Union Cabinet has approved capital infusion of 632 crore rupees in some Regional Rural Banks to improve their capital to risk waited assets ratio. The Cabinet approved 50 percent share of the Central government and also decided to extend the scheme of capitalization of weak Regional Rural Banks by another two years.
An official release said that all State governments have not contributed their share of capital to these banks. Deputy Governor, RBI Dr. Chakraborty recommended infusion of 1 thousand 1 hundred crore rupees in 40 Regional Rural Banks. 50 percent amount was to be provided by the Centre, 15 percent by the concerned state, and 35 percent by the respective bank.
The Cabinet also approved setting up of an autonomous organization North-East centre for Technology Application and Reach at an estimated cost of 292 crore rupees. The Centre to be set up at Shillong will be completed in 12th Plan period.
The objective of the centre is to promote deployment of carefully selected technologies emanating from the public funded research institutions under the government.
Showing posts with label Banks. Show all posts
Showing posts with label Banks. Show all posts
India and Pakistan have agreed to allow two banks each from both the countries to set up branches across the border.
Governor of the State Bank of Pakistan, Yaseen Anwar told PTI in Singapore that discussions were held with the Reserve Bank of India and both sides have agreed to issue a full banking licence to two banks of each country.
The two Indian banks that will be allowed to operate in Pakistan are State Bank of India (SBI) and Bank of India (BoI).
On the other hand, quasi-state owned National Bank of Pakistan and privately-owned United Bank Ltd. will be running full-banking operations across the border, once licensed by India.
Governor of the State Bank of Pakistan, Yaseen Anwar told PTI in Singapore that discussions were held with the Reserve Bank of India and both sides have agreed to issue a full banking licence to two banks of each country.
The two Indian banks that will be allowed to operate in Pakistan are State Bank of India (SBI) and Bank of India (BoI).
On the other hand, quasi-state owned National Bank of Pakistan and privately-owned United Bank Ltd. will be running full-banking operations across the border, once licensed by India.
Employees of 24 public sector banks (PSBs) and 12 private banks participated in the two day strike yesterday, which led to hampering of banking operations.
The government has asked state- owned banks to ensure one account per family to facilitate direct transfer of subsidy under 32 central schemes. In a communication to the public sector banks, the
Finance Ministry has asked them to use the latest voter list as a reference for verifying that every household has a bank account.
As per 2011 census, out of the 24.69 crore households, 14.48 crore reported availing banking services. Nearly 10 crore households were not availing the services. Under Swabhimaan scheme of the government, over 3.25 crore bank accounts in rural areas were opened.
Finance Ministry has asked them to use the latest voter list as a reference for verifying that every household has a bank account.
As per 2011 census, out of the 24.69 crore households, 14.48 crore reported availing banking services. Nearly 10 crore households were not availing the services. Under Swabhimaan scheme of the government, over 3.25 crore bank accounts in rural areas were opened.
The Reserve Bank today said banks were resilient enough to weather the pressure on farm loans caused by drought like situation because of deficient monsoon.
RBI Deputy Governor KC Chakrabarty told reporters in New Delhi that banks have sufficient rehabilitation measures to weather it out. He said the Indian banking system would be able to face the stress.
Finance Minister P Chidambaram had said the Government would converge the Mahatma Gandhi National Rural Employment
Guarantee Act and other schemes to meet the challenges of drought-like situation in several states and enhance imports of commodities in short-supply to control price rise.
He said the contingency plans were in place to help farmers replant alternate crops as well as supply drinking water and fodder.
Monsoon is the life-line of the agriculture sector as only 40 per cent of the cultivable area is irrigated. Rain has been 20 per cent lower during June-July, affecting kharif crops mainly coarse cereals and pulses.
Karnataka, Gujarat, Maharashtra and Rajasthan are facing drought-like situation.
Last week, Empowered Group of Ministers (EGoM) on drought had approved diesel subsidy of 50 per cent to farmers for saving standing crops, and a 2,000 crore rupee package for states affected by drought-like situation.
RBI Deputy Governor KC Chakrabarty told reporters in New Delhi that banks have sufficient rehabilitation measures to weather it out. He said the Indian banking system would be able to face the stress.
Finance Minister P Chidambaram had said the Government would converge the Mahatma Gandhi National Rural Employment
Guarantee Act and other schemes to meet the challenges of drought-like situation in several states and enhance imports of commodities in short-supply to control price rise.
He said the contingency plans were in place to help farmers replant alternate crops as well as supply drinking water and fodder.
Monsoon is the life-line of the agriculture sector as only 40 per cent of the cultivable area is irrigated. Rain has been 20 per cent lower during June-July, affecting kharif crops mainly coarse cereals and pulses.
Karnataka, Gujarat, Maharashtra and Rajasthan are facing drought-like situation.
Last week, Empowered Group of Ministers (EGoM) on drought had approved diesel subsidy of 50 per cent to farmers for saving standing crops, and a 2,000 crore rupee package for states affected by drought-like situation.
Mr.Kulandai Francis who has been awarded with Magsaysay says, working with the objective of eradicating poverty and empowering more than one lakh rural women for 35 long years has got him award. Talking to AIR News, he said that he did not expect to get the prestigious award.
Reeling in poverty during childhood days in Salem, Mr. Francis had to struggle hard to get a basic education. The only land which the family had to be sold in order to get him a graduate education. The inspiration to work for the upliftment and empowerment came to him when he was involved in relief work during the Bangladeshi war and also during drought in Pune in 1972.
His organisation, the Integrated Village Development Project provides training to rural students and also in enhancing their skills namely training in rural sanitation,accountancy,management, giving educational assistance for students in high schools, scholarships and also computer skills. The visionary Mr. Francis was also successful in pursuing the holistic economic empowerment of thousands of women and their families. His organisation has built science labs, computer labs, solar lamps in schools situated in many backward areas of Krishnagiri district.
Through more than 8500 self help groups, the organisation has encouraged savings and credit activities among the economically backward. They were able to build atleast 300 check dams in the region to save water for irrigation and drinking purposes.HIV testing for pregnant women, setting up of non formal schools for child labourers, providing sanitation facilities in the tribal areas are also part of the yeoman service rendered by the Integrated Village Development Program founded by Mr. Kulandai Francis.
He says that living in poverty is terrible and wants to fulfil his obejctive of wiping out poverty from the Country.
Reeling in poverty during childhood days in Salem, Mr. Francis had to struggle hard to get a basic education. The only land which the family had to be sold in order to get him a graduate education. The inspiration to work for the upliftment and empowerment came to him when he was involved in relief work during the Bangladeshi war and also during drought in Pune in 1972.
His organisation, the Integrated Village Development Project provides training to rural students and also in enhancing their skills namely training in rural sanitation,accountancy,management, giving educational assistance for students in high schools, scholarships and also computer skills. The visionary Mr. Francis was also successful in pursuing the holistic economic empowerment of thousands of women and their families. His organisation has built science labs, computer labs, solar lamps in schools situated in many backward areas of Krishnagiri district.
Through more than 8500 self help groups, the organisation has encouraged savings and credit activities among the economically backward. They were able to build atleast 300 check dams in the region to save water for irrigation and drinking purposes.HIV testing for pregnant women, setting up of non formal schools for child labourers, providing sanitation facilities in the tribal areas are also part of the yeoman service rendered by the Integrated Village Development Program founded by Mr. Kulandai Francis.
He says that living in poverty is terrible and wants to fulfil his obejctive of wiping out poverty from the Country.
A US Senate investigation has found that poor controls at the global bank HSBC allowed Mexican drug traffickers and other criminals to launder billions of dollars into the United States. A report released before a Senate hearing on the matter today said the London-based bank also did business with firms linked to terrorism and bypassed US financial sanctions against states such as Iran. It said HSBC executives and U.S. regulators routinely ignored warning signs and failed to stop illegal behavior between 2002 and 2010, effectively giving criminals and terrorists a portal into the U.S. financial system. HSBC, Europe's largest bank, has released a statement saying its executives will apologize at the Washington hearing, during which lawmakers will question bank officials and U.S. regulators.
The government has integrated e-Governance project for Limited Liability Partnership, LLP under the portal of Ministry of Corporate Affairs, MCA on Monday.
It will result in provision of all state of the art services like credit card payment, online banking from six banks, payment though NEFT from any bank and host of other services. The integrated portal in another step towrds achieving MCA vision Facilitating Corporate Growth with enlightened regulation.
The platform provides world class online experience with, almost all the services available on the click.
The portal is first to achieve 100 per cent electronic filing and provide e-stamps services for company registration for all the states and Union Territories of the country.
It will result in provision of all state of the art services like credit card payment, online banking from six banks, payment though NEFT from any bank and host of other services. The integrated portal in another step towrds achieving MCA vision Facilitating Corporate Growth with enlightened regulation.
The platform provides world class online experience with, almost all the services available on the click.
The portal is first to achieve 100 per cent electronic filing and provide e-stamps services for company registration for all the states and Union Territories of the country.
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The credit ratings agency Moody's has downgraded the credit ratings of six German Banks.
In a statement, Moody's said it was doing so because the Banks faced risk, should the Euro crisis deepen.
The European Commission is proposing new rules, on how governments must deal with failing banks. It recommends closer coordination between countries and giving regulators powers to force shareholders to accept responsibility for losses.
nvestment Tracking System to ensure speedy implementation of major investment projects being delayed for a variety of reasons.
This issue had come up in the last meeting of the Prime Minister’s Council on Trade and Industry held in December in which the Prime Minister had stated that major projects will be specially tracked to take them forward on a fast track in order to provide a fresh impetus to the economy.
This was in the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances and land related matters.
Our correspondent reports, in this Investment Tracking System , National Manufacturing Competitiveness Council shall track all Public Sector projects with an investment of 1000 crore rupees and above.
The National Manufacturing Competitiveness Council shall submit a quarterly statement of all projects monitored and any issues identified that need resolution, either systemically or individually.
In this system, the Department of Financial Services shall monitor projects with an investment of 1000 crore rupees and above in the private sector. The department would use data available with the banking sector for this purpose.
This issue had come up in the last meeting of the Prime Minister’s Council on Trade and Industry held in December in which the Prime Minister had stated that major projects will be specially tracked to take them forward on a fast track in order to provide a fresh impetus to the economy.
This was in the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances and land related matters.
Our correspondent reports, in this Investment Tracking System , National Manufacturing Competitiveness Council shall track all Public Sector projects with an investment of 1000 crore rupees and above.
The National Manufacturing Competitiveness Council shall submit a quarterly statement of all projects monitored and any issues identified that need resolution, either systemically or individually.
In this system, the Department of Financial Services shall monitor projects with an investment of 1000 crore rupees and above in the private sector. The department would use data available with the banking sector for this purpose.
Concerned over rising bad loans, Finance Minister Pranab Mukherjee today asked the banks to take steps to manage their non-performing assets (NPAs) which has grown on account of economic downturn. Mr. Mukherjee said NPAs have grown at an uncomfortable and unacceptable rate in the past couple of years.
The banks, he added, have to tread cautiously in the risks confronting the banking sector, especially the risks arising out of the asset quality, market volatility and the global downturn.
The Minister talked about rising bad loans of the banking sector at a function to launch the 4001st branch of the Bank of India (BoI). Mukherjee inaugurated the branch at Manipur
through remote control.
NPA of public sector banks was about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. Several companies are opting for corporate debt restructuring (CDR) to tide over the difficult financial situation in the ackdrop of slowdown.
Later talking to reporters, Financial Services Secretary D K Mittal said that while NPAs are concern, there was othing to panic. He said NPAs is not something which means that assets are lost, it only means that these asset is not able to pay me for 90 days.Recovery by banks in the last quarter of 2011-12 was highest ever
The banks, he added, have to tread cautiously in the risks confronting the banking sector, especially the risks arising out of the asset quality, market volatility and the global downturn.
The Minister talked about rising bad loans of the banking sector at a function to launch the 4001st branch of the Bank of India (BoI). Mukherjee inaugurated the branch at Manipur
through remote control.
NPA of public sector banks was about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. Several companies are opting for corporate debt restructuring (CDR) to tide over the difficult financial situation in the ackdrop of slowdown.
Later talking to reporters, Financial Services Secretary D K Mittal said that while NPAs are concern, there was othing to panic. He said NPAs is not something which means that assets are lost, it only means that these asset is not able to pay me for 90 days.Recovery by banks in the last quarter of 2011-12 was highest ever
The Nationalised State Bank of India (SBI) has posted a net profit of 11 thousand 707 crore rupees for the last financial year. Declaring the financial results for 2011-12 the Chairman of the SBI Mr. Pratip Chaudhuri announced a dividend of 35 rupees per share for the last fiscal in Kolkata today.
The SBI Chairman informed that deposits of the bank have increased to over 10 lakh 43 thousands crore rupees while the gross advances have gone up to 8 lakh 93 thousand crore rupees during the period.
The SBI Chairman informed that deposits of the bank have increased to over 10 lakh 43 thousands crore rupees while the gross advances have gone up to 8 lakh 93 thousand crore rupees during the period.
The Reserve Bank of India has allowed all licenced banks to participate in the centralised electronic payment systems. In a notification issued in Mumbai yesterday, the RBI announced its decision to expand the sub-membership route to enable regional rural banks, RRBs and co-operative banks to participate in the national electronic funds transfer - NEFT system and real time gross settlement system - RTGS.
The RBI said this decision has been taken to popularise electronic transfer of funds. At present, the centralised payment systems can be accessed only by members that include public and private sector banks.
The centralized payment systems, NEFT is an electronic transfer of funds meant for retail customers while RTGS system facilitates high-value transfer of money with threshold limit of 2 lakh rupees.
The RBI said this decision has been taken to popularise electronic transfer of funds. At present, the centralised payment systems can be accessed only by members that include public and private sector banks.
The centralized payment systems, NEFT is an electronic transfer of funds meant for retail customers while RTGS system facilitates high-value transfer of money with threshold limit of 2 lakh rupees.
Union Finance Minister Pranab Mukherjee says, inclusive growth is a key strategy to achieve and banks should play a key role in promoting it. He was speaking at thein Mumbai on Saturday.
Mukherjee underlined the need to ensure every segment of the poor, weak and the downtrodden has easy access to reasonable and cost-effective banking facilities.
Stating that the banking industry is not a wealth generating but a wealth transmission and distribution mechanism he said that the Government will remain committed to capitalizing Public Sector banks through sufficient infusion of fiscal capital.
Jairam Ramesh has said that the Government will introduce some new features in National Rural Livelihood Mission, NRLM, to benefit poor people and women. He said, the Government is trying to connect at least one woman from each poor household with Self Help Groups, SHGs, and the bank credits in next five years
He said that the number of such women would be raised from the present 3 crore to 7 crore in a period of five years. He said that NRLM would adopt flexibility in the implementation of its policies to avoid difficulties in taking important decisions in accordance with the guidelines.
Mr. Ramesh said that operation guidelines for MGNREGA are also being revised, keeping in view special requirements of the states. He also underlined the need to create a regulatory space for micro-finance institutions so that they can function efficiently without adversely affecting the functions of SHGs.
Mr. Ramesh said that micro-finance cannot provide a definite answer to the challenges of poverty alleviation, but it can lead to financial inclusion by providing credit to the customer as per his own needs
He said that the number of such women would be raised from the present 3 crore to 7 crore in a period of five years. He said that NRLM would adopt flexibility in the implementation of its policies to avoid difficulties in taking important decisions in accordance with the guidelines.
Mr. Ramesh said that operation guidelines for MGNREGA are also being revised, keeping in view special requirements of the states. He also underlined the need to create a regulatory space for micro-finance institutions so that they can function efficiently without adversely affecting the functions of SHGs.
Mr. Ramesh said that micro-finance cannot provide a definite answer to the challenges of poverty alleviation, but it can lead to financial inclusion by providing credit to the customer as per his own needs
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