New Delhi: Sounding a note of caution against Prime Minister Narendra Modi's 'Make in India' campaign, RBI Governor Raghuram Rajan on Friday said it should not focus only on manufacturing.
"I am... Cautioning against picking a particular sector such as manufacturing for encouragement, simply because it has worked well for China. India is different, and developing at a different time, and we should be agnostic about what will work," Rajan said while speaking at the Bharat Ram Memorial Lecture in Ficci.
New Delhi - The RBI is expected to lower policy rates by 50 basis points in 2015 with the first rate cut likely as early as February next year on the back of slowing inflation, global brokerage firm Morgan Stanley said.
The report said the magnitude of rate cuts would depend on the trajectory of inflation, which is expected to reach 6 percent level on a sustained basis by March 2015.
"In our base case, we expect inflation to reach the 6 per cent level on a sustained basis by March 2015 (same as the RBI's expectation). We therefore assume 50 basis points policy rate cuts in 2015 in our base case," Morgan Stanley said in a research note.
Lucknow, Dec. 3 - The Public Sector Bank employees in northern region are observing a day-long strike to press for wage revision and other demands.
Normal banking operations are likely to be affected due to the strike in the states of Uttar Pradesh, Haryana, Punjab and Delhi.
Meanwhile, a press release issued by the Finance Ministry reportedly said that the government is fully seized of the situation arising out of the notice given by the United Forum Of Bank Unions (UFBU) for Zone-wise relay strikes from 2nd to 5th December.
The government has also asked the banks to take pre-emptive steps to ensure least inconvenience to general public and to adequately load ATMs.
New Delhi - Only 48 percent of Indian adults have bank accounts and nearly half of them lie dormant, says a report.
According to a nation-wide survey on financial behaviour, India has the highest account dormancy rate even more than countries like Kenya, Tanzania, Uganda, Nigeria, India, Pakistan and Bangladesh.
The survey compiled by the Financial Inclusion Insights programme, operated by global strategic research consultancy InterMedia and supported by the Bill & Melinda Gates Foundation, noted the majority of Indians borrow money from family and friends and not from financial institutions.
Mumbai - Disappointing industry and the government, RBI Tuesday chose not to go for a rate cut for fifth time in a row but held out a promise of a softening stand in the next review due in February.
While keeping the short term lending (repo) rate unchanged at 8 percent, RBI Governor Raghuram Rajan said that "a change in the monetary policy stance at the current juncture is premature".
"However, if the current inflation momentum and changes in inflationary expectations continue, and fiscal developments are encouraging, a change in the monetary policy stance is likely early next year, including outside the policy review cycle," he said.
Mumbai, Dec 2 : The Reserve Bank of India (RBI) on Tuesday decided to keep interest rates unchanged and to stay focussed on containing inflation.
The RBI kept the repo rate at 8 per cent at its policy review, and there was no reduction.
The reason for the interest rates being unchanged was because of the less than positive economic growth that was expected during Prime Minister Narendra Modi's first six months in power.
RBI Governor Dr. Raghuram Rajan has reportedly kept the rates same, as a slowdown in economic growth was not as bad as earlier feared.
Mumbai - Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.
While ING has around 10,000 employees, Kotak Bank has around 29,000.
"We believe total number of employees will grow over time, but we don't see any dramatic reduction in the net number of people in a hurry," the Executive Vice-Chairman and Managing Director of Kotak Bank Uday Kotak told PTI after he announced the merger deal last evening.
Mumbai: Tightening norms for non-banking financial companies (NBFCs), RBI Monday raised capital adequacy requirement and net owned fund limit, among others, with an objective to mitigate risks in the sector.
With a view to streamline the regulations for the sector, RBI also revoked temporary suspension on issuance of Certificate of Registration (CoR) to companies that want to conduct business of non-banking financial institution (NBFI).
As per the latest directives, RBI has raised the limit for NBFCs to maintain the Net Owned Fund (NOF) requirement to four times by 2017 to Rs 2 crore.
London, Nov 04 : US banking giant JP Morgan is facing probe over currency trading.
According to the BBC, the firm said the US Department of Justice (DoJ) had launched a criminal investigation, while other regulators are running civil investigations.
The bank also estimated a possible loss of up to 5.9 billion dollars in wake of the legal proceedings.
JP Morgan stated in a filing with the Securities and Exchange Commission (SEC) on Monday that it was lending full co-operation to the authorities and was involved in discussions that intended to resolve their respective investigations.
New Delhi: Government on Monday scrapped the selection of six PSU bank heads during UPA tenure following a high-level panel finding irregularities in the process followed.
The probe into the selections to banks like Bank of Baroda and Canara Bank followed arrest and termination of Syndicate Bank CMD S K Jain for alleged graft.
A Finance Ministry statement said future vacancies of chairman and managing directors (CMDs) as well as executive directors of PSU banks will now be filled through a new selection process.
New Delhi, Oct. 28 - The Chairman and Chief Executive Officer (CEO) of Japanese telecommunications and internet firm SoftBank Corporation, Masayoshi Son, has pledged an investment of USD 10 billion in India's IT and communications sector in the coming years.
The proposed investment was committed in a meeting with the Telecom Minister Ravi Shankar Prasad.
Masayoshi Son, accompanied by a delegation of his company directors, had also met Prime Minister Narendra Modi on Monday, to discuss various investment plans in India.
Bloomberg Billionaires Index has named Son as the richest man in Japan, with an estimated wealth to be worth USD 16.6 billion. (ANI)
New Delhi - HDFC Bank on Tuesday reported a 20 percent rise in its September quarter net profit to Rs 2,381.5 crore.
The bank had earned Rs 1982.32 crore net profit in July-September quarter of the last fiscal, HDFC said in a filing to the stock exchanges.
Bank's total income was at Rs 13,894.7 crore in Q2, up from Rs 11,937.7 crore in the same period last year.
HDFC said September-quarter provisions was up at Rs 455.9 crore as against Rs 385.9 crore in the corresponding period of previous fiscal.
London : State Bank of India is determined to carry on retail banking operations in the UK despite a recent crackdown by the Bank of England on the operations of foreign-owned banks in the country.
SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.
Mrutyunjay Mahapatra, the UK head of the bank, told 'The Times' newspaper that the bank will keep serving retail customers in Britain as well as open new branches.
Washington: Indian economy, which accounts for 80 percent of South Asia's output, is set to grow by 6.4 percent in 2015-16 as against 5.6 percent in 2014-15, the World Bank has said.
With economic activity buoyed by expectations from the new elected government of Prime Minister Narendra Modi, "India is benefiting from a "Modi dividend"," the Bank said in its twice-a-year South Asia Economic Focus report.
Over the next year or so economic growth should be supported by the recovering US economy that would provide a market for Indian merchandise and service exports, it said.
Mumbai - Reserve Bank Governor Raghuram Rajan is widely expected to hold the key rates citing high inflation at the fourth bi-monthly monetary policy announcement on Tuesday, even though the pro-growth lobby has been wishing for a rate cut.
This is despite some downward movement in consumer price inflation of late, which eased to 7.8 percent for August. But it is the medium-term targets that worry the central bank, say RBI watchers.
New York : Prime Minister Narendra Modi on Sunday said that around Rs 1,500 crore has been deposited so far in banks under the Jan Dhan Yojana even though people could have opened new bank accounts with zero balance.
The ambitious 'Pradhan Pradhan Mantri Jan Dhan Yojana' launched by the government last month, is aimed at opening at least one bank account for every family in the country in a period of less than six months.
Addressing about 20,000 NRIs at the Madison Square Garden here today, the Prime Minister said that about four crore new bank accounts have been opened already under the scheme.
He also noted that more than half of the families in the country does not have a bank account.
Bangalore - The Reserve Bank of India will probably wait until the second quarter of next year to loosen policy as it wants to cool inflation before trying to spur growth, a Reuters poll found ahead of a policy review meeting next week.
All but three of 46 economists surveyed over the past week said the bank would leave its key repo rate unchanged at 8.0 percent when it meets on Sept. 30.
The survey showed that the RBI is also unlikely to alter either the statutory liquidity ratio (SLR), setting banks` minimum bond holding requirements, or the cash reserve ratio (CRR) that sets the percentage of depositors` balances that banks must keep with the central bank.
New Delhi: Syndicate Bank's has terminated the service of its suspended CMD S K Jain who has been accused in a bribery case.
Jain and a co-accoused were yesterday remanded in CBI custody till today by a special court after the agency said they were required to be confronted with alleged middleman Purushottam Totlani.
S K Jain, CMD of Prakash Industries Limited Ved Prakash Agarwal, Bhushan Steel Ltd Vice Chairman and Managing Director Neeraj Singal, middle-man Vineet Godha and other accused were arrested by CBI in connection with the case.
New Delhi: Anticipating a lower credit offtake than what was expected, State Bank of India (SBI) has revised its fixed deposit rates Thursday onwards.
The bank in a statement said it has decided to cut the deposit rates by 25 basis points (0.25 percent) to 8.75 percent on deposits of 1-3 year duration.
On the other hand, the bank revised upwards the interest rates by 0.25 percent on deposits for 180-210 days.
According to SBI, the rate adjustment will continue to ensure that the savers are compensated adequately as the inflation rate is also going down.
The interest rates on other deposit durations remain unchanged.--PTI
New Delhi, Sept 17 : The Bank of Maharashtra celebrated its 80th foundation day here on Wednesday by organizing a meet with customers, with similar functions being held all over the country.
The executive director of Bank of Maharashtra, RK Gupta, greeted all the customers of the bank on the occasion. He said that the organisation had now crossed the business level of Rs two lakh crores.
On the occasion, the bank also presented a cheque for Rs 51,000 to the non-profit non-governmental organisation (NGO) Tamana , which works for mentally retarded, multiply challenged and autistic children. (ANI)
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