-Outlook Taking note of a sting operation that alleged money laundering by three leading private sector lenders, the Finance Ministry today said that it has asked banks for more details on the issue. "RBI has contacted the banks invloved...We have asked banks for more details on the expose," Banking Secretary Rajiv Takru said here. Meanwhile, RBI Deputy Governor Urjit Patel in Mumbai said the central bank is in touch with the concerned banks...
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RBI swings into action after CAG picks holes in farm debt relief scheme
-The Business Standard Asks banks to take immediate action against officials responsible for lapses A day after a Comptroller and Auditor General of India (CAG) report pointed out irregularities in the Rs 71,680-crore agricultural debt waiver and debt relief scheme of 2008, the Reserve Bank of India today swung into action. It asked lenders to verify all the accounts granted benefits under the scheme. RBI said administrative and accounting lapses on the part...
More »Budget 2013: Crop loans from private banks will be subsidised too-Atmadip Ray
-The Economic Tiomes Farmers borrowing crop loans from private banks will also get government's interest subvention scheme, finance minister P Chidambaram said in his 2013 Budget speech. At present, farmers used to get crop loans at a subsidised 4% a year rate from public sector banks, regional banks and cooperative banks if they repay in time. Farmers who repay loans in time, gets an additional 1% interest subvention from the government over and...
More »The Guv keeps the bar high -KT Jagannathan
-The Hindu It took nearly three years for the Reserve Bank of India (RBI) to give a final shape to the government’s decision to let more players in the private sector banking field. That by itself offers a clue to the divide in thinking between the fiscal and monetary managers of the Indian economy. When it did come out with guidelines for “Licensing of New Banks in the Private Sector”, the...
More »Government pushes banks to go rural, but will it pay?-Swati Pandey and Rajendra Jadhav
-Reuters RANCHHODPURA, India (Reuters) - Working out of a tiny rented room furnished with a wooden table, small biometric authentication machine and shelf stacked with passbooks, Ganesh Dangi is a one-man bank for a village of 650 people in northwestern Rajasthan. A business correspondent, or local representative, for State Bank of Bikaner and Jaipur (SBBJ) in Ranchhodpura village, 40 km (25 miles) east of Udaipur, Dangi is racing to sign up villagers...
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