A sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product (GDP) growth to 5 per cent in the April-June quarter.
Banks might be made answerable in future for refusing loans to eligible MSME players, Union Minister Pratap Chandra Sarangi said on Thursday. The Minister of State for MSME stated that the development of the sector is often hampered due to non-cooperation of banks and his ministry was in talks with the finance ministry to address the issue.
Reserve Bank deputy governor MK Jain on Tuesday slammed banks for poor compliance with regulations, and pointed out that high value frauds and fines are a result of their lackadaisical attitude on this.
The first option was to open banks from 9 am to 3 pm, second option was from 10 am to 4 pm and the third option was from 11 am to 5 pm.
Bank holidays in August: Banks remain closed on several occasions in August month. There are more public holidays, including, Independence Day, Raksha Bandhan, Bakrid, Sri Krishna Janmashtami and Parsi New Year. However, the public holidays may differ from one bank to another or even from one state to another.
The leverage ratio, as defined under Basel-III norms, is Tier-I capital as a percentage of the bank's exposures. The framework is designed to capture leverage associated with both on- and off-balance sheet exposures.
The Reserve Bank of India Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers.
Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals.
Bank unions Friday urged Prime Minister Narendra Modi to take over grounded Jet Airways to secure the future of the 22,000-odd employees of the carrier.
The accused have cheated the Axis Bank, HDFC Bank, IndusInd Bank, SBI, RBL, ICICI Bank, Bank of Baroda and other banks.
In the wake of strikes and holidays, the banks will remain closed from next Friday to Wednesday, except Monday and the banking services could adversely be affected on these days.
Banks recovered Rs 36,551 crore in the first quarter of 2018-19 and had recovered Rs 74,562 crore during 2017-18.
India's largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, led the pack in penalising its customers for not maintaining minimum account balance.
The ICA is being signed by 22 public sector banks, including the India Post Payments Bank, 19 private sector banks and 32 foreign banks.
The Committee was formed to protest against what are termed as attacks on the banking and insurance sectors like foreign direct investment (FDI), disinvestment and other sectoral reforms.
Availing the right home loan is not as easy as it appears. It seems to every individual that banks and financial institutions are eager to lend you money to buy a house property of your own, but getting a home loan sanctioned can be a tedious task.
About 43 per cent of loans are extended to the power generation sector, followed by distribution at 37 per cent and transmission at 20 per cent, the report said.
Finance Minister Arun Jaitley said that lowering interest rates is a decision entirely in the domain of banks.
Foreign brokerage Morgan Stanley today said it sees banks' provisioning for 12 largest default accounts doubling up from the current level.
The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20
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