Archive For The “Banking Current Affairs 2018” Category

British Tax authorities probing charges against HSBC

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The British tax authorities launched an investigation into allegations of money laundering against HSBC. HSBC Bank has been accused of opening offshore bank accounts in Jersey for serious criminals living in Britain. This move from British Tax authorities came after a whistleblower was secretly provided a detailed list of names, addresses and bank accounts of…

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Chanda Kochhar of ICICI – Most powerful Business woman in India: Fortune Magazine

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Fortune Magazine has named Ms Chanda Kochhar, MD and CEO of ICICI Bank as the most powerful business woman in Business in India. She has been named for the same for second time in a row. The top 3 most Powerful Business woman in India: Chanda Kochhar of ICICI Mallika Srinivasan of TAFE Aruna Jayanthi…

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Arvind Kejriwal: HSBC Bank running ‘hawala’ (money laundering) transactions

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India Against Corruption (IAC) charged HSBC Bank with unning ‘hawala’ (money laundering) transactions. IAC members alleged that Mukesh and Anil Ambani among others, had crores of rupees sitting in Swiss banks.   Those named were part of the list of 700 people who had accounts with HSBC banks in Switzerland. The list was shared by the…

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Kavery Kalanithi of Sun Tv – India’s top paid Business woman

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As per Fortune Magazine, Ms Kavery Kalanithi of Sun TV group has retained her position as the India’s top paid business woman in 2012. Pay packages of Top 4 Business women in India: Kavery Kalanithi, Executive Director, Sun TV Group: Rs 57 Crore Urvi A. Piramal, Chairperson, Peninsula Land: Rs 7.3 Crore Preetha Reddy, MD,…

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For ‘M-Pesa’ Vodafone partners with ICICI Bank

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Vodafone India has launched its mobile money transfer and payment service ‘M-Pesa’ in India. The telecom giant has inked a partnership with ICICI Bank to extend this service in India. Vodafone will be offering its customers a mobile money account with ICICI Bank and a mobile wallet issued by MCSL (Mobile Commerce Solutions Ltd), via…

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PSBs’ profits would have been wiped out were they asked to maintain 70% PCR

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Thanks to RBI, which had withdrawn the requirement for 70% loan loss cover from September 2011. Else, Public sector banks, which have decreased their PCR (Provision Coverage Ratio) in the last one year, would have seen their quarterly profits wiped out, were they asked to maintain PCR of 70%. It is interesting to note that…

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Westpac Banking Corporation opens its firsrt branch in Mumbai

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Westpac Banking Corporation (Westpac Institutional Bank) received its banking licence from RBI on April 16, 2012. Westpac has operated in India since 2007 through its representative office. Westpac Institutional Bank (WIB): The Institutional Bank, which contributed 26% of Westpac’s total earnings in 2010, provides advisory and wholesale banking services to Westpac’s corporate and institutional customers….

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Sweden’s Volvo to invest in India

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Volvo is a Swedish truck, bus and earth-moving equipment maker. Volvo is the world’s 2nd largest truck maker by revenue. Volvo declared its plans to invest R s 3,800 Crore in India in next few years. Of this amount, it will be investing Rs 1,800 Crore in a joint venture with Eicher Motors. Volvo and…

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Finance Minister asks RBI to issue the final guidelines for new banking licenses

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The Finance Minister P Chidambaram has asked RBI to finalize the guidelines for issue of new banking licenses and commence accepting applications applications from interested entities.   But, RBI insists on amending the Banking Regulation Act before such a move. What RBI wants? RBI wants that before it issues final guidelines,  the overall Banking Laws (Amendment)…

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Madhav Chavan wins WISE Prize ‘The Nobel Prize for education’

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Dr Madhav Chavan has won the WISE Prize. The WISE Prize is considered to be the "Nobel prize for Education". Prize of $500,000 (£314,000) In recognition for his education work in the slums of Mumbai. His efforts to provide lessons in literacy and numeracy for disadvantaged children and adults in India. About Dr. Madhav Chavan…

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Income Ceiling for EWS and LIG housing raised by Govt

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Government has settled to raise the bar on yearly income needed to qualify for benefits under its existing housing schemes for Economically Weaker Sections (EWS) and Lower Income Groups (LIG). The move will benefit 20 lakh (2 million) people as more people will now qualify for taking benefits under Rajiv Awas Yojna (RAY) and EWS…

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