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  • If voted to power, home loan EMIs would become cheaper than house rent: Finance Minister Arun Jaitley

    Posted on April 11, 2019 by Mockmania in MONEY & BANKING

    After Reserve Bank of India’s (RBI) interest rate cut yesterday, Finance Minister Arun Jaitley said government wants to further reduce the burden of interest rates on the common man to a level where paying equated monthly installments (EMIs) for home loans will be cheaper than paying house rents. Speaking at an industry event yesterday, Jaitley said the Narendra Modi government has not increased tax rates in the last five years, but has still been able to double the tax base and increase tax collection. He said, if voted to power, the government would pursue policies to enable further reduction in […]

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  • RBI not in favour of changing IDBI Bank’s name

    Posted on March 18, 2019 by Mockmania in REFORM IN BANKING INDUSTRY

    The IDBI Bank’s proposal for changing its name has not found any favour from the Reserve Bank of India, sources said. The board of IDBI Bank last month proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank, following its takeover by Life Insurance Corporation. According to the sources, the RBI is not in favour of changing the name of IDBI Bank. The board had proposed LIC IDBI Bank Ltd as the first preference followed by LIC Bank Ltd. Besides the RBI, change of name requires clearance from the Ministry of Corporate Affairs, shareholders, […]

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  • IDBI Bank’s ‘private lender’ tag a bolt out of the blue for staff

    Posted on March 18, 2019 by Mockmania in REFORM IN BANKING INDUSTRY

    “It’s like throwing the baby out with the bath water.’’ That’s how an officer of IDBI Bank, the first public sector bank to have been privatised in the country, sums up the mood among its employees. The RBI, on March 14, categorised IDBI Bank as a private sector bank for regulatory purposes, with effect from January 21. This was in the wake of Life Insurance Corporation of India (LIC) acquiring 51 per cent of the total paid-up equity share capital of the bank. While LIC acquiring a stake is not new, the labelling of IDBI as a private bank came […]

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  • Public Sector Banks to be ranked on basis of performance

    Posted on February 10, 2019 by Mockmania in MONEY & BANKING

    The government will start surveying public sector banks annually to rank them on performance parameters ranging from profitability to customer satisfaction. Last year, the government had initiated its reforms agenda for state run lenders termed EASE — Enhanced Access and Service Excellence — and directed them to draw up a board-approved strategic vision consistent with their risk-appetite framework. “We will come out with the EASE survey in this fiscal, which will indicate how banks have performed. This will be done annually and will encourage competitiveness among lenders,” a senior finance ministry official said. The parameters include customer responsiveness, financial inclusion, […]

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  • 10% quota for general category poor clears Parliament, set to be law

    Posted on January 10, 2019 by Mockmania in MONEY & BANKING

    Effecting a change in the Constitution to add a new chapter to the laws on reservation nearly three decades after the Mandal Commission recommendations came into force, Parliament Wednesday approved the Constitution (124th Amendment) Bill on providing 10 per cent reservation in jobs and education for the economically weaker sections (EWS) of the general category. Late Wednesday night, and a day after the Bill sailed through Lok Sabha, Rajya Sabha too gave its stamp of approval at the end of a marathon nine-hour debate that saw the Opposition tearing into the government. Questioning the timing, Opposition members said “electoral compulsions” […]

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  • President’s nod for ordinance to amend companies law

    Posted on November 11, 2018 by Mockmania in MONEY & BANKING

    President Ramnath Kovind has given his assent to an ordinance that seeks to promote Ease of Doing Business along with better corporate compliance. The ordinance — Companies Amendment (Ordinance), 2018 — was promulgated on Friday and is based on the recommendations of the Committee appointed by the Government to review offences under the Companies Act, 2013, an official release said. The main amendments relate to shifting of jurisdiction of 16 types of corporate offences from the special courts to in-house adjudication, which is expected to reduce the case load of Special Courts by over 60 percent, thereby enabling them to […]

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  • Finance Ministry likely to finalise second round of capital infusion in PSBs this month

    Posted on November 11, 2018 by Mockmania in MONEY & BANKING

    The Finance Ministry is likely to finalise the second round of capital infusion for public sector banks (PSBs) towards the end of this month taking into account the latest quarter’s performance, sources said. In this round of fund infusion, most of the banks would be getting growth capital for expanding their lending, particularly to micro, small and medium enterprises (MSMEs). Last week, Prime Minister Narendra Modi launched a slew of measures, including loan sanction of up to Rs 1 crore in less than an hour and relaxation in labour and environmental laws for MSMEs to give a boost to the sector, […]

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  • BoB-Dena-Vijaya Merged Bank to get growth capital

    Posted on October 23, 2018 by Mockmania in REFORM IN BANKING INDUSTRY

    The government will provide an additional capital cushion to the proposed merged bank to be formed by amalgamation of Bank of Baroda, Dena BankNSE and Vijaya BankNSE to start the new bank on a stronger footing, a senior government official told. “We will like to have a cushion of at least 50-100 basis points above the existing regulatory capital requirements. The bank will be provided with that growth capital,” he added. The actual capital infusion requirement in money terms will be available only after financials of the July-September quarter are available. In September, the government had proposed a merger of the […]

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  • Things to know about BASEL III

    Posted on October 2, 2018 by Mockmania in Uncategorized

    7 things to know about BASEL III norms You may have often heard BASEL III norms mentioned in the news. These are important global norms that set a common standard for banks across countries. This is why there are global norms called the BASEL norms, to set common standards for banks across countries. Originally set in 1974, the most recent set of norms, called BASEL III, is likely to be implemented in India from 2019. This affects a lot of banks. If you are an investor, you may need to know about the BASEL III norms. Why need BASEL norms?It […]

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  • CAIIB – BFM – Correspondent Banking and NRI Accounts

    Posted on September 16, 2018 by Mockmania in CAIIB - BFM

    Corresponding Banking is the relationship between two banks which have mutual accounts with each other, r one of them having account with the other. 2. Functions of Corresponding Banks: A. Account Services i. Clearing House Functions ii. Collections iii. Payments iv. Overdraft and loan facility v. Investment Services B. Other Services i. Letter of Credit Advising ii. LC confirmation iii. Bankers Acceptance iv. Issuance of Guarantees – Bid-bond, Performance v. Foreign Exchange services, including derivative products vi. Custodial Services etc. 3. Types of Bank Accounts: The foreign account maintained by a Bank, with another bank is classified as Nostro, Vostro, […]

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