Category: Banking

India’s forex reserves fall to $398.8 billion

  Reserve Bank of India data showed that India’s foreign exchange reserves fell for the second straight week to $398.761 billion. The reserves, which act as a cushion against dollar outflows, fell $1.560 billion in the last two weeks amid concerns over tightening of global monetary easing. While RBI does not provide reasons behind fall

SBI cuts benchmark lending rate by 0.05 pc across maturities

  The country’s largest lender State Bank of India (SBI) slashed benchmark lending rate by 0.05 per cent across maturities. The reduction in marginal cost of funds based lending rate (MCLR) came after a gap of almost 10 months. The move by the SBI will trigger rate cut by other lenders. SBI said that the

SBI sanctions Rs 2,317 crore for financing solar power projects

  State Bank of India announced sanction of credit facilities amounting to Rs 2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank programme. This funding will create solar power capacity aggregating 575 MW. India’s largest bank sanctioned loans to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure

Government sets up Arun Jaitley led panel on PSU bank mergers

  The government has constituted a ministerial panel headed by Finance Minister Arun Jaitley to oversee merger proposals of state-owned banks. The other members of the panel include Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman. Last week, Mr Jaitley had announced 2.11 lakh crore rupees capital infusion roadmap for the public

The Government of India and World Bank sign $200 Million Loan Agreement for the Assam Agribusiness and Rural Transformation Project

  The Government of India and the World Bank signed a $200 million Loan Agreement for the Assam Agribusiness and Rural Transformation Project. The Project will support the Government of Assam to facilitate agri-business investments, increase agriculture productivity and market access, and enable small farm holders produce crops that are resilient to recurrent floods or

Govt to infuse Rs. 2.11 lakh crore into PSU banks over 2 years

  The government has announced an aggressive Rs. 2.11 lakh crore capital infusion for the NPA hit public sector banks over a period of two years. Out of this, Rs. 1.35 lakh crore will be through the recapitalisation bonds, while remaining Rs. 76,000 crore from the budgetary support. The capital infusion would be done over

PMLA: Banks to now match original IDs with photocopies

  The Government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the prescribed threshold, to weed out the use of forged or fake copies. The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the

RBI clarifies that linking Aadhaar to bank accounts is mandatory

  The Reserve Bank of India has clarified that linking of Aadhaar to bank account is mandatory under the Prevention of Money-Laundering (Maintenance of Records). The clarification comes after a section of the media reported while quoting a reply to a Right to Information Act application that linking of bank accounts with Aadhaar is not

Govt permits banks to sell more small savings schemes

  In order to encourage savings, the government has allowed banks, including top three private sector lenders, to accept deposits under various small savings schemes like National Savings Certificate (NSC), recurring deposits and monthly income plan. Until now, most of the small savings schemes were sold through post offices. According to a recent government notification,