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Companies were using the database to accelerate the process of opening bank accounts, disbursing loans and acquiring mobile phone customers. The Supreme Court on September 26 ruled that Aadhaar, is to be only used by the state to identify beneficiaries of welfare programs and disburse subsidies.
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At the post-policy interaction with the media, the central bank leadership prodded NBFCs to raise more equity and long-term debt instead of relying on short-term funds.
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The Indian currency has been under pressure along with other emerging market units. It fell to an all-time low of Rs 74.22 per dollar as the central bank kept rates unchanged, surprising the market.
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The apex bank Friday kept the repo rate unchanged at 6.50 per cent, despite global and domestic macro-economic headwinds of rising interest rates in the US.
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Yes Bank board had formed a five-member panel to find a successor of current CEO Rana Kapoor
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Earlier this week, IDBI Bank board approved the proposal for issuance of preferential shares in favour of LIC to increase the share of insurer in the bank up to 51%.
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The Reserve Bank of India went against the Street expectations to keep the repo rate unchanged at 6.50 per cent, even as the rest of the financial market went into a tizzy with Sensex plunging more than 900 points in intra-day trading and rupee sinking below the 74-mark for the first time.
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In a surprise move the Reserve Bank today kept its lending rates unchanged. The central bank maintained a status quo and kept repo rate unchanged at 6.50 per cent. Reverse repo rate stayed at 6.25 per cent.
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RBI, in its October monetary policy meet, maintained a status quo and kept the repo rate unchanged at 6.50 per cent. The reverse repo rate has also been kept unchanged at 6.25 per cent. The central bank's move came against the Street expectations as most of the experts had predicted a 25 basis points (bps) rate hike due to a weakening rupee and inflationary pressure due to high crude oil prices.
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Rating agencies revenues flow from the issuers of debt, not from investors. That's enough said.
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The company said health insurance in India has been amongst the fastest-growing insurance sectors, rising at 20 per cent annually and is expected to double to over Rs 1,00,000 crore by 2021.
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Anticipation of a rate hike has increased in the past month as oil prices climbed, the rupee’s slide accelerated and concerns on liquidity emerged. Rising US interest rates, capital outflows from emerging markets and India’s weakening balance of payments and current account deficit are also expected to make the central bank act.
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Kochhar, who headed India’s largest private sector bank as chief executive officer & managing director since 2009, was dogged by allegations of quid pro quo deals with borrowers — notably the Dhoots of Videocon — and was on forced leave since June 18 pending the conclusion of an inquiry by former Supreme Court judge B N Srikrishna.
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For Kochhar to return as ICICI Bank chief, the probe would have to be completed by October 17.
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Kochhar rose through the ranks to become a role model for millions of aspiring women in a male-dominated world.
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Banks and payments firms have to house the transaction data of Indian consumers within the country by Oct 15.
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While Kochhar Thursday resigned from the post of MD and CEO of ICICI Bank with immediate effect, Sharma is leaving Axis Bank in December.
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This will be the third consecutive year that the 20 state-run lenders' grouping will be reporting a loss, ratings agency Crisil said in its report.
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Customers can now renew their vehicle insurance online instantly from the comfort of their homes or offices in three easy steps, HDFC said
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The stock jumped 4.07 per cent to end at Rs 315.95 on the BSE. During the day, it jumped 5.69 per cent to Rs 320.90. On NSE, shares of the company climbed 4 per cent to close at Rs 316.
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Almost a decade after her ascension to the top, she has tumbled down under the weight of serious allegations of misconduct and corruption.
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Bakshi held the position of the COO of ICICI Bank. He was put at the helm by the board after it asked Kochhar to go an extended leave pending an internal investigation.
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The board of directors of ICICI Bank Limited accepted Chanda Kochhar's request to seek early retirement.Kochhar will also relinquish office from the board of directors of the bank's subsidiaries.The board announced Sandeep Bakhshi as managing director and CEO. His appointment will be for a period of five years.
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Kochhar joined ICICI Bank in 1984 as a management trainee and has had a dream run since then
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The stunning move, more typical of China’s command-and-control economy than a free-wheeling democracy like India, caught investors by surprise.
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In its latest annual report on Wednesday, the World Bank said Olive Health Care and Jay Modi from India have been debarred from for their fraudulent and corrupt practices. They were working on a World Bank project in Bangladesh. While Olive Health has been debarred for 10 years and six months, Modi has been debarred for seven years and six months
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RBI has allowed oil companies to raise foreign currency loans for their working capital requirements. The move falls short of the market expectation that the central bank would sell dollars directly to oil companies, and will not result in an immediate inflow of dollars.
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Shadow banks pumped out 30 percent of all the new credit in the economy over the past three years
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IL&FS's debt touched Rs 91,000 crore, of which one-third was bank loans.
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On October 2, the India operations of SBM Bank (Mauritius) Ltd was the subject of cyber fraud with a maximum potential loss of USD 14 million.
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Kerala Chief Minister Pinarayi Vijayan said he welcomed the decision of the RBI and have given instructions to complete the process of the merger by March 2019.
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RCom, in a regulatory filing to the BSE, said it will receive Rs 975 crore from sale of spectrum, and that it will pay Ericsson Rs 550 crore and RITL (Reliance Infratel) minority investors Rs 230 crore from the spectrum trading proceeds.
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Cosmos Bank, a Pune based co-operative had lost Rs 94.42 crore in one of the largest banking heists in the country through withdrawals from more than 14,849 ATMs transactions
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The lender was found to have not complied with RBI directions on reporting of data on Central Repository of Information on Large Credits (CRILC), an RBI statement said.
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With ToneTag, POS (Point of Sale) terminals of FAB’s clients are now capable of accepting sound-based proximity payments.
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ABFL would use the proceeds to finance renewable energy projects and help the country move towards its target of 175 GW of renewable energy capacity by 2022.
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Amid the rout in rupee, the RBI starts its three- day meeting on bi-monthly monetary policy on Wednesday. The Street is expecting from the central bank a third back-to-back repo rate hike as inflation is expected to accelerate further due to higher crude prices and the weakness in rupee.
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During testimony in Paris Monday, Nessim blamed the scheme on his brother Meyer and said he believed the money was linked to tax evasion, not drugs.
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In 2008, there was no liquidity in the market. Today there is no liquidity crisis. It is more a crisis of confidence. That is different from not having money to lend.
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The aim is to bring about operating efficiencies over time by lowering combined operating and funding costs while strengthening risk management practices.
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A clutch of lenders led by BoI and SBI, and including foreign banks, have lent Rs 34,480 crore
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This is the first time the Bangladeshi-Dutch promoter has injected capital into its India subsidiary after setting it up in 2008.
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The group has lined up plans to sell as many as 24 projects to raise around Rs 30,000 crore.
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PNB earlier in February unearthed a scam of more than Rs 14,000 crore carried out by celebrity jeweller Nirav Modi and his associates.
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The non-banking finance companies thrived on ample support from global funds and lighter regulations, but they are likely to face greater scrutiny now.
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In 2017-18, PNB had registered a net loss of Rs 12,283 crore - the highest ever by any bank in India so far, due to rising bad loans and parking huge sum to cover for losses due to the scam
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It was only when the creature was dead to the markets that the authorities took note of the risk to Indian finance.
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PNB managing director Sunil Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.
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Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.
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