Reserve Bank of India directs banks and other financial institutions to give defaulting borrowers at least 21 days to respond before classifying them as fraud accounts.
The 444-day deposit scheme is named “Amrit Vrishti and offers interest rate of 7.25%; this is 15 basis points more than SBI’s prevailing highest rate.
Bank of Baroda pays dividend cheque of Rs 2,514.22 crore and Canara Bank Rs 1,838.15 crore for FY24 to government; other two banks are Indian Bank and Bank of India.
RBI Deputy Governor Rajeshwar Rao flags concerns over quality of disclosures made by some NBFCs.
Reserve Bank of India imposes monetary penalty of Rs 1.31 crore on Punjab National Bank for violating norms related to loans and KYC.
Punjab National Bank's global loan book grows 12.7% YoY to Rs 10.3 lakh crore in Q1; deposits up 8.5%.
Canara Bank signs MoU with Karnataka State Police for premium payroll accounts.
Private lenders have raised interest rates on personal loans by 30-50bps after RBI terms them riskier in November 2023.
Govt keeps interest rates on PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, NSC and other small savings schemes unchanged for July-September quarter.
A government panel recommends Challa Sreenivasulu Setty’s name as next SBI chairman, after interviewing three MDs including Ashwini Tewari and Vinay Tonse for the post.
AIBOC and AIBEA demand merger of regional rural banks with their respective sponsor banks.
RBI raises concerns about consumer credit; says more than half of borrowers in the segment have at least three loans running at same time.
Sharp fall in bad loans of Indian banks to 2.8% and strong GDP numbers will help in sustaining growth momentum and withstanding global shocks, RBI's Financial Stability Report said.
Objective is to fund short-term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries.
This is fifth infrastructure bond issuance launched by State Bank of India; it will encourage other banks to issue bonds of longer tenor, says SBI chairman Dinesh Khara.
