Syndicate Bank Chief Managing Director Sudhir Kumar Jain, others asked to respond on CBI's plea

A Delhi court today sought response of Syndicate Bank Chief Managing Director Sudhir Kumar Jain, CMD of Prakash Industries Ltd Ved Prakash Agarwal and another accused, arrested in a bribery case, on CBI's plea seeking to record their specimen voice for its ongoing investigation.Special CBI judge Swarana Kanta Sharma directed Jain, Agarwal and co-accused Vineet Godha to reply on September 10, when the court will also hear the arguments on CBI's plea.The court also said that investigating officer (IO) has not filed the status report, as directed by it, and asked the CBI to place it on record on the next date of hearing.The court was told by the IO that CFSL report was still awaited and it was...

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RBI opens supervisory college for ICICI Bank

The RBI opened a second supervisory college for ICICI Bank Ltd in Mumbai on Thursday as part of supervision of cross border operations of Indian banks abroad.The RBI sets up supervisory colleges for banks which have good international presence. The main objectives of such colleges are to enhance information exchange and cooperation among supervisors, to improve understanding of the risk profile of the banking group and thereby facilitate more effective supervision of internationally active banks.The first supervisory college for ICICI bank was set up in December, 2012. The RBI had set up supervisory college for State Bank of India in December 2012, while for Bank of Baroda, Bank of India and...

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PNB challenges HC order allowing lawyers to represent Kingfisher

Punjab National Bank (PNB) has challenged a Delhi High Court order allowing lawyers to represent Kingfisher Airlines in proceedings initiated by the bank to decide whether the grounded carrier and its regulators are wilful defaulters for non-payment of dues.PNB in its plea has sought setting aside of the High Court’s August 28 order which had also stayed the bank’s notice to the extent it threatened to hold the airlines and its guarantors United Breweries (Holdings) Ltd (UBHL) and Vijay Mallya as wilful defaulters in the event of no reply within seven days from August 21.The court had said the operation of the default notice would not come into effect as PNB will have to give to the airline,...

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Shriram Group says interested in securing small bank licence

Chennai-based Shriram Group, which failed to secure a banking licence in the recent round of licencing, has not given up the hope and is now looking at applying for a small bank licence.The Reserve Bank had in July issued the draft guidelines for licencing of small banks and payment banks."The draft guidelines for small banks have been issued and we have given our suggestions and asked for some clarifications.""Once the RBI comes out with the final guidelines and if we know that there is an opportunity for us then we will definitely apply for...

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Banking sector NPAs could rise in FY'15, says Icra

Asset quality pressures continue to haunt public sector banks even as policy paralysis is being addressed as measures to revive the economy are being announced by the policy makers. Moreover, new investment norms for asset reconstruction companies too could add to the NPA pile up.Fresh non-perfoming assets or NPAs of public sector banks are estimated to be at 3.5% of advances during the quarter ended June'14, according to a study by ratings firm Icra. Their gross NPAs increased by 20 basis points (bps) to 4.6% during the quarter. Asset quality...

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IDBI Bank launches e-lounge in Mumbai branch

IDBI Bank on Thursday launched its first ‘e-lounge’. The e-lounge is unmanned and located at Mahim branch, Mumbai.At IDBI Bank’s e-lounge, banking services that the customers can, on a self-service basis, enjoy are facilities such as ATM, Automated Cash Deposit (with a receipt and instant credit of the amount), Automated Cheque Deposit (with an acknowledgment receipt), Automated Pass Book Printing, e-Transact terminal for various Card and Net Banking holders to view balance, make a funds transfer, pay bills and recharge.The platform also contains...

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Jan Dhan Yojana: KVG Bank opens over 1 lakh accounts

Karnataka Vikas Grameena Bank (KVG Bank), a Syndicate Bank sponsored regional rural bank, has opened 1,10,268 accounts under under Pradhanmantri Jan Dhan Yojana within a week in north Karnataka.Ashok Reddy Chairman, KVG Bank, while sharing district-wise information, said the bank has opened 21,854 accounts in Belgaum, 19,983 at Haveri, 18,733 at Bagalkot, 14,010 at Gadag and 13,002 in Dharwad district. The campaign is said continue up to January 26, 2015. Source : The Hind...

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Financial inclusion makes business sense for banks, says RBI official

When foreign investors are attracted by the return on investment generated by microfinance institutions, which cater to the credit needs of those at the bottom of the pyramid, then there is definitely a business case for banks to go the whole hog on financial inclusion under the Prime Minister’s Jan Dhan Yojana, according to a top Reserve Bank of India official.“Why are foreign investors willing to come into the country in the microfinance segment? This is because they can get returns on their investment. So, the business case has been built up. What we need to build up in financial inclusion is also a similar business case. You do have profit at the bottom of the pyramid,” said Deepali Pant...

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Jan Dhan cover: LIC says no to premium

Life Insurance Corporation wants the Government to bear the premium cost involved in providing  Rs30,000 life cover for reach beneficiary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), the flagship financial inclusion scheme launched by Prime Minister Narendra Modi.While the insurance behemoth has agreed to extend life cover, it has conveyed to the Finance Ministry’s top brass that it is in no position to bear the premium cost, sources close to the development said.Even a premium as low as Rs100 for every life insurance contract with a...

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