Page 7 - Banking

Banks closed for 14 days in April; Check the state-wise list of holidays

On the account of public holidays, regional holidays, and regular closures on second and fourth Saturdays and all Sundays, banks will remain in various states across the month

Govt invites feedback on draft accessibility guidelines for banking sector

The government has invited feedback and suggestions on its draft accessibility guidelines for the banking sector with the aim to ensure that banking services are accessible to all, including persons with disabilities. The draft rules by the Department of Disabilities Affairs covered various aspects of physical infrastructure, automated machines, digital platforms, and training initiatives within the banking sector. By providing detailed specifications and requirements, the guidelines said it aims to create an environment that is welcoming and accommodating to individuals with diverse abilities. According to the draft guidelines, banks are required to ensure that their information or service counters are accessible to all users. This includes provisions for wheelchair users, individuals of short stature, and those with sensory disabilities. Specific measures such as tactile guiding indicators, adjustable counter heights, and hearing enhancement systems are mandated to facilitate ..

RBI directs all bank branches dealing in govt biz to remain open on Mar 31

The Reserve Bank of India (RBI) on Wednesday advised banks to keep its branches dealing with government business to remain open on March 31. The last day of the current financial year is a Sunday. "The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself," the RBI said in a statement. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.

Reit industry pitch for direct bank lending, classification as equity

Indian Real Estate Investment Trust (REIT) industry on Wednesday pitched for the entities to get access to direct bank lending and classification as equities. At present, such vehicles can issue bonds or borrow from non-bank lenders or mutual funds, but are prohibited to borrow from banks, said the Indian REITs Association (IRA), a newly formed umbrella body for the five-year-old sector, which comprises four listed entities. The body's Chairman and Embassy REIT's Chief Executive Arvind Maiya told reporters it is in touch with the RBI (Reserve Bank of India) for allowing banks to lend to such vehicles. The real estate industry is asset-heavy and needs funds regularly to buy assets for which it should be allowed to borrow directly from banks, he added. Typically, banks have access to deposits which brings down the cost of funds, and hence, the cost of borrowing can become softer for a borrowing entity. Alok Aggarwal, the Managing Director and Chief Executive of Brookfield India Real

40% campus hires in 2023 were women; IT attracts highest participation

HirePro report reveals 5% surge in female participation in campus hiring, with south India leading the trend

Indian bankers to get higher salary hikes than Singapore, Hong Kong

Salaries in India could rise by 10% in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon

JPMorgan India's ECM head Abhinav to leave, Arvind Vashistha to replace

India has become one of the hottest markets for deals including initial public offerings in Asia Pacific as global investors seek to tap on the South Asian nation's growth potential

Complaints under RBI's ombudsman schemes soar 68% to over 7 trn in 2022-23

The number of complaints filed under the Reserve Bank's ombudsman schemes increased by over 68 per cent to 7.03 lakh in the fiscal 2022-23, according a report released on Monday. The complaints pertained to mobile/electronic banking, loans and advances, ATM/debit cards, credit cards, pension payments, remittances, and para banking, among others. The Annual Report of the Ombudsman Scheme 2022-23 is the first stand-alone report under the Reserve Bank Integrated Ombudsman Scheme (RB-IOS), 2021 elucidating the activities of the 22 Offices of the RBI Ombudsman (ORBIOs), Centralised Receipt and Processing Centre (CRPC) and the Contact Centre during the year. "Under RB-IOS, 2021, there was a significant increase in number of complaints and a total of 7,03,544 complaints were received at the ORBIOs and CRPC in 2022-23, showing an increase of 68.24 per cent, due to intense public awareness initiatives and the simplified process for lodging of complaints under RB-IOS," the report ...

Rs 820 crore Uco bank scam: CBI conducts second round of searches

The CBI has conducted searches at 67 locations in seven cities of Rajasthan and Maharashtra in connection with the Rs 820-crore IMPS scam in UCO bank, officials said Thursday. The case pertains to over 8,53,049 IMPS (Immediate Payment System) transactions that took place between November 10 and November 13 last year in the bank. "IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs. 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks," the CBI Spokesperson said. The searches in Rajasthan and Maharashtra on Wednesday focused on people who received the money and withdrew it rather than returning it to the bank, officials said. This is the second round of searches. "Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and ...

Starting an FD? Here are the top rates offered by private and public banks

Navigating fixed deposit options: A comprehensive guide to top rates across different banks

Bank holiday on Mahashivratri 2024: Banks to remain shut for March 8

Bank holiday on Mahashivratri 2024: Mahashivratri is a very auspicious occasion when the devotees offer prayers to Lord Shiva, and Shakti. Check the full March holiday list here

Interoperability of internet banking system in 2024: RBI's Shaktikanta Das

Shaktikanta Das said there's considerable scope for expanding digital payments

RBI revises timeline for completion of Regulatory Sandbox process

The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023

BS IMLC: IMGC expects to write mortgage cover worth Rs 11,000 cr in FY25

The company aims to provide guarantees worth Rs 7K cr in FY24

BS Banking Annual 2024: Why banks can't be technology companies

CEOs of India's largest private and foreign banks say their business is 'unique, trust is its most important word'

Bank of Baroda reduces floating rate car loan by 65 basis points to 8.75%

The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum

Best of BS Opinion: Three lessons from two years, Munich AI accord & more

Here is the best of Business Standard's opinion pieces for today

A rethink on priority sector norms for SFBs can be helpful: ASFBI CEO

The Report on Trend and Progress of Banking in India (FY23) notes that some microfinance institutions among SFBs earlier retained their business models

Zurich Insurance to acquire 70% stake in Kotak General for Rs 5,560 crore

The proposed 70 per cent acquisition is subject to regulatory approval from the Reserve Bank of India and the Insurance Regulatory and Development Authority of India

Banking norms likely to shield information on electoral bond buyers

Govt unlikely to issue ordinance