NEWS IN BANKING & FINANCE 1. Reserve Bank of India released second Bi- Monetary Policy Statement. 2. Treasury heads of three banks ET spoke to confirmed that RBI officials have informally communicated that banks can resume trades under respective NOP limits. 3. Reserve Bank of India kept key rates unchanged. While the repo rate was maintained at 8% and reverse repo rate at 7%, the SLR was cut by 50 basis points. 4. KYC norms for opening bank account have been eased by RBI. Now single documentary proof of address can be used to open a bank account. 5. The Reserve Bank of India will modify its retail bonds linked to consumer prices as its first attempt to insulate investors from price rises failed with only a few buying them. 6. Bank deposits grew at 13.91 per cent year-on-year to Rs. 79,00,894 crore, similar to credit growth, data from the Reserve Bank of India (RBI) showed. 7. RBI has tightened the money laundering rules for money transfer companies and has empowered their designated directors to penalise offerders who failed to comply with the Prevention of Money Laundering Act, 2002. 8. India and the US have agreed to implement Foreign Accounts Tax Compliance Act (FATCA), a US law that targets tax non-compliance by US taxpayers with foreign accounts. 9. The Reserve Bank of India allowed minors above the age of 10 to open and operate savings bank accounts independently. This was to promote the objective of financial inclusion and to bring uniformity among banks in opening and operating minors’ accounts. 10. The RBI panel, headed by Ex-Chairman of Axis Bank, P. J. Nayak, said to dilute the government stake in public sector banks to below 50 % as the 26 public sector banks (PSBs) suffer due to several ‘externally imposed constraints’ like dual regulation by the RBI and the Finance Ministry, and external vigilance by agencies such as the CVC and CAG, among others. 11. Reserve Bank of India (RBI) on 9 May 2014 barred Indian companies from raising the External Commercial Borrowings (ECB) from overseas branches and subsidiaries of Indian banks for refinance or repayment of the Rupee loans raised from domestic banking system. 12. 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.
Posted on: Thu, 17 Jul 2014 09:00:55 +0000
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