The government-promoted micro loan scheme 'Mudra' is a great help to first-time borrowers and existing entrepreneurs, but the risk of asset quality deterioration is rising

While the RBI imposed a fine of Rs 1.5 crore on Oriental Bank of Commerce, it slapped a fine of Rs 1 crore each on Indian Overseas Bank, Punjab & Sind Bank, UCO Bank and United Bank of India

The Reserve Bank on Friday said it has imposed a collective penalty of Rs 11 crore on seven public sector banks for violating norms on current account opening.

Sagarmala project created nearly 10,000 jobs in the last 3 years, says ministerGovernment on Monday said it has created about 10,000 jobs under its ambitious 'Sagarmala' initiative during the last three years. The Sagarmala programme is an initiative by the government of India to leverage the country's coastline and inland waterways to boost the logistics sector. As of May 2019, 334 projects have been initiated across the country under this programme, the minister said.RBI slaps R...

RBI says the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds

In the latest one - 35th GST Council meeting held in Delhi on June 21 - several key decisions, including the extension of the date for filing annual GST returns by two months to August 30 and introduction of a new single-form GST return filing system from January 1, 2020, were taken.

A penalty of Rs 2 crore has been imposed on Corporation Bank and Rs 1 crore each State Bank of India (SBI), Bank of Baroda and Union Bank of India.

A penalty of Rs 1.5 crore has been imposed each on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank.

The RBI has imposed, by an order dated November 30, 2018, a monetary penalty of Rs 10 million on Indian Bank for contravention of Circular on Cyber Security Framework in banks, the central bank said in a release.

In its pre-Budget meeting with Revenue Secretary Hasmukh Adhia, Assocham demanded that since the proposed multiple Good Service Tax (GST) rate structure could increase classification disputes, therefore the categorisation of products under each duty slab should be carefully done.

Banks should normally provide for the entire amount due to the bank or for which the bank is liable (including in case of deposit accounts), immediately upon a fraud being detected, it said.

Money Today and the Financial Planning Corporation of India Ltd are pleased to announce the formation of a high-powered jury for the awards which includes some of the biggest names in the financial sector.