Page 1083 - Finance News
PFRDA to seek clarification on regulation of pension products
At present, different bodies look into these pension schemes; insurers' pension products, for instance, are governed by IRDAI
 "PFRDA to seek clarification on regulation of pension products")
 "SBI to strengthen low-cost credit delivery model")
Payments banks will change banking habits: Jaitley
Such banks can collect deposits (initially up to Rs 1 lakh per individual), do internet banking, facilitate money transfers, and sell insurance and mutual funds
 "Payments banks will change banking habits: Jaitley")
RIL-SBI payments banks to push digital banking
RIL has entered into a partnership with State Bank of India for payments banks
 "RIL-SBI payments banks to push digital banking")
PSU bank union opposes grant of license to payments banks
Alleges that it is a direct attempt to boost private sector banking
 "PSU bank union opposes grant of license to payments banks")
'Whatsapp' like movement in Indian finance sector: Nandan Nilekani
Says the India's move towards less cash has already started, to become a more digital cash society
 "'Whatsapp' like movement in Indian finance sector: Nandan Nilekani")
Govt taking multiple steps to bring down PSU banks' NPA: Jaitley
Gross NPAs of PSU units were 5.2% in March quarter compared to 5.63% in Dec
SBI's second tryst with Teaser loans
Pitch for home loans below base rate; first time went aggressive on lending below prime rate lending was in late 2008
 "SBI's second tryst with Teaser loans")
 "Meet the winners who get payments banks licence")
SBI pitches for teaser loans
Country's largest lender had withdrawn teaser loans after regulator had warned it may result in higher defaults
Rajan allays bankers' fear of competition from payments banks
Says such banks will play a complimentary role in the existing banking system
 "Rajan allays bankers' fear of competition from payments banks")
'Maintaining LCR, SLR, CRR a drag'
Banks have to set aside money out of deposits for Statutory Liquidity Ratio (SLR), Cash Reserve Ratio (CRR) and give loans under priority sector lending (PSL)
RBI panel lays down roadmap for UCBs to become commercial bank
Panel recommends RBI should have powers to constitute UCB boards, remove directors, audit UCBs, winding up UCBs
 "RBI panel lays down roadmap for UCBs to become commercial bank")
SBI to start 250 digital branches in FY16
Bank has tweaked its earlier digital branch opening strategy
 "SBI to start 250 digital branches in FY16")
Small finance bank licences likely next month: Raghuram Rajan
RBI had yesterday granted in-principle approval to eleven applicants for payments banks
Postal dept gets moving after payments bank approval
Will finalise note for investment approval of Rs 300-400 crore; subsidiary to be created for the venture to leverage national branch network
 "Postal dept gets moving after payments bank approval")
Govt issues norms for selection of CEOs of smaller PSBs
The selection will be from the existing pool of executive directors or deputy managing directors with a remaining service period of 2 years
 "Govt issues norms for selection of CEOs of smaller PSBs")
FM likely to meet heads of PSU banks in first half of Sept
The meeting will review financial performance of banks, take stock of the NPA situation and discuss the 'Indradhanush' plan
 "FM likely to meet heads of PSU banks in first half of Sept")
Pick-up in economy, rural demand may rebound, says Rajan
His comments come two days after Moody's Investors Service lowered its India growth forecast on poor monsoon concerns
 "Pick-up in economy, rural demand may rebound, says Rajan")
'Nod to Postal Department for payments bank a proud moment'
I would expect the dept to prepare itself properly for this: Communications and IT Minister Ravi Shankar Prasad
 "'Nod to Postal Department for payments bank a proud moment'")