News

RBI Imposes Penalty On Four Cooperative Banks

Mumbai: The Reserve Bank of India has imposed penalties of up to Rs 5 lakh on four cooperative banks for violation of various norms. The RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC (know your customer) norms and non-adherence to requirements relating to identification and reporting of suspicious transactions. A penalty of Rs ... Read More »

RBI Warns Banks Of Stern Action For Mis-Selling Of Insurance Products

Mumbai: In a stern message to banks, Reserve Bank of India Deputy Governor S S Mundra on Tuesday said the central bank is “deeply concerned” about mis-selling of insurance products, warning that it may press for making penal provisions more stringent to deal with the problem. “There is one area in customer service where we’re getting deeply concerned. This is ... Read More »

Five Lakh Bank Employees To Go On One-Day Strike

Employees of PSU banks, private banks, foreign banks and co-operative banks will join strike Chennai: Around five lakh bankers will go on strike on September 2 protesting against the central government’s economic polices and anti-labour reform measures, the All India Bank Employees’ Association (AIBEA) said on Thursday. In a statement, the AIBEA said at the call for the National General ... Read More »

Axis Bank Lowers Lending Rate

New Delhi: Private sector lender Axis Bank on Wednesday cut its lending rate by 0.05 per cent, a move which will lower EMIs for its new borrowers. The new rate for one-year lending tenure has been reduced to 9.25 per cent from 9.30 per cent, Axis Bank said in a statement. Similarly, the two-year marginal cost of funds-based lending rate (MCLR) stands reduced to 9.35 ... Read More »

India Home To 2,36,000 Millionaires, Figure To Hit 5,54,000 By 2025: Report

Individuals with net assets of $1 million or more are referred to as high net worth individuals. New Delhi: The number of millionaires in India is growing strongly and at the end of 2015, around 2,36,000 high net worth individuals (HNWIs) were living in the country, with a combined wealth of $1.5 trillion (around Rs 100 lakh crore at $1 ... Read More »