The World of Finance: Week of September 29th to October 05th 2014


Subscribe to Finance SEG Newsletter
[madmimi id=94058]

India: RBI

  • RBI to banks:  Accept self-attested documents to open account
  • RBI: External Debt up $12.6 Bn at $346.6 Bn in Q1
  • RBI kept the repo rate unchanged at 8% and the reverse repo rate was also maintained at status quo of 7%

India: SEBI

  • Government is considering to merge Forward Markets Commission (FMC) with SEBI to better monitor futures market
  • SEBI wants to cut the timeline for Initial Public Offers (IPOs) and Follow-on Public Offers (FPO) of equity to four days

India: Finance Ministry

  • The government is stepping up efforts towards consolidation of public sector banks (PSBs). The finance ministry has sent a letter to all PSBs asking them to provide business and financial details within a month to SBI Capital Markets
  • The Finance Ministry has asked public sector banks to tighten norms, including know your customer monitoring for high-value fixed deposits (FD)
  • Finance Ministry has begun discussion with RBI on panel to set monetary policy with an inflation focus

India: Banking Development

  • ICICI bank has rolled out a new special account for the NRI customers
  • Yes Bank to offer discounts and deals at their ATMs to all customers
  • IndusInd Bank launches India’s first digital branch in Gurgaon
  • ICICI Bank hires astronauts & sportsmen to inspire its young managers
  • Standard Chartered is offering to manage Union Bank of India’s Rs 1,386-crore qualified institutional placement for a token Re 1

India: Banking Expansion

  • Doha Bank to acquire India operations of HSBC Oman

India: General banking

  • The Central Vigilance Commission (CVC) wants banks to be extra cautious while sanctioning loans, in light of the recent scandal involving alleged bribes in exchange for credit limit enhancement at Syndicate Bank – in light of the recent scandal of bribery for enhancing the credit limit at Syndicate Bank
  • PSU banks, financial regulators to get full-time chiefs in Oct 2014
  • Punjab National Bank (PNB) has decided to levy charges on all online transfer of funds, irrespective of the amount, to accounts in other banks made through National Electronic Fund Transfer (NEFT)

India: They said it

  • Raghuram Rajan, RBI Governor: RBI is in the process of redefining the definition of “wilful defaulters” so as to bring the directors of defaulting companies under its ambit
  • Raghuram Rajan, RBI Governor: RBI to re-examine foreign investment limit in govt bonds
  • GS Sandhu, Financial Services Secretary:  India Post suited to be payment bank

India: Forex reserve

  • Foreign exchange reserves fell by $1.42 Bn for the week ended September 26 to $314.18 Bn


  • The World Bank has trimmed its growth forecast for developing East Asian economies this year to 6.9% and urged governments to improve conditions for investment and exports
  • India likely to join Asian infrastructure bank