With barely five days to go before the deadline for submitting applications for new bank licences ends, companies are rushing in to meet rules through a flurry of deals.
Tata Communications Payment Solutionstoday launched the country's first ever network of white label ATMs called 'Indicash'. The company, a wholly-owned subsidiary of Tata Communications, set up the first ATM at Chandrapada in Thane district of Maharashtra today.
The interest-rate regime in Indian banks may finally see some movement.
It may cost Rs.
100-1,200 if you close bank accounts between 15 days and one year from the time of opening it
State Bank of India (SBI) customers will have to pay Rs. 60 per year for getting SMS alerts, a move which is likely to be followed by other public sector lenders.
Banks will need to create a subsidiary or a separate division for conducting wealth management services (WMS) according to the draft guidelines released by the Reserve Bank of India (RBI).
A number of surpise entrants including gold loan company Muthoot Finance and India's postal department — India Post — have joined the Tatas and the Birlas in the race to acquire banking licences.
The RBI today revised the Know Your Customer (KYC) guidelines and reiterated that banks should allot Unique Customer Identification Code (UCIC) to all their customers.
With 26 public and private sector companies applying for bank licences, finance minister P Chidambaram has said that there was no ceiling on the number of entities which can be permitted to operate a bank.
You could call it an election year double bill. The UPA government is set to create hundreds of thousands of jobs in rural areas, and in the process also fulfill its plan for financial inclusion that takes banking to the unbanked. And mobile ATMs are set to buzz around rural India. Mahua Venkatesh reports.
New era: After 10 years the RBI has decided to issue licences to private companies again. With some of India's biggest corporate houses in fray, the race is hot. Mahua Venkatesh looks at the factors in play that are likely to decide the final winners.
Finance minister P Chidambaram on Wednesday asked government-owned banks to reduce their base rates, which in turn would help ease lending rates and boost credit growth.
Institutional investors are tripping over themselves to buy so-called peer-to-peer loans offered by a new breed of internet lending companies, a development that could transform the nascent sector into significant player in the credit markets.
The Reserve Bank must tender accountability in order to claim and enjoy autonomy from the government, governor D Subbarao today said.
Global rating agency Fitch today said the 26 applicants for new bank licences in India face tough requirements that are likely to lead to only a limited number receiving licences and developing into substantial banks.