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.
The bank’s asset quality improved in the period under study as net non-performing assets (NPAs) declined to 2.12 per cent of net advances.
Rajan made a strong case for the IMF to analyse each new unconventional monetary policy, including sustained unidirectional exchange rate intervention.
The chief minister reiterated that Maharashtra was keen on partnership with China on developing infrastructure.
The new Insurance Act allows entry of branch operations of foreign reinsurance giants and 49 % foreign equity in place. As a result, global reinsurers who were so far operating through their service companies will be setting up their full-fledged India operations soon
It will end the right of the Indian partners to nominate a director on the bank board under the articles of association of the bank , court said.
Centre had decided to infuse R6,990 cr in 9 PSBs out of current year’s budget
Rajan said it is a very complicated issue that should neither be taken lightly nor should an easy and rushed explanation be offered to the tragic incidents of suicides.
The RBI is planning to allow business correspondents of one bank to offer payment services to other lenders for better efficiency and optimisation.
At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced weak at 62.54 a dollar from last close of 62.36.
He stated that he is looking into matter to find solutions.
These have been prosecutable offence with rigorous imprisonment up to 10 years.
Stressing that “big bang unthinking reforms” will only lead to problems later on, the Reserve Bank of India (RBI) Governor Raghuram Rajan said the central bank is instead keen on implementing “steady regular reforms at a measured pace”, including ensuring over time a fully convertible rupee and thereby a completely open capital account. In Washington […]
The IMF and the World Bank have forecast that India’s growth rate would be fastest in the world.
The government has also asked banks and insurers to develop a common infotech module by June.
The apex bank has received 72 applications for small finance bank.
HDFC has also revised downwards its deposit rates across various maturities.
Rajan hinted that RBI might issue licenses for setting up of payment banks, small finance banks and a postal bank.
According to a DBS Bank official, benefits of easier monetary policy have yet to reach the real economy.