NPA in 1983, defaulter in 2010!

Wilful defaulters may be the flavour of the season but they’ve been around for more than three decades, reports Shakti Patra in Mumbai. Wilful defaulters may be the flavour of the season but they’ve been around for more than three decades, reports Shakti Patra in Mumbai. Bank of Baroda, for instance, has an account that was recognised as a non-performing ... Read More »

RBI allows foreign investors to buy up to 49% in Ponni Sugars

Reserve Bank has allowed foreign investors to invest up to 49 percent of the paid-up capital in Ponni Sugars (Erode) Ltd. Foreign Institutional Investors/Registered Foreign Portfolios Investors/Qualified Foreign Investors/Non Residential Indians)/Person of Indian Origin can now invest up to 49 per cent of the paid up capital of Ponni Sugars Erode Limited under the Portfolio Investment Scheme (PIS). RBI said ... Read More »

Debit card usage at merchant outlets less than 5 per cent

Transactions through debit cards at merchant outlets are less than five per cent. Customers freely use credit cards, but not debit ones. The range of uses of the debit card has not yet been understood in India. “Debit card usage has mostly been confined to withdrawing money from ATMs,” says Uttam Nayak , Country Head (India & South Asia), VISA. ... Read More »

ATMs soon to fork out cash without bank account too

People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with the use of mobile technology, Researve Bank of India Governor Raghuram Rajan announced on Wednesday. At present, only bank account holders can withdraw cash from an ATM. “We have recently approved the in-principle setting up of a payment system ... Read More »

Best Loan Buys

. Are you scouting for a loan to buy a house, a car or for your child’s education? Given below are the best deals on offer from public and private sector lenders. (Data provided by [“source-businesstoday”] Read More »

Loans set to get costlier as RBI raises repo rate by 0.25 pc

Reserve Bank Governor Raghuram Rajan on Tuesday again surprised the markets and raised the key policy rate by 0.25 per cent to 8 per cent in a bid to curb inflation, a move that may translate into higher EMIs and push up the cost of borrowing for corporates. “…an increase in the policy (repo) rate by 25 basis points is ... Read More »

New technologies to transform banking business: Infosys

As Indian firms turn towards disruptive technologies to optimise operations, banks too are joining the social media and mobility bandwagon to offer personalised services to customers this year, IT services major Infosys said. According to Infosys’s banking trends for 2014, banks will move towards more simplification of their go-to-customer models. “Simplify, that’s the mantra for banks in 2014. To do ... Read More »

Only 67 million mobile phones linked to bank accounts: NPCI

  Out of over 900 million mobile phones and over 450 million bank accounts, only 67 million cell phones are linked to bank accounts, underscoring the huge unfinished agenda of mobile banking in the country, according to the National Payments Corporation of India (NPCI). “(Number of) Active mobile users in the country is between 500 and 600 million, while the ... Read More »

RBI seen holding rates on Jan 28 on easing inflation: Poll

The Reserve Bank of India (RBI) will likely hold interest rates steady when it meets next week thanks to easing inflation and as it waits for more data, according to a Reuters poll of economists, who also predict better economic growth in the next fiscal year. The central bank will announce its policy decision on January 28. Since being appointed ... Read More »

BofA-ML sees RBI holding rates in policy review on Jan 28

Global brokerage Bank of America Merrill Lynch in a research note has said the Reserve Bank of India (RBI) is likely to hold rates in its next policy meet. The central bank is scheduled to review the monetary policy on January 28. “We continue to expect RBI Governor Raghuram Rajan to hold rates on January 28,” Bank of America Merrill ... Read More »