It was a 21st-century bank heist where the criminals didn’t come with Tommy guns, ski masks or screeching getaway cars. There were just a bunch of men walking into ATMs around the world and leaving with backpacks full of cash.
Public sector lender Central Bank of India on Friday announced a net profit of R169 crore for the quarter ended March 31 against a loss of R105 crore in the corresponding quarter of the previous fiscal helped by higher interest income and lower provisions for bad loans.
The Reserve Bank of India (RBI) could look at giving in-principle approval to companies seeking banking licenses, based on their proposals, reports Mahua Venkatesh.
Public sector lender Union Bank of India posted a 2% year-on-year rise in its net profit to Rs. 789 crore for the quarter ended March due to below-than-expected credit growth and pressure on profit margins, from Rs. 773 crore during the corresponding quarter in the previous year
Banks, which have come under scrutiny following allegations of money laundering by investigative portal Cobrapost, have blamed pressure from the government to meet increased deposit and lending growth targets for relaxing know your customer (KYC) norms.
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?