President promulgates ordinance to bring co-operative banks under RBI supervision
The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks, an official statement said on Saturday. The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws, it added.
Bringing co-operative banks under RBI could create challenges for state governments
The central bank and state governments may often end up i...
Bank of Baroda to completely digitise lending operations
The validation and disbursal of fresh loans will happen via this digital platform wh...
RBI needs to revisit policy restricting big corporates from promoting banks: R Gandhi
He said the needs and aspirations of the Indian economy make it necessary to look at sources of large capital from entering the banking fray, so that large projects can be supported and also pitched for a renewed thrust to be given to the wholesale banks model.
Google Pay operational validity under High Court lens
A two-member bench of the Delhi High Court has ordered a “detailed hearing” on whether the payment platform operates as a TPAP, or a full-fledged payment system provider in which case it would be in violation of the Payment Systems Settlement Act 2007.
Does RBI wants co-operative banks to wither away?
The RBI has often acted with haste and betrayed its understanding of co-operative banks.
Yes Bank scam: High Court allows BW BusinessWorld Media to operate two bank accounts freezed by ED
Justice A K Chawla and Justice Navin Chawla, in separate orders, said the provisional attachment orders of ED was specific for the amounts attached and granted liberty to the petitioners to operate the two bank accounts subject to keeping a balance of the amount so attached in the two accounts.
Standard Chartered Bank starts operations at IFSC GIFT City
A slew of Indian lenders have operations at the IFSC, which helps them operate like a foreign unit, even though located within the geographical limits of India, and gives access to cheaper funds and also provides products for the global needs of Indian corporates.
RBI doubles withdrawal limit for PMC depositors
The RBI stated that they have been in continued talks with all the stakeholders involved and pointed out that owing to the extent of the negative net worth of the bank, and the need to recover bad loans, the resolution of the bank will take further deliberation.
RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months
The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank.
RBI allows relaxation to payment operators on various compliance deadlines
With companies operating with limited workforce due to the coronavirus pandemic, and several of these due dates on compliance soon set to lapse, many players were staring at missed deadlines. “Keeping in view the present situation it has been decided to extend the timeline for compliance in respect of a few areas…” the central bank said in a circular.
Axis Bank to wind down UK subsidiary
The lender has been reviewing its international strategy and as part of this, has adopted a clear objective to focus on the Indian banking market and harness the potential there, it said in a regulatory filing.
Chinese banks go slow on large loans
Charge filings with the Ministry of Corporate Affairs, compiled by data intelligence provider Propstack, show that ICBC and CDB have not disbursed any large-ticket term loan in India since 2018.
Axis Bank to close British subsidiary, focus on Indian business
"In line with this objective, the bank has taken a decision to fully wind down and close the operations of Axis Bank UK Ltd, a subsidiary of the bank, and targeting for surrendering of the banking licence by end of April 2021," bank said in regulatory filings at stock exchanges late on Thursday after closing hours.
Foreign banks fret over RBI’s proposal for a board in India
The foreign lenders are flummoxed by the regulator’s suggestion to form board of directors in India.
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