RBI is exploring the possibility of interest free banking in India to improve financial inclusion. According to Annual Report released by RBI: “Some sections of the Indian society have remained financially excluded for religious reasons that preclude them from using banking products with an element of interest. Towards mainstreaming these Read more…
Next time you walk in to ATM for cash withdrawal, the ATM Machine may offer you a personal loan. With the help of technology for data analysis, Banks are now pre approving small value personal loans, which can be disbursed through ATM machine. Banks have been providing pre-approved loans through interest banking and Read more…
National Payments Corporation of India (NPCI) announced on 25th August that the Unified Payments Interface (UPI) has been made operational for customers of 21 banks. NPCI said that the details of the service shall be available on the respective bank’s website. UPI application of member banks can be downloaded from Google Play Store. UPI App Read more…
Sovereign Gold Bond Scheme, 2016; and Sovereign Gold Bond Scheme 2016 – Series II were announced by the Government of India vide notifications dated January 14, 2016 and March 04, 2016, respectively. In terms of Para 17 of the Scheme, it is notified that the Sovereign Gold Bonds (issued on Read more…
The Reserve Bank of India today issued Master Directions on six subjects relating to Non-Banking Financial Companies (NBFCs) under its regulation. These directions consolidate/reorganise instructions issued in various Circulars/Directions/ Notifications/Master Circulars. The six Master Directions replace instructions contained in existing Master Circulars. The subjects on which Master Directions have been Read more…
The Reserve Bank of India today placed on its website the Draft Large Exposures (LE) Framework for comments. The salient features of the proposed Large Exposures (LE) Framework include: The Large Exposure (LE) limit in respect of each counterparty and group of connected counterparties, under normal circumstances, will be capped Read more…
Here is the list of salary of top bankers in India. Managing Director of HDFC, Aditya Puri is being paid highest salary in Banking Industry in India, who got 32% hike in salary. Aditya Puri Managing Director, HDFC Remuneration (2015-16): Rs 9.7 crore per annum Dipak Gupta WTD designated as Joint Read more…
SBI has already approved merger of its associate banks and Bhartiya Mahila Bank. Cabinate has given approval for merger of 5 associate banks with RBI, although no decision about merger of BMB. Here are some facts about the merger and position of SBI post merger: Banks which will be merged Read more…
Urjit Patel, the present Deputy Governor of Reserve Bank of India has been announced as successor of Raghuram Rajan. Urjit Patel will take charge on September 4 after Raghuram Rajan demits office. The appointments committee of the cabinet (ACC) has approved the appointment of Dr Urjit R Patel as Governor of Reserve Read more…
Every other day there is a story about bank robbery, some inspired by a movie and some with such mindblowing ideas that movies are made on them. But can you imagine what could be the amount of biggest bank robberies? There are bank robberies amounting in thousands of crores and some Read more…