Institutions do not become public only because of ownership by the state. They should serve the people at large who are the real owners. While nationalising banks, the purpose was not to earn profit...
Banks act as financial intermediaries between depositors and borrowers. It is the public money, deposited in the form of term deposit (fixed deposits) and time deposit (saving accounts) which banks use for lending to...
The Indian banking sector is under a prolonged and severe crisis. Bad loans continue to grow and banks remain under-capitalized with profits in the red. As a result, credit growth remains muted, reinforcing the...
As per Oxfam Inequality Report 2019, India’s bottom 60% have 4.8% of the wealth whereas the top 10% own 77.4% of the wealth. The bottom 60% have only 5.1% of wealth whereas the top...
FAN India welcomes SBI’s decision of removing the penalty for not maintaining minimum balance and charges for SMS alerts. Other banks should also follow and withdraw all bank charges immediately. Click here to watch...
COVID-19 has affected the entire economy. Hence the revival needs government intervention. After all the taxes collected from people are to provide services to the people. Reviving the economy will bring more taxes. In...
RBI in its first announcement dated 27th March 2020, consequent upon corona pandemic 2019 had come out with various initiatives such as reduction in CRR, Repo Rate etc. thus to improve upon liquidity position...
After nationalisation of 14 banks in 1969 and 6 banks in 1980, formation of National Bank for Agriculture and Rural Development on July 12, 1982 was a milestone or master stroke by Mrs. Indira...
The savings of people deposited in banks form the capital of banks which banks lend to borrowers. Banks earn interest on the loans issued to borrowers. The cost of operating expenses including salaries comes from this...
The Major functions of Reserve Bank of India are, Issue of currency notes Financial supervision of banks and NBFCs as regulator Regulator of payment and settlement systems Banker and debt manager to Govt Manage...
An interesting development that has happened in past few weeks is the proposed International Financial Services Centres Authority Bill, 2019 to be passed by the Indian Parliament. This bill looks to bring in the...
New Delhi, 13 January 2020: FAN India (Financial Accountability Network India), Indigenous Perspectives Environment Support Group, INSAF, Devidas Tuljapurkar, Joint Secretary, All India Bank Emplyees Association (AIBEA), All India Union of Forest Working People...
The Reserve Bank of India introduced “Know Your Customer” norms under the provisions of “Prevention of Money Laundering Act 2002 and Prevention of Money Laundering (Maintenance of Records) Rules 2005. As per these...
More than a month of waiting for 16 lakh depositors is leading to a dangerous position of loss of faith in banks. The Cooperative banks have more than 13 crore small depositors. RBI has...
On 24th September the depositors of the Punjab and Maharashtra Cooperative (PMC) Bank, woke up to the RBI directive that they are allowed to only withdraw Rs. 1000 from their accounts for the next...