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Govt asks banks to deposit junked notes at RBI by July 20

Govt asks banks to deposit junked notes at RBI by July 20

This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.

Now Aadhaar mandatory for opening bank A/c, financial transactions above Rs 50,000

Now Aadhaar mandatory for opening bank A/c, financial transactions above Rs 50,000

All existing account holders have also been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will become invalid.

No plan to issue next list of defaulters any time soon: RBI

No plan to issue next list of defaulters any time soon: RBI

Following the Reserve Bank of India (RBI) identifying 12 accounts that are responsible for 25 percent of non-performing assets (NPAs), the central bank on Friday said it has no plans to come out with a next list any time soon.

Cabinet approves proposal for bill to deal with bankruptcy in financial sector

Cabinet approves proposal for bill to deal with bankruptcy in financial sector

The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.

 

RBI says banks must start bankruptcy proceedings against 12 major defaulters responsible for 25% of bad loans

RBI says banks must start bankruptcy proceedings against 12 major defaulters responsible for 25% of bad loans

The Reserve Bank of India (RBI) has identified 12 of the country`s biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the USD 150 billion in stressed debt hobbling Asia`s third-largest economy.

RBI identifies 12 accounts responsible for 25% of Rs 8 lakh crore bad loans

RBI identifies 12 accounts responsible for 25% of Rs 8 lakh crore bad loans

The RBI on Tuesday identified 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25 percent of total NPAs of banks for immediate referral for resolution under the bankruptcy law.

Banks not yet prepared for GST roll-out: IBA to Parliamentary panel

Banks not yet prepared for GST roll-out: IBA to Parliamentary panel

With less than a month left for the rollout of the GST, the Indian Banks' Association (IBA) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime.

Bank a/c number portability: You could soon be able to change your bank without changing account number

Bank a/c number portability: You could soon be able to change your bank without changing account number

RBI deputy governor S S Mundra said once account number portability becomes a reality, banks will see silent customer moving away from them without even talking to them.

 

Poor show by banks, private investors challenge to growth: Arun Jaitley

Union Finance Minister Arun Jaitley on Saturday said that poor performance by private investors and banks still remains a challenge for the Indian economy.

'Bill to address bankruptcy in fin sector in next Parliament session'

The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs.

'Bill to address bankruptcy in financial sector in next Parliament session'

'Bill to address bankruptcy in financial sector in next Parliament session'

The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs.

Ordinance on bad loans aims at maximum recovery for banks: SBI

Ordinance on bad loans aims at maximum recovery for banks: SBI

The State Bank of India on Monday said that it will help to maximise recovery for the banking system.

RuPay credit cards to be rolled out soon

RuPay credit cards to be rolled out soon

National Payments Corporation of India (NPCI), the nodal agency for digital payment systems in the country, will soon launch its RuPay credit cards for which it has roped in a few banks, a top official said.

RBI given more powers to tackle NPAs, says Jaitley

RBI given more powers to tackle NPAs, says Jaitley

President Pranab Mukherjee last night signed the ordinance to amend the Banking Regulation Act, giving RBI powers to direct banks to initiate insolvency and bankruptcy in case of default, he told reporters here.

Govt gives wide-ranging powers to RBI to deal with bad loans

Govt gives wide-ranging powers to RBI to deal with bad loans

The much-awaited Ordinance to amend the Banking Regulation Act was promulgated by President Pranab Mukherjee last night.

President likely to promulgate banking ordinance today

President likely to promulgate banking ordinance today

President Pranab Mukherjee is likely to promulgate tomorrow an ordinance giving greater powers to the Reserve Bank to tackle mounting bad loans, a top source said.

'RBI can't escape responsibility for bad loans of banks'

'RBI can't escape responsibility for bad loans of banks'

With its nominee Directors on boards of all the government-owned bank, the RBI cannot escape its responsibility for the huge non-performing assets of the banks, said a top union leader said here on MOnday.

Finance Ministry in talks with PSBs to get a fix on growth plans, funding

Finance Ministry in talks with PSBs to get a fix on growth plans, funding

The finance ministry has initiated detailed discussions with select public banks to assess their growth blueprint over the next three years and seek turnaround plans to check if they need more growth capital.

How does CIBIL score impact your borrowing

How does CIBIL score impact your borrowing

CIBIL (Credit Information Bureau India Limited) is credit information company in India, that gathers financial data for maintaining credit records.

EPFO extends deadline for submitting Aadhaar to April 30

EPFO extends deadline for submitting Aadhaar to April 30

Retirement fund body EPFO has extended the deadline for submitting Aadhaar number to April 30, 2017 for its over four crore members.