RBI TO IMPOSE PENALTIES ON Y2K NON-COMPLIANT BANKS
Article Abstract:
The Reserve Bank of India has decided to impose higher capital adequacy ratio requirements, restrict money and securities market transactions, prohibit the opening of new branches or subsidiaries and charge stiff penalties on those banks who fail to meet the March 31, 1999 deadline on Y2K compliance. Banks had already been advised to put into place appropriate time-bound strategies to assess, convert, validate and implement fully- compliant systems by December 31, 1998 but it has been observed that some banks are lagging behind in the Y2K compliance efforts. (khr)
Comment:
The Reserve Bank of India has decided to impose higher capital adequacy ratio requirements, restrict money and securities market transactions, prohibit the opening of new branches or subsidiaries and charge stiff penalties on those banks who fail to meet the March 31, 1999 deadline on Y2K compliance.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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ANZ TO RATIONALISE RETAIL NET, MERGE 7 BRANCHES
Article Abstract:
ANZ Grindlays Bank (ANZ) will be rationalising its retail banking network. This will be done by amalgamating 7 of its branches with other branches. The merger of branches are to be done in Mumbai, Calcutta, Chennai and Amritsar. It will also be setting up 2 branches and 10 ATM centres soon. It will be opening branches in Lokhandwala in Mumbai and Punjabi Bagh in Delhi. It has expanded its ATM network from 13 to 33 centres. (ag/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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