Tag Archives: bank

AU Small Finance gets scheduled commercial bank status

AU Small Finance Bank has received Reserved Bank of India (RBI) approval to operate as Scheduled Commercial Bank. This bank’s name has now been included in the Second Schedule of Reserve Bank of India Act, 1934. Post acquiring scheduled commercial bank status, AU Small Finance Bank will be able to do borrowing and lending with RBI under Liquidity Adjustment Facility ... Read More »

China’s central bank chief urges Beijing to promote equity, cut debt, eliminate ‘zombie’ companies

China’s central bank boss spelled out his strategy to prevent a future financial crisis, urging broadened equity funding and direct finance to reduce corporate leverage and eliminate “zombie” companies, official media reported on Saturday. Zhou Xiaochuan, Governor of People’s Bank of China, said that the market should play a “decisive role” in allocating financial resources, but also stressed the importance of stronger ... Read More »

Morgan Stanley initiates coverage with overweight rating on AU Small Finance Bank

     AU Small Finance Bank share price gained a little over 2 percent after global brokerage firm Morgan Stanley has initiated coverage with overweight rating on the stock. The research house has set a target of Rs 725 per share for the stock, implying 19.3 percent potential upside over Thursday’s closing price. Morgan Stanley expects the non-banking finance company to ... Read More »

Paytm bank eyes ‘more’ digital wallets

Digital push: The bank will build the most dominant KYC-compliant wallet and payments bank, says Ms. Satti   | Photo Credit: AP To comply with new RBI norms, it will invest $500 mn in KYC infrastructure Paytm Payments Bank expects the new stricter Know Your Customer (KYC) norms, set by the Reserve Bank of India (RBI) for digital wallets, to boost ... Read More »

RBI Says Linking Aadhaar Number To Bank Accounts Mandatory

Mumbai: The Reserve Bank of India (RBI) on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhaar numbers, to bank accounts. It said in a statement the requirement remained in force under anti-money laundering rules. “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is ... Read More »

Bank of Baroda is said to be probed in South Africa over Guptas

Bank of Baroda, which is the only lender in South Africa still offering services to companies linked to the Guptas, is seeking a court order that will allow it to close the accounts. Photo: Mint Johannesburg: India’s Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according ... Read More »

AU Small Finance Bank to partner Aditya Birla Health Insurance

AU SMALL FINANCE BANK:   Au Small Finance Bank will sell health insurance products of Aditya Birla Health Insurance as part of a corporate agency tie-up agreement. “The bank (Au Small Finance Bank) has entered into agreement with Aditya Birla Health Insurance Company Ltd (ABHICL) to act as a corporate agent for health insurance business,” the bank said in a regulatory ... Read More »

Current account and a coffee? It’s the bank with a barista

A bank with a barista: the newly refurbished Lloyds branch in Market Street, Manchester. Photograph: Jon Super/UNP It looks like a US tech giant’s office, complete with its own coffee shop, chic “breakout pods”, the latest biometric technology and an events programme. But it’s actually a new Lloyds Bank branch in Manchester. Welcome to the new world of the bank ... Read More »

Fearing tax raids, Agra jewellers shifting their excess stocks to bank lockers

With Goods and Services Tax (GST) becoming effective in July 2017, the gold jewellery business is one of the biggest sufferers as most of this business used to be transacted without any paperwork in the past. Jewellers were not in a habit of keeping a stock register and often, the stock available with them was significantly more than what they ... Read More »

Govt to unveil bank consolidation plan soon: Arun Jaitley

Finance minister Arun Jaitley said early days of goods and services tax (GST) going smoother than expected. Photo: Mint Mumbai: Finance minister Arun Jaitley said on Friday that the government is working on a strategy for the consolidation of the banking industry to create bigger and stronger banks. “The consolidation of banks will have to move parallel to the objective of ... Read More »