Centre has separated the posts of Chairman and Managing Director (CMD) in nationalised banks. It has also appointed Managing Directors (MD) for four banks, and they will also be designated as Chief Executive Officer (CEO).The four new MDs and CEOs are P Srinivas (United Bank of India), Animesh Chauhan (Oriental Bank of Commerce), R Koteeswaran…
White Label ATMs (WLAs) are the ATMs owned by non-banking entities. These ATMs do not display the logos of any bank. Bank Customers can withdraw money from debit cards/credit cards/prepaid cards issued by the banks at WLAs but they have to pay fee for the service provided to them. The WLAs are now allowed to…
The Reserve Bank of India (RBI) has granted additional six months for exchanging currency notes printed before 2005. The public can do so till June 30, 2015. Earlier, the RBI had set January 1, 2015 as the last date for exchange of these notes.
Window dressing in accounting is the practice of manipulating financial statements to make a company appear more financially healthy than it actually is. It’s a short-term strategy that companies use to attract investors, consumers, and clients. Let us study here how a balance sheet can be window dressed. Window dressing in balance-sheet: Date of balance sheet…
Ministry of Minority Affairs, Government of India, have notified the Jain Community as a minority community, vide notification No. S.O. 267(E) dated January 27, 2014. This is in addition to five communities already notified as minority communities, viz. Sikhs, Muslims, Christians, Zoroastrians and Buddhists. Accordingly, now onwards Jain community is eligible under credit facilities to…
The Reserve Bank of India has allowed banks to issue additional Tier 1 capital instruments, the principal amount of which would absorb losses, either through conversion into common shares or a write-down mechanism that allocates the losses to the instruments, either temporarily or permanently. The limits on admissibility of excess additional Tier 1 and Tier…
Mumbai, Aug 5 (PTI) Concerned over impact of weak monsoon on food price, Reserve Bank of India (RBI) Tuesday decided to keep the key policy rate unchanged but slashed statutory liquidity ratio (SLR) by 0.5 per cent to unlock about Rs 40,000 crore into the system. The revised SLR w.e.f 05.08.2014 is 22% , other rates…
The Reserve Bank of India (RBI) on 15.07.2014 Tuesday made a major announcement to boost demand for infrastructure and housing. RBI said, banks would not have to maintain cash reserve ratio (CRR) or statutory liquidity ratio (SLR) and will not have to meet priority- sector lending targets for funds raised through bonds for extending credit to…
The debit card/credit card/smart card payments are accepted by railways, airlines, malls, hotels, major shops and business establishments. For accepting payments through cards the merchant establishments need a Point of Sale (POS) terminal. The sale transactions made through POS terminal is called Point of Sale (POS) business. The bank which is in ‘Card Payment Acquiring…
The aim of introducing ‘Basic Savings Bank Deposit Account'(BSBDA) is a part of the efforts of RBI to promote ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account. In BSBDA, the account holder gets the basic banking services with minimum common facilities either with nil or very low minimum…