indian banks

Auditors will be asked to track the end-use of loans given to corporates when they start annual bank audits in a couple of months. The Institute of Chartered Accountants of India (ICAI), the country’s accounting regulator, has decided to ask member Full Article

Mobile service operator Vodafone is in talks with foreign banks to provide counter guarantee to nationalised banks in India for a sum of Rs 8,500 crore. This follows an order from the Supreme Court last week asking the telco to furnish a bank guarant Full Article

Scale has generally been viewed as the most important, if not the dominant, determinant of bank competitiveness. In the Indian context, no discussion about banking sector reform is complete without reference to consolidation, which is generally take Full Article

Finance Minister Pranab Mukherjee on Tuesday asked banks to put in place systems and procedures with the view to becoming global players and also promote financial inclusion. Full Article

29th January is an important date. Now it’s not a red letter day or neither is any day the Indian history to be remembered. For financial market 29th of January remains a big day as the RBI will hold its much-awaited monetary policy. The whole Indian economy is keeping a close eye on the movement of the giant steps of RBI. It have been a much hyped that RBI might go for a rate hike any time soon. Prime drivers of this are the food inflation and the CPI. Full Article

The finance ministry, upset with the new rules for calculating foreign direct investment (FDI) in Indian companies, has sought to overhaul the entire policy to shut ‘loopholes’ that allow investors to breach sectoral FDI caps through investments via offshoots. In a fresh missive to the Department of Industrial Policy and Promotion (DIPP), the government body responsible for framing foreign investment policy, the ministry has asked for a review of the policy that has .. Full Article

The Reserve Bank of India (RBI) is likely to turn down a fresh request from banks to increase the exposure limit to a single corporate group.Banks led by State Bank of India (SBI) had approached RBI to relax group exposure norms for infrastructure sectors, at least for corporate houses that enjoy a high level of credibility. Full Article

After 31st March 2010 Indian banks will have to adhere to the Basel II norms. India had adopted Basel I guidelines in 1999. Later on in February 2005 the RBI had issued draft guidelines for implementing a New Capital Adequacy Framework, in line with Basel II. The deadline for implementing Basel II, originally set for March 31, 2007, has now been extended. Foreign banks in India and Indian banks operating abroad will have to adhere to the guidelines by March 31, 2009. Full Article