No easy capital for PSBs, stick to reforms: Banking secy

Exhorting state-owned lenders to go in for reforms, Financial Services Secretary Rajiv Kumar today said the banks are not going to get easy money as part of the Rs. 2.11-lakh crore recapitalisation plan of the government.Speaking to the media after the first ‘PSB Manthan’ here, he said the Rs. 1.35-lakh crore recapitalisation bonds will be front-loaded and the contours of the bonds are being decided at the level of the finance minister.The banks will also be getting nearly Rs. 18,000 crore under the Indradhanush plan.“Everything is linked to...

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Debit, credit cards, ATMs will be redundant in 4 years: Niti CEO

Niti Aayog CEO Amitabh Kant today said debit and credit cards as well as ATMs will be redundant in next three-four years and people will use their mobile phones for financial transactions.He further said that with India being a country where 72 per cent population is below 32 years of age, it will have an advantage over other regions like the US and Europe in terms of demographic dividend. “India will make credit cards, debit cards and ATMs technologically redundant in next 3-4 years and we all will be using mobiles for doing many transactions,”...

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Govt will pump more capital into public sector banks: Jaitley

Finance Minister Arun Jaitley said on Sunday that the government has decided to inject more capital into state-owned banks to strengthen the banking system and spur economic growth.Last month, the government had unveiled a Rs.2.11 lakh crore two-year roadmap to bolster public sector banks hit by non-performing assets (NPAs), which includes recapitalisation bonds, budgetary support and equity dilution.Addressing heads of state-owned banks at the ‘PSB Manthan’ here, Jaitley said the government has decided to put in more capital from the Budget,...

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RBI seeks fresh applications for CFO post

The Reserve Bank has sought fresh applications from eligible candidates for the post of Chief Financial Officer (CFO).This is the second time that the central bank has modified the original appointment notice issued in May this year.“In view of modifications in eligibility criteria for the above-mentioned post, it has now been decided to accept fresh applications from applicants who had applied earlier in response to our advertisement No 6 & 6A/2016-17 dated May 15, 2017 for the said post (CFO),” according to the latest public notice by...

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Not to pursue Islamic banking: RBI

The Reserve Bank of India has decided not to pursue a proposal for introduction of Islamic banking in the country. Replying to an RTI query, the central bank said the decision was taken after considering “the wider and equal opportunities” available to all citizens to access banking and financial services.Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam. The issue of introduction of Islamic banking in India was examined by the RBI and the government of India, it...

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Mumbai to host Asian Bankers Association summit

For the first time, the nation’s financial capital will host the 34th annual conference of the Asian Bankers Association (ABA) this week.The two-day conference will be held in the megapolis from November 16 and will be hosted by State Bank, with the theme of ‘Asia’s turn to transform’, SBI said.The event is expected to see the presence of over 160 domestic as well as international bankers and Reserve Bank deputy governor Viral V Acharya will deliver the special opening address on the second day, a SBI spokesperson told PTI.Founded in 1981,...

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