Nov 22, 2016 - Here's how RBI saved the rupee from wild swings

Yes Bank fraud case: ED arrests Gautam Thapar of Avantha Group Last year the CBI had registered an FIR against Gautam Thapar and Avantha Group. The said FIR, registered in March last year, alleged criminal conspiracy, cheating, and obtaining illegal gratification against Rana Kapoor, former Managing Director of YES Bank and his kin. Read More

The world could be about to wake up to the next big thing in banking With Nexus, itll be possible before hitting “Send” to establish if the payment will succeed. For instance, by validating that the recipients bank account is operational and checking for compliance with anti-money-laundering rules. The uncertainty associated with traditional one-way communication will become history. Read More

Wealth tech platform Nivesh appoints MobiKwik’s Pradeep Bhasin as co-founder Pradeep Bhasin is a business leader with a diverse experience of 19 years in the financial services industry, and has scaled businesses both in physical distribution and the digital space. He has worked with asset management companies like HDFC and Sundaram for 11 years and managed their B2B distribution channels. Read More

PSU general insurers employees go on strike to protest proposed privatisation The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Read More

Time for lending institutions to grow: IIFL Chairman I would not say that you have to go overboard, but this is a time to grow rather than be cautious, if I have to choose one, I will say we put our strategy on growth and not on caution, said Nirmal Jain, Founder and Chairman of IIFL Group. Read More

RBI cautions against fraudulent buy or sale of old banknotes The RBI has not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions.The central bank suggested, citizens should not fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers. Read More

CCI approves acquisition of equity stake by Carlyle in PNB Housing Finance The board of Punjab National Bank, the principal promoter of the mortgage lender, had earlier told the home financier to consider repricing the initial transaction. Read More

SBI to take steps to insulate bank's balance sheets from stress in telecom firms: Dinesh Khara “We will have to wait and watch till the final verdict comes but nevertheless we have to ensure that we adopt all possible steps to insulate the balance sheet from any potential threat,” said Dinesh Khara, chairman, State Bank of India. Read More

RBI extends deadline for current account notification "Banks will be permitted time till October 31, 2021 to implement the provisions of the circular. This extended time line shall be utilised by banks to engage with their borrowers to arrive at mutually satisfactory resolutions within the ambit of the circular," RBI said. Read More

SBI sees rising stress in home loan and MSME book in June quarter The lender has already pulled back Rs 4700 crore from its fresh slippages in July. The stress list for the loans due between 30-90 days or SMA 1 and 2 accounts stood at Rs 11,303 crore. Read More

‘Stress in banking sector should not be alibi for privatisation’, says report The committee recommended that the Reserve Bank of India—the regulator—and the government—the shareholder—should formulate coherent policy responses that will enable and empower the banks. Read More

Why Singapore is banking on a cartoon to keep Indian tourists interested Singapore’s tourism board is reaching out to grounded Indians by bringing out an cartoon aimed at Indian kids that it presumably hopes encourages post-pandemic travel from India to Singapore. Read More

India's new digital payment e-RUPI is not what you think it is As governments embark on developing their own digital payment and currency systems, India has gone on a slightly different path this year. Read More

Bank of India Q1 net profit lower at Rs735cr on 400 bps increase in the cost to income ratio at 49.18% Bank of India Ltd reported -2.13% fall in total consolidated revenues in the Jun-21 quarter at Rs11,766cr Read More

Indian Overseas Bank Q1 net profit up 171% at Rs327cr on lower provisioning and lower interest outgo Indian Overseas Bank Ltd reported -1.50% fall in total consolidated revenues in the Jun-21 quarter at Rs5,155cr Read More

Payment operators can’t outsource core management functions: RBI The service provider, unless it is a group company of the PSO, should not be owned or controlled by any director or officer of the PSO or their relatives. Read More

PSU general insurers employees go on strike to protest proposed privatisation The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Read More

Indian Banks' Association in discussions with RBI on current account circular The Reserve Bank of India (RBI) on Wednesday extended the deadline for implementation of its guidelines on current account opening by banks to October 31. Read More

Stride Ventures announces first close of Stride Ventures India Fund II It has secured commitments of ₹550 crore, out of its target corpus of ₹1,000 crore, with an additional greenshoe option of ₹875 crore Read More

Global cues push equities higher; banking stocks shine "Asian markets rose shrugging off concerns about China regulatory actions and Delta strain spread. In India, Bank stocks are up, while Realty stocks have come under profit taking." said Deepak Jasani, head of Retail Research at HDFC Securities Read More

Ebixcash announces appointment of eminent banker Sunil Srivastav to Board of Directors Ebixcash has announced the appointment of eminent career banker Sunil Srivastav to its Board of Directors. Ebixcash software and E-commerce service supplier. Read More

Indices scale fresh highs; Sensex surges 546 points, Nifty ends above 16,250-mark The S&P BSE Sensex climbed 546.41 points (1.02 per cent) to end at a fresh closing high of 54,369.77, while the Nifty 50 jumped 128.05 points (0.79 per cent) to end at a new lifetime high of 16,258.80. Read More

Sensex, Nifty Close At Record Highs Powered By Gains In Banking Shares Expectations of dovish monetary policy from the RBI on Friday to spur the economic growth in the country boosted positive sentiment on Dalal Sreet. Read More

Five Banks in India That Take CSR Seriously The banking sector plays a major role in the socio-economic development of the country. Let us look at five bank that is furthering this through CSR. Read More

Stock Market Highlights: Sensex Rallies 546 Points, Nifty Ends Above 16,250 Led By Financials; Mid, Smallcaps Underperform Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended at record closing highs Wednesday led by financial stocks. Broader markets, midcap and smallcap indices underperformed the frontliners to end a percent lower each. Except for banks, all other sectoral indices ended the red. Read More