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Finance

RBI claims ACU ban will ease oil imports

RBI officials have sought to clear the air over recent payment rules which some suggest will curb India’s trade with Iran, especially in the oil sector, saying that the central bank actually aimed at facilitating it. The move is aimed at helping importers, who are facing difficulties in settling payments through dollar or euro due […]

Banking

Citi Bank fraud: Sebi probes violation in income proof rules

In connection with the alleged Rs 300-crore Citibank fraud, Sebi is probing whether the stock brokers collected from the accused his income proof documents, a mandatory requirement for trade in derivatives market. The market regulator had made it mandatory in December 2009 for the brokerage firms to collect income proof documents from all their clients […]

Finance

RBI investigating Rs 300 crore Citi Bank fraud

The Reserve Bank is investigating the 300 crore rupees fraud in Citi Bank’s Gurgaon branch, which saw diversion of depositors funds in stock markets. Several high networth individuals including promoters of Hero Group, were lured by Citibank’s Relationship Manager Shivraj Puri, the main accused in the scam, into investing funds on promise of high returns. […]

Finance

FDI inflows dip for 2nd consecutive month

The Foreign Direct Investment, FDI inflows to India have dipped for the second consecutive month .It fell by about 7 per cent to 1.6 billion US Dollars in November 2010 over the same period in 2009. In November 2009, FDI stood at 1.72 billion US Dollars. However, the government is making efforts to attract more […]

Finance

Bank of America Announces Fourth-Quarter Actions With Respect to Its Home Loans and Insurance Business

United States: Bank of America has announced agreements with the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) to resolve repurchase claims involving certain residential mortgage loans sold to them by entities related to Countrywide Financial Corporation (legacy Countrywide). Bank of America has also announced that in the […]

Finance

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 […]

Banking

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 […]

Banking

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 […]

Finance

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 […]

Finance

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 […]