Banking Sector

People without bank accounts will be able to withdraw cash from ATMs: Raghuram Rajan

People without bank accounts will be able to withdraw cash from ATMs: Raghuram R

The reserve Bank of India (RBI) has given its in-principle approval for the setting up of a payment system that will allow people without bank accounts and debit cards will also be able to withdraw cash from automated teller machines (ATMs).

RBI Governor Raghuram Rajan announced on Wednesday that the upcoming payment system would allow a person without a bank account and debit card to withdraw cash from ATMs with the help of a mobile phone.

U.S. should worry about its policies’ effects on rest of the world: Rajan

U.S. should worry about its policies’ effects on rest of the world: Rajan

The United States should be concerned about the effects of its policies on the rest of the world, Reserve Bank of India (RBI) Governor Raghuram Rajan said.

Mr. Rajan said that the world's biggest economy should be more careful while taking decisions as its decision also affect other economies of the world.

Speaking on the topic, he said, "We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, rather than what is just right given the circumstances of their own country."

SBI raises Rs 8,032 crore through share sale

SBI raises Rs 8,032 crore through share sale

State Bank of India (SBI), the country's largest state-run lender, has confirmed that it has raised Rs 8,032 crore through a sale of shares to institutional investors.

The money was raised by way of qualified institutional placement (QIP) to boost the bank's capital requirements. The share offering was launched on Tuesday in the indicative price band of Rs 1,565 to Rs 1,596 a share.

RBI hikes key interest rates to reign in stubbornly high prices

RBI hikes key interest rates to reign in stubbornly high prices

The Reserve Bank of India (RBI) on Tuesday unexpectedly hiked benchmark repo rate, as part of its efforts to rein in stubbornly high consumer prices.

The central bank announced an increase of 0.25 per cent in its benchmark repo rate, from 7.75 per cent to 8 per cent. It may be noted here that the repo rate is the rate at which the central bank lends money to commercial banks.

The move surprised analysts and economists as most of them had expected no change in key interest rates for the next few months.

RBI not likely to change interest rates

RBI not likely to change interest rates

Indian central bank, the Reserve Bank of India is not likely to change its interest rates in its third quarter monetary policy review on Tuesday.

Some had expected the central bank to consider cutting interest rates to boost growth s the inflation has moderated in the Indian economy. Oriental Bank of Commerce Chairman and Managing Director S L Bansal, HSBC India country head NainaLalKidwai and ICRA managing director NareshTakkar all said that they do not believe that the central bank will change the interest rates during the upcoming policy meeting.

Morgan Stanley seeks RBI’s permission to start proprietary trading

Morgan Stanley seeks RBI’s permission to start proprietary trading

Global investment banker Morgan Stanley's Indian arm has reportedly sought Indian central bank's permission to start proprietary trading in the country.

Sources familiar with the development has revealed that the Indian brokerage arm of Morgan Stanley has filed an application seeking the Reserve Bank of India's permission for staring proprietary trading under which the brokerage will be able to buy & sell securities on its own account.

RBI wants CPI to come down

RBI wants CPI to come down

The Reserve Bank of India (RBI) will see both core inflation and headline inflation before taking a decision on any rise in the repo rate in January, the central bank's governor, Raghuram Rajan, said.

In a recent interview, Mr. Rajan said that the central bank wanted both core and headline CPI to come down.

When asked whether the RBI would hike the repo rate in case core CPI does not fall but headline CPI falls, he said the central bank needed to see both conditions.

RBI may hike key policy rate again to tame inflation

RBI may hike key policy rate again to tame inflation

Reserve Bank of India (RBI) Governor Raghuram Rajan has said that said that the central bank is very uncomfortable with high rate of retail inflation and low factory output, giving a strong indication that the policy rates may be increased again in the upcoming monetary policy review.

Mr. Rajan said the central bank was aware of weakness in the economy but it had to take inflation into account while framing the monetary policy.

SBI chief inaugurates 27 ‘all woman branches’

SBI chief inaugurates 27 ‘all woman branches’

Arundhati Bhattacharya, the chairperson of the country's largest bank SBI, has inaugurated27 'all woman branches' of the state-run bank in the Chandigarh circle.

During her visit to the Chandigarh local head office of the bank, she inaugurated the Personal Banking Branch, Sector -17 as 'all woman branch'. The local head office oversees hes in the four northern states - Jammu and Kashmir, Haryana, Himachal Pradesh and Punjab as well as the branches of the Chandigarh Union Territory.

S&P downgrades IDBI Bank to below investment grade; shares slip

Stock in IDBI Bank Ltd slipped as much as 2 per cent in early morning trade on Tuesday, after global ratings agency Standard & Poor's (S&P) downgraded the lender's foreign currency issuer credit rating.

S&P slashed IDBI's credit rating from BBB- to BB+, to below investment grade citing weaker asset quality. It also lowered its long-term outlook for public-sector lender to `negative'. The global agency also revised its assessment of IDBI's risk position from "adequate" to "moderate".