The finance ministry may raise the bank deposit insurance to Rs 5 lakh from Rs 1 lakh, which will be the first upward revision since 1993, Business Standard reports.A separate scheme could be chalked out for wholesale depositors at Rs 25 lakh, the report said.The last revision on the deposit insurance was done on May 1, 1993, when the retail cover was raised to Rs 1 lakh from Rs 30,000.Close The central board of the Reserve Bank of India (RBI) might discuss the subject at a meeting on December 13, the report said. related news Govt mulling to provide forex loan at cheaper rate to exporters: Piyush Goyal India's sugar output declines 64% till November 15 in ongoing marketing year Investment in infrastructure: Land reforms need of the hour Moneycontrol could not independently verify the story.It was not immediately clear if the premium paid by banks to the Deposit Insurance and Credit Guarantee Corporation (DICGC) would also be raised, an official told Business … [Read more...] about Bank deposit insurance may be hiked to Rs 5 lakh: Report
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The Reserve Bank of India (RBI) on November 19 told the Bombay High Court that depositors of the Punjab and Maharashtra Cooperative (PMC) Bank can now approach the administrator in case of medical emergencies necessitating withdrawals of up to Rs 1 lakh, news agency PTI reported.The RBI filed an affidavit responding to various petitions that have challenged the curbs it has placed on withdrawals. The central bank mentioned the Rs 50,000 withdrawal ceiling for scenarios like marriage, education, livelihood and other “hardships”.Depositors of the crisis-hit lender who are facing hardships can approach the RBI-appointed administrator in order to seek withdrawal of amounts up to Rs 1 lakh, the central bank counsel Venkatesh Dhond told a division bench of the HC. The curbs, the bank said, were necessary to safeguard the interests of the bank and its depositors, the affidavit stated.Close Also read: Top PMC Bank officials hid HDIL accounts from system, says RBI related news … [Read more...] about PMC Bank case: Depositors can approach RBI administrator for emergency withdrawals of up to Rs 1 lakh
The Indian benchmark indices continues trading on a positive note with Sensex is up 239.22 points or 0.59 percent at 40708.92, and the Nifty gained 70.40 points at 12010.50.Nifty Pharma is the outperforming sector, up 4 percent led by Sun Pharma and Dr Reddy's Labs which jumped 4-7 percent followed by Aurobindo Pharma, Divis Labs, Cadila Healthcare, Glenmark Pharma and Lupin.Reliance Industries is the top gainer from the oil & gas space led by HPCL and BPCL.Close However, the PSU Bank index shed half a percent dragged by OBC, Allahabad Bank, Syndicate Bank, Indian Bank, Central Bank of India and Bank of India. related news Yes Bank share price reverses early losses on NPA divergence, up 3% Kalpataru Power sells subsidiary, share price rises 6% Shree Cements share price rises 4% after fixing floor price for QIP The top gainers from Nifty index are Sun Pharma, Zee Entertainment, IndusInd Bank, Dr Reddy's Labs and Reliance Industries.The top losers included Bharti … [Read more...] about D-Street Buzz: Nifty Pharma outperforms led by Sun Pharma; Zee Ent, IndusInd Bank up 4-5%
All eyes are set on the underway meeting of the Federal Open Markets Committee (FOMC) of the US Federal Reserve which concludes on September 18.Even though the US Fed is broadly expected to announce a rate cut of at least 25 basis point to prop up slowing economic growth, the market is assessing the possibility of any surprise, thanks to cooling fears of a recession and signs of improvement in the macroeconomic environment of the US.Moreover, the recent comments of Fed officials have shown their dissenting views over the state of the US economy which has raised curiosity for the rate cut decision.Close However, analysts are still convinced that the Fed will go for a rate cut. related news Wall Street ends choppy day higher; tech helps, Brexit weighs [email protected] | Roundup of key happenings in the market [email protected] | Roundup of key happenings in the market "There is a good indication of a rate cut. There is slowdown in the major economies across the … [Read more...] about Will US Fed cut rates? How important is it for Indian market?
Yes Bank share price gained over three percent in intraday trade on November 20. The stock had fallen by a similar amount in early trade after the Reserve Bank said the bank had under-reported its bad loans.The company is a press release to the exchanges on November 19 disclosed that the divergence in gross and net NPAs as of March 31 stood at Rs 3,277 crore and Rs 2,299 crore, respectively.The management intends to convene board meeting by November-end to finalise its capital raising plans.Close The bank clarified that the incremental gross NPA of Rs 2,018 crore is across four accounts, of which exposure of Rs 1,041 crore across three accounts was internally rated and disclosed as 'BB & Below' as on September 30, the bank said in another release. related news Kalpataru Power sells subsidiary, share price rises 6% Shree Cements share price rises 4% after fixing floor price for QIP D-Street Buzz: Nifty Pharma outperforms led by Sun Pharma; Zee Ent, … [Read more...] about Yes Bank share price reverses early losses on NPA divergence, up 3%