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Banking and Financials

Bank account holder? Got this SMS message? Beware! You could lose your money, don't do this

Bank account holder? Got this SMS message? Beware! You could lose your money, don't do this

Fri, Jul 12, 2019

All bank account holders should be cautious all the time as there are constant attempts being made by fraudsters to steal their money and here is one of the biggest methods used by them to steal innocent people's money!

MNP for banks if RBI has its way; will you gain from it?

MNP for banks if RBI has its way; will you gain from it?

Thu, Jun 01, 2017

Benefits of bank account portability would mean your account number would remain the same even if you change your bank. Banks, naturally, are not enthused by the idea but RBI is pushing for it.

NPA resolution: Banks seek relaxation in S4A scheme

NPA resolution: Banks seek relaxation in S4A scheme

Wed, May 31, 2017

Bankers have also requested the regulator to allow them to extend repayment schedule and reduce rate of interest under the scheme. These are not allowed in the exiting S4A guidelines.

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Banks deposits soar 16% but credit fails to grow

Banks deposits soar 16% but credit fails to grow

Wed, Mar 01, 2017

RBI said, "On a year-on-year (y-o-y) basis, aggregate deposits grew at an accelerated pace in all population groups (except in metropolitan areas) and for all bank groups; on the other hand, however, bank credit decelerated across all population groups and bank groups."

HSBC discloses tax evasion probes in India, other countries

HSBC discloses tax evasion probes in India, other countries

Sun, Feb 26, 2017

Disclosing the "tax-related investigations" in its latest annual report published last week, HSBC further said it has set aside $773 million (over Rs 5,000 crore) as a provision for various tax- and money laundering-related matters.

HSBC's India headcount rises by 4,000 despite global drop

HSBC's India headcount rises by 4,000 despite global drop

Sun, Feb 26, 2017

"Our main centres of employment were the UK with approximately 45,000 employees, India 37,000, Hong Kong 29,000, mainland China 24,000, Mexico 16,000, the US 13,000 and France 9,000," HSBC has said in its latest annual report.

Mutual Fund's exposure to bank stocks hit record Rs 1.16 lakh crore in Jan

Mutual Fund's exposure to bank stocks hit record Rs 1.16 lakh crore in Jan

Sun, Feb 26, 2017

"We could be getting close to the bottom of the NPAs (non-performing assets) cycle, valuations were not that expensive, hence funds could have preferred buying into the sector," Quantum Mutual Fund Associate Fund Manager Equity Nilesh Shetty said.

RBS posts ninth straight annual loss on 'sins of the past'

RBS posts ninth straight annual loss on 'sins of the past'

Sat, Feb 25, 2017

"This is a strong core bank getting masked by all the sins of the past," Chief Executive Ross McEwan said on a conference call with reporters.

Citi Group says, U.S. regulators are investigating its hiring practices

Citi Group says, U.S. regulators are investigating its hiring practices

Sat, Feb 25, 2017

U.S. agencies, including the U.S. Securities and Exchange Commission, are looking into whether or not the bank hired candidates "referred by or related to foreign government officials" over other candidates, the filing said.

RBI's Viral Acharya says immediate need to resolve bad loans

RBI's Viral Acharya says immediate need to resolve bad loans

Wed, Feb 22, 2017

"Since the RBI initiated the Asset Quality Review (AQR) of banks in the second half of 2015, it appears that possibly up to a sixth of public sector banks’ gross advances are stressed (non-performing, restructured or written-off), and a significant majority of these are in fact non-performing assets (NPAs)," said Acharya.

IDBI Bank approves divestment of its non-core business

IDBI Bank approves divestment of its non-core business

Tue, Feb 21, 2017

IDBI Bank in a BSE filing said, "The board of directors has approved in-principle, the proposal to divest some of its non-core investment subject to compliance with all applicable laws and regulations and subject to final approval to be obtained for each transaction by delegated authority."

Adopt tech and be agile, else become history: Mundra to banks

Adopt tech and be agile, else become history: Mundra to banks

Tue, Feb 21, 2017

Reserve Bank deputy governor SS Mundra warned that unless traditional banks quickly convert themselves in to a new-age digital banks, they face the risk of becoming history.

Oriental Bank business figure crosses Rs 3.59 lakh crore: Official

Oriental Bank business figure crosses Rs 3.59 lakh crore: Official

Sun, Feb 19, 2017

"The bank has crossed total business figures of Rs 3.59 lakh crore with total deposits being Rs 2.10 lakh crores as on December 31, 2016," Deputy General Head and Cluster Monitoring Office Head of OBC, Dinesh Kumar Vishnoi told PTI here on the sidelines of 75th anniversary celebrations of the bank.

Banks look for insurance as cyber threats increase

Banks look for insurance as cyber threats increase

Sun, Feb 19, 2017

According to insurance industry reports, cyber crimes are growing at 40-50% annually globally. Similarly, global cyber risk insurance premium stood at $ 3.5 billion in 2016, which was only $ 2.5 billion in 2015, amply indicating growing incidents of cyber crimes across the world.

Ahead of merger with SBI,associate SBT to raise up to Rs 600 crore

Ahead of merger with SBI,associate SBT to raise up to Rs 600 crore

Sat, Feb 18, 2017

"The executive committee of the board of directors of the bank at its meeting held on February 18, 2017 has approved the raising of up to Rs 600 crore by way of issue of Basel III compliant additional tier-I bonds by private placement," SBT said in a regulatory filing.

Citigroup cuts CEO Corbat's pay after missing financial targets

Citigroup cuts CEO Corbat's pay after missing financial targets

Sat, Feb 18, 2017

Citigroup Inc`s board of directors cut Chief Executive Officer Michael Corbat`s compensation by 6% last year after the bank missed financial targets and one-third of its voting shareholders disapproved of his prior pay package.

Demonetisation unnecessarily demonised: Aditya Puri

Demonetisation unnecessarily demonised: Aditya Puri

Sat, Feb 18, 2017

"He (Prime Minister Modi) has created transparency and traceability. He has changed the mindset (in such a way that) everybody is going to think twice about going back to their old ways and from what I understand, the conversion to digital has occurred at a pace much faster," Mahindra said at the annual NILF here.

RBI extends loan up to Rs 2 lakh against gold

RBI extends loan up to Rs 2 lakh against gold

Sat, Feb 18, 2017

The Reserve Bank has doubled the quantum of loan against gold that could be granted by Regional Rural Banks (RRBs) to Rs 2 lakh, provided the repayment period does not exceed 12 months. Earlier, the RRBs were permitted to grant gold loans up to Rs 1 lakh with bullet repayment option.

Morgan Stanley to pay $8 million to settle U.S. SEC charges

Morgan Stanley to pay $8 million to settle U.S. SEC charges

Wed, Feb 15, 2017

Morgan Stanley has agreed to pay $8 million to settle charges related to single inverse exchange-traded fund investments that the firm had recommended to clients, U.S. financial regulators said on Tuesday.

Canara Bank to divest 13% stake in Can Fin Homes by March-end

Canara Bank to divest 13% stake in Can Fin Homes by March-end

Tue, Feb 14, 2017

Can Fin Homes on Tuesday said that its promoter Canara Bank was planning to divest 13.45% stake in the company by March-end. Can Fin Homes informed the BSE that Canara Bank had notified the Reserve Bank of India (RBI) about the stake sale.

Banks rush to buy cyber security cover as digi payments rise

Banks rush to buy cyber security cover as digi payments rise

Sun, Feb 12, 2017

"We have always seen maximum security in all our IT systems. We are now considering to avail cyber insurance covers for our customers," SBI managing director Rajnish Kumar told PTI here.

LIC's stake in Infosys rises to 7.02%

LIC's stake in Infosys rises to 7.02%

Sat, Feb 11, 2017

The disclosure comes at a time when the company's founders and its board have clashed over the issues of corporate governance, CEO compensation and severance pay of former CFO.

Capital infusion in PSU banks after Q3 numbers

Capital infusion in PSU banks after Q3 numbers

Sun, Feb 05, 2017

"We are working on the numbers. The third quarter numbers are not all in. The results are coming in and the information we have we are adding it up to our number crunching exercise," the official said.

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