Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Starting from today, Banks are going to remain closed for consecutive three days. This will be in several cities including Mumbai, Bengaluru and Ahmedabad. This is due to the festival of Mahashivratri for which Reserve Bank of India (RBI) has declared a bank holiday today in several cities. Normally, bank holidays are on every second … Read more Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Government should continue reforms for recovery: RBI governer

Reserve Bank Governor Shaktikanta Das recently said that to support the countercyclical measures which are taken by the government, structural reform are required to be continued to revive demand and support the economy. He also said that the green shoots are now visible and need to be sustained to pull India out of its current … Read more Government should continue reforms for recovery: RBI governer

LIC housing finance referred 14 projects that are stuck for last mile funding

LIC Housing Finance Ltd. has recently mentioned 14 real estate projects for last-mile funding through the alternative investment fund (AIF) which is to revive the stalled housing projects, said chief executive Siddhartha Mohanty. Mohanty told reporters that LIC Housing Finance’s exposure to these projects is about ₹1,100 crore and it is the poly financier for all … Read more LIC housing finance referred 14 projects that are stuck for last mile funding

Banks will seek Clarification for CRR exemption

The Reserve Bank of India’s (RBI’s) move to help real estate sector in credit flow by giving cash reserve ratio (CRR) exemption is pending until fine print is out. Banks will seek clarity on the implementation of this CRR exemption for incremental credit disbursed to automobiles, residential housing, and micro, small and medium enterprises (MSMEs), two … Read more Banks will seek Clarification for CRR exemption

RBI extended the one time restructuring scheme of the MSME Loan

After presenting Union Budget 2020 on 1st February, Finance Minister Nirmala Sitharaman said the government has asked the Reserve Bank of India (RBI) to extend the debt restructuring window by next year ending March 31, 2021. In Monetary Policy Review Meeting today, RBI said that will extend the scheme to 31st December 2020. RBI said … Read more RBI extended the one time restructuring scheme of the MSME Loan

RBI will have more power on Co op Banks

The Union cabinet gave more power to Reserve Bank of India regulate cooperative lenders and prevent frauds such as the one seen at Punjab and Maharashtra Co-operative Bank Ltd by making changes in the Banking Regulation Act. After getting clearance by the Parliament,  cooperative banks will get audited as per RBI’s norms and the central … Read more RBI will have more power on Co op Banks

Due to the increased deposit insurance, small banks may get trust vote

The Union budget proposal to raise deposit insurance fivefold is expected to increase confidence in small private sector banks, small finance banks and cooperative banks, two industry officials said. Against the backdrop of a shaky financial system and the recent collapse of the Punjab and Maharashtra Co-operative (PMC) Bank, the Union budget proposed to raise deposit insurance … Read more Due to the increased deposit insurance, small banks may get trust vote

Banking Operations got affected at PSUs due to Nationwide Strike

The two day Nation wide bank strike had affected banking operations at large, including cash withdrawal and cheque clearance. The strike was held by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of … Read more Banking Operations got affected at PSUs due to Nationwide Strike

Bank Strike Impact: Rs 23000 crore worth of cheques are held up

On friday, Banking operations got a great impact due to the strike by bankers pressurizing for the early settlement of wage revision, said a top leader of All India Bank Employees’ Association (AIBEA). “In the clearing grids in Mumbai, Chennai and Delhi, about 31 lakh cheques worth about ₹23,000 crore could not be cleared due to … Read more Bank Strike Impact: Rs 23000 crore worth of cheques are held up

Airtel Payment Bank raise Rs. 225 Crores from parent company

Airtel Payment Bank has raised ₹225 crore from its parent company Bharti Airtel and Bharti Enterprises for the expansion of the banking business, as per a source. “The company will use the funds to augment the mobile money business,” the person said. Bharti Airtel payment bank was started three years ago and it has 9.8 … Read more Airtel Payment Bank raise Rs. 225 Crores from parent company

Banking sector is stressed, Government Can’t bail it out: Abhijit Banerjee

Nobel laureate and economist Abhijit Banerjee recently said that the  banking sector in the country is “stressed” and the government is in no position to bail it out. Speaking about the 13th Jaipur Literature Festival with media, Banerjee said the low demand in automobiles is signifying that people are less confident about the economy. “Financial … Read more Banking sector is stressed, Government Can’t bail it out: Abhijit Banerjee

Demands of Bank employee union from Finance minister before Budget 2020

When Finance Minister Nirmala Sitharaman would be reading out her second Budget speech in Parliament on February 1, thousands of bank employees across the India might be sitting on a bank strike. Although the bank employees’ unions do not expect any sops for them in Budget 2020-21, yet they want the intervention of the finance minister … Read more Demands of Bank employee union from Finance minister before Budget 2020

UBS: Indian Banks are facing risk of $15 billion telecom dues

According to the UBS Group AG, due to the Supreme Court’s rejection of the appeal made by wireless carriers to review $13 billion they owe to the government raises risks for lenders to the companies. These pending payment of the dues disturb the telecom operators’ cash flows, especially those of Vodafone Group Plc’s India venture. … Read more UBS: Indian Banks are facing risk of $15 billion telecom dues

IDBI Bank will Meet RBI to ask for removal of PCA framework

IDBI bank, owned by LIC is currently under prompt corrective action since May 2017 when RBI put restrictions. The bank may hold a meeting with the RBI this week to seek removal of operational restrictions, according to sources. As per the sources, the bank will give a presentation to the Reserve Bank of India showing its improved financial … Read more IDBI Bank will Meet RBI to ask for removal of PCA framework