The Enforcement Directorate has arrested the branch manager of the New Delhi's KG Marg branch of Kotak Mahindra Bank for alleged involvement in a money laundering case.The arrest comes days after Income Tax sleuths visited the KG Marg branch in connection with the survey of two of its customers accounts.
Under the Memorandum of Understanding (MoU), LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum.Dena Bank, the state-run lender, on Monday signed agreement with LIC (Life Insurance Corporation) to provide insurance cover to its savings account holders under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.
The objective of the New Pension Scheme of Union Bank is to promote old age income security to all sections of the society.The Public sector Union Bank of India has started selling of the New Pension Scheme (NPS) through over 3,000 branches across the country, giving an impetus to the scheme.
State-owned Life Insurance Corporation of India (LIC) could be too exposed to the country's banking sector through its stakes in both state and private lenders, Reserve Bank of India deputy Governor S.21 per cent in Indian banks, making it the second-biggest shareholder in the sector after the government, Mundra said in rare public comments on the insurance and investment group.
Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank.No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank, Sharma said further.
The Reserve Bank on Tuesday imposed a Rs 1 lakh penalty on the Mumbai District Co-operative Bank (Mumbai Bank) for violating know-your-customer and anti-money laundering norms.The central bank had first issued a showcause notice to the bank and after going through its submissions found that the violations "substantiated and warranted imposition of penalty", it added.
Country's second-largest private sector lender HDFC Bank on Wednesday cut its benchmark lending rate by up to 0.The bank's asset liability committee decided for a cut of 0.
However, it appears that much of the black money has come into bank accounts through misuse of other people's accounts.The budget 2017 can raise Rs 1,50, 000 crore and it has scaled down its earlier estimate of Rs 200, 000 crore, it added.
Solomon is here as part of World Bank's efforts to break the deadlock between the two neighbours on the Kishenganga and Ratle project which are coming up in Jammu and Kashmir.They said India also maintained that the design of the projects do not violate the Indo-Pak Indus Water Treaty (IWT).
Income-tax rules have been amended to provide that banks shall obtain and link PAN or Form No.Likewise bank account holders who have not submitted PAN or Form No 60 are advised to submit the PAN or Form No 60 to the bank by February 28, 2017, the notification stated.
Indian equity markets are expected to move in a narrow range during the year and the benchmark Sensex is likely to touch 29,000 by the end of 2017, says a Deutsche Bank report.According to Deutsche Bank's India Equity Strategy Report, 2017 is expected to be a year of uncertainty and the market is likely to be volatile and uncertain in the first half and recover in the second half.
Private sector lender IndusInd Bank on Tuesday posted 29.1 per cent increase in net profit to Rs 750.
65 per cent.99 per cent after reports of its Jaguar Land Rover saw best-ever retail sales in December, up by 12 per cent from the same month of 2015.
The World Bank on Wednesday decelerated India's growth for 2016-17 fiscal to a "still robust" 7 per cent from its previous estimate of 7.8 per cent growth.
Finance Minister Arun Jaitley is scheduled to launch tomorrow Airtel's Payment Bank, which has been running pilot services in four states.On April 11, 2016, Airtel Bank became the first entity in India to receive a payments bank licence from the Reserve Bank of India (RBI).
The country's leading mobile phone operator, Bharti Airtel, has announced the launch of Airtel Payments Bank.To register for Airtel Payments Bank, one has to submit one's Aadhaar card number and the biometric (fingerprint) scan for authentication.
Sunil Mittal-led Bharti Airtel Ltd on Thursday unveiled its plan for setting up a payments bank with an initial investment of Rs 3000 crore to build a nationwide network.This new set of banks is expected to increase competition in the sector by offering higher interest rates on deposits.
Taking the e-wallet companies and traditional banks head on, country's largest telecom operator Airtel launched the payments bank.3 lakh bank branches, the payments bank have a far higher reach.
70 per cent, following similar moves by all the major players in the system due to high liquidity post demonetisation.The new rates, decided by the bank's asset liability committee which met on Friday, are effective from January 18.
39 per cent in December 2016, fuelled by rising prices of petrol and diesel.Key indices in China, Japan and Hong Kong dropped by up to 1 per cent.