BANK OF INDIA OPENS NEW OFFICES OVERSEAS

by NR INDRAN / INT JOHANNESBURG – Bank of India expanded its Overseas operations by commencing Branch Banking here today. The branch was inaugurated by His Excellency, Mr Nkosana Mashiya, Dy Registrar of South African Reserve Bank in the presence of Mr T Armstrong Changsan, Dy High Commissioner of India, Mr Alok Misra, Chairman & […]

RBI relaxes External Commercial Borrowings norms for infrastructure companies

The Reserve Bank of India, RBI has relaxed the External Commercial Borrowings, ECB norms to help infrastructure sector companies raise more funds from overseas markets. In a notification yesterday, the RBI allowed companies engaged in infrastructure sector to raise bridge finance from overseas market under the automatic route. Under the earlier provision, the companies were […]

SBI cuts fixed deposit rates by 0.5-1%

Mumbai : The Country’s largest bank SBI has announced reduction in interest rate on fixed deposits by 0.5 percent for most of the maturity periods, a move likely to be followed by other lenders. However, for deposits between 241 days and one year, the downward revision is 1 percent. The new rate would be 6.5 […]

Revision in Interest Rates on FCNR(B) / RFC term deposit effective from September 1, 2012

Banks will need Rs 5 lakh cr to meet Basel III norms: RBI

Mumbai : Indian banks will require an additional capital of Rs 5 lakh crore to meet the new global banking norms, Basel III, RBI Governor D Subbarao has said. The new norms are to be implemented in a phased manner by banks by March 2018. The government, which owns 70 percent of the banking system, […]

RBI asks govt to cut subsidies, boost capital expenditure

Mumbai : The Reserve Bank has called upon the government to cut expenditure on subsidies and “use resources so released to step up public capital expenditures”. “With limited fiscal and monetary space available to provide a direct stimulus, an expenditure-switching policy is needed that reduces revenue spending by cutting subsidies and using the resources so […]

IDBI Bank launches Floating Rate Interest on Retail Term Deposit

by NR INDRAN / INT IDBI Bank today launched a customer-friendly product in the form of Floating Rate Interest on Retail Term Deposit (FRTD). This is intended to help the customer leverage the upside of an increase in interest rates and also hedge floating rate borrowings. It is a variant of fixed deposits, wherein the […]

Two-day banking strike begins today‎

Mumbai : Employees of public sector banks have gone on two-day nationwide strike from Wednesday opposing banking sector reforms and outsourcing of non-core activities, affecting operations. Several private sector banks, foreign banks and ATMs, however, continued to operate normally. The strike call was given by the United Forum of Bank Unions (UFBU), an umbrella organisation […]

BANK OF INDIA – Dividend Payment to Government of India.

by NR INDRAN / INT Shri Alok K. Misra, Chairman and Managing Director, Bank of India, presented a dividend warrant of INR 251.92 crore   for the financial year 2011 – 2012 to the Honorable Finance Minister of India, Shri P. Chidambaram, on 17th August, 2012. The occasion was also graced by the presence of Honorable […]

K. C. Chakrabarty re-appointed as Deputy Governor of RBI

Dr. K. C. Chakrabarty has been re-appointed as Deputy Governor of Reserve Bank of India. A RBI press release informs that his tenure will now last upto 30th June, 2014, that is till he attains the age of 62 years or until further orders. Chakrabarty was appointed as RBI’s Deputy Governor in 2009 for a […]