Bank

Cabinet reshuffle is an exercise in vote-bank politics: Pushpesh Pant

Will the Cabinet reshuffle be able to infuse some enthusiasm into the Union government? Or have these been effected only keeping the upcoming Assembly polls in mind? Former JNU professor Pushpesh Pant joined IBNLive readers for an interaction on the issue.

Q. Does Modi has that magical pull to attract voters or is the situation in our country so bad that people will forget caste, creed, sub caste and vote for 'saviour' Modi? Asked by: Politician



A. I am not worried about Modi's Pull or his Pied Piper like Charm that will lead us to the precipice. I am more worried about the hazard of an utterly uncharismatic, lack lustre PM plodding on pulling all of us to certain disaster. The rupee is plunging, prices spiralling, Maoist on rampage, borders infiltrated nothing register on the Teflon surface- not a frown of worry never a smile of cheer to inspire. His complicity in politics of caste, creed, and coalition dharma has led us into this quagmire. Lets first worry about how to rescue our selves before we worry about the 'Emerging Threat of Fascism"....more    

Delhi: Shopkeeper runs school for street children under a Metro bridge

New Delhi: As the Delhi Metro from the Yamuna Bank station rumbles on every day, something extraordinary takes place under its tracks. Children from the neighbouring slum gather here to let their imagination take over. And helping their dreams take shape is a West Delhi shopkeeper Rajesh Kumar. Rajesh said, "I would regularly see children idly playing in the dirt in the area. I asked their parents why weren't they...  

Is the violation of banking norms far more widespread than believed?

After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it. ...

Full text: RBI's mid-quarter monetary policy review

The Reserve Bank of India kept interest rates unchanged on Monday after cutting them in each of its previous three policy reviews, warning of upward risks to inflation posed by a falling rupee and increases in food prices. Monetary and Liquidity Measures On the basis of an assessment of the current macroeconomic situation, it has been decided to: - keep the cash reserve ratio (CRR) of scheduled banks unchanged at...  

RBI leaves rates unchanged, warns of inflationary risks

Mumbai: The Reserve Bank of India kept interest rates unchanged on Monday after cutting them in each of its previous three policy reviews, warning of upward risks to inflation posed by a falling rupee and increases in food prices. The RBI also called for vigilance over global economic uncertainty, citing the risks of a reversal of capital flows from emerging markets. Such outflows, fueled by investor worries that the US...  

RBI to announce its new monetary policy today

Mumbai: Softening headline inflation alone will no longer be enough to spur the Reserve Bank of India to cut interest rates at a time when it faces other pressing challenges such as a record low rupee and the risk of potentially destabilising capital outflows. The RBI is due to review monetary policy on Monday, facing the same strains erupting across much of Asia as financial markets are looking shaky even...  

If RBI can't cut CRR, let them pay us interest on it: SBI

Mumbai: Ahead of the mid-quarter review of monetary policy on Monday, the State Bank of India has said if the apex bank cannot reduce CRR rate, which is a must for lending rate cuts by banks, they should pay interest on cash reserves that banks park with the monetary authority. Incidentally, most analysts expect the RBI to hold rates during its mid-quarter monetary policy review. "If a CRR cut cannot...  

Blood bank in-charge, 2 others suspended on AIDS case

Guwahati: The in-charge of the blood bank and two laboratory technicians at Mangaldai Civil Hospital, where four persons were transfused HIV-infected blood, were suspended on Sunday. "Darrang Deputy Commissioner today suspended Jiten Saharia, in-charge of the blood bank at Mangaldai Civil Hospital and two laboratory technicians Ranjit Chandra Deka and Padmadhar Baruah for negligence of duty," said an official release in Guwahati. The action was taken as per direction of...  

Private banks step up hiring; top-five add over 15,000 staff

Leading private sector lenders are in top gear when it comes to expanding their headcount and just five of them, including ICICI Bank and HDFC Bank, added more than 15,000 employees to their payrolls in the last fiscal. The expanded workforce also seems to be giving them rich dividends in terms of improvements in their employee productivity, shows an analysis of the annual staff details of ICICI Bank, HDFC Bank,...  

Mumbai: Axis Bank reverses amount fraudulently withdrawn from accounts

Mumbai: Axis Bank has reversed the amount withdrawn fraudulently from 37 accounts, including 12 being operated by Mumbai policemen. The accounts had been hacked and Rs 16 lakh withdrawn fraudulently through ATMs in Greece. Axis Bank spokesperson said, "A small number of our customers' accounts (less than 50) have been impacted through transactions at compromised ATMs in Mumbai belonging to multiple banks. We have reversed the impact in all such...  

3 people dead, 40 missing as boat capsizes in West Bengal

Malda: An overcrowded boat capsized in the Ganga river in Manikchak area of Malda district in West Bengal. Around 40 people are reportedly missing and three bodies have been recovered so far. The victims were going to an island in the Ganges for agricultural purposes. Rescue operations are on with local divers and teams from the civil defence deparment. Officials said a country boat carrying around 60 passengers, mostly daily...  

Salary accounts of Mumbai policemen hacked

Mumbai: The salary accounts of many Mumbai Police personnel have been hacked. The Mumbai Police has formed a team headed by a DCP to investigate the hacking of salary accounts. The bank has been asked to investigate and give a report to the team. The police are in the process of filing an FIR. It's a case of identity theft, where ATM withdrawals seem to have taken place in some...  

Rupee ends at 58.39 after hitting record low

Mumbai: In a roller coaster ride, the rupee on Tuesday hit life-time low of 58.98 against dollar but erased a major part of losses to close at 58.39 after RBI intervened in the forex market to stem the slide in the local currency that caused much concern to government, markets and common man. The rupee still closed 24 paise lower at 58.39 compared to Monday's close, extending losses for fifth...  

HC asks Yes Bank to advance board meet

Mumbai: The Bombay High Court on Monday asked private lender Yes Bank to advance its board meeting and hold it before June 27 while asking plaintiff Madhu Kapur, wife of the bank's deceased co-founder Ashok Kapur, to name her nominee for a board position. Justice SJ Kathawala on Monday directed Madhu Kapur to make a formal representation to the bank, nominating her daughter Shagun Gogia as nominee-director, so that the...  

Cobrapost expose: RBI penalises Axis, HDFC, ICICI banks

Mumbai: Three private banks, caught in the Cobrapost sting operation, have been let off the hook with paltry penalties. The Reserve Bank of India on Monday imposed penalties on Axis, ICICI and HDFC banks after a sting operation by online magazine Cobrapost exposed many loopholes. RBI imposed a penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank. The...  

Sweden's Princess Madeleine marries New York banker

Stockholm: Princess Madeleine, fourth in line to the Swedish throne, married US-British banker Christopher O'Neill on Saturday at a ceremony attended by royals and socialites from around the world. The 30-year-old princess married O'Neill, 38, before some 600 guests in the chapel of the Royal Palace of Stockholm. O'Neill fought back tears as the princess, wearing a white lace and silk dress by the Italian designer Valentino, walked down the...  

Reserve Bank should focus on growth now, says SBI

Jaipur: Pitching for cut in policy rates, country's largest bank SBI on Friday said the Reserve Bank should now focus on growth as inflation has eased. "In my opinion, this is the time to focus on growth because a lot of ... has been done for inflation control and the level of inflation is not that high now," State Bank of India Chairman Pratip Chaudhuri told reporters in Jaipur. RBI...  

RBI restricts gold coin sales by co-operative banks

Mumbai: Reserve Bank of India has extended the restriction on advance against gold on co-operative banks as well, a move aimed at curbing demand for gold. In a notification, the RBI said while granting advance against the security of specially minted gold coins sold by banks, state/central co-operative banks "should ensure that the weight of the coin(s) does not exceed 50 grams per customer'. Also the amount of loan to...  

Don't advise clients to invest in gold: Chidambaram to banks

Mumbai: The Reserve Bank of India has advised banks against selling gold coins to retail customers, Finance Minister P Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit. "I think the Reserve Bank has advised banks that they should not sell gold coins," said Chidambaram, while speaking at an event in Mumbai. He also urged banks...  

RBI expected to grant new bank licenses by end of FY'14

New Delhi: The Reserve Bank, which issued clarifications on the new bank licence guidelines, is expected to grant new licenses by March 2014. on Tuesday, the central bank issued clarifications making it more stringent for getting new bank licence even as it allowed the aspirants to have the holding and capital structure of the bank-holding company in place within 18 months of getting the in-principle nod, instead of 12 months...