BUSINESS
Exclusive: 11 AGMs among 60 staff suspended by Bank of Baroda over digital app row
The RBI found certain irregularities in onboarding of new customers to the bank’s digital app, BOB World. Following this, the bank initiated an inquiry. Most of those suspended are from the Vadodara region, a source has told Moneycontrol
BUSINESS
Exclusive: Bank of Baroda likely to file rectification report on BOB World app audit to RBI soon
BoB is hoping that the Reserve Bank will revoke the suspension on onboarding new customers before Diwali, said a person familiar with this matter.
BUSINESS
Limited access to technology is major challenge for cooperative banks: NAFCUB president Mehta
More than 50 percent of urban cooperative lenders are very small in nature and hence can't buy the requisite technology, said Mehta.
BUSINESS
Amit Shah pushes cooperative banks to ensure 100% growth in deposits in 5 years
Shah added that to strengthen and modernise Urban Cooperative Banks and protect the spirit Cooperation, an Umbrella Organisation is required.
BUSINESS
MC Exclusive | RBI starts wholesale CBDC pilot for call money, say sources
The central bank launched the wholesale pilot of CBDC on November 1, 2022, to settle the settle secondary market transactions in government securities.
BUSINESS
Bank of Baroda restructures portfolios of top executives
Newly joined Executive Director Lal Singh will oversee the Chief Technical Officer and look at IT operations, Ajay Khurana and Joydeep Dutta Roy, Lalit Tyagi are the three others who have been given additional responsibilities.
BUSINESS
MC Interview: Crypto should be taxed like any other asset, says Sanjeev Sanyal
The member of the EAC-PM said India is trying to widen the use of its financial messaging system, Structured Financial Messaging System, following the exceptional success of UPI.
BUSINESS
Four large public sector banks will continue to exist in future: Sanjeev Sanyal
India currently has 12 public sector banks. Sanyal, a member of the prime minister’s economic advisory council, said that he hopes to see a larger share of the banking system in private hands over a period of time.
BUSINESS
Interview: RBI may cut repo rate from June 2024, says StanChart’s Anubhuti Sahay
The bank’s South Asia research chief added that the RBI's open market operation interpretation is primarily to reduce volatility in the government bond market.
BUSINESS
Exclusive: Govt approves 12 Executive Director appointments at public sector banks
Public sector banks including BOB, UCO, Punjab and Sind, Union Bank of India, and Canara Indian Banks will get their new Executive Directors.
BUSINESS
RBI to issue framework for SRO recognition for regulated entities
Additional sector-specific conditions may also be prescribed at the time of calling for applications, according to RBI governor Shaktikanta Das.
BUSINESS
RBI to issue guidelines on prudential framework for income recognition, asset classification
RBI monetary policy: The prudential norms had been reviewed and draft guidelines would soon be released for comments, the RBI governor said
BUSINESS
Banks may not change lending, deposit rates after MPC meet, say bankers
Some private and public sector lenders have already revised their rates ahead of the Monetary Policy Committee meeting that ends on October 6.
BUSINESS
RBI’s MPC may opt for a rate pause again, keep tight liquidity, say experts
The central bank has raised the repo rate by 250 basis points (bps) since May 2022, but has kept it unchanged since February this year.
ECONOMY
Exclusive: RBI may extend deadline to return Rs 2,000 notes till end-Oct
The central bank said on September 1 that Rs 2,000 banknotes worth Rs 3.32 lakh crore, or 93 percent of these currency notes in circulation, had returned to the banking system
BUSINESS
Interview: Minimum assured return plan to launch this fiscal: PFRDA Chairman Deepak Mohanty
The body that regulates retirement planning organisations is also aiming to enrol 13 lakh new non-government individuals under the Nation Pension System in FY24.
BUSINESS
MPC may keep interest rates unchanged: Federal Bank MD & CEO Shyam Srinivasan
Srinivasan added that if there is visibility that vegetable prices are cooling off, then inflation may drop as he does not see further pressure on other items in the food basket.
BUSINESS
Indian banks will look for lower duration bonds post global bond index inclusion, say experts
Economists believe that the demand-supply mismatch in government securities market post inclusion will be addressed by the RBI by conducting Open Market Operation (OMO) sales.
BANKS
Don't see India-Canada spat hurting banking business in Canada, say experts
There are two major Indian banks with operations in Canada — State Bank of India (SBI) and ICICI Bank.
BUSINESS
Indian banks turn cautious about loans for Canada-bound students
The escalating diplomatic tensions between India and Canada have created uncertainty over travel and visas
BUSINESS
CSB plans to ramp up vehicle loans business through fresh tie ups
Last month, CSB Bank tied up with commercial vehicle maker Ashok Leyland to offer vehicle financing to its customers. The two sides also signed a memorandum of understanding in this regard
BUSINESS
MC Explains: Neo-banks and how they work
Neo-banks typically operate through mobile apps or websites and offer a user-friendly, streamlined and cost-effective banking experience
BUSINESS
September 30 last date to submit Rs 2,000 notes, but no rush seen at banks
Bankers say most notes have returned to the system; some believe the RBI may extend the deadline.
BUSINESS
We've lined up digital products to tap the market trend, says City Union Bank chief Kamakodi
Recently, CUB has appointed Boston Consulting Group (BCG) to upgrade its digital-lending processes, said MD & CEO.
