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Moneylife Digital Team 20 June 2018
The Economic Offences Wing (EOW) of Pune Police on Wednesday arrested Ravindra P Marathe, Managing Director (MD) and Chief Executive (CEO) of Bank of Maharashtra along with five others in the multi-crore DS Kulkarni default case. Those arrested include the Bank’s former Chairman and MD Sushil...

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“We don’t mind haircut, but we don’t want to be bald,” quipped State Bank of India (SBI) chairman, Rajnish Kumar, to make the point that the Bank was willing to take a discount while resolving bad loans, but wouldn’t be willing to accept a deep discount that leaves them with nothing. On a...

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Moneylife Digital Team 07 November 2017
Bank customers, especially fixed deposit (FD) holders often wonder why their bank has deducted tax on their FDs, even when it was not applicable or why they are unable to get tax deducted at source (TDS) certificate from the bank in time. Blame it on lethargic implementation of relevant...

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Chennai, Two major unions -- All India Bank Employees' Association (AIBEA) and All India Bank Officers' Association (AIBOA) -- will chalk out separate agitation and strike programmes in support of early wage revision in IDBI Bank, the unions said.   Employees of IDBI Bank will strike...

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New Delhi, In a major decision aimed at tackling the mounting non-performing assets (NPAs) of public sector banks, the Union Cabinet on Wednesday night issued an ordinance to amend the Banking Regulation Act that will empower the RBI to go after defaulters.   The Cabinet is believed...

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New Delhi, As a crucial part of the resolution of the non-performing assets (NPAs), Rs 2.44 lakh crore worth of gross NPAs have been sold to the Asset Reconstruction Companies (ARCs) while the current stock of stress in the Indian banking system is estimated at Rs 11.80 lakh crore, a study...

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Dr B Yerram Raju  and   Vikas Singh 02 May 2017
The Reserve Bank of India (RBI) has put four banks on its critical watch list and warned another ten to spruce up their capital. What prompted the RBI to do this is anybody’s guess. Both the warning and action are sorely needed.   Huge bank frauds are reported, many of them from...

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Moneylife Digital Team 20 April 2017
The Reserve Bank of India's (RBI) updated "prompt corrective action" (PCA) framework could suggest a greater willingness to take regulatory action to address problems at struggling banks. However, according to a ratings agency, its implementation is likely to be effective only if it is...

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Mumbai, The RBI's latest notifications to force banks to report deviations from prescribed asset quality norms and under-provisioning for bad loans, and take in higher standard asset provisioning across risky sectors, particularly in telecom, point to the implemention of Indian Accounting...

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New Delhi, The central government and the RBI on Wednesday allowed time till April 30 for "commensurate deposits" by citizens who have declared their unaccounted income under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) that offered non-interest bearing deposits for four...

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The invocation of the new Prompt Corrective Action (PCA) framework announced by the Reserve Bank of India (RBI) recently would put a curb on many activities of government-owned banks, said investment banking firm Jefferies.   In a report issued on Tuesday, Jefferies said the...

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Many of us won’t forget a presentation by Ravi Subramaniam, ex-banker and author of several thrillers set in banking. His book, If God Was a Banker, opened our eyes to the millions that Citibank probably earned on ‘Citibank Suraksha’, an insurance that was quietly loaded on to consumers,...

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Mumbai, The Reserve Bank of India (RBI) has raised the capital requirement for asset reconstruction companies (ARCs) to Rs 100 crore, from the current Rs 2 crore, it has announced.   This move was necessitated by the higher amount of cash required to buy bad loans from the current...

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Over the past few days a storm of protest has erupted on social media over the ever-increasing charges levied by banks on depositors and borrowers. The most recent of these is the hefty cash handling charge that many banks plan to levy on customers who deposit or withdraw cash more than a...

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The Reserve Bank of India (RBI) on Thursday said it will shortly issue new Rs 10 denomination currency notes, while clarifying that the old Rs 10 notes will also remain valid.   "The Reserve Bank of India will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi...

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Providing a rationale for re-introducing penalty for non-maintenance of minimum balance in its savings accounts from April 1, State Bank of India chief Arundhati Bhattacharya on Wednesday said the public sector lender needs funds to balance the oeprational costs of Jan Dhan...

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Global credit rating agency Fitch Ratings on Thursday said some Indian banks are at the risk of skipping coupon payments on capital instruments over next couple of years.   According to Fitch, some Indian banks are at risk of skipping on obligations despite the pressure easing...

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IANS 15 November 2016
Mumbai: With several complaints and rumours about "fake new notes" of Rs 2,000 denomination, there is some wariness among the people as the notes come into wider circulation. Notes of Rs 500 denomination would be circulated soon by banks.   However, the new notes not only have several...

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IANS 15 November 2016
New Delhi: Long queues were seen outside banks and ATMs on Tuesday as many anxious customers waited for the sixth consecutive day to deposit or exchange their spiked currency or take out cash.   People appeared distressed as they apprehended machines might fail to dispense cash that...

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Moneylife Digital Team 18 October 2016
Fraudsters who used to send us offers of massive lotteries or promised income tax refunds are now using far more sophisticated techniques, posing an even bigger risk to gullible and careless people. Many people may have received an email recently purportedly regarding ICICI Bank's...

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