Bank Of India

  • Election Commision officials seize Rs 7 lakh of unaccounted cash ahead of LS polls 23-04-2014 03:22 PM

    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...
  • Exclusive: Not worried about rupee overvaluation right now, says Rajan 02-04-2014 02:41 PM

    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 01-04-2014 06:34 PM

    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)...
  • RBI keeps Repo Rate unchanged at 8 pc, CRR at 4 pc 01-04-2014 11:09 AM

    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...
  • RBI set to announce annual monetary policy today, no changes likely 01-04-2014 09:04 AM

    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 31-03-2014 03:41 PM

    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...
  • SBI: Bank for the unbanked 30-03-2014 05:02 PM

    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' 22-03-2014 06:33 PM

    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 21-03-2014 08:38 PM

    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...
  • Chidambaram to discuss United Bank crisis with RBI Governor 05-03-2014 05:36 PM

    New Delhi: Finance Minister P Chidambaram on Wednesday said he will discuss United Bank of India's bad loan crisis with the Reserve Bank Governor later this week. "United Bank is a special case. We will deal with that. It's not an alarming case...UBI issue will be discussed separately when the...
  • RBI grants 9 more months to exchange notes printed before 2005 03-03-2014 07:36 PM

    The Reserve Bank on Monday granted an additional nine months for the public to exchange currency notes printed before 2005, including Rs 500 and Rs 1,000 denominations, and set a deadline of January 1, 2015. "RBI has also advised banks to facilitate the exchange of these notes for full value...
  • RBI committed to "strongest growth possible": Rajan 26-02-2014 11:34 PM

    Under flak from various quarters for raising rates, RBI Governor Raghuram Rajan on Wednesday said the central bank is committed to the "strongest growth possible" and is on the same page as the Finance Ministry on this front. The Reserve Bank of India (RBI) also strongly favours targeting CPI inflation...
  • United Bank blames Infosys software for wrong NPA entries 19-02-2014 10:10 PM

    New Delhi: Blaming wrong classification for showing assets as bad debt, state-owned United Bank of India (UBI) on Wednesday said that the software system sourced from Infosys has "inherent deficiencies" in identifying quality of assets in certain categories. The core banking solution (CBS) system of the bank is based on...
  • State Bank of India Q3 net profit dips 34% at Rs 2,234 crore 14-02-2014 03:07 PM

    Mumbai: State Bank of India (SBI) on Friday posted a 34 per cent decline in net profit at Rs 2,234.34 crore for the third quarter ended December 31, 2013 on account of higher provisioning for bad loans. The country's largest bank had a net profit of Rs 3,396 crore on...
  • Hike in LPG cap a misdirected subsidy: RBI Governor Raghuram Rajan 30-01-2014 09:49 PM

    Reserve Bank of India Governor Raghuram Rajan has questioned the decision to raise the cap of subsidised LPG cylinders from 9 to 12 per annum, calling it a 'misdirected subsidy'. Speaking to Karan Thapar on Devil's Advocate, Rajan said, "What one should be careful about is expanding the misdirected subsidies...
  • RBI Governor questions rise in LPG cap, calls it misdirected subsidy 30-01-2014 06:25 PM

    New Delhi: Reserve Bank of India Governor Raghuram Rajan has questioned the decision to raise the cap of subsidised LPG cylinders from 9 to 12 per annum, calling it a 'misdirected subsidy'. Speaking to Karan Thapar on Devil's Advocate, Rajan said, "What one should be careful about is expanding the...
  • RBI a vigilant owl, not a dove or a hawk: Raghuram Rajan 28-01-2014 06:03 PM

    The Reserve Bank brass took to ornithology to explain its policy stance and its intents as it took everyone by surprise with a rate hike on Tuesday. "We are neither hawks, nor doves. We are actually owls," Governor Raghuram Rajan said eliciting loud laughter at the customary post-policy press conference...
  • RBI hikes repo rate by 25 bps, keeps CRR unchanged at 4 pc 28-01-2014 11:11 AM

    New Delhi: The Reserve Bank of India on Tuesday hiked repo rate by 25 basis points. Following the hike the lending rate is now 8 per cent. However, it has kept the cash reserve ratio (CRR) unchanged at 4 per cent. The announcement were made at the third quarter monetary...
  • RBI to announce 3rd quarter monetary policy review today 28-01-2014 09:20 AM

    New Delhi: The Reserve Bank of India is likely to announce the third quarter monetary policy on Tuesday. The experts have said that the RBI may retain the status quo despite the clamour to slash interest rates. Banks across the country have been insisting on rate cuts to help boost...
  • RBI to digitise its old records 26-01-2014 11:23 AM

    New Delhi: To preserve delicate and brittle documents, the Reserve Bank will digitise old records running into 1.5 lakh pages and make them available online. The archival records of the Reserve Bank of India publications are in the form of books, bound volumes and accession registers. The objective is "digitising...
  • RBI to withdraw all pre-2005 currency notes from March 31 22-01-2014 07:48 PM

    The Reserve Bank on Wednesday decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies. "After March 31, 2014, it (RBI) will completely withdraw from circulation all bank...
  • Rupee gains, closes at 61.81 vs US dollar 22-01-2014 06:55 PM

    The rupee rose slightly on Wednesday as a Reserve Bank of India (RBI) report recommending bringing down consumer inflation to a target of 4 per cent is seen benefitting the currency, despite raising concerns about economic growth in the near term. The RBI report recommended making consumer inflation a priority...
  • Sensex at record high of 21,337.67; pharma, metal shares gain 22-01-2014 09:09 AM

    Mumbai: The BSE benchmark index Sensex on Wednesday closed at record high of 21,337.67 points gaining 86.55 points as buying emerged in pharma, metal and banking stocks on expectations of strong corporate earnings and rate cut by the Reserve Bank. The 30-share barometer, which rose for the third straight day,...
  • Nitish Kumar seeks effective steps from Raghuram Rajan to boost bank CD ratio 21-01-2014 10:22 PM

    Bihar Chief Minister Nitish Kumar on Tuesday drew attention of Reserve Bank of India (RBI) Governor Raghuram Rajan towards low cash deposit (CD) ratio of banks in the state and sought effective steps for its improvement. Kumar sought effective RBI initiative to improve the CD ratio during a meeting with...
  • 4 business turnarounds in the making 17-01-2014 03:22 PM

    1. Mining Moguls The unexpected winding up of the Shah Commission, which was investigating illegal mining, may have raised environmentalists' eyebrows, but the Indian mining sector is looking forward to a better year. Mining had stalled for about two years, hurting mining and steel companies like Sesa Goa and JSW...
  • Tripura: Manik Sarkar urges banks to increase loan sanctions for poors 16-01-2014 03:28 PM

    Requesting to sanction more loans to the poor, Tripura Chief Minister Manik Sarkar on Thursday requested United Bank of India (UBI) authorities to increase its credit deposit ratio from 39 per cent to 50 per cent in this financial year itself. Sarkar said this while inaugurating ten new branches of...
  • Telangana agitation hits business and merger of SBH 13-01-2014 08:16 PM

    Coimbatore: Admitting that the ongoing Telangana agitation has seriously affected business of State Bank of Hyderabad, a top Bank official on Monday said it has also impacted its proposed merger with the parent State Bank of India (SBI). "Several branches had to be shut for several days, which has impacted...
  • RBI panel calls for bank accounts for all adults by January 2016 07-01-2014 08:01 PM

    Mumbai: Recommending sweeping changes in the banking structure, a Reserve Bank of India panel on Tuesday suggested setting up of specialised banks to cater to low income households to ensure that all citizens have bank accounts by 2016. It also suggested that facility for withdrawal, payment and deposit should be...
  • India's foreign exchange reserves drop by $12.6 mn 28-12-2013 04:39 PM

    Mumbai: India's foreign exchange (forex) reserves declined by $12.6 million to $295.50 billion for the week ended December 20, Reserve Bank of India (RBI) data showed. This is the second consecutive week of decline in the country's forex reserves. The foreign exchange reserves had declined by $192.8 million to $295.51...
  • RBI Mid-Quarter Monetary Policy Review: December 2013 18-12-2013 10:59 AM

    The Reserve Bank of India (RBI) has kept key policy rate and cash reserve ratio unchanged in the December 2013 Mid-Quarter Monetary Policy Review. On the basis of an assessment of the current and evolving macroeconomic situation, the RBI decided to keep the policy repo rate under the liquidity adjustment...