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.
RBS, which has not made an annual profit since 2007, booked 6.96 billion pounds ($8.74 billion) of losses for 2016, against a 1.98 billion pound loss in the same period a year earlier.
The assets of State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) will be transfered to SBI from April 1, 2017, SBI said in a regulatory filing.
Minister of State for Finance Santosh Gangwar said the government is not perturbed by the stray incident of fake 2,000 rupee notes bearing 'Children Bank of India' being dispensed from a State Bank of India ATM in South Delhi's Sangam Vihar.
"As per RBI guidelines, we are not allowed to carry out lending activity. But we are allowed to sell third party financial products like other banks do", MD and CEO of APB Shahshi Arora said.
From February 20, the limits from cash withdrawal from savings bank accounts were increased to Rs 50,000 per week. And effective March 13, 2017, there will be no limits on cash withdrawal from savings bank accounts.
The economic affairs secretary said complaints of cash shortages at ATMs are being addressed and requested people to desist from withdrawing more money than they need.
The RBI deputy governor said it's not clear if so many public sector banks were needed and the system will be better off if they are consolidated into fewer but healthier banks.
She said the biggest problem the banks faced during the notes ban drive, when there was a spike in digital transactions, was insufficient quantum of spectrum for the infrastructure to take the additional load, which resulted in many transactions getting timed out and causing inconvenience to customers.
Mr Acharya also said the government would need to inject more funds into state-run lenders, though he did not provide an estimated amount, adding that it would have to attach strict performance conditions.
In 2015, Kotak Mahindra Bank completed acquisition of mid-sized private sector ING Vysya Bank for about Rs 15,000 crore. The deal was touted as India's biggest banking merger.
During the meeting on February 27, the PAC will also undertake performance review of import and export trade facilitation through Customs Port and Special Economic Zones where representatives of Revenue Department will also be present.
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.