The next time you visit your bank, don’t be surprised if the staff put out more than the routine queries, as commercial banks both private and public have turned wary in the wake of the recent allegations of money laundering by Cobrapost.
A day after investigative website Cobrapost’s exposé alleged widespread money laundering operations among banks and insurance companies, several banks and the Life Insurance Corporation (LIC) announced the suspension of 15 employees, some of them senior officials.
Growth in China’s services sector slowed sharply in April to its lowest point since August 2011, a private sector survey showed today, in fresh evidence that economic revival will remain modest and may be facing wider risks.
The government and the regulators have sought a detailed report on ‘utmost priority’ regarding the allegations made by investigative website Cobrapost against 23 banks and financial institutions.
After stinging India’s three leading private sector banks, investigative news Website Cobrapost’s second report today levelled serious allegations against public sector banks and insurance companies among others.
Insurance and mutual fund firms are set to feel the squeeze of a recent Reserve Bank of India (RBI) directive to banks.
Sachin Kumar reports.
Global credit rating agency Standard and Poor's (S&P) has ruled out an immediate upgrade in India's sovereign ratings despite the government's strong pitch amid early signs of an economic turnaround backed by reform measures to spur investment and enforce fiscal discipline. HT reports.
When your fund house launches a scheme, you can invest in it for a limited period of time, to begin with. This period is called the initial offering period. As per the Securities and Exchange Board of India’s (SEBI) rules, your fund house’s new fund offer (NFO) has to be open for a maximum of 15 days.
The Reserve Bank of India (RBI) on Friday said it has not given clean-chit to ICICI Bank, HDFC Bank and Axis Bank, which are accused of money-laundering and flouting know your customer (KYC) norms, and stated the probe against the three banks was still on.
The RBI is expected to cut lending rates, even though the central bank, in a survey warned that a sustained recovery in India's broader economy would depend on improvement in governance and removal of structural bottlenecks.
HT reports.
Rate cut on the cards?It’s difficult for customers living in semi-urban and rural areas to find ATMs (automated teller machines) while easy for those in metro cities. The reason being banks are installing more ATMs in urban areas than in rural ones.
Citi says some investors in Europe referred to India as a ‘tease’ market, which is on the radar once again due to lower commodity prices, expansionary global monetary conditions and prospects of a good monsoon.
Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance — including to competitors.
Planning to buy a home or a car next month? The Reserve Bank of India (RBI) may have some good news for you. HT reports. Signs of bottoming out?
Any Indian citizen residing abroad who has a salaried job or is self-employed in his country of residence qualifies as an NRI and can apply for NRI car loans,
Vivina Vishwanathan reports.