The Reserve Bank of India today came out with master direction for merger of private sector banks and also between NBFCs and banks.
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking issues and foreign exchange transactions, the central bank provided direction for issue and pricing of shares by private sector banks
In another master direction, a compilation which consolidates instructions on rules and regulations framed by the RBI under various Acts, including banking issues and foreign exchange transactions, the central bank provided direction for issue and pricing of shares by private sector banks
Read more at:
http://economictimes.indiatimes.com/articleshow/51930874.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
http://economictimes.indiatimes.com/articleshow/51930874.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
My Observation has been explained in my blogs -Danendra Jain
The consolidation exercise could bring down the number of public sector banks to about six from the current 27, but it cannot change the attitude, culture and mindset of politicians and bankers who have jointly and severally looted banks for serving their self interest and mutual interest.
If government is really interested to save banks from further damage, it should merge all PSU banks and convert it into a unified Financial Corporation or a Unified Public Sector Bank .
In this way , government of india can decide priority of the country , define rate of interest payable on deposits and rate of Interest for various sector of lending depending upon priorities decided by it.
This will not only help in elimination of competition among 29 PSU banks ( which are all part of same government and same owner ) and force the unified bank to compete with private sector bank but also help Government in execution of it social welfare plan in true spirit.
I submit under my other blogs in this regard
Vinod Rai Plan For Improvement In Health Of PSU Banks
Why Merger is needed
What Type Of Competition It Is In PSU Banks
Pros And cons Of Bank Merger
Danendra Jain Speaks On Naxatra TV
Bank’s norm for selecting auditing firms challenged-The Hindu 22.04.2016
dkj
http://www.thehindu.com/news/cities/chennai/banks-norm-for-selecting-auditing-firms-challenged/article8511525.ece
The 'bank hack' case reported by TOI earlier this month has just got bigger. An internal inquiry by Bank of Baroda (BoB), has found that at least 70 customers from various parts of Uttar Pradesh were duped in March. So far, 373 fraudulent transactions totalling up to about Rs 10.67 lakh have been detected in what could be the biggest cyber heist in the country.
Read more in following Link , click the link
http://timesofindia.indiatimes.com/city/lucknow/70-customers-duped-in-cyber-hacking-of-bank/articleshow/51950212.cms
Why Merger is needed
What Type Of Competition It Is In PSU Banks
Pros And cons Of Bank Merger
Danendra Jain Speaks On Naxatra TV
Bank’s norm for selecting auditing firms challenged-The Hindu 22.04.2016
dkj
Assailing the decision of the Bank of Baroda, which has fixed Rs. 150-crore turnover as the minimum eligibility for auditing firms to participate in the tender for its assignments, a Chartered Accountant has approached the Madras High Court seeking to restrain officials from going ahead with the decision.
The petitioner, Venkata Siva Kumar, alleged that the decision was arbitrary, capricious and irrational, made with a mala fide intention to eliminate all the medium and small Indian audit firms and pave way for an indirect entry of multi-national audit firms into this public sector bank and latter extend it to other public sector banks, seriously jeopardising the economic interest of India.
When the plea came up for hearing, Justice R. Subbiah ordered the notice to the Executive Officer of the Bank returnable by April 29.
According to the petitioner, it is a usual process wherein the bank calls for empanelment of Chartered Accounting Firms as per the guidelines the Chief Vigilance Commissioner.
The best among them, after due diligence, are selected and allotted the assignments to the operations of the bank.
“The audit firms once appointed will be carrying out the audit for three years with one-year cooling period. The conditions of the assignment are very rigid, needing 100 per cent examination of transactions on a concurrent basis and unit visits. Reports will be submitted by the 10th of every month,” he said.
On October 2015 a new Chief Executive Officer was appointed to the bank, who had two decades of working experience with a multi-national bank, which was audited by MNC audit firms, he added.
Mr. Venkata Siva Kumar alleged that the new CEO immediately took a decision to summarily terminate all the concurrent auditors doing the job throughout India and abroad without giving any reasons and the letter was posted to the CA firms March 30.
A new tender was floated on April 1, 2016 in which the eligibility criteria for the participants have been fixed as a minimum turnover of Rs 150 crore.
The petitioner alleged that the proposed tendering process exponentially increases the cost of operation without any corresponding benefit, seriously affecting the interest of the bank and the deposit holders, shareholders and innocent public, which is against the economic interest of our nation and sought to quash the decision. He pleaded the court direct an independent investigating agency to probe irregularities, conspiracy and criminal breach of trust, if any by the officials.
http://www.thehindu.com/news/cities/chennai/banks-norm-for-selecting-auditing-firms-challenged/article8511525.ece
The 'bank hack' case reported by TOI earlier this month has just got bigger. An internal inquiry by Bank of Baroda (BoB), has found that at least 70 customers from various parts of Uttar Pradesh were duped in March. So far, 373 fraudulent transactions totalling up to about Rs 10.67 lakh have been detected in what could be the biggest cyber heist in the country.
Read more in following Link , click the link
http://timesofindia.indiatimes.com/city/lucknow/70-customers-duped-in-cyber-hacking-of-bank/articleshow/51950212.cms
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