-PTI The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation. The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online...
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Private banks reluctant about rural lending -Dinesh Unnikrishnan
-Live Mint Experts say private banks achieve lending obligations by buying out loans from non-banking entities Most private banks in India have not been able to meet the needs of farmers although they are expanding their rural and semi-urban branch network. This is why the Reserve Bank of India (RBI) is insisting that at least one-fourth of the branches of the new banks that will be given a licence must be located...
More »Give More Info on Money Laundering: Fin Min to Banks
-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...
More »Wages in India lagged behind overall GNP growth: Amartya Sen
-The Business Standard Nobel laureate says rural areas worst affected, with wages in Chinese villages having risen 6-7 times faster Nobel laureate Amartya Sen today said that wages in India had failed to keep pace with the overall GNP growth over the last decades. Sen pointed out, although India has seen a lot of economic growth over the past 20 years, wages, especially that of rural labour, have fallen behind. Comparing wage rise...
More »IMF says India shouldn’t rush to give banking licences to conglomerates-Remya Nair and Asit Ranjan Mishra
-Live Mint The International Monetary fund (IMF) has warned India against licensing corporate entities to step into the business of commercial banking, saying the risks associated with such a move potentially outweigh the benefits of creating more banks. IMF’s Financial System Stability Assessment Update said it would be prudent for India to first put in place and gain sufficient experience in implementing a comprehensive framework for the purpose before considering the entry...
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