The bank which made the announcement in an internal e-mail to employees will move around 70 employees working in the division to the retail banking business.
The RBI would undertake a due diligence on the applicant to assess his “fit and proper” status to acquire the stake, it said.
ICEGATE is the customs electronic repository of bills of entry, shipping bills and other import-export documents.
According to reports, the company’s problems began during the financial crisis in 2008 owing to cancellation of large orders.
“Further, subject to regulatory approvals, Sameer Gehlaut, chairman of the company, will be investing in his personal capacity up to 10% stake in OakNorth Bank at the same valuation,” said Indiabulls Housing Finance.
The bank’s provisions for problem loans in the July-September quarter more than doubled to Rs 1,890 crore, which included 25 per cent of a credit account worth Rs 374 crore that was declared as fraud by the bank.
As Hong Kong laws prohibit banks from sharing info, probe by agencies is unlikely to yield results.
Foreign investors pumped in `6,649 cr in Indian equities along with `15,700 cr in domestic debt.
Despite the modest jump, it marks the reversal of an adverse trend: FM
HFCs regulated by the National Housing Bank can lend below prime lending rates, whereas banks regulated by RBI cannot lend below the base rate.
At present, alert is generated only for forex remittances worth over $1 lakh
"So yes, there is a potential problem of perhaps giving people too much more than they can handle which then leads to a debt cycle which can be problematic," said Rajan.
"I think that this Supreme Court ruling today on Aadhar will be quite helpful in making it possible for us to use Aadhar in banking services," said Rajan.
The bank said it is undertaking a “comprehensive review to identify deficiencies in the structure, processes and systems” in order to prevent recurrence of such an incident.
P Chidambaram said more policy steps by RBI were possible if the government stayed firmly on path of fiscal consolidation.
Under control inflation and optimism levels about recovery not rebounding could be major factors.
US Fed call does not change RBI’s monetary policy machinations, says RBI chief Raghuram Rajan
Under the new law, a three-month compliance window has been given for disclosure of all undeclared foreign assets till next month.
However, the financial market segments which are currently open for transactions on Saturdays will continue to remain open on all working Saturdays, the RBI said.
Insurance companies claim the seizures are unjustified and that officers of the Directorate General of Central Excise Intelligence (DGCEI) treated employees “inhumanly” and “harassed them” during search operations.
No differences between central bank, government on monetary policy committee, says SS Mundra
At its last policy review in June, the RBI had projected rising food prices could send consumer inflation to the top end of its 2 to 6 percent target range by January.
As per IRDA norms, general insurers need to park 5% of their reinsurance business with GIC Re.
The scheme would, however, be available only for low-cost housing and subscribers whose monthly salary is less than Rs 15,000. These workers constitute about 70 per cent of the EPFO’s five crore subscribers.
The draft also did away with the earlier suggestion to give the RBI Governor veto power over the MPC members under exceptional circumstances.
CARE says instruments with D rating are in default or are expected to be in default soon.
There are around 400 members who handle 20 per cent of the Rs 84,000 crore premium generated by the Indian general insurance industry.
Proposes a monetary policy committee headed by RBI ‘chairperson’ to decide on rates by majority vote.
The 10-year bonds were raised at a coupon of 9.15 per cent and saw subscription from investors.
By contrast the AIIB has been fast. The Bank, to be headquartered in Beijing, is expected to be operational by next year.
Guernsey is a tax haven that lies within the common travel area of British Isles and part of the European community for the purposes of free trade in goods.
If the proposal is implemented, FIIs could get more headroom for purchases.
Anshu Jain, whotook over as co-CEO of Deutsche Bank on June 1, 2012, will receive no severance pay nor the remaining salary of about 7 million euros per year because he initiated his own departure.
As regards the transmission of rate cuts by the Reserve Bank, Jaitley said the banks gave detailed presentation on how each one of them reduced their lending rates.
The cuts are the latest in a series of heavy staff reductions and will leave HSBC with around 208,000 full-time equivalent staff
The nation's largest lender State Bank of India on Tuesday reduced its base rate by 15 basis points after the RBI cut repo rate by 25 basis points.