Bank Of India

  • Money laundering: RBI takes action against erring UCBs 3 days ago

    New Delhi: Cracking down on money laundering, the Reserve Bank of India (RBI) has closed down six Urban Cooperative Banks (UCBs) which were suspected of being used to route illegal money. The central bank has also asked state governments to take stern action against any other erring UCBs after reports emerged...
  • Vijay Mallya in further trouble, SBI sends wilful defaulter notice September 9, 2014

    Mumbai: Days after United Bank of India declared Kingfisher Airlines promoter Vijay Mallya and three other directors wilful defaulters, country's largest bank State Bank of India on Tuesday said it has also sent a notice to tag them as "wilful defaulters". "We have already sent a notice to KFA (to declare...
  • Kingfisher Airlines contests wilful defaulter tag September 9, 2014

    Mumbai: Debt-ridden Kingfisher Airlines on Tuesday contested UBI's decision to declare it as a wilful defaulter, saying that RBI guidelines in this regard do not apply to the company. The carrier, which has been grounded since October 2012, is also in the process of seeking legal...
  • Government of India can print Re 1 note: Law Ministry September 7, 2014

    New Delhi: Putting to rest the debate on printing of one rupee notes, the Law Ministry has opined that the Government of India has all the powers to print currency notes of this denomination. While the Reserve Bank of India (RBI) has the authority to issue bank notes of denominational values...
  • No end to trouble for Vijay Mallya, United Bank to declare him and Kingfisher Airlines as wilful defaulters September 3, 2014

    Mumbai: In more trouble for Kingfisher Chairman Vijay Mallya, the Supreme Court has refused to entertain his plea against being declared a 'wilful defaulter' by the United Bank of India. Kolkata-based United Bank has set in motion the process that will declare Mallya and his Kingfisher Airlines as wilful defaulters...
  • No relief for Kingfisher Airlines, SC doesn't restrain Union Bank from declaring it a wilful defaulter September 2, 2014

    New Delhi: In a setback for the Kingfisher Airlines, the Supreme Court on Tuesday refused to restrain the Union Bank of India from declaring it a wilful defaulter. "Now that you have been declared a defaulter, you can challenge it in any court," the SC said. The KFA had approached the...
  • United Bank of India declares Vijay Mallya as wilful defaulter September 1, 2014

    New Delhi: State-run United Bank of India on Monday became the first lender to declare debt-ridden Kingfisher Airlines and its promoter Vijay Mallya as wilful defaulters. "We have declared Vijay Mallya and three other directors of Kingfisher Airlines as wilful defaulters," United Bank of India Executive Director Deepak Narang told PTI. The...
  • Crony capitalism hampers economic growth: RBI governor August 11, 2014

    Mumbai: Reserve Bank Governor Raghuram Rajan on Monday came out strongly against "crony capitalism", saying it kills transparency and competition and hence is harmful to free enterprise, opportunity and economic growth. "By killing transparency and competition, crony capitalism is harmful to free enterprise, opportunity, and economic growth," Rajan said, delivering a...
  • RBI's tough inflation stance risks stand-off with Modi government August 9, 2014

    Mumbai/New Delhi: Reserve Bank of India (RBI) Governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government if he is seen as overstepping. Rajan, well known within the RBI for pragmatism, now must...
  • SBI Q1 net profit rises 3.3 per cent to Rs 3,349 crore August 8, 2014

    Mumbai: State Bank of India on Friday reported a marginal 3.3 per cent increase in net profit to Rs 3,349.08 crore for the quarter ended June 30 even as provision for bad debts increased significantly. The country's largest bank had a standalone net profit of Rs 3,241.08 crore in the same...
  • RBI keeps repo rate unchanged, cuts SLR for banks by 0.5 pc August 5, 2014

    Mumbai: The Reserve Bank of India (RBI) kept its key policy repo rate unchanged on Tuesday as widely expected, but warned about inflationary risks should a shortfall in monsoon rains spark a surge in food prices. The RBI also lowered banks' minimum bond holding requirements, known as the statutory liquidity ratio...
  • Fire in bank destroys currency worth Rs 12,000, other articles August 3, 2014

    Furniture, computer sets, Rs 12,000 in cash and other articles inside Chiyanki branch of the State Bank of India in Palamu district was gutted, and transaction was stopped. Branch manager NK Sinha said the fire broke out late last night in the branch possibly due to short circuit. Local people informed...
  • 30 minutes: Story of the Indian blue collar workers August 5, 2014

    The Indian blue collar workers have been working in the Middle East as domestic help with no one to listen to their grievances. Popularly known as 3D workers they work as truck drivers, construction workers and so on. According to the report presented by the Reserve Bank of India 70...
  • RBI restores overseas investment limit July 3, 2014

    Mumbai: The Reserve Bank of India (RBI) on Thursday restored the overseas investment limit of Indian companies to 400 percent of the firm's net worth after the rupee rebounded from last year's record low levels against the dollar. Last August, the RBI cut the overseas investment limit for companies to 100...
  • June factory activity grows at fastest pace since February July 1, 2014

    New Delhi: Indian factory activity expanded in June at its quickest pace since February while output prices rose at the fastest rate in eight months, signalling a further rise in inflation that is bound to vex the Reserve Bank of India (RBI), a business survey showed on Tuesday. The HSBC Manufacturing...
  • RBI's '007' Raghuram Rajan faces pro-growth boss in Narendra Modi June 14, 2014

    Mumbai: Hailed as a troubleshooting "James Bond" of central bankers amid India's currency crisis last year, Raghuram Rajan was given a licence to kill inflation with higher interest rates and drive a programme of monetary policy reforms. Now, the governor of the Reserve Bank of India (RBI) may need all the...
  • SBI's Bhattacharya, ICICI's Kochhar among Forbes' most powerful women May 28, 2014

    New York: State Bank of India Chairperson Arundhati Bhattacharya and ICICI Bank Managing Director Chanda Kochhar are among the five women from India featured in Forbes' 100 most powerful women in the world, a list topped by German Chancellor Angela Merkel. Bhattacharya is ranked 36th on the power list, while Kochhar is...
  • RBI cautions public against fake website May 26, 2014

    Mumbai: The Reserve Bank on Monday cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts. "It has come to the notice of the RBI today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown persons...
  • India aims to recover 228 million euros in Finmeccanica bank guarantees May 26, 2014

    New Delhi: India will move to recover bank guarantees from an aborted 560-million-euro helicopter deal with Italy's Finmeccanica, the defence ministry said, after an Italian court lifted a freeze on 228 million euros held with European banks. New Delhi scrapped the deal with Finmeccanica's AgustaWestland unit in January, after graft allegations...
  • Raghuram Rajan signed Rs 1000 banknotes to come up shortly May 6, 2014

    Mumbai: Reserve Bank will shortly issue banknotes of Rs 1000 denomination in the Mahatma Gandhi series-2005 bearing the signature of Governor Raghuram Rajan. "The RBI will shortly issue Rs 1000 denomination Banknotes incorporating rupee symbol on the obverse and reverse, with inset letter 'L' in both the numbering panels, in the...
  • Minors over 10 years can operate bank accounts: RBI May 6, 2014

    New Delhi: Minors above 10 years of age can open and operate independently savings bank account and use other facilities like ATM and cheque books. The Reserve Bank on Tuesday issued the guidelines allowing minors to operate bank accounts independently with a view to promote financial inclusion and bring uniformity...
  • Election Commision officials seize Rs 7 lakh of unaccounted cash ahead of LS polls April 23, 2014

    A man was held in Pauri with unaccounted Rs 7 lakh in cash with authorities suspecting that the money was being taken to influence voters. Mohammad Saleem was held by a vigilance team of the Election Commission when he was found carrying Rs 7 lakh in a bag and did not...
  • Exclusive: Not worried about rupee overvaluation right now, says Rajan April 2, 2014

    Mumbai: Reserve Bank of India governor Raghuram Rajan said he was not worried about rupee overvaluation for now. Strong foreign fund inflows over the last couple of months have lifted the rupee to an 8-month high, stoking concerns that India's exports could become uncompetitive. "When we were at 60/$, people...
  • RBI gets EC approval to grant new bank licences April 1, 2014

    New Delhi: Ending weeks of uncertainty, the Election Commission on Tuesday allowed the Reserve Bank of India to issue licences for setting up new banks. "The Commission is of the view that the Reserve Bank of India (RBI) may take necessary action (for grant of in-principle approval for banking licences) as...
  • RBI keeps Repo Rate unchanged at 8 pc, CRR at 4 pc April 1, 2014

    New Delhi: The Reserve Bank of India maintained status quo in key rates on Tuesday, keeping the Repo Rate unchanged at 8 per cent and Cash Reserve Ratio at 4 per cent. The RBI also warned that failure to elect a stable government in the coming elections will accentuate "downside risks...
  • RBI set to announce annual monetary policy today, no changes likely April 1, 2014

    The Reserve Bank will come out with annual monetary policy on Tuesday amid expectations that it will maintain status quo because retail inflation, especially in food items, is yet to show definite signs of moderation. ...
  • RBI likely to maintain status quo in monetary policy on Tuesday March 31, 2014

    New Delhi: The Reserve Bank will come out with annual monetary policy on Tuesday amid expectations that it will maintain status quo because retail inflation, especially in food items, is yet to show definite signs of moderation. "It would be quite a tough call for the RBI in the given scenario......
  • SBI: Bank for the unbanked March 30, 2014

    The 200-year-old State Bank of India stands tall in the Indian banking industry. As on December 2014, the bank had deposit worth Rs 13 lakh crore and advance worth Rs 11 lakh crore. ...
  • Leader Talk: 'Over 55 per cent banking assets led by women' March 22, 2014

    Arundhati Bhattacharya, chairperson of State Bank of India asserted that over 55 per cent banking assets were led by women. However, she went on to say that it will take some time for more and more women entering the corporate world. Speaking to Rajdeep Sardesai, editor-in-Chief, IBN18 Network, Arundhati justified...
  • Robbers strike bank, decamp with four computer monitors March 21, 2014

    Burglars made off with four computer monitors after breaking into Bank of India's Ichagarh branch office in the adjoining Seraikela-Kharswan district, police said. Cash at the branch remained untouched as the burglars were unable to open the safe during the robbery which took place last night, said officer-in-charge of Ichagarh police...