Free Press Journal
  • Rupee recovers 10 paise against US dollar in early trade

    Mumbai: After a weak start, the rupee Tuesday recovered 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks. The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange.

  • Rupee recovers 15 paise against US dollar in early trade

    Mumbai: The rupee Tuesday opened on a positive note by inching 15 paise higher at 72.30 against the US dollar amid increased selling by banks and exporters. Besides, dollar’s weakness against some currencies overseas including the euro also supported the rupee, dealers said. The rupee on Monday slumped to new record low of 72.67 a dollar in intra-day trade before closing at 72.45, showing a steep 72 paise fall on growing fears of

  • Banks to come out of PCA framework by this fiscal: Financial Services Secretary Rajiv Kumar

    New Delhi: Asserting that the worst is behind for state-owned lenders, Financial Services Secretary Rajiv Kumar today expressed hope that the banks would come out of the Prompt Corrective Action (PCA) framework this fiscal. As many as 11 out of 21 banks are under the RBI’s watch list. Of these, two banks — Dena Bank and Allahabad Bank — are facing restriction on expansion of business.

  • RBI decision to hike repo rate is a ‘win-win’ situation for markets, banks: SBI report

    New Delhi: The Reserve Bank of India’s (RBI) decision to raise the repo rate by 25 basis points (bps) to 6.50 per cent is a “win-win” situation for both markets and the banks as inflation is expected to rapidly decelerate to sub-5 per cent in coming months, suggests the report from the Economic Research Department of State Bank of India (SBI).

  • Rupee sinks to record low vs US dollar, breaches 69-mark

    Mumbai: The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country’s current account deficit and inflation dynamics. Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.

  • 18,000 banks branches, post offices have Aadhaar facility now: UIDAI

    New Delhi: Less than a year after banks and post offices were asked to set up Aadhaar facility on their premises, as many as 18,000 centres have come up for enrolment and updation of the biometric ID at such locations, UIDAI CEO Ajay Bhushan Pandey has said.

  • UIDAI extends deadline to deploy Virtual ID system to July 1

    New Delhi: UIDAI has extended by one month to July 1 the deadline for service providers and agencies like banks and telecom companies to fully deploy Virtual ID system and accept these IDs in lieu of Aadhaar number. The Virtual ID (VID) feature is aimed at giving users the option of not sharing their Aadhaar number at the time of authentication.

  • 4-day bank holiday in Maharashtra from tomorrow

    After the recent cash crunch, brace yourself for another 4-day long weekend starting from April 28, as banks will be closed continuously for 4 days in Mumbai and rest of Maharashtra. People are advised to complete bank-related pending work today.

  • Cash Crunch: ATMs have a quirky connection with Karnataka

    ‘Unless you see signs and wonders, you will not believe,’ says the Bible. Then, if ‘no money in the ATM’ is a ‘sign’, it will require a doomsday scenario to turn the phenomena into a ‘wonder’. Rahul Gandhi and Derek O’Brien term it a ‘Financial Emergency’. “But where are the facts to substantively advance that theory?” asks Alec Smart, not aware that Arnab Goswami had said much the same the night before

  • RBI announces special measures on March 31 for government accounts

    Mumbai: The Reserve Bank of India (RBI) has announced special measures for transaction of central and state government business by banks handling government accounts on March 31 in view of the closing of the financial year on that day. In a release late on Tuesday, the RBI also said special arrangements have been made to conduct special clearing operations on March 31 in order to facilitate government receipts and payments.

  • CBI books Chennai-based Kanishk Gold for defrauding 14 banks of Rs 824 crore

    New Delhi: Banks have been conned yet again, this time by a Chennai-based jeweller, Kanishk Gold. In the latest saga, a consortium of 14 banks led by the State Bank of India were defrauded of Rs 824 crore in the form of loans that have now been declared non-performing assets.

  • RBI on frauds: A voice of helplessness

    Banks, private or public, do business with public money. Banking regulation should be effective and efficient, which it is not – plain and simple.

  • SFIO summons other banks in PNB fraud case

    New Delhi: The Serious Fraud Investigation Office (SFIO) on Tuesday issued letters to some banks asking them to explain about the working capital facility given to Gitanjali Group in the Punjab National Bank (PNB) fraud case.

  • Government cuts interest rates on PPF, small saving schemes

    New Delhi: In a move expected to coax banks to lower their deposit rates, the government has reduced the interest rates on small saving schemes, including National Savings Certificates (NSCs), Public Provident Fund (PPF) and Kisan Vikas Patra (KVP), by 0.2 percentage point for the fourth quarter of the fiscal (January-March).

  • Rising NPA in education loan propelling banks’ stress

    New Delhi: Amid the ongoing crisis caused by increasing Non-Performing Assets (NPAs) in the banking sector, default payment in education loans is adding on to this, the data released by the Indian Banks’ Association (IBA) revealed.

  • Mumbai: Marathi language made mandatory for government work after MNS stir

    Mumbai: Following a threat from Raj Thackeray, president of Maharashtra Navnirman Sena (MNS) asking banks to use Marathi language in their transactions, the state government reissued a Circular of the Central Government on the use of regional language and Devnagri script along with English and Hindi by Central Governments field offices and establishments in the state including banks.