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

RBI changes the rules of Penalty on Payment of system operators

The Reserve Bank of India (RBI) on Friday changed some of the norms for penalties on payment system operators for non compliance of the regulations. This was to ensure the safety and security to various stakeholders, including customers. Due to the advanced technology, availability of payment products, entry of more nonbank players, dis-intermediation, and significant … Read more RBI changes the rules of Penalty on Payment of system operators

RBI restricted Bangaluru Privat Banks from doing Business

The Reserve Bank of India (RBI) has restricted the Bengaluru-based private bank from doing business due to the alleged irregularities in transactions, an official said on Saturday. “Sri Guru Raghavendra Sahakara Bank in Bengaluru shall not, without prior approval of the RBI in writing, grant or renew loans and advances, make investment, borrow funds or … Read more RBI restricted Bangaluru Privat Banks from doing Business

HDFC bank Launches Myapps to boost Digital payments

To be in the digital payment race, HDFC bank also launched its own app “MyApps” in India. It is an unique banking product by bank which will benefit urban local bodies, housing societies, local clubs and gymkhanas and religious institutions. This app would help the organisations to get digitalised in the business. At present HDFC … Read more HDFC bank Launches Myapps to boost Digital payments