The RBI today said all data related to payments must be stored only in India.It also stated that the data processed abroad will have to be brought back to the country within 24 hours. The RBI had issued a directive in April 2018 on ‘Storage of Payment System Data’. It had advised all system providers to ensure that within a period of 6 months, the entire data relating to payment systems operated by them is stored in a system only in India.
The RBI panel on SMEs has recommended that there should be no profitability requirement for startups to list in India as they tend to be loss-making to achieve high growth. At present, for companies to list on Indian bourses, they need to show a consistent track record of profits for the previous 3 years.
The appointments committee of the cabinet has approved extension of tenure of Amitabh Kant as CEO of the NITI Aayog for a further period of 2 years beyond June 30, 2019 up to June 30, 2021.
Canara Bank today said it has proposed to raise Rs 1,500 crore through bonds, to fund business growth. The bank plans to raise the fund through Basel-III compliant additional tier I (AT-1) bonds, Canara Bank said in a regulatory filing. It further said the bank has floated bids for appointment of merchant bankers or arrangers for the fund raising.
HDFC Bank has picked Bank of America Corp. and Morgan Stanley to manage an IPO of its non-bank finance unit, people with knowledge of the matter said. The bank plans to sell the shares in HDB Financial Services before March 31 in a deal that may raise about ₹10,000 crore ($1.4 billion), the source said.
UCO Bank is aiming at Rs 8,000 crore recovery from the NPA accounts during the current fiscal, the bank's MD & CEO A.K.Goel said.
National Housing Bank said that consequent to the policy rate cut by RBI on June 6, NHB has passed on the reduction by way of lowering the refinance rates on disbursements made in the month of June 2019. “Refinance rates were also lower by about 20 bps in the second fortnight of June over the previous fortnight,” it noted.
The Enforcement Directorate has attached assets worth over ₹9,000 crore in connection with its money laundering probe against Sterling Biotech, which is allegedly involved in a multi-crore bank fraud case, officials said on June 26. The officials said a provisional order of attachment was issued by the Central probe agency under the Prevention of Money Laundering Act (PMLA).