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Top Stories- October 2004

Click Here To Return To Daily News
Click Here For News Archive


SEBI has specified that not less than 50 per cent of the board of directors should consist of non-executive directors.... Read more

Regional Rural Banks can now undertake insurance business as corporate agent without risk participation.... Read detailed guidelines

Government plans to open up the banking sector further to foreign banks and encourage consolidation in the sector.... Read more

Standard & Poor's has affirmed its ratings of the State Bank of India, ICICI Bank and Bank of Baroda.... Read more

Indian Banks Association has set up a local chapter in New York.... Read more

Business Process Outsourcing (BPO) and IT services, will contribute seven per cent to India's gross domestic product (GDP) by 2008.... Read more

Reserve Bank of India has decided to disclose the penalties imposed by it on banks.... Read more

The second asset reconstruction company (ARC), to be operational soon.... Read more

Serious challenge to the sustenance of Indian BPO leadership in the coming years .... Read more

Banks also to distribute the taxable bonds, under Senior Citizensí Savings Scheme .... Read more

Zero defaults combined with the improving credit ratio signal a continuing uptrend in the Indian corporate sector, says Crisil.... Read more

Banks not to pay service tax on the income earned from the discounting of bills or cheques. Interest on overdraft facility or cash credit facility also would not be subjected to service tax. .... Read more

RBI has fined Citibank Rs 5 lakh, for flouting the `Know Your Customer' (KYC) norms.... Read more

Better risk management essential for banks' success.... Read more

US Banks are strong, says US Federal Chief.... Read more

Mid-term Review of Annual Policy 2004-05 announced by Reserve Bank, on 26th October 2004, has kept Bank Rate unchanged.Repo rate hike of 0.25 per cent is basically to reduce excess liquidity and help in controlling inflation.
Bank Rate kept unchanged at 6.0 per cent.
Repo Rate increased by 25 basis points to 4.75 per cent.
Ceiling on Interest Rates on NRE Deposits raised by 50 basis points.
Minimum tenor of retail domestic term deposits reduced to 7 days.
.... Visit Special on Credit Policy



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