·
RBI reduced CRR of Scheduled Banks from 5.5% to
4.75% effective from March 10, 2012
·
Marginal Standing Facility (MSF) rate and Bank
Rate stand at 9.5%
·
To make the complaint-procedure easier for bank
customers, RBI has instructed all banks to display the names, addresses,
telephone numbers and fax numbers of their Chairman and Managing Director (CMD)
or Chief Executive Officer (CEO), as well as line functioning heads for
operations such as credit cards, loans and advances, Retail banking, Personal
banking, Rural, Agricultural banking and SME banking on their web-sites.
·
Following are some of the key highlights of the
Union Budget 2012-13, presented by Finance Minister Mr. Pranab Mukherjee in the
Parliament on the 16 March, 2012
a)
To protect the financial health of Public Sector
Banks and Financial Institutions Rs 15,888 crore proposed to be provided for
capitalization.
b)
Savings
bank account interest up to Rs
10,000 exempted from tax.
c)
Financial
Inclusion : Out of 73,000 identified habitations that were to be covered under
“Swabhimaan” campaign by March, 2012, about 70,000 habitations has been
covered. Rest likely to be covered by March 31, 2012.
d)
Government
to allow use of Kisan credit cards in ATMs.
e)
Government
to provide `10,000 crore to NABARD for refinancing
Regional Rural Banks (RRBs).
·
The Finance Ministry is looking to merge the 82
Regional Rural Banks (RRBs) with their sponsor banks
·
The Finance Ministry has formally notified
recapitalization of seven banks for 2011-12 viz. SBI, Indian Overseas Bank,
IDBI Bank, PNB, Central Bank of India, UCO Bank
and Bank of Maharashtra. These banks will get a total of Rs 12,000 crore (from
the Government) to help them maintain a Capital to Risk Asset Ratio (CRAR) of
8%.
·
IMF
Chief is Ms. Christine Lagarde
·
Mr.
D. Sarkar has been appointed as Chairman & Managing Director of Union Bank
of India
·
Mr.
D. Narang has been appointed as the Executive Director of United Bank of India.
·
Mr.
C. V. R. Rajendran has been appointed as the Executive Director of Bank of
Maharashtra
UCO BANK BASE RATE 10.50%
UCO BANK BPLR 15.00%
UCO Fixed Deposit Rate (1 yr.)
9.10%
|
Bank
Rate
|
9.00%
|
|
Repo Rate 8.00%
|
|
Reverse Repo Rate 7.00%
|
|
Marginal Standing Facility 9.00%
|
|
CRR 4.75%
|
|
SLR 24.00%
|
|
|
THOUGHT
OF THE DAY
“No
one can go back and make a brand new start.
Anyone
can start from now and make a brand new ending.”
