The government and financial sector regulators buried their differences on the proposed Financial Stability & Development Council (FSDC) after Finance Minister Pranab Mukherjee offered the Reserve Bank of India governor a sweetener. While the finance minister will head the proposed body, the governor will head the only sub-committee under the settlement formula. Earlier, the government [...]
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Govt & regulators agree on FSDC structure, RBI governor to head sub-committee
Posted by khyati on October 13th, 2010
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FM to settle FSDC differences
Posted by khyati on October 12th, 2010
Finance minister Pranab Mukherjee will meet the financial sector regulators to thrash out differences over the proposed inter-regulatory co-ordination body. The finance ministry plans to create the Financial Stability and Development Council , a super regulator of sorts for the financial sector, which could be notified in a month’s time. The finance minister had, in [...]
Lenders forum audits end-use of funds to MFIs
Posted by khyati on October 10th, 2010
Lenders Forum begins standardising loan contracts, aims at transparency. Lenders to micro-finance institutions (MFIs) have started auditing the latter’s loan portfolios to check the end-use of funds and improve transparency. Public and private banks floated a Lenders’ Forum a month ago under the Small Industries Development Bank of India (Sidbi), which coordinates and provides the [...]
CII against RBI’s automatic bank licence to NBFCs
Posted by khyati on October 10th, 2010
The Confederation of Indian Industry (CII) told the Reserve Bank of India (RBI) that it did not favour automatic conversion of non-banking finance companies (NBFCs) into banks. The industry body sought minimum capital requirement of Rs 1,000 crore for setting up a bank. “NBFCs, whether part of an industrial group or not, (should) be treated [...]
Furnishing remitter details for credits received by customers through NEFT, NECS, ECS
Posted by khyati on October 10th, 2010
RBI/2010-11/230 DPSS (CO) EPPD No. 788/ 04.03.01 / 2010-11 October 8, 2010 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT / NECS / ECS Madam / Dear Sir, Furnishing remitter details in pass book / pass sheet / account statement for credits received by customers through NEFT / [...]
Global pension funds take investment opportunity through IPOs
Posted by khyati on October 10th, 2010
Amend charters to invest in companies that don’t have set market capitalisation. Global pension funds have started investing aggressively in primary market offers. Till recently, they were not looking beyond some of the largest Indian listed companies. Foreign pension funds usually did not invest in any unlisted company, including initial public offers (IPO), as their [...]
