News

Life Insurers’ New Business Premiums Up 4% At Rs 13,854 Crore In July

Life insurance companies had collected Rs 13,319.97 crore in new business premiums in July 2015. New Delhi: New business premiums of life insurance companies saw a four per cent rise to Rs 13,854.44 crore in July 2016 as against Rs 13,319.97 crore premium collected in the corresponding period last year. State-run Life Insurance Corporation’s (LIC) new business premium was the highest at Rs 10,737.92 ... Read More »

On RBI Governor, You’ll Know Conclusion, Not Process: Finance Minister

No decision has yet been reached to appoint next RBI governor, Arun Jaitley said. New Delhi: No decision has yet been reached to appoint India’s next central bank governor, Finance Minister Arun Jaitley said on Thursday, 18 days before the incumbent is due to stand down. A senior aide to Prime Minister Narendra Modi said he was “expected to make up ... Read More »

SBI Clears Merger Of 5 Associates, Bharatiya Mahila Bank With Itself

SBI approved scheme of merger of five associate lenders and Bharatiya Mahila Bank with itself. New Delhi: In a bid to create global size bank, the board of State Bank of India on Thursday approved scheme of merger of five associate lenders and Bharatiya Mahila Bank (BMB) with itself while protecting the interest of the existing staff. “The central board of ... Read More »

Fear Of CBI ‘Bizarre’, Apply Wisdom In Funding Bad Loans: Panel To Banks

New Delhi: Finding banks working under the fear of Central Bureau of Investigation (CBI) and Central Vigilance Commission (CVC) as “bizarre”, a Parliamentary panel has asked lenders to take a decision on financing of stressed assets as per their “own wisdom” and on the basis of the project’s viability. Finding that total non-performing assets (NPAs) of Rs 2.6 lakh crore ... Read More »

Raghuram Rajan Wants Individual Bankers To Take Onus For Large Loans

RBI Governor Raghuram Rajan said there is a need to shift loan sanctioning process. Mumbai: Reserve Bank Governor Raghuram Rajan on Tuesday said there is a need to shift loan sanctioning process from the present committee-based approach to single banker taking up the responsibility as well as rewarding the person if the project goes on well. Addressing the annual bankers conference, ... Read More »

Raghuram Rajan Asks Banks To Improve Cyber Security Systems

RBI chief Raghuram Rajan urged lenders to take a “fresh look” at their security architecture. Mumbai: In the wake of increased instances of cyber attacks, Reserve Bank of India Governor Raghuram Rajan on Tuesday said the central bank is improving its capabilities and also urged the lenders to strengthen their systems. “There have been cyber incidents in the recent past. ... Read More »

SBI Begins To Look Bullish At Credit Growth

Arundhati Bhattacharya said the nation’s largest lender is likely to revise its credit growth target. Mumbai: State Bank chief Arundhati Bhattacharya on Tuesday said the nation’s largest lender is likely to upwardly revise its credit growth target for the current financial year beyond the budgeted 12 per cent. “We are already growing at very close to 12 per cent. This is ... Read More »

Feel ‘Underpaid’ As RBI Governor, Quips Raghuram Rajan

RBI chief Raghuram Rajan’s total monthly emoluments stood at Rs 1,98,700 for July 2015. Reserve Bank Governor Raghuram Rajan on Tuesday flagged the difficulties that public sector banks face in attracting top talent. State-run lenders tend to overpay at the bottom but underpay their top executives, Dr Rajan said, adding jokingly that he himself felt “underpaid”. “One of the problems, ... Read More »

Lower Fresh Bad Loans In Q1 Of 2016-17: RBI Deputy Governor

Mumbai: Fresh bad loans moderated in the first quarter of 2016-17 as most banks have improved their recovery process, Reserve Bank of India Deputy Governor S S Mundra said on Tuesday. “Looking at the first quarter earnings, two trends are quite clear – there is moderation in the accretion of new NPAs and most banks have shown a much better ... Read More »

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 »