Page 1457 - Finance News
RBI may issue clarification on bank licences by early May
It released guidelines for new bank licences in Feb this year, asking aspirants to submit applications by July 1, 2013
 "RBI may issue clarification on bank licences by early May")
FinMin asks banks to get ready for 2nd phase of DBT scheme
Says banks should put in place robust automated systems to ensure that the beneficiaries list does not undergo any change
 "FinMin asks banks to get ready for 2nd phase of DBT scheme")
Panel rejects RBI proposal to limit FII investment in secondary mkt
Proposal rejected considering the significant role foreign investments can play in propping up the economy
 "Panel rejects RBI proposal to limit FII investment in secondary mkt")
RBI may cut benchmark lending rate by 0.25% in May: economists
RBI Governor D Subbarao will announce the Monetary Policy Statement for FY14 on May 3, 2013
 "RBI may cut benchmark lending rate by 0.25% in May: economists")
 "Asian currencies have best week in 7 months on fund inflows")
IOB issues notice to Deccan Chronicle
The Sarfaesi Act is the strict law enabling seizure and sale of a defaulter's assets
 "IOB issues notice to Deccan Chronicle")
Forex reserves up $1.4 billion
Gold reserves remained unchanged at $25.69 billion during the week
 "Forex reserves up $1.4 billion")
Banks will now be fined Rs 1 cr for violating every single norm
New norm comes into effect after Section 46 of Banking Regulation Act was amended in last winter session
 "Banks will now be fined Rs 1 cr for violating every single norm")
PFRDA tightens investment norms for private pension fund managers
Besides, the pension regulator has asked these fund managers to restrict their single industry exposure to 15% of NPS investments under all schemes
 "PFRDA tightens investment norms for private pension fund managers")
 "The card game")
RBI views forex market intervention as real danger
D Subbarao says a failed defence of the exchange rate is worse than no defence
 "RBI views forex market intervention as real danger")
Action will be taken against the three private banks: FinMin
Last month, Cobrapost sting had exposed employees of these banks offering to convert clients' black money into white
 "Action will be taken against the three private banks: FinMin")
Cobrapost fallout: RBI extends investigation to 34 banks
Main reason perverse incentives; to ban staff's product sale targets
 "Cobrapost fallout: RBI extends investigation to 34 banks")
IMF reforms get approval from most member-countries
The proposed reform will shift over 6% of quota shares from over-represented to under-represented member
 "IMF reforms get approval from most member-countries")
ECBs to pick up on the back of economic growth
ECBs dropped 39% month-on-month in February & recorded a drop of 18% y-on-y
 "ECBs to pick up on the back of economic growth")
Gold loan firms swing into action as falling prices spell trouble
May recall loans in extreme cases; loan-to-value ratio at 60% but scrap value 75%
 "Gold loan firms swing into action as falling prices spell trouble")
'Banking connectivity surges with BC mode'
Connectivity achieved through Business Correspondent and other alternate channels
 "'Banking connectivity surges with BC mode'")
Government bond yields hit lowest level since July 2010
Rally driven by improving trade data and falling commodity prices, may give more comfort to RBI in cutting repo rate further
HSBC looking at commercial banking biz beyond metros
The foreign lender's commercial banking unit in India currently has 700 employees
 "HSBC looking at commercial banking biz beyond metros")
Fading glitter: Icra downgrades outlook on Muthoot & Manappuram to negative
Says adverse changes in operating environment cast a shadow on asset quality, earnings and financial flexibility
 "Fading glitter: Icra downgrades outlook on Muthoot & Manappuram to negative")