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Banks asked to provide credit to power starved firms

Banks asked to provide credit to power starved firms

Commercial banks received a direction from the Reserve Bank of India (RBI) to provide credit to companies in Andhra Pradesh which are suffering from paucity of power. Earlier, the Visakhapatnam Chamber of Commerce and Industry discussed the problems being faced by the business in the state owing to non-availability and shortage of power with the Union Ministry of Commerce and I

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Minister asks banks to reduce lending rates

Minister asks banks to reduce lending rates

Finance minister P Chidambaram wants commercial banks to reduce lending rates in response to the easing monetary policy stance of the Reserve Bank of India (RBI). While the RBI reduced the policy repo rate three times this year since January, banks have not passed on the rate cut to customers in terms of lowering interest rates on lending

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Experts call for banking operation in unbanked areas

Experts call for banking operation in unbanked areas

Experts feel that the initiative of the Reserve Bank of India (RBI) to provide new banking licenses must promote banking in the under-banked areas of the country. They feel that residents in the under-banked areas are, for the most part, dependent on shadow-banking operators because of the formal banking sector's failure to give them access

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Bank licensees may set up NOFHC

Bank licensees may set up NOFHC

Reserve Bank of India (RBI) clarified that the prospective bank licensee must set up a non-operative financial holding company (NOFHC). Further, the central bank said if any individual belonging to the promoter group chooses to become a promoter of the NOFHC, he along with his relatives and along

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RBI to extend validity of banking license

RBI to extend validity of banking license

Reserve Bank of India (RBI) decided to extend the validity period of the in-principle approval for setting up a banking business from one year to 18 months. The central bank announced this decision in a recent clarification on the draft banking license norms issued some months ago. According to the original norms, the in-principle approval is valid upto 12 months and if the licensee is unab

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RBI: Moderate growth, inflation to remain firm

RBI: Moderate growth, inflation to remain firm

High inflation and the consequential policy rate increases are likely to impact domestic growth in the future, said the Reserve Bank of India (RBI) in its Financial Stability Report. A slowdown in investment demand and the slackening global

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