Banking

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. ...

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...  

Mamata questions UPA's hurry to pass Food Security Bill

Kolkata: West Bengal Chief Minister Mamata Banerjee on Monday questioned the Congress-led UPA government on its "hurriedness" to pass the National Food Security Bill. "A special session of parliament is reportedly being convened shortly to consider and pass the National Food Security Bill. Is this the right time for UPA-II to rush through and legislate on a major issue, particularly when the general election is knocking at the door? That...  

'Indians more willing to share personal info than others'

Mumbai: Even as cases of financial fraud are dotting cyber space across the world, Indians seem more forthcoming in giving out their personal information for personalised services and simplification of finance management than their global counterparts, a study by Cisco has said. According to the Cisco report, 72 per cent of respondents from India said they would provide more personal information to simplify management of finances compared to 56 per...  

HSBC may cut 14,000 more jobs as revenue faces pressure

London: HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 per cent...  

SBI California ordered to clean up US operations

Washington: The California-based subsidiary of State Bank of India (SBI) has agreed to take a series of steps to improve its banking practices related to bad loans following a review by US regulators. The largest Indian bank consented March 6, 2013 to the orders of the federal and state regulators "without admitting or denying any charges of unsafe or unsound banking practices relating to the June 18, 2012, examination". The...  

RBI may sweeten rate cut with lower cash reserve ratio

Mumbai: The Reserve Bank of India may sweeten its expected 25 basis point interest rate cut on Friday with a similar reduction in the cash reserve ratio to ease tight market liquidity conditions as increasingly benign inflation gives it room to manoeuvre. A slowdown in inflation, economic growth languishing at a decade-low 5 per cent and expectations of a lower current account deficit thanks to cooling global commodity prices have...  

SBI to raise $500-$600 million in offshore borrowing

Mumbai: State Bank of India plans to raise $500-$600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday. India's largest lender priced a five-year, $1 billion bond issue with a coupon of 3.25 per cent last week, generating interest of more than four times the bond size, said Hemant Contractor, managing director of international business. ...  

Russia bans foreign banks from opening branches

Russian President Vladimir Putin has signed a law banning foreign banks from opening branches in the country, the government website said. The bill was adopted by the State Duma Februsry 22, 2013, and approved by the Federation Council March 6, 2013. ...  

India new economic icon of emerging powers, says Khurshid

India with its robust legal structure, banking system and skilled manpower is the new economic icon of emerging powers and is sure to be on track again for 7 per cent growth, External Affairs Minister Salman Khurshid said on Sunday. ...  

A pragmatic Budget given the tough economic realities: Meera Sanyal on Budget 2013

Is the Income Tax surcharge on the super-rich the right way? Meera Sanyal, Country Executive India, Royal Bank of Scotland Group (RBS Group), joined IBNLive readers for an interaction on the issue. ...  

If the government reduces its spending, inflation rate should fall: Vivian Fernandes

How will Budget 2013 impact you? Senior journalist Vivian Fernandes shared his perspective in an interaction with IBNLive readers. ...  

The previous FM was such a spendthrift that this FM had no scope to do anything growth-oriented: Lata Venkatesh on Budget 2013

CNBC-TV18 Banking Editor Latha Venkatesh joined IBNLive readers for an interaction on the bigger implications of Budget 2013 for the Indian economy. ...  

Life unaffected in K'taka due to Bharat bandh

The two-day nationwide strike called by 11 Central trade unions had no major impact in most parts of Karnataka on Thursday. Though banking services were hit, many buses, taxis and autos plied and shops and hotels remained opened in Bangalore. However, schools and colleges were closed. ...  

Bank operations hit as strike enter day 2

Normal banking operations were hit for the second day today as public sector bank employees continued their strike. The two-day nationwide strike call, demanding early wage revision among other issues, was given by United Forum of Bank Unions (UFBU) that comprises nine national unions. ...  

Protesters pelt stones on factories in Delhi, Noida

It is the second day of the two-day nationwide strike called by trade unions in support of their various demands including urgent steps to control price rise, strict enforcement of labour laws in all places of work, social security net for workers in the unorganised sector, end to disinvestment in PSUs. More than 70 people have been arrested in Noida and 64 FIRs registered after the violence on Wednesday. ...  

Bandh day 2: 70 arrested over Noida violence

It is the second day of the two-day nationwide strike called by trade unions and the Bharat bandh is expected to make no effect in West Bengal as Left parties have decided to stay away from the strike on Thursday. But companies like Maruti and Hero have declared a holiday on Thursday following the strike call. ...  

Bharat bandh: UP govt orders inquiry into Noida violence

Uttar Pradesh government on Wednesday set up a two-member inquiry committee to probe the Noida violence, which broke out during the nationwide strike by trade unions, and submit its report in three days time. ...  

Bharat bandh: Kolkata comes to a grinding halt

The TMC government had warned state employees with disciplinary action if they don't turn up. But economic activity in the state were brought to its knees as shops remained closed. ...

Maruti, Hero, Suzuki workers to go on strike

Production at leading automobile companies in the Gurgaon-Manesar belt, including Maruti Suzuki, Hero MotoCorp and Suzuki Motorcycle India, will be hit on Thursday. ...