The Reserve Bank of India (RBI) said it would take steps to strengthen depositors' safety with cooperative banks.The statement is significant as it comes in the backdrop of the recent Punjab & Maharashtra Cooperative Bank debacle and many such instances.After the Monetary Policy Committee (MPC) meeting ended on December 5, RBI Governor Shaktikanta Das said they will create a central database of large loans by cooperative banks to facilitate better overview. Besides this, draft regulatory norms for cooperative banks can be 'expected soon'.Close Specifically for urban cooperative banks, the central bank is looking to issue structures to address cybersecurity concerns. related news Won't hesitate to prevent collapse of any large NBFC, says RBI's Shaktikanta Das Why RBI's status quo was in the offing Top 5 reasons why Sensex fell after RBI leaves rates unchanged With a view to reducing concentration risk in the exposures of primary (urban) co-operative banks … [Read more...] about RBI Credit Policy | To issue draft norms for cooperative banks to strengthen safety of deposits
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Despite RBI rate cut, banks find it difficult to pass benefits to customers, say experts
While the Reserve Bank of India (RBI) has delivered a second consecutive policy rate cut, taking the cumulative reduction to 50 basis points since February, lack of guidance on liquidity support may keep lenders from passing on the entire benefit to customers.Experts said that tight liquidity conditions are likely to keep banks' cost of funds elevated, limiting their ability to cut lending rates.A senior official at Bank of India said that the lender will look at cutting some deposit rates and lending rates next week when the asset-liability committee meets. "There may be reduction in rates...though only to some extent," the official said. In March, the lender had cut its one-year marginal cost-based lending rate (MCLR) by five basis points, while other tenors were left unchanged.Close Bank of Maharashtra reduced its MCLR by only five basis points across tenors, effective April 7. It's one-year MCLR has been reduced from 8.75 percent to 8.70 percent. related news RBI credit … [Read more...] about Despite RBI rate cut, banks find it difficult to pass benefits to customers, say experts
Banking sector weekly wrap: Jet Airways on sale; RBI’s woes over stressed assets and big ticket bank mergers
It's the start of FY20 and complications in massive debt resolution plans after the Supreme Court scrapped the central bank's circular out of the blue, and a lack of liquidity guidance from the policy review ahead of elections have thrown lenders into a tizzy. If this is a preview of things to come in future, banks are set for a roller-coaster ride this year.As for customers, the wait for lower monthly loan installments just got longer while big ticket mergers in the banking space may need some adjustments on their part as well.Lenders to Jet Airways invite bids for stake saleClose The State Bank of India (SBI)-led consortium, on April 6, invited Expression of Interest (EoI) from prospective parties for acquiring a majority shareholding in the debt-burdened Jet Airways. related news Won't hesitate to prevent collapse of any large NBFC, says RBI's Shaktikanta Das Why RBI's status quo was in the offing Top 5 reasons why Sensex fell after RBI leaves rates unchanged The window … [Read more...] about Banking sector weekly wrap: Jet Airways on sale; RBI’s woes over stressed assets and big ticket bank mergers
Priyanka Gandhi Vadra targets Amit Shah, Yogi Adityanath over law and order in UP
Congress general secretary Priyanka Gandhi Vadra on Thursday questioned the claims of Union Home Minister Amit Shah and Chief Minister of Uttar Pradesh Yogi Adityanath on the law and order situation after a rape victim was set on fire in Unnao."Yesterday the home minister of the country and the Uttar Pradesh chief minister clearly lied that law and order in Uttar Pradesh has become better. Seeing such incidents everyday angers the mind. BJP leaders should now come out of false propaganda," Gandhi said in a tweet.The Congress leader also tagged a news report of the incident in which a rape victim from Unnao in Uttar Pradesh was allegedly set ablaze early on Thursday morning by five men.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his … [Read more...] about Priyanka Gandhi Vadra targets Amit Shah, Yogi Adityanath over law and order in UP
Onion prices in Asia surge 9-22% as India scouts for imports
Manisha GuptaOnion prices in major Asian markets like Nepal, Bangladesh and Sri Lanka have climbed to $2-$6 per kg over the past few weeks, up $0.5-$1 per kg, with experts attributing the sudden demand from India as one of the reasons.Across the world, onion prices are up around 12 percent on an average, over November.Close India, the world’s largest exporter of onions, banned exports in September, and this is likely to continue for a while till prices come under control. related news Centre deliberately creating scarcity of onion in Delhi: Sisodia Nexus between BJP, hoarders responsible for rocketing onion prices: AAP Despite rising prices and shortage at home, India continues to export onion to Maldives A similar trend in onion prices has also been seen in countries like China, Iran, Indonesia and South Korea, where prices have risen between 9 percent and 22 percent over the last one month.The National Horticulture Development Board (NHDB) has estimated India’s … [Read more...] about Onion prices in Asia surge 9-22% as India scouts for imports