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Banking News Dated 26th March 2018

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Banking News: March 26, 2018


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Bank privatisation as trump card for winning 2019 elections? Arvind Panagariya has this idea for ‘serious’ contenders


Bank privatisation as trump card for winning
2019 elections? Arvind Panagariya
has this idea for ‘serious’ contenders

The Financial Express
Published on March 26, 2018

New Delhi, March 25 (PTI): Former NITI Aayog vice chairman Arvind Panagariya has made a strong case for privatisation of public sector banks with the exception of SBI, saying that political parties serious of forming government in 2019 should include the proposal in their manifesto.

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Banking News Dated 23rd March 2018

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Banking News: March 23, 2018


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Parliament passes Bill doubling limit of tax free gratuity to Rs 20 lakh


Parliament passes Bill doubling
limit of tax free gratuity to Rs 20 lakh

The Press Trust of India
Published on March 22, 2018

New Delhi, March 22 (PTI): The Parliament on Thursday passed the Payment of Gratuity (Amendment) Bill, 2017, paving the way for doubling the limit of tax free gratuity to Rs 20 lakh and empowering the government to fix the ceiling of the retirement benefit through an executive order.

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Banking News Dated 20th March 2018

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Banking News: March 20, 2018


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SBI to offer mortgage-backed home loans to non-salaried & self employed persons


SBI to offer mortgage-backed home loans
 to non-salaried & self employed persons

The Business Line
Published on March 20, 2018

New Delhi, March 19 (PTI): India’s largest lender SBI and India Mortgage Guarantee Corporation (IMGC) today signed a pact to offer mortgage guarantee scheme for prospective non-salaried and self-employed home loan customers.

The offering will help increase home loan eligibility up to 15 per cent within the regulatory norms, the State Bank of India (SBI) said in a statement.

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Banking News Dated 19th March 2018

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Banking News: March 19, 2018


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Rs 11,300 crore lying unclaimed with 64 banks, shows RBI data


Rs 11,300 crore lying unclaimed
with 64 banks, shows RBI data

Chethan Kumar
The Times of India
Published on March 18, 2018

Bengaluru, March 18: As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed.

The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalised banks together hold Rs 7,040 crore. All this money, however, is just a fraction of the total deposits of over Rs 100 lakh crore handled by banks in India.

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Banking News Dated 15th March 2018

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Banking News: March 15, 2018


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RBI Governor Urjit Patel calls for more powers over state lenders in wake of PNB fraud


RBI Governor Urjit Patel calls for more powers
over state lenders in wake of PNB fraud

Devidutta Tripathy and Abhirup Roy
The Reuters
Published on March 14, 2018

Mumbai, March 14 (Reuters): The Reserve Bank of India chief said on Wednesday that it had “very limited authority” over state-run banks and called for reforms to give the regulator more powers to police such lenders in the wake of a $2 billion fraud.

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Banking News Dated 14th March 2018

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Banking News: March 14, 2018


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RBI ends Letters of Undertaking, Letters of Comfort as trade credits with immediate effect


RBI ends Letters of Undertaking, Letters of
Comfort as trade credits with immediate effect

Pragya Srivastava
The Financial Express
Published on March 14, 2018

Mumbai, March 13: Nearly a month after the Rs 12,700 crore fraud at the Punjab National Bank (PNB) came to light, the Reserve Bank of India on Tuesday ended the Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for trade credit. The central bank’s decision came after it was alleged that diamond czar Nirav Modi obtained fake LoUs to pull-off the fraud by colluding with a former bank employee.

“On a review of the extant guidelines, it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category–I banks with immediate effect,” the RBI said in a statement.

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All India State Bank Federation Released Circular regarding cross selling

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Dear Friends,

 All India State Bank Federation Released Circular regarding cross selling in our Bank (says to stop cross selling in bank branches)..

 Please follow below circular for more details....
All India State Bank Federation Released Circular regarding cross selling

All India State Bank Federation Released Circular regarding cross selling

All India State Bank Federation Released Circular regarding cross selling

All India State Bank Federation Released Circular regarding cross selling

All India State Bank Federation Released Circular regarding cross selling
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Banking News Dated 9th March 2018

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Banking News: March 9, 2018

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Post RBI audit of all banks, NPA
divergences could rise, fears ICRA

The Business Line
Published on March 9, 2018

Revised framework for resolution of stressed
assets could also add to banks’ asset quality woes

Mumbai, March 8: Credit rating agency ICRA on Thursday cautioned that with the risk-based supervision (RBS) audit for last year (FY17) yet to be completed for all banks by the Reserve Bank of India, the asset quality divergences and their consequent recognition could further weaken the reported asset quality of Indian banks.

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Banking News Dated 8th March 2018

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Banking News: March 8, 2018

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RBI slaps Rs 40 lakh fine on State Bank of India for breach of norms on counterfeit notes


RBI slaps Rs 40 lakh fine on State Bank of India
 for breach of norms on counterfeit notes

The Moneycontrol News
Published on March 7, 2018

Giving the background for the penalty, the banking regulator said that the currency chest inspection of two branches of SBI revealed, inter alia, violation of the instructions issued by RBI.

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