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  • 10-Jul-2019
  • SBI slashes lending rates by 5 bps

    State Bank of India (SBI), the country’s largest lender, reduced its benchmark lending rate by 5 bps across all loan tenures. The lender’s one-year marginal cost of funds based lending rate (MCLR) will be 8.4% compared with 8.45% from Wednesday.

    “Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from 10th July 2019. This is the third rate cut in the current financial year. With today’s MCLR cut, the reduction in the home loan rates since April 10, 2019 is 20 bps,” SBI said.

    The move comes after RBI decided to cut its repo rate by 25 bps last month. RBI has reduced the repo rate by 75 bps in 2019.

  • 09-Jul-2019
  • RBI board finalises ‘Utkarsh 2022’

    The Reserve Bank of India (RBI) board, which met in New Delhi, finalised a three- year roadmap to improve regulation and supervision, among other functions of the central bank.

    This medium term strategy — named Utkarsh 2022 — is in line with the global central banks’ plan to strengthen the regulatory and supervisory mechanism.

  • 06-Jul-2019
  • Punjab & Sind Bank sets up Cen-MARG

    State-owned Punjab & Sind Bank has set up a centralised hub for processing retail and MSME loans for better efficiency of branches in business acquisition.

    The Centralised MSME & Retail Group (Cen-MARG) will be housed at its head office in New Delhi.

  • 05-Jul-2019
  • 'Vasool So-Ft' launched to digitize NPA recovery process

    Karnataka Bank Ltd has launched the web tool – ‘Vasool So-Ft’ (Vasool So-Fast) – for digitalising the NPA (non-performing asset) recovery process of the bank.

    Launching the tool in Mangaluru, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said the digital tool for the recovery of stressed assets will provide an end-to-end digital solution. It will enable easy and faster processing, real time information and immediate decision making in the recovery area.

  • 03-Jul-2019
  • RBI fines 4 Public Sector Banks for violating KYC norms

    The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.75 crore on four public sector banks, including PNB and UCO Bank, for non-compliance with KYC requirement and norms for opening of current accounts.

    Punjab National Bank, Allahabad Bank and UCO Bank have been fined Rs 50 lakh each, while a penalty of Rs 25 lakh has been imposed on Corporation Bank

  • Ola Electric gets $250m funding from SoftBank

    Ola Electric Mobility has raised $250 million (Rs 1,725 crore) from Japanese investment heavyweight SoftBank, valuing the company at close to $1 billion, two people familiar with the matter said. In March, ride-hailing app Ola had spun off its electric vehicles business into a separate entity.

    Ola Electric’s share allotment to SoftBank was made on Tuesday, as reflected in a regulatory filing, which was accessed by ET.

    It follows a special resolution passed by the Ola Electric board, making SoftBank the single largest investor in the company.

  • 26-Jun-2019
  • RBI's committee recommendations for MSME sector

    A Reserve Bank of India (RBI) committee has suggested a Rs 5,000 crore stressed asset fund for domestic micro, small and medium enterprises (MSMEs) in a relief to small businesses hurt by demonetization, the goods and services tax and an ongoing liquidity crunch.

    The committee to study the problems faced by MSMEs was chaired by U.K. Sinha, former chairman of the Securities and Exchange Board of India.

  • 25-Jun-2019
  • RBI launches Complaint Management System

    Reserve Bank of India (RBI) on June 24, launched Complaint Management System (CMS), which is a software application to facilitate RBI’s grievance redressal processes. In case of any complaints against any of the entities regulated by RBI, members of public can directly go to this CMS portal. With the ease of convenience, customers can file on-line complaints easily.

  • RBI advises commercial banks to adopt Education Loan Scheme

    Reserve Bank of India advised all Scheduled Commercial Banks to adopt Education Loan Scheme.

    The schemes are formulated by the Indian Banks Association.

    The salient features are  Collateral free loans up to Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).

  • 24-Jun-2019
  • RBI Deputy Governor Viral Acharya resigns

    Reserve Bank of India’s (RBI) Deputy Governor Viral Acharya has quit six months before the scheduled end of his term to return to New York University Stern School of Business (NYU stern) in August as CV Starr Professor of Economics.

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