Archive For The “Banking Current Affairs 2018” Category

Finance Minister asks RBI to issue the final guidelines for new banking licenses

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The Finance Minister P Chidambaram has asked RBI to finalize the guidelines for issue of new banking licenses and commence accepting applications applications from interested entities.   But, RBI insists on amending the Banking Regulation Act before such a move. What RBI wants? RBI wants that before it issues final guidelines,  the overall Banking Laws (Amendment)…

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Madhav Chavan wins WISE Prize ‘The Nobel Prize for education’

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Dr Madhav Chavan has won the WISE Prize. The WISE Prize is considered to be the "Nobel prize for Education". Prize of $500,000 (£314,000) In recognition for his education work in the slums of Mumbai. His efforts to provide lessons in literacy and numeracy for disadvantaged children and adults in India. About Dr. Madhav Chavan…

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Income Ceiling for EWS and LIG housing raised by Govt

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Government has settled to raise the bar on yearly income needed to qualify for benefits under its existing housing schemes for Economically Weaker Sections (EWS) and Lower Income Groups (LIG). The move will benefit 20 lakh (2 million) people as more people will now qualify for taking benefits under Rajiv Awas Yojna (RAY) and EWS…

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By 2017, US can become world’s biggest oil producer

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The world’s foremost energy watchdog, the  International Energy Agency (IEA) in its recent report “World Energy Outlook 2012” has held that US can become the world’s largest oil producer by 2017. How would this happen ? Predictions for USA and Global Predictions….

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Banks to introduce new CTS-2010 by December 31, 2012

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Banks all over India are in the process of issuing fresh-look cheques with more security and standardized features to all its customers by December 31, 2012. From January 1, 2013, cheques which do not conform to CTS-2010 standards would not be entertained by banks. What is Cheque Truncation? We go to a bank and sign…

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British Tax authorities probing charges against HSBC

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The British tax authorities launched an investigation into allegations of money laundering against HSBC. HSBC Bank has been accused of opening offshore bank accounts in Jersey for serious criminals living in Britain. This move from British Tax authorities came after a whistleblower was secretly provided a detailed list of names, addresses and bank accounts of…

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Arvind Kejriwal: HSBC Bank running ‘hawala’ (money laundering) transactions

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India Against Corruption (IAC) charged HSBC Bank with unning ‘hawala’ (money laundering) transactions. IAC members alleged that Mukesh and Anil Ambani among others, had crores of rupees sitting in Swiss banks.   Those named were part of the list of 700 people who had accounts with HSBC banks in Switzerland. The list was shared by the…

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For ‘M-Pesa’ Vodafone partners with ICICI Bank

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Vodafone India has launched its mobile money transfer and payment service ‘M-Pesa’ in India. The telecom giant has inked a partnership with ICICI Bank to extend this service in India. Vodafone will be offering its customers a mobile money account with ICICI Bank and a mobile wallet issued by MCSL (Mobile Commerce Solutions Ltd), via…

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Chanda Kochhar of ICICI – Most powerful Business woman in India: Fortune Magazine

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Fortune Magazine has named Ms Chanda Kochhar, MD and CEO of ICICI Bank as the most powerful business woman in Business in India. She has been named for the same for second time in a row. The top 3 most Powerful Business woman in India: Chanda Kochhar of ICICI Mallika Srinivasan of TAFE Aruna Jayanthi…

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Kavery Kalanithi of Sun Tv – India’s top paid Business woman

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As per Fortune Magazine, Ms Kavery Kalanithi of Sun TV group has retained her position as the India’s top paid business woman in 2012. Pay packages of Top 4 Business women in India: Kavery Kalanithi, Executive Director, Sun TV Group: Rs 57 Crore Urvi A. Piramal, Chairperson, Peninsula Land: Rs 7.3 Crore Preetha Reddy, MD,…

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PSBs’ profits would have been wiped out were they asked to maintain 70% PCR

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Thanks to RBI, which had withdrawn the requirement for 70% loan loss cover from September 2011. Else, Public sector banks, which have decreased their PCR (Provision Coverage Ratio) in the last one year, would have seen their quarterly profits wiped out, were they asked to maintain PCR of 70%. It is interesting to note that…

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Westpac Banking Corporation opens its firsrt branch in Mumbai

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Westpac Banking Corporation (Westpac Institutional Bank) received its banking licence from RBI on April 16, 2012. Westpac has operated in India since 2007 through its representative office. Westpac Institutional Bank (WIB): The Institutional Bank, which contributed 26% of Westpac’s total earnings in 2010, provides advisory and wholesale banking services to Westpac’s corporate and institutional customers….

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Sweden’s Volvo to invest in India

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Volvo is a Swedish truck, bus and earth-moving equipment maker. Volvo is the world’s 2nd largest truck maker by revenue. Volvo declared its plans to invest R s 3,800 Crore in India in next few years. Of this amount, it will be investing Rs 1,800 Crore in a joint venture with Eicher Motors. Volvo and…

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Intel CEO Paul Otellini to retire

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Intel CEO Paul Otellini Otellini who has worked with Intel for nearly 40 years and became CEO in 2005. Otellini will retire in May at the age of 62 years. Intel held that search it is searching for replacement for Otellini both within and outside the organization.         Source:gktoday

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What is NPA ? What are the Loan classification norms ? What is Provisioning Coverage Ratio (PCR) ?

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NPA = Non-Performing Asset Loans and advances given by the banks to its customers is are an Asset to the bank. Just for the sake of simplicity, we can understand that a loan (an asset for the bank) turns as NPA when the EMI, principal or interest component for the loan is not paid within…

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PSBs see a record rise in Gross NPAs.

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The Gross NPAs (Non Performing Assets) to advances ratio for PSBs (Public Sector Banks) rose to a record high at the end of September 2012. As of September 2012 the ratio of gross NPA to advances was the highest for SBI at 5.15 i.e. SBI had Rs 5.15 in stressed assets for every Rs 100…

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Rakesh Jhunjhunwala: India’s Warren Buffet

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Rakesh Jhunjhunwala Indian investor and trader A qualified Chartered accountant Owner of Rare Enterprises Chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd Net worth: USD 1.25 billion (as of 2011) Started his career in 1985 when the BSE Sensex was at 150. He is regarded as one of the best Investors in…

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Flipora: Social Surfing service

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Flipora A Social Surfing service A Personalized Search (webpage recommendation) and Discovery engine Made by Infoaxe Inc. Formerly called InfoAxe, Flipora grew from a service that helped users simply find sites they’ve already visited. Flipora helps user remember the great websites (s)he visits (with web history search) and recommends great websites based on what user…

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Rajiv Gandhi Equity Savings Scheme (RGESS) set for launch

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RGESS (Rajiv Gandhi Equity Savings Scheme) The finance ministry is set to notify the Rajiv Gandhi Equity Savings Scheme (RGESS). Finance Minister P Chidambaram had approved the RGESS on September 21, 2012. Implementation delayed due to the deliberations on inclusion of Mutual Funds (MF) in it. Thus, further consultations with the RBI, SEBI and the…

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Inflation “quite high”: Subbarao

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RBI Governor D. Subbarao held that the inflation is  “quite high” at 7.45%. He remarked over the falling of headline inflation to 7.45% in October 2012 from 7.81% in September 2012. The comment from RBI Governor has come at a time when Govt and industry are hoping of monetary easing by RBI due to falling…

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Govt Allows LIC’s investment cap in firms to 30%

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The Finance Ministry has relaxed the investment norm for Life Insurance Corporation of India. LIC can now invest up to 30% of a company’s paid-up capital. Earlier it could invest up to 10%. Objective: This can be seen as an effort to meet the disinvestment target of Rs 30,000 crore this fiscal. LIC on March,…

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