Banking Sector

Moving bond trading regulation to hit govt bond market: Rajan

Raghuram-RajanMumbai: Reserve Bank of India Governor Raghuram Rajan on Tuesday said shifting the regulation of bond trading from the central bank would have an adverse impact on the government bond market.

"My personal view is that moving the regulation of bond trading at this time would severely hamper the development of the government bond market, including the process of making bonds more liquid across the spectrum, a process which the RBI is engaged in," Rajan said at State Bank of India's Banking and Economic Conclave.

He was talking about reforms suggested by the Financial Sector Legislative Reforms Commission (FSLRC).

PSU banks' asset quality woes likely to continue: Fitch

FitchNew Delhi: The Centre today expressed concern over the law and order situation in Uttar Pradesh with BJP slamming the Akhilesh Yadav government there for the present state of affairs even as Congress demanded strict action against trouble-makers and miscreants.

"This should not be taken as some politics being done by us because their government is of a different party.

"Whatever the government -- whether of our party or of some other party, everybody is worried if the law and order situation is not good.

RBI's LCR guidelines credit positive for banks: Moody's

Moody sMumbai: The Reserve Bank of India's recent guidelines on liquidity risk management is credit positive for banks, says a report.

The central bank last week issued the final Basel III framework on liquidity standards, which included guidelines on the minimum liquidity coverage ratio (LCR), liquidity risk monitoring tools and LCR disclosure standards.

The RBI said the liquidity coverage ratio (LCR) will be introduced in a phased manner with a requirement of 60 percent from January 2015.

The requirement would rise in equal steps to reach the minimum required level of 100 percent on January 1, 2019, it added.

'RBI to soon announce rules for on-tap banking licenses'

RBIKolkata: The Reserve Bank of India (RBI) would soon come out with policy guidelines for differentiated banking licenses which would be given on tap, deputy governor of the apex bank R Gandhi said.

Besides, he criticised banks for not extending financial assistance to the micro, small and medium size enterprises (MSMEs) and asked lenders to consider the working dynamics of this sector while extending credit.

"The RBI will soon come out with policy guidelines in differentiated banking licenses within a short period of time", Gandhi told reporters on the sidelines of ICC Banking Summit here today.

Bengal govt to provide banks space for opening branches

Amit MitraKolkata: The West Bengal government will provide space to banks in order to set up new branches in Gram Panchayat offices in villages, with the view to promote financial inclusion.

"The government would give space in the offices of Gram Panchayat so that banks could set up brick-and-mortar branches in the rural areas which will promote financial inclusion," state Finance Minister Amit Mitra told reporters on the sidelines of ICC Banking Summit here today.

He said that banks would be offered typically spaces of around 400 square feet.

'RBI to soon announce rules for on-tap banking licenses'

'RBI to soon announce rules for on-tap banking licenses'Kolkata: The Reserve Bank of India (RBI) would soon come out with policy guidelines for differentiated banking licenses which would be given on tap, deputy governor of the apex bank R Gandhi said.

Besides, he criticised banks for not extending financial assistance to the micro, small and medium size enterprises (MSMEs) and asked lenders to consider the working dynamics of this sector while extending credit.

SBI partners with Ezetap Mobile to launch mPOS solution

State-Bank-of-IndiaMumbai: State Bank of India has partnered with payments service provider, Ezetap Mobile Solutions, to deploy mobile point-of-sale (mPOS) solution.

SBI plans to deploy 5,00,000 point-of-sale terminals within the next five years, it said in a release. "Mobile POS has the power to transform payments and commerce. It can be deployed easily and at low cost in every corner of the country," SBI's deputy managing director S K Mishra said.

The SBI-Ezetap platform would allow the bank to provide value-added services for merchants and consumers from a single, secure POS device and application, he added.

Union Bank of India expects total business to grow by 12 percent this fiscal

Union Bank of IndiaVaranasi: State-run Union Bank of India (UBI) has said it expects the total business to grow by around 12 per cent in the current fiscal over the Rs 5.32 lakh crore turnover achieved in FY 2013-14.

The bank's rising bad assets or NPAs (non-performing assets) is a major concern, UBI Chairman and Managing Director Arun Tiwari told reporters here yesterday, adding that with an improvement in the Indian economy, the NPAs may come down.

ANZ India gets RBI nod to open two branches

ANZ-IndiaMumbai: Australia and New Zealand Banking Group (ANZ) on Thursday said that it has received in-principle approval from the Reserve Bank to open two new branches.

The new branches will come up Gurgaon, NCR, and outer Bangalore, the bank said in a statement.

The in-principle approval is for 12 months and the bank will finalise its plans within that time and seek final approval then and decided on the branch openings, ANZ India spokesperson said when sought the opening date.

ING bank launches IPO for Dutch insurance giant

ING bankThe Hague: Leading Dutch bank ING announced on Thursday it was offering a minority public stake in its NN Group insurance business, in the final stage of restructuring imposed after a government bail-out following the 2008 banking crisis.

"ING today confirms the intention to proceed with (an) initial public offering and listing on (the) Euronext Amsterdam of NN Group," ING said in a statement. "The intended IPO will consist solely of a secondary offering of a minority holding of NN Group's ... Shares held by ING," the Amsterdam-based bank said.

RBI monetary policy aims at balancing growth, inflation: Jaitley

RBINew Delhi, June 4 - Finance Minister Arun Jaitley has described the RBI's second bi-monthly monetary policy as a calibrated approach aimed at striking a balance between growth and inflation.

The RBI has reduced the SLR ( statutory liquidity ratio ) by 50 basic points while maintaining the repo rate as unchanged

In a statement issued here last evening, Jaitley said that it is a priority for the government to maintain a balance between growth and inflation.

RBI keeps rates unchanged, unlocks Rs 40,000 cr of bank funds

RBIMumbai: Committed to keep inflation under check, RBI Governor Raghuram Rajan on Tuesday left key rates unchanged and unlocked about Rs 40,000 crore of funds by reducing the amount of deposits banks are required to park in government securities.

This is the second time in a row that interest rates have been left unchanged amid demands for moderation to spur growth.

The repo rate, at which the Reserve Bank of India lends to banks, has been retained at 8 percent, while the statutory liquidity ratio (SLR) for banks has been cut by 0.5 percent to 22.5 percent with effect from June 14.

RBI's monetary policy review today; interest rate change unlikely

RBINew Delhi: The Reserve Bank of India may maintain the status quo with regard to the key interest rate in its monetary policy review Tuesday in view of the need to curb inflation, which has remained stubbornly high.

RBI Governor Raghuram Rajan on Sunday called on Prime Minister Narendra Modi and is believed to have discussed the macro-economic situation.

Rajan kept the policy rate unchanged at 8 percent at the previous review on April 1 as inflation, especially of food items, hovered at over 8 percent. Food inflation in April stood at 9.66 per cent and retail inflation at 8.59 percent.

RBI may keep key interest rate unchanged on Tuesday

RBINew Delhi: The Reserve Bank of India may maintain the status quo with regard to the key interest rate in its monetary policy review tomorrow in view of the need to curb inflation, which has remained stubbornly high.

RBI Governor Raghuram Rajan yesterday called on Prime Minister Narendra Modi and is believed to have discussed the macro-economic situation.

Rajan kept the policy rate unchanged at 8 per cent at the previous review on April 1 as inflation, especially of food items, hovered at over 8 per cent. Food inflation in April stood at 9.66 per cent and retail inflation at
8.59 per cent.

IDBI Bank inks agreement to finance FICCI's MSME members

IDBI Bank inks agreement to finance FICCI's MSME membersMumbai: State-run IDBI Bank on Monday said it had entered into an agreement with FICCI, under which it would finance the industry lobby's small business members.

A memorandum of understanding (MoU) was signed by IDBI Bank Deputy Managing Director B K Batra, FICCI Secretary General A Didar Singh, and its affiliated body FICCI-MSME on Monday, an IDBI Bank release said.

IndusInd Bank launches Video Branch service for customers

IndusInd-BankChennai: Private sector IndusInd Bank has launched video-branch, claiming to be a first-of-its-kind service, enabling customers interact with the staff of the bank through video conference facility.

"IndusInd Bank has launched a new customer-centric service titled Video Branch. This innovative offering enables customers to do a video-conference with a bank staff. This is a first-of-its-kind initiative in banking industry facilitating customers to interact with staff at their own convenience...," the bank said in a statement.

RBI likely to hold interest rates in Tuesday policy review

NRBI likely to hold interest rates in Tuesday policy reviewew Delhi, June 2 : The Reserve Bank of India (RBI) is likely to keep interest rates unchanged when it reviews its monetary policy Tuesday as its first major exercise after the installation of the new union government.

RBI policy review Tuesday likely to hold rates

New Delhi, June 1 : The Reserve Bank of India (RBI) is likely to keep rates unchanged when it reviews its monetary policy Tuesday, its first exercise after the installation of the new union government.RBI

Known for the primacy he accords to controlling inflation, RBI Governor Raghuram Rajan gave an indication Friday when he told reporters in Tokyo that the "government and the central bank have both stressed on the need to bring down inflation while respecting the fact that growth is very weak".

The RBI is expected to keep its repo rate (at which it lends money to commercial banks) unchanged at 8 percent.

RBI to balance growth and inflation: Rajan

Raghuram-RajanNew Delhi, May 27 : Reserve Bank of India (RBI) Governor Raghuram Rajan Tuesday said the central bank would work to strike a balance between reviving economic growth and containing inflation.

Talking to reporters after meeting newly sworn-in Finance Minister Arun Jaitley at North Block here, Rajan said controlling inflation would be one of the biggest challenges for the RBI and the government in the coming months.

City Union Bank net increases by 8 percent

City-Union-BankChennai, May 26 : Private sector City Union Bank closed last fiscal with a 16 percent growth in its total income and eight percent rise in net profit, said a top official of the lender Monday.

Announcing the bank's financial results for the year ended 31 March 2014 here, N. Kamakodi, managing director and chief executive officer, said: "We closed last year with a total income of Rs. 2,847.13 crore up from Rs. 2,462.39 crore earned the previous year. The net profit grew to Rs. 347.07 crore from Rs. 322.02 crore in 2012-13."

He said the board has recommended a dividend of 100 percent for the year that went by.




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