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RBI clarifies – All Rs 10 coin valid, legal tender

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RBI clears all the doubt related to Rs 10 coin validity by stating i.e. “All the 14 designs of Rs 10 coin are valid and legal tender for transactions”.The Reserve Bank of India (RBI) reiterated the legal tender status of all ten rupee coins issued. There were many states in India where complaint were made on non acceptance of Rs ...

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Allahabad Bank Under Prompt Corrective Action (PCA)

Another Public Sector Bank (PSB), Allahabad bank is put under Prompt Corrective Action (PCA) by Reserve Bank of India (RBI) as the banks shows the net NPAs (non performing assets) and negative ROA (return on assets) for two consecutive years fiscal 2016-17. For the fiscal 2016-17, the bank had trimmed its net losses to Rs 313.51 crore against Rs 743.31 crore in 2015-16. Read ...

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Know The Financial Resolution and Deposit Insurance Bill (FRDI)

Currently there is a wide debate going on within financial sector about proposed Financial Resolution and Deposit Insurance Bill (FRDI). Main concern is on non-assurance on depositors money and bail-out of weak banks through bank deposit of different bank. Ending the debate on FRDI will, government has decided to place the proposed bill to get parliament approval. What is the proposed ...

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RBI levies Rs 2-5 crore penalty on Few Banks

Reserve Bank of India (RBI) has imposed a whopping Rs 5 crore penalty on Public sector lender Syndicate Bank and Rs 2 crore penalty on Union Bank of India, IndusInd bank etc for breaching Know Your Customer (KYC) norms. Reserve bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your ...

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CBI launches AML probe against UCO Bank for Rs 20,000 crore hawala scam

State run bank UCO bank is under CBI and Enforcement Directorate (ED) scanner for Rs 20,000 crore hawala scam. ED sought help of CBI on this case due to lot of technicality involved in this as the level of fraud are mainly related to core banking segment like export finance. ED has been probing the scam under the Foreign Exchange Management ...

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Top Reasons – Why Bitcoin is a Risky Investment ?

Bitcoin is a buzzing word. Every one is talking about Bitcoin and its recent surging in value. The recent appreciation in the value of Bitcoin has motivated many of new investors especially younger generation in countries like India. Before Investing in Bitcoin, let’s have some ideas about crypto-currency Bitcoin is a legal tender in some countries like Japan where it is ...

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Are these Seven Banks Hotlisted for Merging ?

Public Sector Bank merging is the need of the hour and panel on state run bank merger headed by finance minister has directed the banks to examine proposals for amalgamation. The final schemes formulated will be approved by the central government, and laid in both the houses of Parliament. The consolidation of struggling state-run banks, which have a market share of about ...

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Bank Union Filed Petition in Supreme Court Against Aadhaar Services

Union of Bank employees have filed a petition against Aadhaar Related services including setting up enrollment center in the Supreme Court. Bank Union has stated in their petition that they do not have the resources to provide Aadhaar related services from the bank branches. Earlier the  Unique Identification Authority of India (UIDAI) has made it mandatory for bank’s to start enrollment center ...

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