Co op bank proposed Rs. 5 Lakh cover to deposits, risk based premium

The cooperative bank may have a good news for you. If you have deposits with the bank, you may get an insurance cover on the deposits too. Recently, one of the largest NGO in the cooperative sector has suggested a higher insurance cover on the deposits of Banks. It suggested banks to migrate to a … Read more Co op bank proposed Rs. 5 Lakh cover to deposits, risk based premium

Banks Board bureau suggested 3 heads for state owned banks

The Banks Board Bureau (BBB) has  suggested names of Sanjiv Chadha, L V Prabhakar and Atanu Kumar Das for the post of managing director and chief executive officer (MD & CEO) of three different state lenders — Bank of Baroda, Canara Bank and Bank of India. Banks Board Bureau has selected them on the basis … Read more Banks Board bureau suggested 3 heads for state owned banks

EOW arrested two auditors for PMC Bank scam

On Monday, The Economic Offences Wing (EOW) arrested two auditors which were connected with the  PMC Bank scam and will produce them in court to seek their remand. 5 more auditors were also arrested earlier for the same scam. “Jayesh Dhirajlal Sanghani and Ketan Pravinchand Lakdwala were called for investigation at office of the Economic … Read more EOW arrested two auditors for PMC Bank scam

Transfer Policy Should not put employees at unease: Minister

Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur has requested public sector banks “to form such HR policies that transfer and other policies do not put employees at unease.” At an event in Mumbai on Monday to mark the 101st Foundation Day of Union Bank of India, which is going to … Read more Transfer Policy Should not put employees at unease: Minister

External commercial borrowings increased by 50%

External commercial borrowings (ECB) of Indian companies have increased by 50% in the six months ended 30 September from a year ago. This is all because of the cheaper overseas funds, easier overseas borrowing norms and weakened local banks. In the first 2 quarters of FY20,  the corporates borrowed $24.3 billion from overseas markets as … Read more External commercial borrowings increased by 50%

INR 2000 can be demonetised- Subhash Chandra Garg

As we know that two years back, demonetisation took place in our country and everything changed totally. And now. The demonetizing Rs 2000 notes can be done and this suggestion is given by the former Finance Secretary Mr Subhash Chandra Garg on Thursday. Mr Garg said- the high debt levels are “a deterrent on our credit … Read more INR 2000 can be demonetised- Subhash Chandra Garg

Dormant Swiss accounts not yet claimed, may get liquidated soon

There is lot of money in the Swiss bank accounts which are linked to Indians. No One has claimed dozen of accounts yet. These funds may, therefore, get transferred to Switzerland Government. In 2015, the Swiss Government had started making a list of such dormant accounts and asked the account holders to submit the proof … Read more Dormant Swiss accounts not yet claimed, may get liquidated soon

PMC Bank- PIL on removing withdwaral restrictions listed in Delhi HC for Nov 1

According to the news, the PIL, stands for Public Interest Litigation is now removing the restrictions that were on the withdrawal from PMC bank is listed in Delhi High court. This PIL was actually originally filed by the activist named Mr Bejon Kumar Mishra on the orders of Supreme Court. On this, the advocate in … Read more PMC Bank- PIL on removing withdwaral restrictions listed in Delhi HC for Nov 1

NPCI sees UPI’s user base growing fivefold to 500 millions in three years

National Payments Corp. of India (NPCI) is expecting the growth of the user base of real-time payment system Unified Payments Interface (UPI) by fivefold to 500 million in the next three years, chief executive officer Dilip Asbe said. “UPI has recently crossed 100 million users, making it one of the fastest adoptions of any payments … Read more NPCI sees UPI’s user base growing fivefold to 500 millions in three years

PNB Housing Finance issued bonds to LIC to Raise ₹2,500 Crore

Recently PNB Housing Finance said to media that LIC has invested ₹2,500 crore in the finance company by subscribing to its secured redeemable non-convertible debentures (NCDs). As per the bank, this issuance has been made through private placement basis with a door-to-door duration of 10 years. It said that the revenue generated would be utilised … Read more PNB Housing Finance issued bonds to LIC to Raise ₹2,500 Crore

Moody’s outlook revision may become expensive for banks

As per three analysts, Moody’s Investors Service’s revision of the outlook for main Indian banks and financial institutions from stable to negative may make them to borrow on international markets in the short term. This may affect their lending rates as well. This could have implications for their lending rates, too. Moody’s on Friday agreed … Read more Moody’s outlook revision may become expensive for banks

Anil Ambani has been dragged to the court for unpaid loan of $680 million

Three Chinese banks have sued Anil Ambani who is the brother of the richest man of Asia. He has been dragged to the London court for not paying the 680$ million loan. The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China provided a loan of $925.2 million … Read more Anil Ambani has been dragged to the court for unpaid loan of $680 million

RBI amended Rules for salaries of private bank directors

Reserve Bank of India has issued the revised guidelines for the salary given to the Bank executives and whole-time directors at the private banks to reduce the risks which disturb the financial structure of the organisations and to keep the governance in check. Private sector banks, foreign banks operating under the wholly-owned subsidiary mode, and … Read more RBI amended Rules for salaries of private bank directors