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The central bank had issued the directive on August 27, 2015, and given the banks more than three years to complete the transition. The RBI had stated that "all new cards issued – debit and credit, domestic and international – by banks shall be EMV chip and PIN-based cards."
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Digital lenders are set to see operational costs increase as they will no longer be able to use a completely paperless model for automated collection of loan payments from customers.
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The Reserve Bank began to place state-run banks under PCA framework first time in September 2016, when their NPAs soared beyond the regulatory tolerance levels.
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The Reserve Bank began to place state-run banks under PCA framework first time in September 2016, when their NPAs soared beyond the regulatory tolerance levels.
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Under the new dispensation, the capital infusion by the government in public sector banks for meeting the capital buffer norms would come down to around Rs 15,000-20,000 crore, sources said.
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The State Administrative Council (SAC) which met in Jammu Thursday evening under the chairmanship of Governor Satya Pal Malik approved the proposal for treating the J&K Bank Limited as a PSU, the official said.
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“This will empower banks and add to the set of measures against defaulters,” said Central Bank of India MD & CEO Pallav Mohapatra. Defaulters have been facing the heat with the passage of the Insolvency and Bankruptcy Code (IBC) as they now risk losing their business.
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The statement comes a day after the Confederation of ATM Industry (CATMi) said changes in the regulatory landscape are making it unviable to operate ATMs
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In the previous fortnight ended October 26, 2018, credit had grown by 14.57 per cent to Rs 90.37 lakh crore, while deposits rose by 9.01 per cent to Rs 117.71 lakh crore
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According to a communique issued by Axis Bank to Axis Capital Mehta had been asked to proceeds on leave, sources said.
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Mahindra and Mahindra, Tata Steel, Wipro, Power Grid and Axis Bank were among the worst performers on the BSE index with their stocks declining as much as 3 per cent. On NSE, sub-indices Nifty Metal, PSU Bank and Realty tracked major losses, down as much as 1.77 per cent.
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The company also said it would expand its branch network 236 by the end of this year from the current 216 branches.
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The government’s move to withdraw the sword of the never-used Section 7 hanging over the RBI is being interpreted as a well thought-out measure to defuse the tension as pressing on with directions to the central bank would have possibly forced Urjit Patel to resign.
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ONGC, Tata Consulatancy Services, Yes Bank, Wipro and HDFC were among the major gainers on the BSE index, rising as much as 1.35 per cent. On NSE, sub-indices Nifty IT and Media were among the top performers, up as much as 1.27 per cent.
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Lack of actuarial data on cyberattacks, murky disclosures by corporate victims and the incredible speed at which a breach may spread globally have companies in a bind.
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The former bureaucrat wanted the bank to focus on finding a successor for Kapoor rather than indulging in issues such as shake up in the board composition and the likes.
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At the meeting, directors from various fields were unanimous in their view that the situation could not be allowed to persist.
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After the resignation of three Board members—Ashok Chawla, Vasant Gujarathi and Rentala Chandrashekhar—Yes Bank on Tuesday said the Board would now “consist of 7 members with the addition of one Board member Uttam Prakash Agarwal concurrently.”
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Closure of the ATMs will impact thousands of jobs and also the the financial inclusion efforts of the government, the industry body said in a statement.
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After a nine-hour meeting held on Monday, the board took a slew of steps including a restructuring scheme for MSME borrowers with credit facilities of up to Rs 25 crore and giving banks some concession on capital adequacy norms.
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A former central bank governor said deputy governor Viral Acharya’s speech attacking the government was unnecessary, adding that there would be a period of painful adjustment after the patch-up.
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The RBI board also decided to grant relief to small businesses — a move that could result in lenders not having to classify stressed loans in this sector as non-performing. Allahabad Bank was the only PSU lender to see its shares gain, while its peers lost between 2% and 5% on Tuesday.
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Infosys, Wipro, TCS, Vedanta, Tata Steel and ICICI Bank were among the top losers on the BSE index, down as much as 2.47 per cent. On NSE, except for Nifty IT and Metal, all other sub-indices were trading in green.
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The RBI pushed back the deadline by a year to March 2020 for banks to create a capital conservation buffer of 2.5% instead of the current 1.875%.
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Rana Kapoor and Madhu Kapur have an acrimonious past and have also battled in the Bombay High Court.
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"This will provide some breathing space to capital-starved PSBs," CRISIL Ratings senior director Krishnan Sitaraman said.
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The RBI after a nine-hour marathon board meeting announced late Monday that it has extended the timeline for Indian banks to set aside an additional 0.625 percent as capital conservation buffer by one year to March 31, 2020 to help banks to lend more.
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The Mumbai-based lender has seen a spate of resignations in the past week as it continues its search for a new CEO to replace the incumbent, Rana Kapoor.
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Sources said the decision may come at the next meeting scheduled for December 14, and could be accompanied by a relaxation in the prompt corrective action (PCA) framework for so-called weak banks.
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The change in image started with ‘Raghuram Rajan the Rockstar’ who made the RBI — which by the very nature of any central bank, is supposed to be staid and stodgy — look kind of ‘sexy’. But that was largely personality-driven because of the way Rajan walked and talked. The general public still wasn’t much the wiser about the role and remit of RBI.
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The National Housing Bank wants to know the liquidity status of housing finance companies over the next 30 days,” said a CEO of a large HFC.
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A True North spokesperson declined to comment on the planned transaction, while emails sent to Ajay Mariwala, managing director of VKL, and Avendus did not elicit any responses.
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The Reserve Bank of India's PCA framework, which intends to nurse financially weak banks back to health, restricts lending and expansion of lenders.
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The eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 22.
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The NRC last Tuesday had discussed how the role and responsibility of the board be improved, sources said, indicating that the resignations are part of this process.
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RBI board discussed the reserve issue and agreed on the formation of committees to review capital transfer
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There is a big rejig and clean-up exercise underway at the Yes Bank Board. Sources say the board will be overhauled and newest exit might be that of R Chandrashekhar.
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While many of the contentious issues were discussed, the mood was cordial unlike their views expressed over the past few weeks as they looked to ease the liquidity squeeze that strained the workings of Non-Banking Finance Companies.
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The RBI board held a marathon meeting on Monday amid a rift between the central bank and the government over several issues, including how much capital the apex bank needs, lending norms for small and medium enterprises and rules for weak banks.
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Goyal also said that there was nothing objectionable in discussions among the members of RBI's board of directors (BOD) about the central bank's responsibilities towards the country.
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According to sources, RBI has agreed to review the corrective action plan for public sector banks. The central bank also said that the bank does not have any fixed positions on it.
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The finance ministry nominees and some independent directors were expected to take on Patel and his team over issues ranging from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground.
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Finance Ministry nominees and some independent directors are expected to take on Governor Urjit Patel and his team later in the day over issues ranging from micro, small and medium enterprises (MSME) credit to the central bank's reserves, though both sides are in favour of reaching a common ground.
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However, weakness in the US dollar against some currencies in global market and a higher opening of the domestic equity markets limited the rupee fall ahead of Reserve Bank of India's board meet, dealers said.
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HDFC has provided loans of over Rs 9,800 crore under PMAY-Credit Linked Subsidy Scheme, to these customers belonging to EWS Economically Weaker Section.
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The digital platform 'YONO', launched in November 2017, offers all financial services and lifestyle products.
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