Finance

Cabinet Clears Bill To Deal With Crisis In Banks, Insurers

New Delhi: The Cabinet on Wednesday gave approval to a proposal to introduce a Bill in Parliament for setting up a Resolution Corporation to deal with bankruptcy in banks, insurance companies and financial entities. The Financial Resolution and Deposit Insurance Bill, 2017, which aims to instil discipline in financial service …

News Updates

Provide Adequate Transaction Details In Passbooks: RBI To Banks

Mumbai: The RBI today asked banks to provide “adequate details” of transactions in the passbooks and statements of accounts so that customers can cross-check them. Earlier, the Reserve Bank had advised them to avoid inscrutable entries in passbooks/statements of account and ensure that brief, intelligible particulars are invariably entered with …

Finance

Government Allows Co-Operative Banks To Deposit Old Notes With RBI

The Finance Ministry on Tuesday allowed banks, post offices and district central cooperative banks to deposit the scrapped Rs. 500 and 1,000 rupee notes with the Reserve Bank of India within 30 days and exchange the value of notes deposit with the new notes. In an official notification the Finance …

News

Telecom Sector Woes Do Not Pose Systemic Threat To Banks, Says Fitch

Mumbai: In the wake of recent liquidity crisis at Reliance Communications, global rating agency Fitch Ratings today said though the country’s banks do not have large exposure to the telecom sector, but defaults could affect lenders with weak financials. “Indian banks’ exposure to troubled telecom companies is not large enough …

News

Don’t report frauds below Rs 1 lakh to police: CVC to banks

The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was …

Finance

Fake Currency Detection In Banks Swell To Maximum In Eight Years

New Delhi: Counterfeit currency detection instances in the country’s banking channels have seen an all time increase in the last eight years at over 3.53 lakh instances, according to a latest government report. All banks, either public sector, private and foreign banks in the country, are mandated to report such …

Finance

Cabinet Clears Bill To Deal With Crisis In Banks, Insurers

New Delhi: The Cabinet on Wednesday gave approval to a proposal to introduce a Bill in Parliament for setting up a Resolution Corporation to deal with bankruptcy in banks, insurance companies and financial entities. The Financial Resolution and Deposit Insurance Bill, 2017, which aims to instil discipline in financial service providers in the event of a …