Reserve Bank on Tuesday asked people not to fall prey to rumours circulating that banks would not accept banknotes with scribbling from January 1, 2014. ?In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the RBI has urged members of public not to fall prey to such rumours and to use their banknotes without any fear,? RBI said.
RBI okays import of semi-pure gold bars
RBI has allowed refineries to import bars of semi-pure gold, also called gold dore, up to 15% of their gross average viable quantity based on their license entitlement, with a condition that these would be made available to exporters. Not more than 80% would be allowed to be sold domestically before the next import lot, RBI noted.
RBI defers charge on OTC derivatives
The Reserve Bank of India has deferred the implementation of risk capital charge on over-the-counter derivatives of banks by three month to April instead of January, as stated earlier. This was done as the introduction of mandatory inter-bank forex forward guaranteed settlement through a central counterparty i.e. Clearing Corporation of India (CCIL) is expected to take more time.
?Bank NPAs likely to rise in 2014?
Indicating a tough year ahead for the country?s banking system, bad loans are likely to rise further in 2014 as the lag effect on asset quality in relation to economic slowdown has not yet peaked, reveals a study by industry body Assocham.
ECL Finance eyes R500 cr via NCDs
ECL Finance, part of financial services group Edelweiss, has sought Sebi approval to raise R500 crore through non-convertible debentures. ECL Finance is planning to garner R250 crore through public issue of secured redeemable non- convertible debentures. (NCDs) with an option to retain over-subscription of up to R250 crore, aggregating up to R500 crore, the company said.
IDBI ups interest rate on term deposits
IDBI Bank on Tuesday announced a revision in its interest rate offerings on term deposits by raising it by 0.50% in the longer term. However, the bank has also cut the interest rates on term deposits by up to 0.25% by modifying time buckets. Under the new scheme, it hiked the rate to 9% for deposits of over 7 years but under 10 years, while those in the 5-7 years bucket will fetch 9% as against the earlier 8.75%, it said.
Bajaj Allianz to open all-women branch
Bajaj Allianz General Insurance is launching its first-ever all women?s branch on January 3, 2014 at their head office in Pune. This unique branch will comprising of only women employees. The branch would be giving preference to women agents and intermediaries.
