NEWS IN BRIEF - June to September 2015
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RBI to issue Rs 500 and Rs 1000 Banknotes with Three Additional Features
The Reserve Bank of India will shortly put into circulation banknotes in the denominations of Rs 500 and Rs 1000 incorporating three new/revised features - (i) ascending size of numerals in the number panels, (ii) bleed lines, and (iii) enlarged identification mark.
RBI cancels Sahara India's para-banking license-
Reserve Bank of India (RBI) has cancelled the license of the holding company Sahara India Financial Corporation Limited (SIFCL). Under the new order, the Sahara India would be barred from any sort of financial transactions. The RBI had in 2008 barred the company from taking any deposits from the people under its chit fund operations. The move comes in wake of several irregularities and ignoring financial rules and regulations by Sahara. Sahara India now stares at Bleak Future.
State Bank of India-
SBI by mistake Deposits Rs 95,000 Crore in Woman's Bank Account. Urmila Yadav from Madarpur slum, Kanpur become the richest woman in world though temporarily. Its shocking that such a huge accounting error has happened in the largest Indian Bank. SBI will need to answer lots of questions.
Reserve Bank of India: Central Bank Extends Deadline to Exchange Pre-2005 Currency Notes -
The old notes will remain legal tender until Dec. 31. 2015. RBI had, in December 2014, set the last date for public to exchange these notes as June end 2015. The currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued post 2005, the year of printing is visible at the bottom on the reverse. RBI has already collected and destroyed pre-2005 currency notes worth Rs 21,750 crore.
HSBC Bank to Cut at Least 22,000 Jobs Worldwide-
The restructuring, which will cut between 22,000 and 25,000 jobs across the world which will affect almost a fifth of the bank`s workforce. It is predicted to save the bank between $4.5 billion and $5 billion annually by 2017. HSBC will also shrink the global banking and markets division to less than one third of HSBC`s $2.6 trillion balance sheet
Government to put a stop to banks'"window dressing" of accounts-
India to stop "window dressing" of banks' financial accounts at the end of the fiscal year. That practice, official data shows, moves billions of dollars in the last two weeks of March as banks boost loans and deposits - only for more than half to reverse in the first two weeks of April. This can threaten financial stability, analysts say, and could be obscuring the real state of India's financial sector, including the level of stressed debt.
SBI chief uses technology and recovery to give the bank a new-age makeover-
She is working methodically and systematically to identify problems and fix them. Technology and recovery will be the pillars on which SBI rests. Her efforts in targeting future businesses is reflected in its recent business arrangements with Amazon, Snapdeal and many more digital-age companies
DBS becomes first foreign bank to apply to set up a subsidiary in India -
DBS Bank has applied to Reserve Bank of India to operate as a wholly-owned subsidiary in the country. This would put it on nearly equal footing with the country's local lenders. It will help them to scale up their presence in India from a corporate bank to a universal bank. RBI in November 2013 has issued guidelines for foreign banks to open subsidiaries in the country.
Banks now have more officers than clerks. 52 per cent officers in the banking system now as opposed to just 38 per cent ten years ago. In private banks, only 21 per cent of the nearly 300,000 employees fall in the category of clerks. Foreign banks, with only 6 per cent clerks among their ranks. Main reasons cited by banks are - Technology has rendered clerical functions redundant; Officer-only model driven by the desire to have better industrial relation; Officer status employees a sense of responsibility & they are ready for longer working hours. (Source - Business Standard)
RBI Warns Public of a Fraudulent Banking App launched with his logo-
An App (application) is doing rounds on What's App purportedly to facilitate checking of balance in customers' bank accounts. The application has an RBI logo with the title 'All Bank Balance Enquiry No' and has listed several banks with either a mobile number or call centre number. The Reserve Bank has clarified on 11th April 2015 that it has not developed any such application. Members of public are, therefore, advised to use the application, if at all, at their own risk.
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