APN News

  • Sunday, January, 2022| Today's Market | Current Time: 03:21:43
  • UID to now replace PF A/c number

    The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of a subscribers’ funds in case of job change and allow them to track their accounts online. At present when a subscriber changes job, it takes months to transfer provident fund money […]

    SBI planning ops in SKorea, Sao Paulo this year

    In a bid to expand its overseas presence, State Bank of India is planning to set up its operations in South Korea, Sao Paulo and Botswana this year. “The bank is looking at opening a representative office in Brazilian city Sao Paulo and a full service branch in South Korea,” a senior official of SBI […]

    Banks hike lending, deposit rates

    Major lenders, including State Bank of India, ICICI Bank and HDFC Bank have raised their lending and deposit rates by up to one percentage point on the eve of the New Year. While the hike in lending rate will make auto, home and commercial loans expensive, increase in deposit rates will ensure better returns for […]

    RBI directs bank to mandatorily close PPF accounts of HUFs

    The Reserve Bank has directed banks to mandatorily close the Public Provident Fund,PPF, accounts of Hindu undivided families, HUFs, which have completed 15 years and refund the money by March 2011. The Apex bank has said that henceforth HUFs will not be allowed to keep their accounts functional for the extended period of five years […]

    FM rules out systemic failure in alleged fraud at Citibank

    Finance Minister Pranab Mukherjee on Wednesday ruled out any systemic failure in alleged fraud at Citibank which is estimated at 400 crore rupees. Talking to reporters in New Delhi on Wednesday, he said, there are regular regulations and all other precautions are being taken. An FIR for cheating and forgery against a bank employee and […]

    Firms can hedge exchange rate risks via currency options: RBI

    Agreeing to the demand of Indian multinational corporations, RBI has allowed them to hedge exchange rate risks associated with trade transactions and external borrowings through cross-currency options. However, the central bank has attached certain safeguards to this rule, and only those companies will be allowed hedging that have a minimum networth of Rs 100 crore […]

    RBI asks banks to add extra security layer for phone banking

    Banks will ask for an additional password from their credit card customers from the new year for any transactions conducted over phone, subsequent to a Reserve Bank direction for making phone banking more secure. As per the RBI guideline, all the banks will mandatorily decline any telephonic banking transactions, including the automated IVR (Interactive Voice […]

    SBI plans to open 30 new overseas offices next year

    The country’s largest lender State Bank of India is planning to open another 30 overseas offices in the next year to increase its global balance sheet size. “We plan to add about 30 more overseas offices in our network in the next 12 month,” a senior SBI official said. SBI now has 151 offices across […]

    FM not worried about high capital inflows

    Finance Minister Pranab Mukherjee on Friday  said he would not press the panic button due to high capital inflows, including an over USD 38 billion by FII’s till November, though a higher level could be a constraint constraint for the economy to absorb. “We have the capacity to absorb these levels (of capital inflows). If […]

    Axis Bank to Provide MoneyGram International Remittance Services

    Mumbai: MoneyGram International, a global leader in the money transfer industry, has added Axis Bank as a new agent. The bank joined MoneyGram’s international agent network through super-agent UAE Exchange. Axis Bank will offer MoneyGram’s money transfer services at 1,100 locations across the country. “MoneyGram is excited to have Axis Bank offering our services and […]