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Banks may selectively keep their branches open after discussion with authorities: IBA

Lock down and suspension of public transport services has been announced by many Local authorities/State Governments  to curtail the spread of  COVID 19 across various geographies. Keeping this in view , after due deliberation, it is suggested that Member Banks may selectively keep their branches open at such locations after due consult...

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Privatisation of Companies, Fake Currency & Bank Mergers

The Government has given ‘in-principle’ approval for Privatisation of 24 CPSEs including Subsidiaries, Units and Joint Ventures with sale of majority stake and transfer of management control....

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Posted Under: Fema / RBI |

Cabinet permit Foreign Investment in Air India Ltd by NRIs

Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to amend the extant FDI Policy to permit Foreign Investment (s) in M/s Air India Ltd by NRIs, who are Indian Nationals, upto to 100% under automatic route....

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Posted Under: Fema / RBI |

Cabinet approves Consolidation of 10 Public Sector Banks into 4

Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020. Government transforms PSB landscape with consolidation of ten PSBs into four with effect from 1.4.2020. Amalgamations to enable creation of digitally driven consolidated banks with global heft and business synergies....

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Posted Under: Fema / RBI |

Govt puts in place measures to protect Commercial decision making by Banks

The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability....

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Posted Under: Fema / RBI |

Steps taken for Prevention of Fraudulent Banking Practices

. Government has issued Framework for timely detection, reporting, investigation etc. relating to large value bank frauds to Public Sector Banks (PSBs) for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides, inter-alia, that—...

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Posted Under: Fema / RBI |

CBI Searches At 187 Places in bank fraud cases of Rs. 7200 Crore

CBI has registered around 42 cases of bank frauds involving Rs. 7200 crore (approx.). The banks involved (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Ba...

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Posted Under: Fema / RBI |

RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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Posted Under: Fema / RBI |

Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Posted Under: Fema / RBI |

Trade War: Is it a prelude to deglobalisation?

The forex market is unique in several ways. A foreign currency is essentially a commodity outside its jurisdiction and therefore has attributes of an asset. But the exchange rate, the price of the foreign currency normalised to the home currency is an important macroeconomic variable that ought to be determined by economic fundamentals an...

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Posted Under: Fema / RBI |