New Delhi [India], Feb. 21 : After relentless debates have been underway discussing the impact of demonetisation, HDFC Bank Chairman Deepak Parekh on Tuesday stated that it is high time this discussion ended, while casting his vote in Mumbai today in the BMC polls.
Speaking to ANI outside the polling booth, Parekh revealed that demonetisation is a beneficial initiative and will have a positive outcome on the economy in the long run. "Demonetisation is just one out of the Government's many plans drafted towards the development of this country. It was necessary to eradicate black money and has come at the right stage in our country's economic growth," revealed Parekh.
New Delhi [India], Feb 8 : The Reserve Bank of India is expected to slash its key rates by 25 basis points in its Monetary Policy meet here today.
All eyes will be on Governor Urjit Patel's commentary on the inflation target and how he approaches the ultimate CPI goal of four percent.
According to a CNBC-TV18 poll, around 40 percent of the respondents suggest that the RBI may slash repo rate a total of 25 basis points in 2017, while the rest believe RBI to cut by 50 basis points this year.
However, the Consumer Price Index (CPI) based inflation came down to 3.6 percent in December due to decreased spending by cash strapped citizens in the aftermath of demonetisation.
Tokyo [Japan], Feb 7 : JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB has announced the launch of JCB card acceptance through Kazkommertsbank (Qazkom), which is one of the largest commercial banks in the Commonwealth of Independent States (CIS) and the largest by assets in Kazakhstan.
This arrangement was achieved based on the strategic relationship between Discover and JCB starting in 2006, which has enabled JCB card acceptance on the Discover Network in the US, and Discover card acceptance on the JCB network in Japan.
New Delhi [India], Feb. 4 : In an attempt to promote cashless transactions in the country, Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions, stated Santosh Kumar Gangwar, Minister of State in the Ministry of Finance, in Lok Sabha on Friday.
RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to time. RBI does not maintain information on the rate of commission charged.
New Delhi [India], Feb. 2 : Aiming to enhance quality and improve efficiency of the Engineering Education System, a Financing Agreement for IDA credit of USD 201.50 Million was signed with World Bank for the 'Third Technical Education Quality Improvement Programme' (TEQIP III) on Wednesday.
The Agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, on behalf of the Government of India and Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of World Bank.
The objective of the agreement is to improve the Engineering Education sector in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh and Rajasthan, along with eight North Eastern States and Andaman and Nicobar Islands.
New Delhi [India], Jan 26 : As per the 76th round of the Reserve Bank of India's (RBI) Industrial Outlook Survey (IOS), the business sentiment outlook for the January-March quarter of the fiscal has shown deterioration in respect of demand conditions.
The survey indicates a decline in the business sentiments, with an elicited response from 1221 manufacturing companies.
It provides qualitative assessment of business situation of companies in the Indian manufacturing sector for Q3 in 2016-17 and their expectations for the ensuing quarter Q4:2016-17
Further indicating slight moderation in the sentiments, the survey indicates the demand condition for the second successive quarter.
Yangon [Myanmar]/Tokyo [Japan], Dec.2 : Co-Operative Bank (CB Bank), a major commercial bank in Myanmar, Myanmar Payment Union Public Co. Ltd (MPU), and JCB International Co. Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., have announced that CB Bank will start issuing JCB debit cards in December 2016.
The CB MPU-JCB Co-Brand Card combines the MPU brand and JCB brand. Card members can use MPU's nation-wide merchant network in Myanmar and JCB's international merchant network with over 31 million locations globally.
New Delhi [India], Nov 23 : Holding RBI Governor Urjit Patel responsible for ineffective handling of the crisis post the demonetisation drive, All India Bank Employees Association vice-president Vishwas Utagi on Wednesday said that bank unions are adamant on their demand for the former's resignations as well as lockdown of the apex bank.
Questioning the failure of the RBI as the regulatory system, Utagi said that Patel, who hasn't uttered a word till now, should resign with immediate effect.
"Since two weeks, the bank employees are working from eight in the morning till midnight including weekends. Still, there are truckloads of work to do. There has been absolutely no cooperation from the RBI's side," Utagi told ANI.
Thrissur (Kerala)[India], Nov.19 : The Reserve Bank of India has granted approval for the appointment of C.VR. Rajendran as Managing Director and CEO of the Catholic Syrian Bank Ltd. for a period of three years from the date of his taking charge.
Rajendran is currently holding the position of Chief Executive Officer of the Association of Mutual Funds in India. Prior to this he has held other key positions like Chairman and Managing Director of Andhra Bank and Executive Director at Bank of Maharashtra.
He is a seasoned banker with rich grass root level Indian banking experience spanning more than three and a half decades.
Chennai (Tamil Nadu), Nov. 14 : Acknowledging the government for its introduction of the demonetization of currency in the economy, Former RBI governor C. Rangarajan on Monday said the Government's move to demonetize is a standard direction to extinguish reduction in circulation of black money.
Speaking to ANI, Rangarajan said, "This is a common step taken whenever an effort is made to curtail the circulation of black money or unaccounted income."
"In India, it is not the first time that it has been done, such steps have been taken in the past also. This time apparently there are three targets; one is to attack those who hold black money as a citizen."
New Delhi [India], Nov. 14 : Economic Affairs Secretary Shaktikanta Das has announced that a task force is being set up under the chairmanship of deputy governor of the Reserve Bank of India (RBI) for recalibration of ATMs to expedite the process of cash transactions.
"The ATMs which are being recalibrated to dispense 500 rupee notes and 2,000 rupee notes i.e. the new series of 500 rupee notes and the 2,000 rupee notes.to expedite this process as fast as possible a task force is being set up under the chairmanship of deputy governor of the Reserve Bank. It will have representatives of banks as its members," Das told ANI.
New Delhi [India], Nov 10 : Backing the government's decision to demonetize Rs. 500 and 1,000 currency notes, Economic Affairs Secretary Shaktikanta Das on Thursday said that there was a need to revive the currency as the value of rupee has depreciated after 2001, adding notes of Rs. 1,000 will be introduced in due course.
Throwing light on the other logical reasons behind the government deciding to infuse the new currency, Das said: "Firstly, the logistical reason behind the very decision was to make it convenient for the citizens to exchange or deposit the old notes and get the value out of the new notes."
Mumbai [India], Nov.10 : The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's decision to take voluntary retirement.
In a statement, the RBI said that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operations Department and International Department.
Prior to taking over as the Executive Director, he was the Chief General Manager, Financial Markets Operations Department. He has previously held charge of the Risk Monitoring Department. He has also worked as the Banking Ombudsman, New Delhi. (ANI)
New Delhi [India], Nov 8 : London Stock Exchange Group's global index and data provider FTSE Russell today announced that FTSE Russell and State Bank of India (SBI) are working closely to create the FTSE TMX SBI India Index series.
The announcement follows the signing of a letter of intent between the two parties last year. The index series will give market participants from India, the UK and internationally the tools they need to analyze India's bond market.
The commitment to create this innovative index series demonstrates significant progress in the development of India's bond market, a priority of the India UK Financial Partnership ( UKFP), launched by the Chancellor of the Exchequer and the Indian Finance Minister in July 2014.
New Delhi [India], Nov 8 : State-owned banking and financial services company Bank of Baroda today announced the appointment of Ratnesh Kumar as the new Managing Director and CEO of BOB Capital Markets Ltd., its 100 percent owned investment banking subsidiary.
Ratnesh Kumar, who started his career in the Indian capital markets and financial services sector in 1993 holds a Masters degree in Management from FMS, University of Delhi and M.Sc. (Hons) in Physics and B.E. (Hons) in Electrical and Electronics Engineering from BITS, Pilani.
He has also served as the Managing Director, Head- Cash Equities India and CEO of Standard Chartered Securities India wherein the main business segments included institutional brokerage, equity capital markets, equity research and retail broking.
New Delhi [India], Oct 4 : The Reserve Bank of India (RBI) on Tuesday announced a rate of by 25 basis points to 6.25 percent, as a newly set up panel felt that inflation levels were low enough to reduce loan rates.
The decision of the monetary policy committee (MPC), headed by new RBI governor Urjit Patel, will likely cheer business leaders and households as cheaper loans will aid investment and spending.
The six-member Monetary Policy Committee, which voted 6-0 in favour of a cut, noted that an improvement in sowing along with supply management measures will improve the food inflation outlook.
A new technology with the name EMV is said make it tougher for thieves to steal data. The EMV chip will be embedded in credit cards. It is said that with the adoption of the EMV technology, a decline will come in credit card fraud rates. But as per a new study by NerdWallet, there are more chances of opposite to take place as criminals will look out for other ways to commit card fraud.
EMV (Europay, MasterCard, and Visa) chip is the small silver or gold chip set in front of the card. There is a difference between EMV chip card and a standard card. In the magnetic stripe cards, static payment data can be transferred from one card to another. But such is not the case with the EMV chip card.
State officials are scrutinizing Bank of New York Mellon’s handling of huge software glitch that occurred in August, in order to determine its effect on investors. According to Secretary of State William F. Galvin, last month, wrong valuations were provided by BNY Mellon for exchange traded funds and mutual funds and some of the valuations deviated over 1%.
Galvin said that the problem may have led to inability of investors to trade funds at right prices. The glitch has affected a number of investment companies together with billions of dollars of assets and hundreds of funds.
Goldman Sachs, the US based investment firm, is broadening its efforts to offer banking services to people with a wider array of incomes than it has traditionally served. On Thursday, the firm announced about its plan to acquisition of General Electric Capital Bank's online deposit platform.
The American multinational investment banking firm said in a statement that the acquisition will result in shift of $8 billion from GE Capital Bank to Goldman in online deposit accounts and $8 billion in brokered certificates of deposits.
“This transaction achieves greater funding diversification and strengthens the liquidity profile of GS Bank by providing an additional deposit gathering channel”, said Goldman treasurer Liz Beshel Robinson.
According to reports, from 10 to 12 August, Japanese telecom group SoftBank purchased 22.87 million shares of Sprint at an average price of USD 3.80. The shares are 0.58% of outstanding shares of Sprint common stock and they lifted SoftBank’s holding to 3.17 billion shares.
As per the reports, the acquisition was made through US subsidiary Galaxy Investment which is entirely owned by SoftBank. It wants to keep on purchasing Sprint shares, however will not increase its stake to 85% or more.
As per the company, it has been using significant resources in order to optimize Sprint's network strategy and is sustaining the growth of innovative lease financing structures.
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