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The finance Ministry had informed the bank about the capital infusion on Wednesday (December 26), Bank of India said in a regulatory filing.
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The RBI’s PCA imposes restrictions on lending and some other operations for banks that have been put under this framework, some of which had become contentious issues between the central bank and the government when Urjit Patel was the governor.
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“No, madam,” Jaitley said to a question whether the government is not satisfied about the functioning of the RBI. The government and the RBI under the previous governor Urjit Patel were at loggerheads on several issues, including over appropriate size of reserves which the central bank should hold.
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RBI underscored the need to strengthen the NCLT infrastructure to accommodate the likely large number of cases that may be referred to the dedicated bankruptcy courts.
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The NPAs of PSBs have begun dropping, registering a fall of Rs 23,860 crore in the first half of this FY.
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Of the reported frauds, 22.7% were cyber related in 2013-14 while the percentage grew to 34.1% in 2017-18, indicating a hike in not just the volume of fraudulent cases but also more cyber-related crimes.
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ALM guidelines are applicable to non-deposit-taking NBFCs with asset size of Rs 100 crore and above and to those deposit-taking companies which have a deposit base of Rs 20 crore and more.
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This facility was initially available up to December 31, 2018 will now be extended to March 31, 2019.
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This makes Thrissur-based ESAF small finance bank (SFB) the fifth scheduled bank from Kerala.
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The central bank said the Indian banking system has a high proportion of nonperforming assets (NPAs) that aren’t provided for in relation to capital levels.
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Private sector peers banks' GNPA ratio stood at a much lower level of 4.7 percent as against 4.1 percent in FY17.
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In written reply, Finance Minister Arun Jaitley said that minor and major penalties have been imposed against erring officials. These include, dismissal, compulsory retirement and demotion.
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In this context, the proposed public credit registry (PCR) will aggregate information about borrowers from multiple agencies at one place and allow safe access to the data for all important stakeholders in the financial system.
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The growth of white-label ATMs has also tapered off in recent years, although the number of such ATMs crossed 15,000 -mark in FY18.
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The government on Friday said action has been taken against more than 6,000 officers of nationalised banks last fiscal in cases of lapses that led to bad loans. Finance minister Arun Jaitley said that minor and major penalties have been imposed against erring officials. These include dismissal, compulsory retirement and demotion.
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After Kochi, Fincare plans to open branches at Thiruvananthapuram and Kozhikode.
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Banks had extended loans and guarantees worth $2.74 billion to companies tied to Nirav Modi.
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As many as 9,75,806 transactions took place till December 20 this year.
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On the BSE index, Sun Pharma, Bajaj Finance, Vedanta, HDFC, Yes Bank and ICICI Bank were the top gainers, rising as much as 2.98 per cent. On NSE, all the sub-indices ended in green with Nifty Media led the pack by gaining 1.93 per cent.
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As of March 2017, banks had extended loans and guarantees worth Rs 17,632 crore ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.
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"A sum not exceeding Rs 5,000 of total balance in every savings bank account or current account or term deposit account or any other deposit account...may be allowed to be withdrawn by depositor...," the RBI said in a release.
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The DIPAM has asked the Department of Financial Services (DFS) to get the issue of merger of three state-owned insurance companies examined and prepare a fresh roadmap.
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On the BSE index, HDFC, Sun Pharma, Yes Bank, Vedanta and HDFC Bank were among the major gainers, rising as much as 1.87 per cent. On NSE, sub-indices Nifty financial service and Pharma tracked major gains, up as much as 1.06 per cent.
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Leaders of private banks expressed concerns over liquidity deficit at their first meeting with the new governor amid apprehensions that the absence of better cash flows could dent credit growth in the fourth quarter.
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Indian Banks’ Association has now asked the 34 lenders to initiate and send the resolution proposals under the scheme.
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The Finance Ministry had informed the bank about the capital infusion on Wednesday (December 26), United Bank of India said in a regulatory filing.
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Sidbi is providing fund to Cashfor at 8% rate while it on lends at 16.98%. SKDRDP is getting fund at 5% and on lending to micro borrowers at 15.4%.
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Following default by Infrastructure Leasing & Financial Services (IL&FS) in September, liquidity situation in the system became too tight.
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There are allegations of involvement of former ICICI Bank chief Chanda Kochhar and her family members in a loan provided to Videocon Group on a quid pro quo basis.
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The finance ministry said following amendments to the Banking Regulation Act, the Reserve Bank of India directed banks to initiate insolvency proceedings.
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The company has also appointed N Srinivasan as a non-executive director of the company.
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Expert committee on economic capital framework will have to give its report within 90 days from its first meeting.
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Vigilance commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.
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On BSE, shares of Bharti Airtel, HDFC twins (HDFC and HDFC group), L&T, Bajaj Auto and Kotak Mahindra Bank led the pack, gaining as much as 3.95 per cent. On the NSE platform, except for Nifty IT and Pharma, all other sub-indices finished in green with Nifty Media climbing the most, up 2.12 per cent.
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Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organisation.
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Operations at branches of public sector banks across the country were impacted on Wednesday due to a strike by unions against the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB). The strike has been called by the United Forum of Bank Unions.
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According to AIBEA General Secretary C H Vekatachalam, the strike is effective across the country and employees are fighting for a right cause.
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First, loans went kaput and borrowers left the country after defaulting on payments or committing frauds, then high-profile bankers were forced to leave and even the top central banker quit in the end
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The nation-wide strike would impact banking services like deposits and withdrawal at branches, cheque clearances and issuance of demand drafts, among others.
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On the 30-share BSE index, all the stocks were trading in red with Yes Bank and Sun Pharma cracking the most, down as much as 3.51 per cent. On NSE, sub-indices Nifty Pharma and PSU Bank tracked major losses, sliding as much as 1.71 per cent.
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In the absence of demand from large corporate borrowers and also concerns of the assets turning bad, lenders have banked on retail loans to boost growth.
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Valuations of NBFCs and housing finance companies corrected and price to book halved in the last quarter of the calendar year. S
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ICICI Bank CEO Chanda Kochhar bid goodbye in October to the bank, her second home for three decades, following a probe that did not end quickly enough, so that she could have continued.
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The number of credit card accounts increased by nearly 32% in the last year to 36.9 million in CYQ3 2018.
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This will be the second bank strike in less than a week.
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Last Friday (December 21), an officers' union of state-run banks observed a day-long strike to protest against the merger and also demanded immediate settlement of wage negotiations.
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Various services offered by the bank, including ATM transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers, Gupta told PTI.
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Various services offered by the bank, including ATM transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers.
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The bank has already diversified into retail segment and now harnessing data analytics to come up with models that help understand customer behaviour.
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The bank has already diversified into retail segment and now harnessing data analytics to come up with models that help understand customer behaviour, Yes Bank, Business Analytics Head, Rajat Kanwar Gupta said.
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