The Reserve Bank on Monday asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30, a move aimed at faster settlement of cheques resulting in better customer service.
United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16, and claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.
Banking services in the country could be affected on Monday and Tuesday amid a nationwide strike of bank unions against the proposed privatization of two state-owned lenders.
Finance Minister Nirmala Sitharaman on Sunday said the government will work with the Reserve Bank for execution of the bank privatisation plan announced in the budget.
The RBI recently decided to put in place a comprehensive framework for grievances redressal.
The RBI on Monday said it has imposed a total penalty of Rs 7 lakh on two co-operative banks, including Rs 5 lakh on Vyavasayik Sahakari Bank Maryadit, for violation of KYC and other norms.
All India Bank Officers' Confederation (AIBOC) General Secretary Soumya Datta said the union has expressed its solidarity with farmers but will not be participating in the Bharat Bandh called by them.
With the call of a nationwide strike by central trade unions on Thursday, banking operations could be hit. The strike, to be observed by ten central trade unions except Bharatiya Mazdoor Sangh, will also be joined by some bank unions.
Concerned over manual identification of bad loans by some banks, the RBI on Monday asked lenders to introduce an automated IT-based system for asset classification and provisioning.
The West Bengal government has allowed banks to operate on working Saturdays as part of further relaxations in COVID-related restrictions, according to an order.
According to the CBDT, it received some representations which revealed that a few banks are imposing and collecting charges on transactions carried out through UPI. A certain number of transactions were allowed free by these banks beyond which every transaction bears a charge, the CBDT noted.
The report noted that the deterioration in the macroeconomic and financial environment is impinging on asset quality, capital adequacy and profitability of banks.
State-owned banks need to be recapitalised or given the alternative of capital conservation as one-year suspension under insolvency and bankruptcy code (IBC) provisions will affect the resolution of stressed accounts, says an SBI research report.
US Congress on Thursday passes new sanctions over Hong Kong rights, targeting banks that do business with Chinese officials who are involved in cracking down on pro-democracy protesters.
As businesses go through a tough phase with fall in revenues and liquidity crunch, a joint report by FICCI and Deloitte suggests that the banking sector can come up with a 'crisis liquidity bridge' for companies through working capital term loan (WCTL) and funded interest term loan (FITL) among other facilities to tide over the coroanavirus crisis.
The Reserve Bank on Monday warned banks that they will have to pay 200 bps additional penal interest if they fail to invest the mandated 50 per cent of the funds raised through targeted long-term repo operations (TLTRO) route in corporate bonds within a month.
Additional Chief Secretary Home Awanish Kumar Awasthi on Friday said on the directions of Chief Minister Yogi Adityanath all banks in the state will remain open on Mahavir Jayanti and Good Friday during the lockdown period.
The Reserve Bank on Tuesday asked the private sector and foreign banks to intimate it six months in advance in cases of re-appointment of managing director and chief executives as against the present practice of four months.
Banks will open across Punjab on March 30 and 31 to facilitate people in their financial transactions amid the curfew restrictions, Chief Minister Captain Amarinder Singh said on Sunday.
Reports have claimed that major banks in India are planning to shut down most of their branches during the 21-day lockdown, which began Tuesday midnight. But how true is it?
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