RBI directs two NBFCs to stop allowing premises for accepting deposits
The Reserve Bank of India has directed two Non-Banking Financial Companies (NBFCs), viz., Muthoot Fincorp Ltd. (MFCL) and Manappuram Finance Ltd. (MAFIL) to stop allowing the use of its premises / branches to accept deposits from public by their associate unincorporated bodies. Muthoot Estate Investment (MEI), was collecting public deposits through the branches of MFCL… Read More
Tags: Deposit account, Kerala, NBFC, Non-banking financial company, Punjab National Bank, RBI Act, Reserve Bank of India, Run batted in
Productivity Trends in Indian Banking in the Post Reform Period Experience, Issues and Future Challenges
(Special Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the FIBAC 2013 organized by FICCI and IBA at Mumbai on August 13, 2013) Shri K.R. Kamath, Chairman, IBA and CMD, Punjab National Bank; Shri H.S.U. Kamath, CMD, Vijaya Bank; Smt. V.R. Iyer, CMD, Bank of India; Shri R.K. Dubey, CMD,… Read More
Tags: Bank of India, Banking in India, FICCI, India, Mumbai, Punjab National Bank, Reserve Bank of India, Vijaya Bank
Compliance Function in Banks: Back to the basics
(Inaugural address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the launch of certificate programmes on Compliance Function and Training on July 12, 2013 in Mumbai) Mr. S.N. Ananthasubramanian, President, Institute of Company Secretaries of India (ICSI);Mr. Allen Pereira, Director, National Institute of Bank Management (NIBM); Dr. R. Bhaskaran, Chief Executive… Read More
Tags: Banking in India, Central Bank of India, India, Institute of Company Secretaries of India, Mumbai, National Institute of Bank Management, Punjab National Bank, Reserve Bank of India
Assignment of Lead Bank Responsibility in districts of Metropolitan Areas
RBI/2013-14/130 RPCD.CO.LBS.BC.No.12/02.08.001/2013-14 July 11, 2013 The Chairmen & Managing Directors All Lead Banks Dear Sir/Madam, Assignment of Lead Bank Responsibility in districts of Metropolitan Areas Please refer to paragraph 70 of Monetary Policy Statement 2013-14, in terms of which it was decided to bring all districts in metropolitan areas under the fold of the lead bank scheme.… Read More
Tags: Bank of India, Canara Bank, Delhi, Indian Overseas Bank, Mumbai, Oriental Bank of Commerce, Punjab National Bank, State Bank of India
Action Against those Exposed by Cobrapost, Red Spider 2 Expose
In connection with Cobrapost, Red Spider 2 Expose that was released today morning, the Secretary, Department of Financial Services Shri Rajiv Takru has asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) Including Allahabad Bank. Andhra Bank, Bank of Baroda, Bank of India ,Bank of Maharashtra, Central Bank of India, Dena… Read More
Tags: Dena Bank, Financial services, IDBI Bank, India, Punjab National Bank, State Bank of India, State Bank of Mysore, State Bank of Patiala
Agreement for sale or an agreement to sell itself does not create any interest or charge
CLR Editorial Notes: In the said judgment, while examining the ambit and scope of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short, the 'Act of 1985') and its overriding application over the provisions of Transfer of Property Act, 1882 (for short, the 'Act of 1882'), with particular reference to Section… Read More
Tags: Bank of Baroda, Dena Bank, Indian Overseas Bank, Objection Certificate, Punjab National Bank, Supreme Court, Supreme Court of India, Swatanter Kumar