At present there seems to be a consensus building up on the need of creating a government owned bad bank, though the former governor of Reserve Bank Of India, Raghuram Rajan was not in favour of such an entity.
As per PF rules, 12% of an employee's salary goes into the fund along with a matching contribution from the employer.
Wallet companies cannot "copy" the "Alibaba model" as well, as the domestic regulators are "better", Aditya Puri. The comments are interesting as HDFC Bank also has a wallet service called Chillr.
Borrowers can expect lower rates going forward with second largest private lender HDFC Bank saying there is more room for banks to lower lending rates.
The threshold limit for foreign holding had gone below the prescribed percentage yesterday enabling foreign investors to buy the stock.
Criticising the decision, the former MP said service of SBI would be centred on big corporates once it start function as a global bank. It would also lead to shut down of branches and loss of jobs.
Merchant Discount Rate (MDR) charge, which is levied on debit card transaction, would be even less at 0.3 per cent if transaction is through digital PoS (QR Code), the RBI said in a draft circular on rationalisation of MDR for debit card transactions.
RBI in a notification said that it will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017.
On Wednesday in a post Cabinet meet briefing, Finance Minister Arun Jaitley had announced the final approval of the government to the merger proposal of SBI's five subsidiaries with the parent entity.
Rai also said that the Banks Board Bureau has sent its recommendations to the government to appoint CMD of the Indian Overseas Bank (IOB), the post for which has been lying vacant.
Banks should be allowed to amortise losses on account of haircuts they will have to take while resolving a bad asset, SBI chief said.
With the merger of all the five associates, SBI is expected to become a global-sized bank with an asset base of Rs 37 lakh crore or over $555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
The government, which owns majority in nearly two dozen lenders, has plans to inject Rs 20,000 crore into those banks over the next two financial years beginning April.
After aggressive branch expansion last year, the Dena Bank will add around 26 branches including two branches in the North East during the 2016-17 fiscal
Though it has maintained a stable outlook for the lender, it has lowered the issue ratings on the bank's senior unsecured notes to 'BB' from 'BB'.
Though it has maintained a stable outlook for the lender, it has lowered the issue ratings on the bank's senior unsecured notes to 'BB' from 'BB+'.
This is despite the fact that the industry base for cyber insurance is currently as low as Rs 60 crore.
Economists expect the core inflation to be at 4.9 per cent going forward, giving RBI a reason to not change the repo rate.
Moody's notes that demonetisation has disrupted the recovery observed in the commercial vehicle (CV) loan segment for the past two years.