BANK OF INDIA

  • RBI slaps penalty of Rs 50 lakh on ICICI Bank, Rs 25 lakh on Bank of Baroda 2 days ago

    New Delhi: The Reserve Bank of India (RBI) on Wednesday imposed a penalty of Rs 50 lakh on ICICI Bank and Rs 25 lakh on Bank of Baroda for violation of KYC norms, a statement issued by the apex bank said. "The Reserve Bank of India has imposed monetary penalty on...
  • Full statement: RBI keeps key rates unchanged in its bi-monthly monetary policy December 2, 2014

    Mumbai: On the basis of an assessment of the current and evolving macroeconomic situation, RBI has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent. Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been...
  • RBI expected to hold rates, sound dovish to soothe government December 2, 2014

    Mumbai: The Reserve Bank of India is expected to keep interest rates unchanged on Tuesday, staying focused on containing inflation, while adopting a more dovish tone in response to the government's call for help to revive economic growth. Forty-one of 45 economists saw the RBI keeping the repo rate at 8.00...
  • ATM machine stolen in Delhi November 25, 2014

    New Delhi: An ATM machine was stolen, police said on Tuesday. A sweeper spotted the ransacked ATM of the Union Bank of India located at west Delhi's Narela area Tuesday morning and informed the police. Along with the machine, the CCTV cameras installed inside the booth were also found missing. Police said the...
  • Rate cut by RBI will give a good fillip to the economy: Arun Jaitley November 18, 2014

    Pushing for a rate cut by the Reserve Bank of India, Finance Minister Arun Jaitley said that the measure would give a good fillip to the economy. Jaitley's comments came on the back of a slide in crude oil prices and inflation moderating. "I am quite clear in my mind...
  • Watch: IIP up by 2.5 per cent against 0.4 per cent in August November 13, 2014

    With consumer price inflation dipping and factory output growing slightly, all eyes are now on the Reserve Bank of India. Will it or will it not cut rates at its next meeting is the question. ...
  • Pay Rs 20 for using ATM over 5 times a month November 1, 2014

    New Delhi: Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from Saturday. As per the Reserve Bank's new guidelines that comes into force from Saturday, bank customers in six metros-- Delhi, Mumbai,...
  • RBI redistributes work among Deputy Governors October 21, 2014

    Mumbai: The Reserve Bank, which is in the process of restructuring some of its departments, redistributed work among its four Deputy Governors. It said that consequent on reorganisation of the departments/work areas in the Reserve Bank effective on November 3, 2014, the portfolios of the Deputy Governors has been redistributed....
  • SBI growing with India-Singapore trade partnership, says chief executive Anil Kishora October 13, 2014

    Singapore: State Bank of India (SBI) said it is playing an important role in the celebrations to mark the 50th year of India-Singapore diplomatic relations. "We are an integral part of the Singapore ecosystem and will continue to be involved in the run-up to the celebrations in 2015," SBI country...
  • Singapore honours veteran Indian-origin social worker October 3, 2014

    Singapore: An 80-year-old Indian-origin social worker in Singapore has been felicitated and given a cash prize of SGD 10,000 for his community work. KV Veloo was felicitated by the Minister for Culture, Community and Youth, Lawrence Wong and an award by Tabla, a local weekly on Indian social activities in addition...
  • Supreme Court verdict scrapping coal blocks to weigh on lenders September 25, 2014

    Mumbai: The Supreme Court verdict scrapping most coal extraction permits given to companies over two decades has raised concerns that loans to the holders of the permits could turn sour, piling pressure on lenders already battling a rise in bad loans. The court said on Wednesday that companies will have until...
  • Money laundering: RBI takes action against erring UCBs September 14, 2014

    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: Debtridden 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. Kolkatabased 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: Staterun United Bank of India on Monday became the first lender to declare debtridden 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 standoff 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 2, 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 2, 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 progrowth boss in Narendra Modi May 30, 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.rbiinonline.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 560millioneuro 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...