticket FDI proposals which will lead to inflow of Rs 988 crore into the country
  • Finance Ministry: Insurance Bill to be taken up in Winter Session

India: Banking Development

  • Employees’ Provident Fund Organization (EPFO) has started a new facility to transfer provident funds of foreign employees to bank accounts in their own countries

India: Banking Expansion

  • IDBI Bank raises Rs 2,500 crore via Basel III compliant AT-I bonds
  • Syndicate Bank celebrated its 89th Foundation Day on Monday, October 20, by opening 18 new branches in Telangana and Andhra Pradesh
  • Yes Bank raises $422 Mn by dual currency loan facility

India: General banking

  • Bank of India appoints three directors 1. Shri. Neeraj Bhatia 2. Shri. D Harish 3. Shri. Sanjiv Kumar

India: Frauds

  • In Mumbai, A lawyer received a call from a customer service representative seeking to verify his credit card details to upgrade it with the latest security features and four days later, Rs 5,000 had been debited from his bank account using his card to make a mobile bill payment

India: They said it

  • Arun Jaitley, Finance Minister, India: Private companies will be allowed commercial coal mining soon
  • Arun Jaitley, Finance Minister, India: Bill to implement Goods and Services Tax in winter session
  • G S Sandhu, financial services secretary of India: increasing the FDI limit in the insurance sector may attract $5 Bn to the sector over the coming five years
  • Raghuram Rajan, RBI Governor: India has credibility in foreign markets

India: Forex reserve

  • India’s foreign exchange reserves increased by $945.6 Mn to $313.68 Bn in the week ended October 17

International:

  • A total of 25 lenders failed the European Central Bank’s (ECB’s) “stress tests”, which were billed by Brussels as “most intense scrutiny that banks have ever undergone in Europe”
  • SBI is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country
  • India signs up for China’s Asian Infrastructure Investment Bank