Latest News Related to Banking & Finance 1. A panel headed by former Economic Advisor to Prime Minister, C Rangarajan sets poverty line at Rupees 32 per day in rural areas and Rupees 47 in Urban areas. He also said that the number of poor in India was much higher in 2011‐12 at 29.5 per cent of the population, which means that three out of 10 persons are poor. The Rangarajan Committee was set up last year to review the Tendulkar Committee methodology for estimating poverty and clear the ambiguity over the number of poor in the country. 2. ICICI Bank leaves behind HDFC Bank as biggest private bank employer: ICICI Bank has overtaken its competitor HDFC in terms of employee number with addition of over 10,000 jobs in the last fiscal. With this, ICICI has emerged as the biggest employer in the private banking space with more than 72,000 employees. 3. Performance ratings of Banks’ customer services to be made public from 2015: From 2015, performance ratings of Banks on customer services will be put in public domain by Banking Codes Standards Board of India (BCSBI). BCSBI is rating banks on customer services on 5 parameters: Transparency, Customer‐centricity, Information dissemination, Grievance redressal system and Customer feedback. 4. National Bank of Agriculture and Rural Development (Nabard) and the Small Farmers’ Agribusiness Consortium (SFAC) have signed a memorandum of understanding (MoU) to jointly implement schemes for the promotion of farm producer organisations (FPOs). 5. The World Bank Group (WBG) has granted GNRC, which was formerly known as Guwahati Neurological Research Centre a grant of $150,000. 6. Bank of Maharashtra was conferred “Best Bank – Public Sector” award in BFSI Awards‐2014 by World HRD Congress in recognition of its performance in Banking category, the bank said in a statement. 7. Mayaram Committee’s definitions of FDI, FII accepted by the Government of India. The Government of India has accepted the report of Mayaram Committee thereby accepting the definitions of FII and FDI. 8. State Bank of India has partnered with payments service provider, Ezetap Mobile Solutions, to deploy mobile point‐of‐ sale (mPOS) solution. The SBI‐Ezetap platform would allow the bank to provide value‐added services for merchants and consumers from a single, secure POS device and application. 9. SEBI has issued new norms for public issuance of debt securities under which such offers have to be of minimum Rs 100 crore, while issuers would need to make additional disclosures and attain atleast 75 per cent subscription. 10. Subhalakshmi Panse, former CMD of Allahabad Bank, has joined the board of Federal Bank as an Independent Director. 11. World Bank lower forecast Growth Rate for developing countries to 4.8% from 5.3 %. -------------------------------------------------------- Source: twitter/sansarlochan
Posted on: Tue, 15 Jul 2014 10:36:51 +0000