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17 March, 2018 3:34 AM RBI has enough powers to supervise banking sector: C Rangarajan

Disagreeing with RBI Governor Urjit Patel, former central bank chief C Rangarajan on Friday said the Reserve Bank has 'enough powers' to supervise the banking sector, though it has to consult government while taking action against earring bankers. Disagreeing with RBI Governor Urjit Patel, former central bank chief C Rangarajan on Friday said the Reserve 65

16 March, 2018 3:08 PM India Q3 current account deficit widens to $13.5 bn

Mumbai: Driven by higher imports, India`s current account deficit (CAD) widened to $13.5 billion during the third quarter of 2017-18 from $7.2 billion in the second quarter and $8 billion in the corresponding period in 2016-17, Reserve Bank of India (RBI) data showed on Friday. "India`s CAD at $13.5 billion (2 percent of GDP) in Q3 of 2017-18 increased 32

16 March, 2018 1:24 PM Banks' NPA steadily rising for past 8 years: MoS Finance Shiv Pratap Shukla

The finance ministry on Friday informed the Lok Sabha that bad loans in the banking sector have been rising steadily for the past eight years and in case of state-run banks it crossed Rs 7.77 lakh crore at December-end 2017. In different written replies in the house, Minister of State for Finance Shiv Pratap Shukla said gross non-performing assets (NPAs) 30

15 March, 2018 5:23 PM Mukund Rajan quits Tata Sons, heads for TPG venture

PE firm had bid for Tata Teleservice’s enterprise business Mukund Rajan, chief ethics officer of Tata Sons, has resigned from the company. He will be relieved from service on March 31, 2018. In his new assignment, Dr. Rajan will be non-executive chairman of a management consortium backed by TPG Capital, which has placed a bid for Tata Teleservices Ltd.’s enterprise 46

15 March, 2018 4:57 PM Rijiju blames malware for two bank heists

One bank recovered all the money, another yet to Minister of State for Home Affairs Kiren Rijiju said on Thursday that SWIFT-based malware attacks were reported in two Indian banks. He said an employee of the Union Bank of India mistakenly opened an e-mail that he thought had been sent by the Reserve Bank of India (RBI) leading to one of the biggest 43

13 March, 2018 1:52 PM RBI stops use of LoUs for trade credit for imports

The decision to discontinue the practice of Letters of Undertakings and Letters of Comfort for trade finance comes into force with immediate effect, says the RBI In a major decision, the Reserve Bank of India (RBI) on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul 33

9 March, 2018 5:25 PM RBI fines Airtel bank ₹50 million

The Reserve Bank of India (RBI) has imposed a penalty of ₹50 million on Airtel Payments Bank Limited (the bank) for contravening operating guidelines for payments banks and the directions issued by it on know your customer (KYC) norms. This action is based on the deficiencies in regulatory compliance, the Reserve Bank said. “It is not intended to pronounce 61

9 March, 2018 8:57 AM Govt had sought Rs 13,000 cr additional dividend from RBI: FinMin

The government today said it had sought Rs 13,000 crore more from the Reserve Bank over the Rs 30,659 crore surplus fund it transferred earlier. Economic Affairs Secretary Subhash C Garg had said yesterday that the government was expecting "some more" dividend from the central bank this month. In August, RBI had paid a dividend of Rs 30,659 crore for the fiscal 50

8 March, 2018 5:26 PM RBI fines Equitas for selling MF, insurance products without approval

The Reserve Bank of India (RBI) has imposed a penalty of Rs 10 lakh on Equitas Small Finance Bank for distributing mutual fund, insurance and wealth management without taking prior regulatory approval. “The bank reported having undertaken the activity of rolling out Mutual Fund units, Pension products, Insurance products and portfolio management services 48

8 March, 2018 7:10 AM TeamLease Services advances 4% on increasing FPI investment limit to 75%

Shares of TeamLease Services rose 4.6 percent intraday Thursday on increasing foreign portfolio investment (FPI) limit. The company received approval from Reserve Bank of India (RBI) for increase in FBI investment limits under portfolio investment scheme from 24 percent to 75 percent of the paid up capital of the company pursuant to board and shareholders 61