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Banking news of the day

Below is the snapshot of the latest banking news happening around the world

May 07, 2013 9:20 IST | India Infoline News Service
Cobrapost expose: Govt begins probe, orders immediate action
As many as 23 public and private sector banks and insurance companies were today accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the finance ministry and regulator IRDA to initiate independent investigations into the matter. (Source: PTI)

Government plans to introduce new investor class—Foreign portfolio investors
In a bid to simplify the rules governing overseas portfolio investors in India, the government is planning to introduce a new classification for investors that do not come under the foreign direct investment (FDI) route. These investors will now be classified as foreign portfolio investors. (Source: The Economic Times)

RBI says will deploy all options to tackle cash crunch
The RBI said it will consider all the options available to it to tackle tight liquidity in the market including adjusting banks' cash reserve ratio, and not just confine itself to bond purchases. (Source: Reuters)

Liquidity squeeze is likely to be ‘less uncomfortable’: RBI
Reserve Bank Governor D Subbarao today said liquidity squeeze is likely to be "less uncomfortable" in the coming months as the government starts spending. “Our objective is to maintain liquidity at plus or minus one per cent of net demand and time liabilities.” (Source: PTI)

Less scope for further monetary policy actions: RBI
The Reserve Bank of India said there is less scope for further easing. "The headroom for monetary policy actions is much less than we had in the pre-crisis years or in the immediate post crisis period and we have to be watchful about that," said Governor D Subbarao in the post-monetary policy conference call for analysts and researchers. (Source: Business Standard)

RBI panel favours differential tax regime for exporters
Seeking to boost exports and bridge the ballooning current account deficit, a Reserve Bank of India (RBI) committee suggested a slew of measures such as introduction of differential tax regime, and increasing the scope of interest subsidy scheme for exporters. (Source: PTI)

RBI to consider all options, including CRR, to manage liquidity

Reserve Bank of India Governor D Subbarao said the central bank will consider all options available, including reducing the cash reserve ratio (CRR), to manage liquidity in the system. "The assumption that OMOs will be the preferred tool is wrong. Don't go with that assumption. We will use all options available to us depending on the liquidity situation... it could be OMOs, it could be CRR (cut) or it could be something else...," Subbarao told analysts during the customary post-policy conference call in Mumbai. (Source: PTI)

It is only KYC norm violation, says RBI
Reserve Bank of India (RBI) Deputy Governor KC Chakrabarty, refuted money laundering charges levelled against various banks, and said that all exposures by Cobrapost.com were connected to know-your-customer (KYC) norms. “We are seeing how the banks are following up on the KYC norms. There are certain differences in the manner of reporting of KYC norms in each bank…Need to strengthen KYC guidelines,” he said. (Source: The Hindu)

HSBC India betting on FDI in insurance
he Indian arm of Hongkong and Shanghai Banking Corp Ltd ( HSBC ) has closed $8.4 billion worth of merger and acquisition (M&A), disinvestment and equity capital markets deals since January, up from $5.2 billion in the whole of last year. (Source: Mint)

Banks recover Rs. 10 billion by selling assets of Kingfisher Airlines: SBI
State Bank of India (SBI) today said the consortium of lenders has recovered Rs. 8 billion-10 billion and is making all efforts to recover the remaining dues from beleaguered Kingfisher Airlines. (Source: PTI)

SBI to consider merger of associate banks
State Bank of India (SBI) said it will consider merger of five associate banks in the second quarter of the fiscal. “It is a collective decision. We have to consult the government also. Maybe in July-August we will start working on this (amalgamation of associate banks),” SBI chairman Pratip Chaudhuri said. (Source: PTI) 

Banks in Singapore agonise over rich clients in tax net

Banks in Singapore are urgently scrutinising their account holders as an imminent deadline on stricter tax evasion measures forces them to decide whether to send some of their wealthiest clients packing. (Source: Reuters)

Banks lead Wall Street to record, dollar rises

The US dollar rose against the yen and euro on Monday and U.S. stocks closed at a new record as the outlook for the US economy continued to brighten following last week's strong jobs report. (Source: Reuters)

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