Banking

Banks Penalising Poor for Low Balance: Government Must Stop Arm-Twisting the Underprivileged

Reading Time: 5 minutesThe banks in India under the present dispensation have raised about Rs 5,000 crores in penalty from the poor account holders in the financial year ending March 31, 2018 for their failure to maintain sufficient bank balance. On the other hand, the same banks have been giving billions of rupees to the rich under the […]

BIS says Cryptocurrency no Substitute for Hard Money

Reading Time: 5 minutesThe Basle-based central bankers’ central bank, the Bank for International Settlements (BIS) has in a new Annual Economic Report (AER) hit the nail on the head by stating that cryptocurrencies’ very paradigm of generating trust circumscribes their potential to replace conventional money. In a special chapter on crypto-currencies released on Sunday evening at its headquarters, […]

Repo Rate Hike a Waste of Breath: RBI Could Have Adopted Less Cautionary Approach

Reading Time: 4 minutesThe RBI Governor conveyed the picture of a robust Indian economy, surging ahead fast, with little spare capacity and demand rising on the back of bumper crop last season. All that good run in India was happening against the backdrop of an uncertain global economy, runaway oil prices and US Federal Reserve pursuing its policy […]

AIBEA Calls for 48-Hour Strike on May 30 and 31

Reading Time: 2 minutesBank employees and officers’ wage revision is due since November 11, 2017. Finance Ministry had advised Bank management and Indian Banks’ Association (IBA) to complete the discussions well in advance and release the revised wages with effect from November 1, 2017. A report, for Different Truths.  Ten Lakh bank employees are to go on 48-hour […]

Banks Being Penalised While Big Fraudsters are at Large

Reading Time: 4 minutesQuizzically, PNB, a victim of the world’s biggest bank fraud ever, is out of RBI’s first prompt corrective action (PCA) list. The biggest global bank fraudster, Nirav Modi, who is also facing the trial of the US Department of Justice, is still out of the reach of Indian authorities. The question is: will PCA truly […]