The Finance Ministry, in exercise of powers conferred under the Negotiable Instruments Act, 1881, on Thursday issued a notification declaring the second and fourth Saturday of every month as public holiday for banks in India, with effect from September 1, 2015. Accordingly, the first public Saturday holiday for banks will be on September 12, which…
Contact less cards are chip based credit cards/debit cards/smart cards built on near-field communication technology (NFC). The special feature of a contact less card is that you can complete a payment transaction just by waving the card near merchant terminals instead of swiping the same. These cards are complied with EMV payment standard and they…
The Reserve Bank of India has recently launched National Mission for Capacity Building of Bankers for financing MSME sector (NAMCABS) for sensitizing and on imparting skills to bank officials. The main focus will be to up-skill 3 lakh banking personnel who have joined the system over the past six years and perhaps who have very…
Army Group Insurance Directorate (AGID), Naval Group Insurance Fund (NGIF) and Air Force Group Insurance Society (AFGIS) for their deposits of 2 years and above were eligible for 1.28 per cent over and above the normal rate of interest from public sector banks since 1987. RBI today said that interest rate on such deposits should…
The key rates and LAF unchanged at 7.25 per cent In the third bi-monthly monitory policy statement for 2015-16 (04.08.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25 per…
In a relook at the banking system in India which has grown enormously over the years and variety of products and services provided by the banks based on latest technology, RBI has revised its guidelines on the scope and coverage of Concurrent Audit System in banking sector. In a communiqué dated July 16, 2015, with…
The ‘past due’ concept of a credit card account is now revised and determined from the payment due date mentioned in the monthly statement. The credit card accounts are to be treated as NPAs, if the amount not paid fully within 90 days from the due date mentioned in the statement by the card holders.…
Some members of public as well some organizations write the numbers, name or messages on the watermark window of currency notes.RBI has been educating the general public and bank officials about the importance of security features of bank notes which distinguishes it from fake notes. Despite, RBI requesting the public, not to deface the window…
As per the existing RBI guidelines, the banks cannot open the current account of prospective customers without obtaining a ‘No-objection letter’ from the lending banks and in case no response is received from the existing bankers after a minimum waiting period of a fortnight. The Reserve Bank of India in their notification informed that they…
The Reserve Bank of India announced today (02/07/2015) that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark will be revised from July 22, 2015. The newly constituted entity ‘The Financial Bench Marks India Pvt. Ltd (FBIL)’ is also stated that it is taking over the administration of the benchmark, replacing the…