Banking reforms News

In the first major organised protest against the government`s "anti-people banking reforms", 10 lakh bank employees and officials staged a strike on Tuesday, bringing banking operations across the country to a halt.

 Stringent RBI norms proposed for corporate lending are expected to nudge banks towards consumer loans, SBI Chairperson Arundhati Bhattacharya has said while reiterating that there is no bubble in the retail segment.

RBI Governor need not have a rock star status to be successful and India's ratings would depend on its policies and not any specific personality, Fitch Ratings today said.

Services at around 80,000 bank branches in the country were hit Friday as employees of public sector banks went on a one-day strike to protest proposed merger of SBI associates with the parent and other issues.

Know why PSU bank employees went on strike on Friday

Hinting at major banking sector reforms in the offing, Finance Minister Arun Jaitley Sunday said the country is not at a stage where the government can completely exit its holding in the 27 public sector banks.

Banking transactions in India in the near future will be smooth "paperless and premise-less'' transactions in the country, Prime Minister Narendra Modi said in a bank's function.

The Prime Minister said the entire banking sector is undergoing major transformation with the advent of latest technology.

Former chairman of Axis Bank P J Nayak, who headed a government panel on banking reforms, has criticised government's move to consolidate state-run banks which are facing serious asset quality issues, saying it will only lead to bigger weaker banks.

Country's biggest lender State Bank of India (SBI) on Friday said stressed assets in the system are likely to see a decline due to reforms in power distribution companies and pick up in rural power demand.

Prime Minister Narendra Modi will hold discussions with bankers on January 3 at Pune to draw an "action plan" for reforms in the public sector banks (PSBs).