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Posted: February 29th, 2012, 5:26pm EST
Canara Bank is paying interest @9% for 5-year FD and 9.5% to senior citizens. However, on tax-saver FDs they are paying 9% to all, including senior citizens.
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Posted: February 29th, 2012, 4:30pm EST
The Reserve Bank of India and bankers sparred over the definition of bad loans, leaving contradictory conclusions on the issue.
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Posted: February 29th, 2012, 12:07pm EST
Public sector lender State Bank of Patiala today said it would offer a 10 per cent interest rate on fixed deposits for 300 days.
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Posted: February 29th, 2012, 12:06pm EST
Vijaya Bank has reduced the rate of interest on MSME (micro, small and medium enterprises) loans by up to 0.75 per cent with effect from tomorrow.
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Posted: February 29th, 2012, 11:55am EST
Global rating agency Moody's today revised downward the ratings outlook for Central Bank of India to 'negative' from 'stable' on account of weak asset quality.
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Posted: February 28th, 2012, 5:17pm EST
Citigroup stake sale in HDFC for nearly $2 billion, it was a sign of how profitable investments in Asia are being used by global behemoths.
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Posted: February 28th, 2012, 9:43am EST
A day after SBI reduced rates on education loans, Union Bank of India on Tuesday said it may cut interest rates on home and education loans next month.
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Posted: February 28th, 2012, 9:28am EST
Reserve Bank deputy governor K C Chakrabarty will be meeting top bankers on Wednesday to discuss the rising non-performing assets(NPAs) in the system.
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Posted: February 28th, 2012, 8:06am EST
Gone are the days when one had to struggle for weeks to open a trading account, with Kotak Securities launching a product that makes the entire process easy and fast.
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Posted: February 27th, 2012, 7:36pm EST
This differential of 65 million shows that the three-year drive by the RBI and states to provide banking to the poor is mostly on paper. ET explains why this massive gap exists and what it means for the financial inclusion drive.
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Posted: February 27th, 2012, 4:39pm EST
Indian banks, particularly PSU lenders, will suffer losses on loans to the telecom firms whose licences were cancelled, credit rater Moody's said.
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Posted: February 27th, 2012, 3:54pm EST
SBI has lowered interest rates on education loans by 25-100 bps, a move aimed at attracting students to bank with SBI at an early age.
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Posted: February 27th, 2012, 12:50pm EST
Reserve Bank has asked the lenders to share adequate information with them so that they can take informed decision.
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Posted: February 27th, 2012, 12:15pm EST
The country's third largest private sector lender Axis Bank today ruled out any immediate reduction in its lending rates and said any such move will depend on its cost of borrowing.
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Posted: February 27th, 2012, 10:37am EST
Tata Capital, in collaboration with private sector lender Axis Bank, have launched Tata Travel Card to provide travel and forex related services.
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Posted: February 27th, 2012, 6:44am EST
The All India Bank Employees Association will observe a one-day strike in Tamil Nadu tomorrow.
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Posted: February 27th, 2012, 6:00am EST
Prime Minister Manmohan Singh had appealed to all the major trade unions and 5,000 unaffiliated unions to call off the strike.
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Posted: February 27th, 2012, 5:57am EST
The country's largest lender State Bank of India (SBI) today reduced interest rates on education loans by up to 1 percentage point.
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Posted: February 26th, 2012, 4:44am EST
The Reserve Bank of India has said banks should ensure that loan defaulters are not put to embarrassment while debts are recovered.
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Posted: February 26th, 2012, 2:15am EST
Enam Securities has said it is hopeful of its sale to Axis Bank - pending for the last 16 months - going through before the end of the fiscal.
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Posted: February 26th, 2012, 1:52am EST
HSBC has welcomed M V Nair committee's report on priority sector lending (PSL), saying that it seeks to bring in a level playing field.
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Posted: February 23rd, 2012, 12:34pm EST
Two state-owned lenders UCO Bank and Vijaya Bank today said they propose to raise capital of about Rs 412 crore by issuing fresh equities to LIC.
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Posted: February 23rd, 2012, 12:34pm EST
Two state-owned lenders UCO Bank and Vijaya Bank today said they propose to raise capital of about Rs 412 crore by issuing fresh equities to LIC.
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Posted: February 23rd, 2012, 11:30am EST
State Bank of India (SBI) said it will issue fresh shares to the Government of India on preferential basis to raise about Rs 7,900 crore.
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Posted: February 23rd, 2012, 11:30am EST
State Bank of India (SBI) said it will issue fresh shares to the Government of India on preferential basis to raise about Rs 7,900 crore.
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Posted: February 23rd, 2012, 7:42am EST
Indian banks raised 43.35 billion rupees ($881.1 million) via certificates of deposit (CDs) on Thursday, compared with 61.12 billion rupees on the previous day.
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Posted: February 23rd, 2012, 7:42am EST
Indian banks raised 43.35 billion rupees ($881.1 million) via certificates of deposit (CDs) on Thursday, compared with 61.12 billion rupees on the previous day.
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Posted: February 23rd, 2012, 3:07am EST
The Reserve Bank has appointed public sector lender Syndicate Bank as lead bank for newly created district of Panchsheel Nagar in Uttar Pradesh.
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Posted: February 22nd, 2012, 2:34pm EST
LIC will buy fresh shares in state-run A'bad Bank and PNB that will compensate for the Union govt's inability to invest funds in the lenders.
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Posted: February 22nd, 2012, 11:40am EST
State-owned Central Bank of India today signed an agreement with Tata Housing to offer a special home loan product exclusively designed for pensioners.
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Posted: February 22nd, 2012, 10:49am EST
Movida, a mobile payments joint venture backed by Visa and Monitise, has signed an agreement with HDFC Bank, to introduce a mobile payment service.
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Posted: February 22nd, 2012, 10:01am EST
Canara Bank said it is confident of improving net interest margin (NIM) by 20 to 30 basis point for the next fiscal.
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Posted: February 22nd, 2012, 9:56am EST
HDFC Bank does not intend to cut on its automated teller machines (ATM) rollout plan in spite of the Reserve Bank giving an in-principle nod for white label ATMs.
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Posted: February 22nd, 2012, 8:59am EST
State-owned Punjab National Bank (PNB) said it proposes to raise Rs 1,590 crore by selling about 1.58 crore shares to LIC.
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Posted: February 22nd, 2012, 7:11am EST
Bank of Baroda signed a MoU with rating agency Care for rating of MSMEs which are either prospective or existing customers of the bank.
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Posted: February 22nd, 2012, 6:33am EST
The National Australia Bank today started branch operations in the country by inaugurating its maiden outlet in the financial capital.
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Posted: February 21st, 2012, 5:59pm EST
Many high-flying bankers' dream of imitating their lessons from giant institutions to smaller ones have failed in a grandiose manner.
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Posted: February 21st, 2012, 10:21am EST
The Reserve Bank of India said on Tuesday that banks need to maintain additional liquid assets as part of Basel III guidelines.
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Posted: February 21st, 2012, 10:15am EST
Fitch said it has downgraded the ratings of Dhanlaxmi Bank due to the risks to operating performance of Kerala-based private lender and vulnerability of its capital ratios.
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Posted: February 21st, 2012, 9:40am EST
State-owned Bank of India (BoI) today said it will issue 7 crore fresh equity on preferential basis to to the Government of India and LIC.
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Posted: February 21st, 2012, 8:37am EST
The RBI has allowed banks to permit exporters to receive advance payment for shipment of goods which would take more than one year to manufacture.
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Posted: February 20th, 2012, 6:56pm EST
South Indian Bank (SIB) has dusted off its fund-raising plan through equity sale in the backdrop of a bull rally in the market.
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Posted: February 15th, 2012, 10:00pm EST
The finance ministry has written to several public sector banks pointing out that they have not set aside thousands of crores to cover for loan defaults, and have consequently overstated profits.
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Posted: February 15th, 2012, 4:03pm EST
The country's largest lender has convened an extraordinary general meeting of its shareholders and executives on March 19.
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Posted: February 15th, 2012, 3:44pm EST
During Nov-Dec, the I-T dept had issued notices to all 700 account holders under section 148 of the income tax Act for alleged tax evasion.
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Posted: February 15th, 2012, 3:40pm EST
In Q3, Central Bank of India's restructured loan was the highest among banks with 3,616 crore, followed by IOB at 2,828 crore.
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Posted: February 14th, 2012, 5:41pm EST
He is not flashy. But one thing that he counts on to deliver during these troubled times is his connect with the bank’s customers.
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Posted: February 14th, 2012, 4:02pm EST
The central bank, besides selling US dollars, also imposed curbs on speculative positions and tinkered with other trading limits.
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Posted: February 14th, 2012, 12:37pm EST
To accelerate the growth and wider spread of ATMs, RBI issued draft guidelines for permitting non-banking entities to own and operate money dispensing machines.
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Posted: February 14th, 2012, 10:24am EST
Standard & Poor's said the rating for the SBI was not affected despite a significant slippage in the asset quality of the country's largest state-owned lender.
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Posted: February 14th, 2012, 4:12am EST
The District Consumer Forum (Central) gave the order on a complaint of Ajit Kumar that the bank had sent a bill demanding over Rs 90,000 and put his name in the defaulters' list in 2008 even though he had returned the credit card, unused, in 1999.
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Posted: February 14th, 2012, 3:44am EST
After a gap of nearly nine years, the Reserve Bank has increased the bank rate by 3.50 percentage points to 9.5 per cent with immediate effect.
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Posted: February 13th, 2012, 5:12pm EST
State Bank of India today said one company alone accounted for Rs 1,500 crore of bad loans in the quarter ended December, 2011.
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Posted: February 13th, 2012, 5:09pm EST
John Nelson is brand new as chairman of Lloyds of London. And he's determined to resurrect the resinurance market's efforts to enter India.
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Posted: February 13th, 2012, 12:58pm EST
State Bank, which reported a fresh slippage of Rs 8,161 crore and an 85 per cent rise in provisioning today, blamed it on Kingfisher Airlines.
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Posted: February 13th, 2012, 12:26pm EST
Exuding confidence that its core capital will cross the 9% mark before the end of the fiscal, SBI said it will ask Moody's to consider rolling back its downgrade.
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Posted: February 13th, 2012, 12:15pm EST
Banking major SBI today hinted at a possible cut in lending rates in the education loan segment, though it is is unlikely to reduce its base rate for now.
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Posted: February 13th, 2012, 12:08pm EST
IDBI Bank is arranging loan syndication for the proposed Rs 12,000-cr thermal-power plant at Nayachar off the Haldia coast in West Bengal.
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Posted: February 13th, 2012, 11:20am EST
State Bank of India plans to raise money from overseas markets under its medium-term-note programme (MTN) in the current year.
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Posted: February 13th, 2012, 9:16am EST
Axis Bank said it has entered into a partnership with Singapore-based Singapore to India through AxisRemit Online.
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Posted: February 13th, 2012, 5:19am EST
SBI beat market expectations with a 15 percent rise in fiscal third-quarter net profit earlier on Monday as interest income rose.
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Posted: February 13th, 2012, 1:25am EST
Over the past few days, a number of a/c holders in Bangalore have complained that money was illegally withdrawn from their accounts through ATMs.
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Posted: February 12th, 2012, 9:30pm EST
Base rate is a bank’s benchmark rate that serves as the minimum rate at which loans are offered to its customers. Each bank decides its base rate and it is reviewed every quarter.
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Posted: February 11th, 2012, 2:08am EST
FIEO says interest rate for MSME sector be capped at 7% and for others at 9%; or subvention should be provided to all sectors of exports at-least till 31st March 2013.
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Posted: February 11th, 2012, 12:15am EST
State-owned Bank of Baroda (BoB) is expecting total business growth of about 24 percent over last year at the end of March 2012
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Posted: February 10th, 2012, 11:17am EST
LIC will pick up 5 per cent stake in Bank of Maharashtra through the lender's preferential allotment of shares valued at around Rs 140 crore.
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Posted: February 10th, 2012, 10:56am EST
It further said it will also take approval from its shareholders for the price of each equity share for the preferential allotment, which will be decided on February 17.
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Posted: February 10th, 2012, 8:01am EST
The banks are required to score minimum 33 per cent of the 100 digit Index of CDR, agriculture loan, Kisan credit cards and loan for priority sectors.
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Posted: February 10th, 2012, 7:05am EST
Bank deposits fell 306 billion rupees to 57.681 trillion rupees in the two weeks to Jan. 27, the supplement showed.
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Posted: February 9th, 2012, 5:42pm EST
State-run IDBI Bank will launch the country's first infrastructure debt fund (IDF) to raise $5 billion for building roads, ports and airports.
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Posted: February 8th, 2012, 7:31pm EST
United Bank of India has entered into an agreement with Nepal's Global Bank to launch remittance facility to a large segment of Nepalese population working in India.
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Posted: February 8th, 2012, 6:25pm EST
Standard Chartered Bank has lent 250 crore of construction loan to DivyaSree Developers for developing a mixed used project in Bangalore.
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Posted: February 8th, 2012, 3:10pm EST
Our expert guides you in matters relating to financial planning.
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Posted: February 8th, 2012, 12:01pm EST
Punjab & Sind Bank on Wednesday said it has abolished pre-payment penalties on housing loans for all types of borrowers with immediate effect.
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Posted: February 8th, 2012, 7:22am EST
Widening fiscal deficit has prompted govt to approach LIC to invest in government owned banks.
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Posted: February 8th, 2012, 6:53am EST
Axis Bank today said sales and usage volumes for its travel currency card used for international travel have crossed USD 2 billion.
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Posted: February 7th, 2012, 2:37pm EST
RBI has directed banks to disclose the list of unclaimed and inoperative deposit account holders, in a bid to help some claimant trace their deposits.
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Posted: February 7th, 2012, 11:06am EST
Chairman Pratip Chaudhuri said SBI was set to have a subsidiary in Australia within a year and has proposals for expansion in US and Britain.
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Posted: February 7th, 2012, 9:51am EST
Singapore state investor Temasek Holdings is selling 1.38 percent stake in India's No. 2 lender ICICI Bank in a deal to raise up to $303 million.
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Posted: February 7th, 2012, 9:06am EST
The Reserve Bank of India (RBI) has directed banks to disclose the list of unclaimed and inoperative deposit account holders.
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Posted: February 7th, 2012, 8:42am EST
RBI has directed banks to find the whereabouts of the holders of unclaimed deposits by displaying the list of such accounts on their websites.
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Posted: February 6th, 2012, 7:22pm EST
Dena Bank has announced a 5% dilution of equity in favour of Life Insurance Corporation by way of allotment of preferential shares.
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Posted: February 6th, 2012, 7:16pm EST
DBS Bank sees significant business opportunity in India and is keen on operating as a wholly-owned subsidiary in the country.
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Posted: February 6th, 2012, 10:25am EST
State-run insurer Life Insurance Corp (LIC) will pick up a 5 percent stake in small-sized lender Dena Bank Ltd.
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Posted: February 6th, 2012, 5:49am EST
All-India Bank officers' confederation and All-India State Bank officers' federation have demanded implementation of five-day work week.
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Posted: February 6th, 2012, 4:24am EST
This budget may be the time to reward safety-minded investors with long-term outlook by making bank deposits equally attractive as equities.
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Posted: February 5th, 2012, 5:00pm EST
The government and the Reserve Bank of India (RBI) is half done on financial inclusion.
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Posted: February 5th, 2012, 5:00pm EST
The government and the Reserve Bank of India (RBI) is half done on financial inclusion.
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Posted: February 5th, 2012, 2:56pm EST
Dena Bank & Syndicate Bank may be the first among nearly a dozen small public sector banks which will sell shares in the next few months.
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Posted: February 5th, 2012, 12:48am EST
State Bank of India has decided to waive guarantees and annual service fees for loans to small and medium businesses guaranteed under the Credit Guarantee Fund Trust scheme.
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Posted: February 5th, 2012, 12:29am EST
Bank lending to the priority sector grew by just 5 per cent on an annualised basis in December, 2011, because of lower offtake in the agriculture and MSME segments.
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Posted: February 4th, 2012, 12:46pm EST
About 104 Bank branches, which have been operating in Noida from residential areas for decades, have been asked to shift to other locations.
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Posted: February 4th, 2012, 12:44am EST
SBI will soon start publish photographs and names of wilful defaulters in leading publications as a last resort to get them to pay their dues.
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Posted: February 3rd, 2012, 11:31am EST
The Indian banking sector should be able to absorb loan-losses stemming from the cancellation of 2G mobile licenses without materially impairing credit quality
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Posted: February 3rd, 2012, 8:04am EST
Global ratings agency Fitch said the Supreme Court's decision to cancel 122 telecom licences will hit the profitability of banks
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Posted: February 3rd, 2012, 7:58am EST
RBI stated banks have been found overstating value of houses they finance by adopting practices like including stamp duty and other charges in the cost
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Posted: February 3rd, 2012, 6:33am EST
The Reserve Bank on Friday hinted at more open market operations (OMOs) to ease tight liquidity conditions in the banking system.
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Posted: February 2nd, 2012, 12:11pm EST
With credit growth not picking up owing to a high interest rate regime, many banks are now apprehensive about meeting their PSL target in the current fiscal.
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Posted: February 2nd, 2012, 11:31am EST
The finance ministry will be infusing Rs 18,000 crore in the current fiscal in 12 banks, including SBI, and will be seeking supplementary grants from Parliament in the Budget session.
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Posted: February 2nd, 2012, 9:53am EST
The refinance scheme from NABARD incentivises banks to accelerate the pace of creation of quality warehousing facilities for agricultural commodities
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Posted: February 2nd, 2012, 7:46am EST
The RBI has directed banks to evaluate risks from unhedged foreign currency exposure of companies while extending them credit facilities
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Posted: February 2nd, 2012, 6:01am EST
Public sector Indian Bank has revised its interest rates on Foreign Currency Non-Resident (Banks) term deposits with immediate effect.
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Posted: February 2nd, 2012, 5:27am EST
The problem with farm loans is not slow growth, but rising non performing loans as farmers expect one more debt waiver
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Posted: February 1st, 2012, 11:14am EST
Despite mounting bad assets being witnessed by many lenders, RBI ruled out any special dispensation on provisioning norms in case of debt recast
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Posted: February 1st, 2012, 10:04am EST
The non-performing assets of Indian banks are expected to touch 4 per cent of the total assets from about 3 per cent in 2011, Fitch said in a report
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Posted: February 1st, 2012, 8:14am EST
State-owned Uco Bank expects the government to infuse Rs 200-300 crore by March to help the lender meet 8 per cent Tier-I capital requirement
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Posted: February 1st, 2012, 7:11am EST
The Reserve Bank today said all private sector banks will now be eligible to handle central and state government business as agents of the central bank.
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Posted: February 1st, 2012, 3:19am EST
Warburg Pincus sold about 17.5 million shares in India's Kotak Mahindra Bank via stock market deals on Wednesday to raise about $170 million, three sources with direct knowledge of the matter said.
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Posted: February 1st, 2012, 2:52am EST
State Bank of India (SBI) is "keen" to cut interest rates in order to boost credit expansion, a top bank official said today.
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Posted: February 1st, 2012, 2:20am EST
Cautioning the government that excessive borrowing is bad, Subbarao today urged to put a cap on the public debt as it would hurt growth.
