Finance Ministry may pitch for stricter norms for non-performing assets

The banking division of the finance ministry is likely to pitch for stricter measures to deal with non-performing loans and suggest consolidation of public sector banks to create stronger lenders in its presentation to Narendra Modi, who is set to take over as prime minister on Monday."We will present all options which can be used to strengthen banks, including consolidation," said a finance ministry official, requesting anonymity. Cabinet secretary Ajit Seth had earlier asked all departments to prepare presentations to apprise Modi of their...

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India Post needs to apply afresh to Reserve Bank of India for bank licence

India Post will have to apply afresh to the Reserve Bank under differential licence guidelines if it wishes to start banking operations. According to sources, aspirants, including the Department of Post, will have to apply once again after guidelines on differential bank licences are issued in the next few months.India Post was one among the 25 unsuccessful contenders for new bank licences. The Reserve Bank of India (RBI) last month granted licences only to IDFC and Bandhan Financial Services Pvt Ltd.The applicants also included state-run IFCI...

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Reject Nayak panel report on PSU banks, demands bank union

A bank employees' union has asked the government to reject the Nayak committee recommendations on bank privatisation saying the report would not be against national interest."The report of the committee, which was appointed by the RBI Governor, deserves to be rejected by all authorities," All India Bank Officers Association ( AIBOA) General Secretary S Nagarajan said.Nagarajan also said that banking should also be brought under Banking Audit Commission identical to CAG."We have also written to the President of India seeking his immediate remedial...

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