DOCSLIB.ORG

Binder-BF-April-2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Binder-BF-April-2019 Vol. 17 No. 12 April 2019 `75 Pages 40 NBFC Harmonization Micro enterprises Women in workforce Finway Capital www.bankingfrontiers.com MarketingNext l Instant l Convenient l Customized Editor’s Blog N. Mohan Mobile : 9322895820 Email : [email protected] April 2019 - Vol. 17 No. 12 Group Publisher : Babu Nair Group Editor : Manoj Agrawal India moving towards Editor : N. Mohan open banking Editorial Mehul Dani, Ravi Lalwani, V. Raghuraman here is lot of talk these days about open banking. It has been there in the US and Europe and India cannot afford to be not taking notice. Under the Open Banking Standard, which is in fact Research Editors Ta UK initiative by the Open Banking Working Group (OBWG), banks can share users’ data in a Prof Venugopal Iyengar, V. Babu, secure manner through open APIs with third party apps, such as fintech companies. So, open banking Ratnakar Deole, W.A. Wijewardena, envisages sharing of data so that customers, be it individuals or businesses, can more effectively Sanchit Gogia, K.C. Shashidhar, manage their finances. Open APIs would also allow third party developers to create helpful services Dr. L.S. Subramanian, Ajay Kumar and tools that customers can utilize. An important step in ushering in open Advisor-Alliances banking was the legislation adopted Ateeq Siddique by EU and the UK in January 2018. The legislation emphasizes that banks must Marketing share transaction and customer data Preshit Deshmukh, Kailash Purohit with authorized third party providers. And Events & Operations banks can do this through APIs. Gautam Magare, Shirish Joshi, Currently, enterprises, especially the Stalin Saldhana, Pramod Jadhav, small and medium ones, though using Amit Gupta, Shweta Kadam, software for managing their finances, cannot incorporate transaction data in Ashish Verma, Wilhelm Singh, their books automatically and in real time. With APIs from their banking service providers, it would be Natasha Vaz, Sneha Agrawal possible for them to access all bank data in real time, ultimately giving them more accurate and up Design to date information on finances. They will be able to compare and save on their accounts and have Somnath Roy Choudhury access to more personalized resources for making banking decisions. It may take years for this system to mature and consolidate. Published By As far as the banking sector in India is concerned, while there are several developments - the Glocal Strategies & Services changing customer patterns, advent of digital tools, increasing use of technologies like distributed D-312, Twin Arcade, Military Road, Marol, ledger technology - open banking is still far away. But banks are keen to experiment and finetune Andheri (E), Mumbai 400059, India. the system. For a bank, data confidentiality and security are supreme in order to have the trust of the Tel: +91-22-29250166 / 29255569 customers. Bankers are concerned about the effectiveness of the Indian data protection rules. Fax: +91-22-29207563 Recently, private bank DCB Bank has launched its open banking platform to create a collaborative ecosystem with enterprises, fintechs and app developers. Yes Bank was the first to launch APIs allowing integration with ERP systems of corporate clients. RBL Bank has an API banking services platform for use by enterprises. Kotak Mahindra Bank has an API platform for lending and payment products. A Printed & Published by Babu Nair on couple of public sector banks have also initiated open banking processes. behalf of Glocal Strategies & Services and A significant related development in this journey towards open banking in India has been the Printed at Indigo Presss (India) Pvt Ltd., neo-banking platform Open, a first in India. The idea is to facilitate SMEs to adopt digital with Open Plot No. 1C/716, Off Dadoji Konddeo Cross becoming an interface. It began its operations in partnership with ICICI Bank and now 11 banks are its Road, Between Sussex and Retiwala Indl. partners. With bankers now discussing to open their APIs for fintech startups to build solutions around Estate, Byculla (E), Mumbai 400027. it, Open hopes there are opportunities for it. Open banking has definitely paved the way for a collaborative ecosystem between banks, Editor: N. Mohan (Responsible for selection fintechs and third-party providers to offer varied and personalized financial services and a better of news under PRB Act) grip on decision making depending on funds available at a given point of time. As open banking has disrupted the banking ecosystem at the global level, it is just a matter of time that the Indian banking system migrates to this platform fully. Banking Frontiers April 2019 3 HOUSING CONTENTS April 2019 Articles Banks/Institutions covered Topics covered News Regulator ...........................................5 Fino Payments Bank ................................. 10 Global fintechs .............................................8 Project Pipeline ............................................6 Lakshmi Vilas Bank ................................... 10 BFSI Marketing ........................................... 10 Fintechs in France .......................................8 Indiabulls Financial Services .................. 10 NBFC Categorization ................................ 15 BFSI Marketing ........................................... 10 Capril Global Capital ................................. 10 Micro enterprises ....................................... 16 NBFC Harmonization ................................ 15 Motilal Oswal .............................................. 10 Women in workforce ................................ 18 Helping micro segment ........................... 16 IndiaFirst Life Insurance ........................... 10 Securities Trading ..................................... 26 Women empowerment ............................ 18 Edelweiss Financial Services ................. 10 Lending by NBFC ..................................... 28 Conference - CEO Forum ...................... 20 ART Housing Finance ............................... 10 Financial Inclusion .................................... 30 Conference - Phygital .............................. 22 RBL Bank ..................................................... 16 PMJDY ......................................................... 32 Conference - Govt Role .......................... 24 Corporation Bank ...................................... 18 Discount Broking ...................................... 36 Conference - Workforce ......................... 25 Kotak Securities ........................................ 26 Malware in Office...................................... 36 Kotak Securities ........................................ 26 HDFC Securities ........................................27 Reading Habits ...........................................37 HDFC Securities ........................................27 Finway Capital ........................................... 28 Finway Capital ........................................... 28 Punjab & Sind Bank ................................. 30 Financial Inclusion .................................... 30 Tamilnad Mercantile Bank ...................... 30 PMJDY ......................................................... 32 Ahmedabad DCCB ................................... 30 Research Report - 1 .................................. 34 Maharashtra Rural Livelihoods Mission .. 32 Research Report - 2 ................................. 36 Reading Habits ...........................................37 People Track .............................................. 39 SUBSCRIBE NOW 24 Issues 36 Issues Banking Frontiers ` 1,500 ` 2,000 l Please allow one month lead-time for delivery of first copy I wish to subscribe to: (Please tick the appropriate box) l Magazine copies are delivered by post. To 24 Issues 36 Issues get copy by courier instead of post, please add `600 for 2 years and `900 for 3 years Name Details for RTGS or NEFT payment: Designation Company : Glocal Infomart Pvt Ltd Company Address Account No. : 450301010036295 City State Bank Name : Union Bank of India Country Pin/Zip Branch Name : Bhavani Nagar, Marol Maroshi Phone Mobile Branch Place : Andheri East Fax Email Branch City : Mumbai Please find enclosed cheque No. for Rupees Branch Code : 545031 Dated Drawn on (Bank) IFSC Code : UBIN0545031 in favour of Glocal Infomart Pvt Ltd (Cheque should be payable in Mumbai, India) Send your cheque to: Glocal Infomart Pvt Ltd 4D - 312, Banking Twin FrontiersArcade, Military February Road, 2019 Marol, Andheri (E), Mumbai 400059, India Tel: +91-22-2925 2411 l 2925 0166 l 2925 5569 Fax: +91-22-2920 7563 Email: [email protected] Website: www.bankingfrontiers.com N E W S Regulator China to bring fintechs under regulation MAS guidelines The People’s Bank of China is developing rules to regulate fintechs on virtual banks in China. The central bank feels the Malaysia’s central bank Negara Malaysia country has become an emerging is expected to come out with guidelines fintech market and has seen a surge for virtual banking licenses. The regulator in the use of technology by banks feels the introduction of such a licensing and financial services institutions regime will likely bring about a wave of in order to attract customers who neo-banks from both incumbents and have not been covered by banking disruptors alike. The concept of neo-banks institutions so far. The regulator is was first popularized by fintech firms like of the view that while technology Moven, Monzo and Starling. The idea is to and its use are fine, but
Load more

Recommended publications
  • The Institute of Cost Accountants of India
    THE INSTITUTE OF Telephones : +91-33- 2252-1031/1034/1035 COST ACCOUNTANTS OF INDIA + 91-33-2252-1602/1492/1619 (STATUTORY BODY UNDER AN ACT OF PARLIAMENT) + 91-33- 2252-7143/7373/2204 CMA BHAWAN Fax : +91-33-2252-7993 12, SUDDER STREET, KOLKATA – 700 016. +91-33-2252-1026 +91-33-2252-1723 Website : www.icmai.in DAILY NEWS DIGEST BY BFSI BOARD, ICAI July 4, 2021 EDs in Public Sector Banks: Banks Board Bureau recommends 10 candidates in 2021-22: The Banks Board Bureau (BBB) has recommended ten candidates to the panel that will be used for filling vacancies of Executive Directors in various Public Sector Banks (PSBs) in the year 2021-22. These names have been shortlisted after the BBB, which is the head hunter for the government for filling top level posts in PSBs, insurance companies and other financial institutions, interfaced with 40 candidates (chief general managers and general managers) from various PSBs on July 2 and 3 for the position of Executive Directors, sources close to the development said. The ten names that have been recommended (in the order of merit) for the Panel are Rajneesh Karnatak; Joydeep Dutta Roy; Nidhu Saxena, Kalyan Kumar; Ashwani Kumar; Ramjass Yadav, Asheesh Pandey, Ashok Chandra; A V Rama Rao and Shiv Bajrang Singh. This panel will be operated in the financial year 2021–22, subject to availability of vacancies in the panel year 2021–22, sources said. https://www.thehindubusinessline.com/money-and-banking/eds-in-public-sector-banks-banks-board- bureau-recommends-10-candidates-in-2021-22/article35125016.ece Supreme Court seeks response of Centre, RBI on plea of PNB against disclosure of info under RTI: The Supreme Court has refused to grant interim stay on the RBI’s notice asking Punjab National Bank to disclose information such as defaulters list and its inspection reports under the RTI Act, and sought responses from the Centre, federal bank and its central public information officer.
    [Show full text]
  • EASE REFORMS for PUBLIC SECTOR BANKS CLEAN & SMART Banking for Aspiring India CLEAN Banking
    E nhanced A ccess & S ervice E xcellence Insolvency and Bankruptcy Code Team PSB EASE REFORMS FOR PUBLIC SECTOR BANKS CLEAN & SMART Banking for Aspiring India CLEAN Banking Clean credit LORE Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to Leveraging data identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close Ensuring accountability collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a Action against defaulters private company with offices in more than 90 cities in 50 countries. For more information, please visit bcg.com. SMART Banking NPA recovery Speedy Indian Banks’ Association (IBA), the only advisory body for banks in India, was set up in 1946 as an association to discuss vital issues of Banks. The onward journey of IBA has been Multi-channel reach progressive and enriched by the development of India’s banking sector since independence. Having bestowed with the status of the “torch bearer” for the banking industry, IBA has initiated several path breaking policies during ccessible & affordable the last seven decades which have eventually A transformed the banking sector. Over a period ofA time IB has evolved as the “Voice of the Indian Banking Industry”. At present, IBA has 252 Members, 145 Ordinary Members comprising Public, Private, Foreign and Responsive Cooperative Banks and 107 financial institutions and Banking related organizations as Associate Members.
    [Show full text]
  • Union Budget 2015-16 a Well-Balanced Act
    Visit us at www.sharekhan.com February 28, 2015 Union Budget 2015-16 A well-balanced act The Union Budget 2015-16 is a good effort to rejuvenate security net through schemes to provide health insurance, and revive the economy. Though there are no big-bang life insurance and pension schemes at nominal rates. Keeping reforms as was expected by some sections of the market, with the tradition, the finance minister has also outlined the the finance minister has managed to meet the key long-term policy priorities of the Narendra Modi government expectation of a substantial increase in the allocation (up that encompass housing, power and water for all by the 75th by 0.5% of the GDP) for capital spending in the infrastructure year of India’s independence, ie 2022. segments, namely roads, railways and irrigation. We view From the capital market perspective, the budget is positive this as the biggest positive of the budget (which is also in in terms of favourable tax proposals related to the removal sync with the higher capital spending envisaged by the of tax on offshore funds managed from India and clarity on railway minister in the rail budget earlier) since it is essential GAAR, which has been postponed by two years and would be to revive industrial activity and investment cycle, and put effective for prospective transactions. The budget also the economy on a virtuous growth cycle. proposes measures to increase financial savings through gold On the other hand, the target to achieve a fiscal deficit of 3% monetisation products and tax-free bonds aimed at funding of the GDP by FY2017 has instead been extended by one year capital investments in the railways, roads and other to FY2018 which is negative in terms of influencing the pace of infrastructure projects.
    [Show full text]
  • Set Off GST Credits Against AGR Dues
    THURSDAY, 27 FEBRUARY 2020 20 pages in 2 sections www.business-standard.com MUMBAI (CITY) ~9.00 VOLUME XXIV NUMBER 139 THE MARKETS ON WEDNESDAY Chg# Sensex 39,889.0 392.2 Nifty 11,678.5 119.4 ECONOMY & PUBLIC AFFAIRS P12 BACK PAGE P14 Nifty futures* 11,699.3 20.8 Dollar ~71.7 ~71.9** Euro ~78.0 ~77.9** FOUR IN 10 ‘VERY COMFORTABLE’ TENNIS STAR SHARAPOVA Brent crude ($/bbl)## 54.0## 54.3** Gold (10 gm)### ~42,484.0 ~153.0 WITH A WOMAN CEO: REPORT ANNOUNCES RETIREMENT *(Mar.) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE PM ASKS DOVAL TO MONITOR SITUATION Voda Idea to govt: FM warns banks against IN RIOT-HIT AREAS trusting raters blindly Set off GST credits Stresses the need to improve branch-level connect with customers SOMESH JHA New Delhi, 26 February ‘EASE’ OF BANKING Finance Minister Nirmala against AGR dues Finance Minister Nirmala Sitharaman on Wednesday told Sitharaman unveiled EASE 3.0, a state-owned banks to not reform agenda for PSBs to follow Prime Minister Narendra Modi and Home Telco has sent a list of demands, “blindly” trust the credit scores this year. Some of its features are: Minister Amit Shah have asked National DoT preparing a relief package of loan seekers, and to focus on | Digitally-enabled doorstep Security Advisor Ajit Doval (pictured) to monitor improving branch-level connect facility for retail and MSME closely the situation in the riot-hit areas of MEGHA MANCHANDA Communications Committee with customers.
    [Show full text]
  • AIBEA's Banking News
    AIBEA’s Banking News 19 APRIL 2018 NEWS BULLETIN FROM ALL INDIA BANK EMPLOYEES’ ASSOCIATION 1 Nationalise ICICI Bank and Axis Bank: AIBEA to Centre VINSON KURIAN, THIRUVANANTHAPURAM, APRIL 17 BUSINESSLINE The All-India Bank Employees Association (AIBEA) has demanded that the Centre take immediate steps to nationalise both ICICI Bank and Axis Bank after the recent unsavoury developments. Merely changing the top executives will not suffice, according to CH Venkatachalam, General Secretary, AIBEA. He also opposed the demands for privatisation of public sector banks. Public deposits ―Everyone is now aware what is the reality about private sector efficiency. ICICI Bank and Axis Bank together have deposits of the public to the tune of Rs. 9 lakh crore, which we need to safeguard,‖ he said. ―There have been repeated cases of suppression of bad loans and under- provisioning. All these unethical things have been going on for a long time.‖ Venkatachalam noted that ever since the Punjab National Bank-Nirav Modi fraud came to light, there has been strong demand from different corners for the privatisation of public sector banks. The only argument was that the PNB fraud has taken place because of the inefficiency of public sector ownership of banks. Bad Loans in Private Banks Bank - Gross NPA/ crores ICICI Bank Ltd. 45051 Axis Bank Ltd. 22662 HDFC Bank Ltd. 8176 Jammu & Kashmir Bank Ltd. 6232 Kotak Mahindra Bank Ltd. 3715 Yes Bank Ltd 2974 IDFC Bank Limited 2777 2 Karur Vysya Bank Ltd. 2663 Federal Bank Ltd. 2161 Karnataka Bank Ltd. 1784 South Indian Bank Ltd. 1775 IndusInd Bank Ltd.
    [Show full text]
  • Need a Lot More to Bank on Radhika Merwin
    THE BIG STORY Banking: Need a lot more to bank on Radhika Merwin 1 Small Business Ideas 2 Life Insurance for Seniors 3 Best Investments for Retirement Narendra Modi’s manifesto two years back had been spot on, touching upon the key issues that faced the banking sector then — inflation, interest rates and bad loans. Inflation, which was hovering in the double-digit zone, has since crept to 5 per cent levels, thanks to the RBI’s prudent monetary stance and sharp fall in crude and metal prices. To its credit, the Centre’s commitment to stay the course on fiscal deficit did pave the way for more rate cuts by the RBI. But while lending rates have fallen sharply by nearly 170 basis points since then, it has failed to revive credit growth and reduce loan delinquencies as was expected. Stretched corporate balance sheets have taken bank credit growth to decadal low levels of 8-9 per cent. While the Modi government has undertaken several policy reforms in core sectors, they are yet to yield results and kick-start investment activity. But that’s not to say that the Centre has not undertaken reforms in the banking sector. In its maiden Budget, it addressed the concern that banks faced when lending to the infrastructure sector, by offering flexibility in loan structuring and refinancing under the 5:25 scheme. Banks have been using this tool extensively to reduce stress. Implementation is key The Modi government’s penchant for renaming and repackaging existing schemes led to the launch of schemes such as ‘Indradhanush’ and ‘Pradhan Mantri Jan Dhan Yojana’.
    [Show full text]
  • July 16, 2021 TATA MOTORS LIMITED Incorporated As A
    Draft Information Memorandum For Private Circulation Only Srl. No: Date: July 16, 2021 TATA MOTORS LIMITED Incorporated as a public limited liability company under the Indian Companies Act (VII of 1913) Date of Incorporation: Incorporated on 1st September 1945, as "Tata Locomotive and Engineering Company Limited” Registered Office: Bombay House, 24 Homi Mody Street, Mumbai 400 001 Tel. No. +91 22 6665 8282; Website : www.tatamotors.com CIN: L28920MH1945PLC004520 Issue of Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures of a face value of ₹10,00,000/- (Rupees Ten Lakhs only) each “Debentures”, Series E30-B 6.95% p.a. ( Six Decimal Nine Five Percent per annum) Coupon aggregating to ₹500 Crores (Rupees Five Hundred Crores only) on a private placement basis (the “Issue”). BACKGROUND This Information Memorandum is related to the Debentures to be issued by Tata Motors Limited (the “Issuer” or “Company”) on a private placement basis and contains relevant information and disclosures required for the purpose of issuing of the Debentures in accordance with the provisions of Schedule I of Securities and Exchange Board (Issue and Listing of Debt Securities) Regulations, 2008, as amended from time to time and Section 42 of the Companies Act, 2013 as amended from time to time and the Companies (Prospectus and Allotment of Securities) Rules, 2014 as amended from time to time. The issue of the Debentures comprised in the Issue and described under this Information Memorandum has been authorized by a resolution passed by the Board of Directors of the Issuer on March 15, 2021 all applicable regulations and by the Board constituted Committee resolution dated July 20, 2021.
    [Show full text]
  • Defining a Marketing Genius Welcomes You To
    Vol. 19 No. 6 October 2020 `75 Pages 52 Magma Fincorp pg 8 3D Economy pg 16 Merge & Surge pg 32 Gayatri Coop Bank pg 41 www.bankingfrontiers.com www.bankingfrontiers.live CREATIVE DATA MARKET MEDIA CONSUMER COMPETITION CUSTOMER ROI GROWTH BEHAVIOR Defining A Marketing Genius Welcomes you to FCBA 2020 FRONTIERS IN COOPERATIVE BANKING AWARDS Rising to Nnew rmal NCBS & FCBA Awards Conference The world has redefined itself and is not going to be the same again. The Cooperative sector which has undergone a sea of change in the past few months is today forced to look into totally new realms of business in this digital world aided by social distancing. Welcome to the world of New Normal and it calls for out of the box strategies to rework the people, products, processes and technology strategies to ensure survival and Growth of the sector. Needless to say, FCBA 2020 the 14th Edition of your favourite FCBA Awards and the National co-operative Banking summit is scheduled to be held Digitally to be in line with the New Normal keeping in mind the safety and wellbeing of the sector and the participants. We have chosen to make it Digital and global. Date: 11 - 12 December 2020 Time: 11:00 am - 06:00 pm For detail please contact: Wilhelm Singh +91 - 773 838 7634 [email protected] Kailash Purohit +91 - 916 779 4613 [email protected] Editor’s Blog Manoj Agrawal Mobile : 98673 66111 Email : [email protected] October 2020 - Vol. 19 No. 6 Group Publisher : Babu Nair Group Editor : Manoj Agrawal Editor : N.
    [Show full text]
  • Insurance Ombudsman Rules 2017 (As Amended Till 02.03.2021)
    Insurance Ombudsman Rules 2017 (as amended till 02.03.2021) G.S.R. 413(E).—Whereas, the draft of certain rules namely, the Insurance Ombudsman Rules, 2016, were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) dated the 15th September, 2016 under the notification of the Government of India in the Ministry of Finance ( Department of Financial Services) number G.S.R. 886 (E), dated the 15th September, 2016 inviting objections or suggestions from all persons likely to be affected thereby before the expiry of a period of forty-five days from the date on which the copies of the Official Gazette containing the said notification were made available to the public; And whereas, the copies of said Official Gazette were made available to the public on the 15th September, 2016; And whereas, the objections and suggestions received from the public on the said draft have been considered by the Central Government. Now, therefore, in exercise of the powers conferred by section 24 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999) and in supersession of the Redressal of Public Grievances Rules,1998, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely:- 1. Short title and commencement.— (1) These rules shall be called the Insurance Ombudsman Rules, 2017. (2) They shall come into force from the date of their publication in the Official Gazette. 2. The objects of these Rules is to resolve all complaints of all personal lines of insurance, group insurance policies, policies issued to sole proprietorship and micro enterprises on the part of insurance companies and their agents and intermediaries in a cost effective and impartial manner.
    [Show full text]
  • Current Affairs August 2015 PDF Capsule
    Current Affairs August 2015 PDF Capsule Current Affairs PDF: August 2015 Current Affairs for Competitive Exam Table of Contents Indian Affairs................................................................................................................................................. 3 International Affairs ................................................................................................................................. 79 Banking and Finance .............................................................................................................................. 105 Awards ......................................................................................................................................................... 126 Appointments & Resigns ....................................................................................................................... 141 Acquisitions & Mergers .......................................................................................................................... 160 Business ...................................................................................................................................................... 164 Science & Technology ............................................................................................................................ 179 Environment .............................................................................................................................................. 183 Sports .........................................................................................................................................................
    [Show full text]
  • Page 1 of 26 Banking Sector Reforms: Ensuring Regulation • The
    Banking Sector Reforms: Ensuring Regulation The size resilience and level of capitalization of banks are critical for the smooth functioning of financial markets. India’s banking sector has been characterized by a high proportion of publicly controlled banks. Key challenges to the banking system include low financial depth, a high share of non-performing assets (NPAs) and a high concentration of public sector banks (PSBs). These issues constrain industrial credit and bank’s ability to meet international capital requirements. We need to focus on three areas to stimulate the banking sector: improving governance of banks, enhancing competition in the sector and developing corporate bond markets to relieve pressure from banks as lending sources. History of Bank Reforms in India In 1969, the government nationalized banks with deposits greater than Rs. 50 crore. In 1980, the government brought an additional number of banks under its control, nationalizing banks with country-wide deposits more than Rs. 200 crore. Between 1969 and 1991, the geographical penetration, density of coverage and number of bank branches grew significantly. However, by 1991, banks’ efficiency and productivity had declined, customer service quality was poor and profitability was low. In 1991, when the government liberalized the economy, it also undertook a number of banking reforms. The committee on Financial Systems, chaired by Mr. M. Narasimham in 1991, recommended reducing the Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR) to free up bank resources, relying on market forces to determine interest rates, making it easier for private and foreign banks to enter to enhance competition and reducing substantially the number of public sector banks (PSBs).
    [Show full text]
  • 400001. the Listing
    The Listing Department, The Listing Department , BSE Limited, National Stock Exchange of India Limited, Phiroje Jeejeebhoy Towers, Exchange Plaza, 5th Floor, 25th Floor, Dalal Street, Plot No.: C / 1, ‘G’ Block, Mumbai – 400001. Bandra Kurla Complex, Bandra (East), Mumbai – 400051. CC/S&B/SK/2020/335 06.10.2020 Madam / Dear Sir, Sub: Disclosure under Regulation 30 (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Board Level Changes in Director / Chairman Pursuant to the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with clause 7 of para A of Part A of Schedule III, we advise that: Vide Notification No.: F. No. 2/1/2020-BO.I dated 06th October, 2020 issued by Department of Financial Services, Ministry of Finance, Government of India, it is advised that “in exercise of the powers conferred by clause (a) of Section 19 read with sub section (1) of Section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government hereby appoints Shri Dinesh Kumar Khara (DOB: 28/08/1961), Managing Director, State Bank of India as Chairman, State Bank of India, for a period of three years with effect from the date of his taking over charge of the post on or after 07.10.2020, or until further orders, whichever is earlier.” The relevant Government of India notification mentioned above and a brief profile of Shri Dinesh Kumar Khara is attached herewith. This is for your information and records. Yours faithfully, (Sham K.) Chief Manager (Compliance & Company Secretary) OF IN PART SECTION 3, SUB-SECTION (ii) (TO BE PUBLISHED II, THE GAZETTE OF INDIA) 1.
    [Show full text]