RBI fines Lakshmi Vilas Bank, Syndicate Bank
The RBI has imposed a penalty of Rs 1 crore on Lakshmi Vilas Bank for non- compliance with certain provisions of directions issued by RBI on income recognition and asset classification norms.
About Syndicate bank:
Syndicate Bank is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited.
CEO: Mrutyunjay Mahapatra
About Lakshmi Vilas Bank:
Lakshmi Vilas Bank Limited was founded in 1926. The objective was to cater to the financial needs of people in and around Karur who were occupied in trading businesses, industry and agriculture.
The Reserve Bank of India (RBI) has increased the withdrawal limit for depositors of Punjab and Maharashtra Co-operative (PMC) Bank to Rs. 40,000.
About PMC Bank:
Punjab & Maharashtra Co-operative Bank Limited also known as PMC Bank, is a Multi-State Co-operative Bank that began operations in 1983. It has 137 branches spread over half a dozen states of India and nearly 100 branches are in Maharashtra.
The Finance Ministry said Rs 81,781 crore of loans were disbursed during the nine day loan mela organised by banks that began on October 1.
The CPI inflation rate rose to a 14-month high of 3.99 percent in September, closer to an Average of the Reserve Bank of India-mandated target of 2-6 percent, from 3.28 percent in August.
Global rating agency Moody’s has downgraded Indiabulls Housing Finance Ltd’s corporate family rating (CFR) and the foreign-currency senior secured rating from “Ba2” to “B2”.
Moody's Corporation, often referred to as Moody's, is an American business and financial services company. It is the holding company for Moody's Investors Service, an American credit rating agency, and Moody's Analytics, an American provider of financial analysis software and services.
Headquarters: New York, New York, United States
CEO: Raymond W. McDaniel Jr.
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Several investors, who lost out on the IPO allotment, aggressively bought its shares in the secondary market, where shares worth over Rs 3,500 crore changed hands.
The use of FASTag on national highways is set to increase exponentially from December 1, as toll plazas in all the highways across the country will start accepting payments through the electronic mode.
Road Transport and Highways Minister- Nitin Gadkari
The Royal Swedish Academy of Sciences has decided to award the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, popularly called the Nobel Prize in Economics, to Abhijit Banerjee, Esther Duflo, and Michael Kremer “for their experimental approach to alleviating global poverty”.
A day ahead of the launch of YSR Rythu Bharosa, a financial assistance scheme for farmers, of the Andhra Pradesh government decided to increase the assistance to Rs 13,500 per annum from Rs 12,500 as envisaged earlier.
World Students' Day is marked as the birthday of A. P. J. Abdul Kalam. It is observed on Kalam's birthday, 15 October.
In 2010 the United Nations declared 15 October as "World Students' Day”.