Banking System News

ICICI RuPay Credit Cards: Sudipta Roy, the credit card head of ICICI Bank while launching this card said that we have always given priority to the convenience of the customers.

Taking to Twitter, the former finance minister also said the RBI figure has suggested that the government had actually demonetised only Rs 13,000 crore and the "country paid a huge price" for it. 

The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.

The Lok Sabha and Rajya Sabha have witnessed repeated adjournments during the second half of the Budget session that began on March 5, with opposition parties stalling proceedings over issues, including Punjab National Bank (PNB) fraud.

Bhattacharya said the presence of these platforms has actually reduced the cost of transactions to probably the lowest anywhere in the world.

Mergers of PSU banks should be done only after balancesheets are cleaned up and these are nursed back to health with adequate capitalisation, said former RBI governor Raghuram Rajan.

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.

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

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.

Concerned over high level of bad loans in the banking system, a parliamentary panel has asked PSU banks to devise a mechanism to detect stressed assets early so that urgent corrective steps can be taken.

With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.

With debt instruments leading the way, Indian companies have garnered an estimated Rs 6.3 lakh crore from the marketplace in 2016.

Coming to the rescue of the farmers who are facing huge cash crunch following PM Modi's decision to demonetise the high value currency notes, Finance Ministry on Thursday said that they can draw upto Rs 25,000 a week.

Reserve Bank of India, Bhubaneswar has said new Rs 500 notes will be available in different bank counters across Odisha from Thursday and urged people to ignore rumours on circulation of fake Rs 10 coins.

With about Rs 4 lakh crore coming into the banking system within a week after demonetisation, Moody's Investors Service on Wednesday cautioned that banks' deposit base will witness a "sharp decline" as and when the current restriction on cash withdrawals eases.

India's banking system outlook is likely to be stable over the next 12-18 months as the pace of formation of bad loans is expected to decrease compared to last five years, global rating agency Moody's said Monday.

Finance Minister Arun Jaitley is undertaking a quarterly performance review of state-run banks here on Friday not just to see the progress of various financial inclusion schemes, but also look at the overall health of the banking system, officials said.

Mutual funds ramped up their allocation for bank stocks to a record high of nearly Rs 94,000 crore by June-end, primarily on account of steps taken by the government and RBI to clean up the banking system.

Rajan has been under attack from the ruling party BJP's Rajya Sabha MP Subramanian Swamy, among others, for what they term as the RBI Governor's failure to effect necessary interest rate cuts to boost the economy.