The government on Friday indicated that nearly a quarter of the automated teller machines (ATMs) run by public sector banks may be vulnerable to frauds as 74% of the cash dispensers are running on outdated software.
Tag: Economy
Shri Mahesh Kumar Jain took charge as the Deputy Governor of Reserve Bank of India today. The Government of India, on June 4, 2018 has appointed him as the Deputy Governor of Reserve Bank of India for a period of three years from the date of assumption of charge or until further orders, whichever is earlier.
SBI Global Factors is planning to offer credit protection and collection services to parent State Bank of India (SBI) to mitigate the risk of defaults in the foreign currency credit facilities extended by the latter to its exporter clients.
Internal processes in banks have still not caught up with the changes in the external environment relating to the recovery of non-performing loans
The Asian Infrastructure and Investment Bank will take a 10 per cent equity stake in a ₹500-crore credit enhancement fund that seeks to raise investments in operational and stabilised infrastructure projects, a government official has said.
MUMBAI, JUNE 5
As much as ₹5-lakh crore of bank loans deteriorated into the non-performing asset (NPA) category in fiscal 2018, according to credit rating agency Crisil.
But the tide seems to be turning, given the sharp reduction in SMA (special mention account)-2 cases and better NPA recovery prospects, it added. An SMA-2 account is a stressed account where the principal or interest payment or any other amount, wholly or partly, is overdue between 61 and 90 days.
Crisil said the total slippages in the past three fiscals amounted to ₹13.6-lakh crore.
It assessed that about a fifth of the slippages last fiscal (FY2018) was due to the withdrawal of various structuring schemes by the RBI in February 2018 after the Insolvency and Bankruptcy Code (IBC) process came into force.
As a result, gross NPAs increased to about ₹10.3-lakh crore, or about 11.2 per cent of advances, as on March 31, 2018, compared with ₹8-lakh crore, or about 9.5 per cent of advances, as on March 31, 2017.
The country’s largest lender State Bank of India has alerted all its offices on the pitfalls of dealing with companies carrying out trade with Russia and Iran which are battling US sanctions.
India’s forex reserves expanded by $1.217 billion to 426.082 billion in the week to 13 April, Reserve Bank of India (RBI) has said.The Reserve Bank of India. India’s forex reserves crossed the $400-billion mark for the first time in the week to 8 September 2017, but have since been fluctuating.
The Reserve Bank of India on Thursday barred banks and financial institutions from dealing with virtual currencies including Bitcoins and said that it was time and again warning users of virtual currencies regarding the risks associated with it.
RBI maintains status quo, keeps repo rate unchanged at 6%