Banking News 12 May 2015 – Banking Related General Awareness Improvement for SBI and IBPS Po

PMO meet to check loan fraud  : 

Amid a rising number of frauds and loan defaults in banking system, the Prime Minister's Office has called a meeting of finance ministry officials on Thursday to firm up measures to tackle such menaces. The Finance ministry has already collected a comprehensive data on wilful defaulters of public sector banks last month, sources said. They further said that instances of corporate frauds have been on increase in the recent past, leading to a rise in bad loans. According to Reserve Bank of India data, gross non-performing assets (NPAs) of public-sector banks (PSBs) have gone up to Rs 2,60,531 crore as on December, 2014

Centre to print 15 Crore Rs.1 notes every year : Sinha :

After a gap of 20 years, the Rs.1 note is set to make a come-back. The Centre has decided to print 15 crore Rs. 1 notes every year, Parliament was informed on Friday. There is, however, no proposal to introduce a Rs. 15 note, Minister of State for Finance Jayant Sinha said in a written reply to the Lok Sabha. It is only Rs.1 notes that are issued by the government of India, all other currency denominations are issued by the RBI.

New schemes Will Keep bank accounts functional :Jaitley :

The Finance Minister Arun Jaitley has said the newly launched social security schemes — two insurance and one pension — will motivate customers to keep their bank accounts functional. The three social security schemes are to some extent going to help address the problem of 'zero balances' seen with most accounts opened under the Pradhan Mantri Jan Dhan scheme.

HDFC among world's top 10 in consumer finance:

Mortgage lender HDFC has emerged the only Indian company among the world's 10 biggest consumer financial services firms, after giants like American Express, Visa and MasterCard. HDFC is ranked 7th on the list, compiled by business magazine Forbes, where American Express is placed on the top followed by Capital One Financial, Visa, Discover Financial Services and Orix in the top-five. Mastercard is ranked sixth. 

Marginal rise in Syndicate Bank's Q4 net :

Manipal-based public sector lender Syndicate Bank on Saturday said, its net profit for the quarter ending March 31, 2015, stood at Rs. 417 crore registering a marginal growth of two per cent when compared to the same period last year. For the fourth quarter, the total income grew 23.2 per cent to Rs. 6,599 crore. The net NPA ratio was 1.90 per cent as against 1.56 per cent. The capital adequacy ratio (Basel III) stood at 10.54 per cent as on March 31, 2015. The net interest margin has declined to 2.29 per cent in March quarter from 2.79 per cent in the year ago quarter. For the full fiscal 2014-15, Syndicate bank posted 11 per cent decline in its net profit to Rs.1,523 crore, as against Rs. 1,711 crore in the same period last year.     

Soon, you can shop on HDFC Bank website :

HDFC Bank is set to double up as an online shopping mart of sorts, selling grocery, clothes, shoes and other lifestyle products on its website, and getting its customers the best deals from e-tailers such as Snapdeal, Flipkart and Amazon. Given the rapid growth in e-commerce, this is a timely move on the part of India's second largest private sector lender, said a senior executive. The bank, based on customer feedback for the past one year, has been working to launch SmartBuy, which will provide a platform to its customers to get better discounts and facilities at one place.