BANKS

  • Water level in Sunderbans rising at an 'alarming' rate of 3-8 mm per year Yesterday

    Bali Island (Sunderbans): The water level in the Sunderbans, the world's largest mangrove forest, is rising at an "alarming" level, endangering the habitation, a World Bank report has suggested. The report stated that the sea level could witness an estimated 3 to 8 mm rise per year and mainly attributed...
  • Amid intense government pressure, Swiss banks seek fresh undertakings from Indians 2 days ago

    New Delhi: Seeking to come clean on illicit funds amid intense government pressure, Swiss banks have asked their Indian clients to provide fresh undertakings to ensure that untaxed money is not stashed in their accounts. Swiss banks, long perceived to be safe havens for parking unaccounted funds, have also started asking...
  • RBI moves to restrict bank exposure to corporate loans 3 days ago

    Mumbai: The Reserve Bank of India (RBI) has proposed to lower the ceiling on how much a bank can lend to a single corporate group, in a move to curb risks in the banking sector at a time when bad loans are on the rise. Under the proposal, banks would only...
  • US isolated as allies line up to join China-led bank 4 days ago

    Washington: US resistance to a Chinese-led Asian regional bank has left it isolated among its Asian and European allies and given some heft to China's frequent complaints that Washington wants to contain its rise as a world power. South Korea, one of America's closest friends in Asia, announced yesterday it will...
  • A bank run by beggars, for beggars in Bihar town 4 days ago

    Gaya: A group of beggars in this Bihar town has opened their own bank, which they run and manage to provide financial security in times of crisis. Dozens of beggars, who have been depending for their survival on alms from hundreds of Hindu devotees at the gate of 'Maa Manglagauri Mandir'...
  • HDFC Bank to focus on expanding business in Andhra Pradesh 6 days ago

    Hyderabad: The HDFC Bank will focus on expanding its business in Andhra Pradesh, where hectic economic activity is likely with proposed new industries and building of a new state capital. The private bank will decide on the number of new branches depending on the pace of the economic activity in the...
  • Banks issue notices to Nagarjuna's studio to recover loans 1 week ago

    Hyderabad: Two public sector banks have issued notices to leading Telugu actor Akkineni Nagarjuna's film studio to recover loans amounting to Rs.62 crore. The actor is hopeful of resolving the issue in a few days. Nagarjuna has denied reports that Andhra Bank and Indian Bank have seized the 7 Acre Studio...
  • No disconnect between RBI and government, says Arun Jaitley March 22, 2015

    New Delhi: Scotching murmurs of differences between the government and the Reserve Bank of India over regulation of money market, Finance Minister Arun Jaitley on Sunday said there is no 'disconnect' between the two and hoped banks would follow the central bank in reducing interest rates. Jaitley, who addressed the RBI...
  • Union Bank in UK will undertake retail and wholesale banking March 20, 2015

    Union Bank, one of India's largest Public sector banks is finally making its foray in the British Market. In a glittering opening ceremony, Finance Minister Arun Jaitley called it a wonderful coincidence for him to be able to inaugurate the bank's operations. ...
  • World Bank finds Bhubaneswar best place to do business in India: Sushma Swaraj March 20, 2015

    Bhubaneswar: Hailing Odisha for its rich culture, ancient trade links and growth potential, External Affairs Minister Sushma Swaraj on Friday said the World Bank has ranked Bhubaneswar as the best place to do business in India. "The city of Bhubaneswar has a unique distinction of having rich history which goes back...
  • India ready to deal with any foreign fund outflows: RBI Governor Raghuram Rajan March 19, 2015

    US Federal Reserve had signalled that it is not averse to a rate hike if there is improvement in the US job market and inflation. The Federal Reserve has kept its key short-term rate near zero since late 2008 to bolster the economy. Meanwhile, RBI Governor Raghuram Rajan has said...
  • India has historic chance to grow, don't obstruct: Arun Jaitley to opposition March 17, 2015

    New Delhi: With a number of key reforms bills stuck, government on Tuesday appealed to the opposition not to play "obstructionist" as the country has the "historic opportunity" to grow and the GDP is expected to go beyond 8 per cent next year, overtaking China. Finance Minister Arun Jaitley also rejected...
  • OnePlus Power Bank with 10,000mAh battery to be launched on March 17 March 16, 2015

    New Delhi: OnePlus has now announced the release date of its recently introduced 10,000mAh Power Bank. The company, which unveiled the Power Bank late last year, will start selling the device from March 17. "Starting March 17. Are you ready to charge??," says a post (with an image of the Power...
  • Sensex at one-month low, down 65 points on profit-booking March 16, 2015

    Mumbai: In a volatile trade, the benchmark Sensex on Monday fell over 65 points to hit an over one-month low of 28,437.71 on profit-booking in metal, FMCG, oil & gas and power stocks ahead of the US Federal Reserve's policy meet. The 30-share Sensex after hitting a session high of...
  • CBI arrests 3 people in corporate espionage case for leaking sensitive documents from various ministries March 13, 2015

    New Delhi: The Central Bureau of Investigation on Thursday night arrested three people in the corporate espionage case. The trio were detained in the case for leaking sensitive documents from various ministries. On Thursday, the investigation agency searched various ministries and the offices of private firms including DLF, HDFC and Induslnd...
  • A 2,600mAh portable power bank with suction cup design launched at Rs 499 March 9, 2015

    New Delhi: Essot has launched a portable charger with a suction cup design that can power up smartphones, MP3, MP4, 1 AMP tablets and other such devices with its 2,600mAh battery. The Suction Cup portable power bank charges a phone at least one full time of its original battery life and...
  • SBI to snap up four posh Air India flats in Mumbai for Rs 90 crore March 8, 2015

    New Delhi: Cash-starved national carrier Air India is set to seal a real estate deal with State Bank of India, which has "in principle" agreed to acquire four of its posh residential properties in south Mumbai for Rs 90 crore. The airline had been scouting for a buyer for its four...
  • RBI eases norms for home loans for up to Rs 10 lakh March 6, 2015

    New Delhi: Giving a boost to affordable housing, the RBI on Thursday eased the norms for home loans for up to Rs 10 lakh by allowing banks to include stamp duty and registration charges to the cost of a unit. These charges form around 15 per cent of the cost of...
  • Electrification work of 925 km rail route to commence from April March 5, 2015

    New Delhi: In an effort to fast-track completion of crucial rail infrastructure projects, Dedicated Freight Corridor Corporation (DFCC) has tied up with Sojitz- L&T for the electrification of the 925 km-long Western Dedicated Freight Corridor track between Rewari and Vadodara. Funded by Japan International Cooperation Agency (JICA), the largest single railway...
  • RBI Governor Rajan expects banks cutting rate from April March 4, 2015

    Mumbai: After cutting the repo rate by 25 bps in a surprise inter-meeting monetary policy on Wednesday, Reserve Bank Governor Raghuram Rajan today said he sees banks passing on the benefit of lower rates regime to customers shortly. In yet another surprise move, the RBI on Wednesday reduced the repo rate...
  • Sensex falls 644 from top after hitting 30,000 on RBI rate cut March 4, 2015

    Mumbai: Benchmark indices nosedived in the last hour of trade on Wednesday after touching record highs earlier in the day spurred by the 25 basis point repo rate cut. The 30-share BSE Sensex shed 213 points to close at 29380.73, after hitting a new high of 30024.74 intraday. The 50-share...
  • RBI cuts repo rate by 25 basis points to 7.5%, home loans may be cheaper March 4, 2015

    Mumbai: In a surprise move, the Reserve Bank of India on Wednesday cut repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect. This is the second rate cut in the past two months. The cut in repo rate is likely to make home...
  • Sahara defaults on loan taken by Bank of China, prompts legal action March 3, 2015

    New Delhi: In yet another development which will compound trouble for Sahara group, Bank of China may initiate legal action against it for defaulting on a loan, sources said. The sources also said Bank of China had financed Sahara's hotel buys for nearly $900 million. The development takes place even as...
  • Union Budget 2015: India to inject $1.3 billion to shore up state banks March 1, 2015

    Mumbai: India will inject 79.4 billion rupees ($1.3 billion) into state-owned banks in the next fiscal year to bolster their capital reserves, a smaller-than-expected sum which means the sector's heavyweights may have to turn to the market or curb lending. Successive governments have poured billions into India's bad-debt burdened state banks,...
  • Government to set up Mudra Bank for priority to SC/ST entrepreneurs February 28, 2015

    New Delhi: The government will a create a refinance agency, Mudra Bank with an initial corpus of Rs 20,000 crore to provide credit facilities to SC/ST businesses, Finance Minister Arun Jaitley said on Saturday. "I propose to create a micro units development refinance agency, Mudra Bank with a corpus of Rs...
  • Union Budget 2015: FM must set realistic revenue, spend targets, says Religare February 25, 2015

    Brokerage house Religare expects the government to continue on the path of fiscal consolidation in the upcoming Budget. But it has cautioned that unlike in the past, revenue and expenditure targets need to be realistically framed. Also, a credible fiscal consolidation strategy over the medium-term is highly anticipated and required,...
  • Union Budget 2015: Brokers demand lower taxes to boost investor participation February 24, 2015

    Rise in stock markets invariably is accompanied by spurt in volumes. However it can further go up, if the investors and traders are offered lower transaction charges. Transaction charges do account for taxes which are levied on the transactions. No wonder, brokers are vocal about cutting down the transaction charges...
  • Over 56 per cent polled expects a radical Budget, says Grant Thornton February 24, 2015

    It's less than six days to go for the Union Budget and expectations are running high. In an interview to CNBC-TV18, Pallavi Bakhru, director, Grant Thornton, said the euphoria quotient has never been higher. Discussing the firm's pre-Budget poll on India Inc's expectations from Finance Minister Arun Jaitley, Bakhru said...
  • Union Budget 2015: Time to gear up tax regime for outbound investments, says EY February 24, 2015

    With the changing landscape of Indian businesses, we are witnessing a significant and rapid geographical shift in doing business. Recent times have seen the Indian multinationals regularly flexing their muscle abroad. Not only has the last few years seen established Indian business houses making significant outbound investments into capital intensive...
  • Union Budget 2015: Government may pursue spending to push economic growth, says Aditya Birla Money February 24, 2015

    The annual budget will be presented on 28th February, 2015 and there is an air of expectation which has built up around it. This is Modi government's first full budget and hence a lot of emphasis is going to be placed on the government's flagship promises since 2014 (Swachh Bharat,...