IBA has recommended that CREDAI come up with a model structure wherein it could take over unfinished projects and complete them.
This time around, IBA may apply only for Amber companies of IL&FS after a meeting with the Secretary of the Ministry of Corporate Affairs and new Uday Kotak-led board on January 22
The managing committee of the banking lobby has also elected Bank of India's managing director and chief executive, Dina Bandhu Mohapatra, as the deputy chairman, an official release said today.
The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said.
The Reserve Bank of India (RBI) has ignored requests to create guidelines on cash handling by third party providers at ATMs and bank branches, according to industry sources. This puts cash worth Rs 15,000 crore at risk on a daily basis.
Days after Prime Minister Narendra Modi praised bank employees for the hard work done during the demonetisation period, a bank union has demanded overtime for the extra hours put in by staff during the 50-day window that ended on December 30.
The meeting assumes significance as restrictions imposed by the government on currency withdrawal is coming to an end on December 30, which is also the last date for deposit of old currency notes.
With the last date for paying the first installment of due taxes and penalty under the one-time black money window IDS nearing, banks have been asked to accept the old Rs 500 notes from the declarants under the scheme and not seek the source of funds from them.
With the last date for paying the first installament of due taxes and penalty under the one-time black money window IDS nearing, banks have been asked to ensure that such payments are accepted without any hassle and the source of funds is not sought from the declarant.
The break from exchange has been taken keeping the government in loop, Rajeev Rishi, Head of IBA told CNBC-TV18.
In a letter written to Indian Banks' Association (IBA), the financial services department of the finance ministry said it should look into issues, particularly employment of retired bank staff and payment of remuneration and instruct the banks suitably at the earliest.
Two leading bank unions today criticised the government over demonetisation of Rs 500 and Rs 1,000 notes, saying the move has led to "financial chaos" across the country.
The Indian Banks' Association (IBA) has informed banks that United Forum of Bank Unions (UFBU) has served a notice of strike on IBA, informing their decision to go on strike at all banks on July 29 on "issue and demand to stop banking sector reforms".
The proposal made on May 16 included setting up two stressed asset funds instead of one special situations fund. In the two-fold exercise, funds can be Stressed Assets Equity Fund (SAEF) and Stressed Asset Lending Fund (SALF).
The International Bar Association (IBA) recently held a conference that brought together some of the world's leading practitioners to discuss the state of the M&A market globally and in India
Five subsidiaries of SBI are State Bank of Travancore, State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad and State Bank of Bikaner and Jaipur.
Following the proposal, most of the soft drink makers are vexed and IBA, with its 25 members, will make a presentation to the Chief Economic Adviser (CEA) panel next week.
At present, an alert is generated only when foreign exchange (forex) remittance is over one lakh dollars.
The Governor also hinted at lower rates, saying the RBI will look at emerging room for more accommodation on the back of lower commodity prices, astute food management by the government and strong anti-inflation policy stance of the central bank.
Stamp Duty Shocker For Consortiums!
The Indian Banks Association (IBA) said it has urged the Finance Ministry to bring down interest rates on small savings schemes such as the Sukanya Samridhi and National Savings Scheme.
-As per the data made available by the RBI, the gross NPAs (non-performing assets) of the PSU banks stood at Rs 2,60,531 crore, as on December 2014.
In a bid to bring about a change in the banking sector and to address key issues in the diverse spectrum of core banking technologies, the IBA present the IBA Technology Awards. It is a landmark event aimed at highlighting the critical banking and technology related issues that are profoundly impacting the banking industry.
Banks have been providing for a 15 percent wage hike since November 2012. Thus, banks already have incorporated wage increase of 15 percent into their accounting but their offering is 13 percent only.
To ensure that interests of all the stakeholders are 'protected', SA Sridhar from the ING Vysya Bank officers' association said a "tri-partite agreement" between Kotak Mahindra Bank (KMB), ING Vysya Bank, and employees and officers, be signed which will lay out all points in detail.