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The Department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
The communications and information technology ministry has started talks with the finance ministry on this.
Union Minister of State for Communications and Information Technology Shakeel Ahmed said there were 1,55,000 post offices in the [...]

Bharti Airtel is looking to tie-up with private banks to offer money transfer facilities through the Western Union Money Transfer (WUMT), an international money transferring system, through their mobile handsets.
The telecom operator will soon offer the services to its subscribers, said Sharlin Thayil, Chief Operating Officer, Airtel Gujarat circle.
“We are in talks with several [...]

Manipal based Syndicate Bank launched a scheme aimed at financing small businesses and self-employed persons.
The bank, which introduced the country’s earliest micro-finance innovation in the form of Pigmy Deposit Scheme way back in 1928 to extend doorstep banking, has introduced ‘SyndSmallCredit’, which provides financial assistance up to Rs 1.5 lakh, to small businessmen to [...]

With huge liquidity in the money market, partly contributed by capital flows, the interest rates were expected to soften in the short term, according to Industrial Development Bank of India Chairman V P Shetty.
Interest rates have peaked. The Reserve Bank of India (RBI) was likely to use instruments other than rate hike to manage [...]

For the first time since the housing loan boom, the country’s top three home loan providers, State Bank of India (SBI), ICICI Bank and HDFC, are approaching the Asset Reconstruction Company Ltd (Arcil) to sell bad loans from their home loan portfolios.
The move has been prompted by a sharp rise in defaults from retail [...]