The World of Finance: Week of October 27th to November 02nd 2014


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India: RBI

  • RBI on Fed taper: India will need domestic funding for infra
  • RBI allows banks to appoint NBFCs as Business Correspondents
  • RBI auction awaited for launching new inflation indexed bond funds
  • RBI Asks Rural Banks to Partially Freeze KYC Non-Compliant Accounts
  • RBI lifts curbs on share purchase of ING Vysya Bank by FIIs
  • RBI Allows Urban Cooperative Banks to Act as PAN Service Agents

India: SEBI

  • SEBI notifies new ESOP regulations
  • SEBI to frame rules against insider trading

India: Finance Ministry

  • Finance Ministry to seek additional Rs 10,000 crore fund for PSBs
  • Finance Ministry takes austerity measures to cut fiscal deficit to 4.1%

India: Banking Development

  • ICICI Bank and Axis Bank announced partnership with the Ministry of Road Transport & Highways, NHAI) and Indian Highways Management Company Limited (IHMCL) for the launch of the Electronic Toll Collection (ETC) programme on the National Highway 8. This service enables motorists to pay tolls electronically without stopping at the toll plazas
  • A scheme offering loans at concessional rate of interest to women entrepreneurs and a home loan for people belonging to the economically weaker section (EWS) have been launched by Syndicate Bank

India: Banking Expansion

  • Infrastructure Development Finance Company Ltd (IDFC) informed stock exchanges that it received the board’s approval to demerge its financial undertaking into a wholly-owned step-down subsidiary IDFC Bank Ltd
  • Vijaya Bank raises Rs 500 cr through bonds

India: General banking

  • Leading banks, including ICICI Bank, HDFC Bank and Axis Bank, are continuing to offer free withdrawals from ATMs and five withdrawals at non-home bank ATMs even after the circular allowing them to restrict transactions comes into effect
  • Robbers Dig Tunnel to Steal Crores From A branch of PNB in Haryana
  • The Supreme Court has set an end-March deadline for the investigation that is meant to determine which Indians have hidden untaxed money abroad
  • Bank unions to go on strike on Nov 12 seeking wage revision
  • Govt modifies selection process for public bank heads
  • Appointment of 8 PSU Bank Heads Likely by November-End
  • Shailendra Bhandari to step down as ING Vysya Bank CEO; Uday Sareen to take over

India: Frauds

  • In Delhi, Five men have been arrested here for allegedly duping a bank of nearly Rs 33 crore by taking loan from it against spurious gold in connivance with some of its officials

India: They said it

  • GS Sandhu, Secretary, Financial Services: According to an RBI survey of the impact of Jan Dhan Yojana in 10 districts, it was found that around 68 percent first timers opened their accounts under the scheme
  • Usha Ananthasubramanian, CMD, Bharatiya Mahila Bank: Bharatiya Mahila Bank Ltd is launching several women-centric products in particular to encourage women entrepreneurs

India: Forex reserve

  • India forex reserves up USD 495.5 Mn to USD 314.77 Bn


  • India along with 20 other countries on 23 October 2014 signed an agreement to become the founding member of the China-backed Asian Infrastructure Investment Bank (AIIB)