BANKS

  • If mobile numbers can be ported why not bank accounts, says RBI 7 hours 27 minutes ago

    Mumbai: As technological advancements continue to change the world of finance and banking, Reserve Bank Deputy Governor SS Mundra on Thursday called upon bankers to "reinvent themselves" if they want to remain relevant. "If there is a cloud-funding, if there is P2P lending today, then what is the role of...
  • India turns to grocery stores, petrol pumps for banking revolution 2 days ago

    Mumbai: India is betting that mobile phone vendors, fuel stations and corner stores can help it put basic banking within the grasp of hundreds of millions of its poor people living beyond the reach of traditional bank branches. The clock is ticking down to a February 2 deadline for applications to...
  • RBI asks banks to disclose more credit data to borrowers 1 week ago

    Mumbai: The Reserve Bank of India (RBI) on Thursday asked banks to disclose more information on lending rates and fees for greater transparency to customers from April 1 on their websites. The RBI said banks must display the range of interest rates on loans for the past quarter for different categories...
  • Switzerland promises cooperation to India on tax matters 1 week ago

    Davos: Switzerland on Wednesday assured India of full cooperation on tax information exchange and agreed to discuss the issue of black money stashed in Swiss banks. This assurance was given during a meeting Finance Minister Arun Jaitley had with his Swiss counterpart Eveline Widmer-Schlumpf on the sidelines of the World Economic...
  • World Bank trims estimate of Ebola economic cost January 21, 2015

    Washington: The World Bank trimmed its estimates of the economic damage of the Ebola epidemic on Tuesday, but warned that the three main affected countries would still bear a heavy cost. After warning last October that the outbreak, which has killed more than 8,600, could wreak $25 billion in economic losses...
  • Kotak Mahindra launches social savings bank account January 20, 2015

    Coimbatore: Kotak Mahindra Bank on Tuesday launched Jifi Saver, a social savings bank account which can be seamlessly managed via Twitter and Facebook,in this region. Developed for today's tech savvy and socially connected consumers with an active digital life, Jifi saver will take care of...
  • ICICI Bank account holders can now use Twitter to transfer funds, recharge prepaid mobiles, check account balances January 20, 2015

    Mumbai: Customers of ICICI Bank can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance. Private sector lender ICICI Bank today launched a facility which allows account-holders to transfer funds through Twitter. The user will have to subscribe ('follow') the bank's Twitter handle and register...
  • ICICI Bank account holders can use Twitter to transfer funds January 19, 2015

    Mumbai: Customers of ICICI Bank can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance. Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter. The user will have to subscribe ('follow') the bank's Twitter...
  • World Bank to give aid for building toilets in Chhattisgarh January 15, 2015

    Raipur: World Bank will extend financial aid to build toilets in tribal-dominated villages of Chhattisgarh under Centre's flagship 'Swachh Bharat Abhiyan'. World bank will give an aid of Rs 240 crore in next five years to the Centre for constructing toilets in households in the tribal areas and also for running...
  • EMIs to fall as banks ready to cut interest rates after RBI's surpise move January 15, 2015

    New Delhi: Soon your EMIs are going to come down with several banks going ahead with a reduction in their interest rates after the Reserve Bank of India itself cut rates in a surprise inter-meeting move on Thursday. United Bank of India on Thursday said it would cut its base rate...
  • RBI surprises by cutting repo rate by 25 basis points, hints lowering rates further January 15, 2015

    New Delhi: The Reserve Bank of India cut its repo interest rate by 25 basis points to 7.75 per cent in a surprise move on Thursday, making its first reduction in a year as inflation showed signs of slowing and the government was making efforts to contain the fiscal deficit. The...
  • World Bank cuts global economic outlook despite oil price drop January 14, 2015

    Washington: The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices. The global development lender predicted the global economy would grow 3 percent...
  • India will catch up with China's growth rate in 2016-17: World Bank January 14, 2015

    Washington: India will catch up with China's growth at 7 per cent in the year 2016-17, the World Bank has forecast, saying India's economy has recovered in the wake of the economic reform measures taken by the new Indian government, falling oil prices and lower interest rates. "India will catch up...
  • Jet Airways' chairman Naresh Goyal pledges his stake to PNB January 14, 2015

    Jet Airways' main promoter and chairman Naresh Goyal has pledged his entire shareholding in the carrier of 51 per cent, valued at over Rs 2,600 crore, to state-run Punjab National Bank. ...
  • Jet Airways' chairman Naresh Goyal pledges his entire 51 per cent stake to PNB January 14, 2015

    Mumbai: Jet Airways' main promoter and chairman Naresh Goyal has pledged his entire shareholding in the carrier of 51 per cent, valued at over Rs 2,600 crore, to state-run Punjab National Bank. The airline, in a regulatory filing this evening, said Goyal has pledged his entire 57,933,665 shares constituting 51 per...
  • RBI governor Raghuram Rajan named as the 'governor of the year' in Central Banking Awards 2015 January 13, 2015

    Mumbai: RBI chief Raghuram Rajan has been named as the "governor of the year" in the Central Banking Awards for 2015 by a British magazine for "his deep understanding of the root causes of economic problems of the country combined with an impressive leadership style." The British magazine Central Banking,...
  • Investors across the world attend 7th edition of Vibrant Gujarat Summit January 11, 2015

    Addressing at the seventh edition of Vibrant Gujarat Summit in Gandhinagar, Prime Minister Narendra Modi on Sunday wooed investors from across the world by presenting his government as business-friendly and portraying India as the idle place for an investment. ...
  • World Bank projects 6.4 per cent economic growth in India in 2015 January 11, 2015

    Gandhinagar: Indian economy is likely to grow at 6.4 per cent in 2015 and accelerate further in the next year on the back of steps being taken by the Narendra Modi-led NDA government, World Bank President Jim Yong Kim said on Sunday. Speaking at the...
  • Slow growth in global trade, says World Bank January 8, 2015

    Washington: In the aftermath of the economic crisis, there has been slow growth in global trade, the World Bank has said. In the year 2012 and 2013, the global trade expanded by less than 3.5 per cent, which is well below the pre-crisis average annual rate of seven per cent,...
  • RBI asks coop banks to set up panel for monitoring fraud cases January 7, 2015

    Mumbai: The Reserve Bank has directed all primary (urban) cooperative banks to set up a special committee for monitoring and following up cases of frauds of Rs 1 crore and above. "It has... been decided that the Boards of banks should constitute a Special Committee for monitoring and following up...
  • Government not to interfere in working of state-owned banks: PM Modi January 3, 2015

    Pune: Prime Minister Narendra Modi on Saturday pledged not to interfere in the functioning of public sector banks, but wanted the lenders to be accountable failing which interventions in public interest could be made. At the concluding session of the two-day bankers' meet 'Gyan Sangam' to chalk out banking reforms, Modi...
  • PM Modi seeks end to lazy banking; asks banks to be more proactive January 3, 2015

    Pune: Calling for an end to "lazy banking", Prime Minister Narendra Modi on Saturday said he is against any political interference in functioning of banks but supports necessary "intervention" in the public interest. Calling upon the banking sector to establish banks which rank among the top banks of the world, Modi...
  • Banks need more autonomy to make commercial decisions: Arun Jaitley January 3, 2015

    On the day two of the Bankers meet in Pune, Finance Minister Arun Jaitley on Saturday said, "There are unacceptable levels of NPAs in some cases, and the banks have to be given a sufficient amount of leeway to deal with commercial issues with a commercial mindset." ...
  • India needs reforms in banking sector, more autonomy for state banks: Arun Jaitley January 3, 2015

    Pune: India needs to "conceive" several reforms in the banking sector, Finance Minister Arun Jaitley said on Saturday on the sidelines of a two-day banking retreat. Jaitley added that there is a need to give greater autonomy to banks and that non-performing loans in some cases was "unacceptable". "There is a need...
  • Refund issue: DDA may blacklist defaulting banks January 2, 2015

    New Delhi: Allaying apprehensions of the unsuccessful applicants of its 'Housing Scheme-2014' who are yet to receive the refund of their deposits, DDA on Friday said that a camp could soon be held at its headquarters for the purpose even as it hinted that the defaulting banks could be "blacklisted". "We...
  • Sensex rises 380 points to 3-week high; banking stocks in limelight January 2, 2015

    Mumbai: Rising for the sixth day in a row, the benchmark Sensex on Friday surged 380.36 points to end at over three-week high of 27,887.9 on encouraging manufacturing data and gains in banking stocks on hopes of sectoral reforms. The NSE barometer Nifty also soared over 111 points to close at...
  • Government splits Chairman & MD post, names chiefs for 4 PSU banks December 31, 2014

    New Delhi: In a departure from the past, the government on Wednesday split the post of Chairman and Managing Director for PSU banks and named MD-and-CEOs of four banks including United Bank and Oriental Bank of Commerce. For the first time, PSU banks will have a...
  • 'Kochadiyaan' producers assure bank to repay loan dues December 30, 2014

    Chennai: The Rs 20 crore loan taken from EXIM bank in connection with the production of Rajinikanth-starrer 'Kochadiyaan' will be paid by March next after notice was issued for its recovery and the actor's wife, who was the guarantor, will not be burdened, the film's producers said today. This was stated...
  • Finance Minister Arun Jaitley denies pressuring RBI to cut rates December 30, 2014

    Mumbai/ New Delhi: Finance Minister Arun Jaitley denied on Tuesday that he was pressuring the Reserve Bank of India (RBI) into cutting interest rates, after his comment that the high cost of capital was stifling investment sent markets into a tizzy. Jaitley, in a speech in Delhi on Monday, said "costly...
  • Jennifer Lawrence cheers her hometown Louisville's basketball team December 29, 2014

    Los Angeles: Actress Jennifer Lawrence stood out among a crowd in a team T-shirt cheering and flashing signals as the National Collegiate Athletic Association (NCAA) college basketball game got underway in her hometown, Louisville, Kentucky, Saturday. 'The Hunger Games' actress made quite an appearance from her seat in the stadium as...