Thursday, May 6, 2021
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India asks state banks to protect dollar assets on Cairn concern

Indian authorities asked state-run banks to protect their dollar deposits on concern they could be frozen if Cairn Energy Plc moves to seize India’s offshore assets as part of a tax dispute, according to people with knowledge of the matter. Lenders aren’t committing to U.S. dollar purchases in the forwards

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Maidavolu Narasimham: Father of banking reforms is no more

Maidavolu Narasimham, former governor of the Reserve Bank of India and the architect of banking sector reforms, died on Tuesday. He was 94. Narasimham joined the RBI as a research officer and then went on to serve the Indian government. He was an additional secretary at the Department of Economic

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COVID surge: Bank unions request finance ministry for emergency steps to protect bankers

Amid rising COVID cases across the country, bank unions have asked the finance ministry to initiate measures such as reducing banking days and allowing branches to work with minimum staff to protect employees from coronavirus infection. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions,

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Banks sanction Rs 15 lakh crore under Mudra Yojana in last 6 years

The Finance Ministry on Wednesday said banks and financial institutions have sanctioned Rs 14.96 lakh crore to over 28.68 crore beneficiaries in the last six years. Pradhan Mantri MUDRA Yojana (PMMY) was launched by Prime Minister Narendra Modi on April 8, 2015 to promote entrepreneurship. Ministry of Finance is

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Banks sanctions Rs 25,586 cr to 1.14 lakh Stand-Up India accounts in 5 years

The Finance Ministry on Sunday said banks have sanctioned Rs 25,586 crore to about 1,14,322 beneficiaries under the Stand Up India Scheme in the last five years for promoting entrepreneurship among women and SC & STs. The objective of Stand-Up India is to promote entrepreneurship amongst women, Scheduled Castes

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FinMin to infuse Rs 14,500 cr in banks under RBI’s prompt corrective action framework soon

The finance ministry is likely to infuse Rs 14,500 crore mainly in the banks that are under the RBI's prompt corrective action framework in the next few days to improve their financial health. Indian Overseas Bank, and are currently under this framework that puts several restrictions on them,

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Track Insurance complaints online, government amends ombudsman rules

Insurance policy holders will now be able to make complaints electronically and track its status online, as the government has amended the Insurance Ombudsman Rules 2017. In a statement the finance ministry noted that under the amended rules, the timeliness and cost-effectiveness of the redressal mechanism has been substantially strengthened. The

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View: How the government can truly make India’s state-run banks efficient just like their private sector peers

Budget 2021 has finally made long-awaited policy pronouncements of a reformist nature in the banking and financial sector. Governments are prone to make announcements that catch headlines, but soon fade away with only half-hearted implementation. One says this with the hindsight of the declaration of divestment of the Industrial

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