The Reserve Bank of India (RBI) has accorded its approval to HDFC Bank Ltd Bank (being promoter / sponsor of its group entities HDFC Mutual Fund, HDFC Life Insurance Company Ltd, HDFC ERGO General Insurance Company Ltd, HDFC Pension Fund Management Ltd and HDFC Securities Ltd) to acquire “aggregate holding” of up to 9.50% of … Read more
Banks led by public sector lenders have started revising their lending rates following the RBI’s 50 basis point repo rate cut. However, for a change, old borrowers may benefit more than new ones, as banks are likely to tweak the spreads on home loans, which were already competitive in the quest for market share.Bank of … Read more
Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April 1. (AI image) Banks across India will introduce a new format to help account holders or nominees recover unclaimed deposits exceeding ₹78,213 crore, according to informed sources. Banks are implementing new RBI guidelines for unclaimed deposits and inactive accounts, effective April … Read more
The Reserve Bank of India (RBI) has asked the National Payments Corporation of India (NPCI) to develop a facility to allow customers using online fund transfer systems, RTGS and NEFT, to verify the name of the bank account to which money is being transferred before initiating the transaction for avoiding mistakes and prevent frauds. All … Read more
Silver prices are somehow becoming a catalyst in giving US banks a massive scare of losses, that can mount to billions in terms of figures. The price surge, driven by a $1.84 per ounce jump, has put a few short positions in a major point of concern. Sources close to the matter estimate that the … Read more
Finance minister Nirmala Sitharaman on Monday nudged state-run banks to step up deposit mobilisation and conduct special drives so that it can keep pace with the growth in loans. The minister’s comments at a meeting with public sector bank chiefs came amid data by SBI Research suggesting that bank deposits, traditionally favoured for their safety … Read more
Central bankers aren’t born as chronic worriers, but they quickly acquire the trait. They are now spending considerable time fretting about artificial intelligence: Its ability to play havoc with prices, jobs, and the security of banking. As gut-wrenching as the meltdown of 2008 was, imagine if a rogue machine turbocharged a market rout. It’s not quite … Read more
he Securities and Exchange Commission fined JPMorgan Chase of $4 million for accidently deleting about 47 million electronic records which were requested by subpoenas in several investigations. As per the SEC order against J. P. Morgan Securities LLC, the banking major’s broker-dealer unit, it was accused that the bank failed to preserve electronic records as … Read more
Malick Diop felt something shifting on Wall Street. He’d joined Morgan Stanley in the grim days of 2009, when big banks were trying to pay back taxpayer bailouts and deflect public fury. But four years later, the ire was fading and ambition was the order of the day. “It really felt like, for the first … Read more