Banking and Financial News – 10 June 2014

KYC Norms Revised - Single address proof enough to open new bank account: RBI - People wanting to open a bank account will now just need to submit a declaration detailing their current address. No proof is required to be submitted for such address for correspondence. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. RBI asked banks to revise their know-your-customer (KYC) rules with immediate effect. Any change in the local address of the customer should be intimated to the bank “within two weeks of such a change”, RBI said. (liveMint)

Nabard cuts lending rate to banks by 20 bps - The National Bank for Agriculture and Rural Development (Nabard) has reduced the interest rate at which it lends to banks by 20 basis points (bps. One basis point is one-hundredth of a percentage point. Banks will now get loans for three years up to below five years at 9.7% interest per annum while funds for five years will be available at 9.5%.

Banks taking loans aggregating more than Rs.500 core in a single tranche will further receive a 10 bps cut in interest rates.

Set up in 1982, Nabard is the nodal agency to refinance bank loans to agriculture and allied activities.

RCOM introduces 'One India, One Rate' scheme - Reliance Communications launched its 'One India, One Rate' scheme on Monday. It is a first-of-its-kind free national roaming offer for post-paid and pre-paid GSM customers. (IBN Live)

Personalities.

Nabard chairman - Harsh Kumar Bhanwala (June 2014)

Titbits

First Telecom to introduce “One India, One Rate” Scheme – Reliance Communications.

The miracle is this the more we share, the more we have. ~ Leonard Nimoy

Courtesy : live Mint , IBN Live