RBI: Multiple regulators with different priorities problem for corp bond market

Presence of multiple regulators with disparate priorities is ‘hindering’ the growth of the all important corporate bond market (CBM) in India, a senior RBI official said. The need for a robust bond market has increased, thanks to the stressed balance-sheets of banks, M Rajeshwar Rao, an executive director at the central bank, said. Continue Reading

RTI: Over 3,400 branches of 26 PSBs closed or merged in last 5 years

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country’s biggest lender State Bank of India (SBI). Continue Reading

Bank of Maharashtra files complaint against rumours

Bank of Maharashtra said it has lodged a complaint with Pune police and cyber cell against the circulation of fake news and spreading of rumours about its financial health on WhatsApp, a news site and other social media platforms. This complaint is filed against maligning the image of the bank in various social media platforms, it said in a BSE filing. Continue Reading

Ashok Kapur family backs Yes Bank’s new management

Extending full support to the new management, Yes Bank’s single-largest shareholder and co-promoter, the late Ashok Kapur’s daughter Shagun Gogia said the issues of governance and transparency are fully dealt with now. Gogia, who was recently inducted to the board of the troubled private sector lender, also said her family was fine with lowering their shareholding below the present 8.33 per cent in case a big investor comes on board at the end of the ongoing capital-raising exercise. Continue Reading

Domestic giant Tata comments on rust in Steel demand

Tata Steel India recorded an output of 4.50 million tonne (MT) in the second quarter as against 4.30 MT in the corresponding quarter of the previous financial year. Its sales volumes during the quarter, however, took a hit recording 4.14 MT sales as compared to 4.32 in the year-ago quarter. Continue Reading

NT compiles a list of major financial crimes that shocked India

Ever since Punjab and Maharashtra Cooperative Bank (PMC Bank) crisis unfolded, citizens across India are worried by the mounting financial stumbles that have plagued our nation as our economy continues to stumble downward. In this article, News Today compiles a list of major white-collar crimes that rocked our country. Continue Reading

Government holds meet on issues related to sugar industry

A meeting on ‘Issues relating to Sugar Industry and Cane Growers of Tamilnadu’ was convened by DFS, Ministry of Finance recently here in the city. The meeting was chaired by Additional Secretary, Banking, DFS, Pankaj Jain. Continue Reading

SBI to adopt repo rate as external benchmark from 1 October

On 4 September, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark. Continue Reading

Fintech panel suggest changes to fixed deposits, other financial instruments

An inter-ministerial panel on fintech has suggested legislative changes be made to enable fixed deposits (FDs) and other financial instruments to be issued in dematerialised form as it is customer-friendly and secure. Continue Reading

Google Pay targets 12 million kirana stores, aims to empower merchants

According to director – product management, Google Pay, India, Ambarish Kenghe, more and more people are embracing Google Pay and the aim is to tap into the small and medium businesses (SMBs) and the neighbourhood kirana stores, thus empowering both the merchants and the consumers go digital in a seamless and secure way. Continue Reading