Urjit Patel appointed as new RBI Governer

The Government of India today (20/8/2016) announced Urjit Patel as the the new RBI Governor. The 52 years old Mr.Patel is the current Deputy Governor of RBI in charge of monetary policy.  Mr. Patel has worked with Boston Consulting Group and Reliance Industries in the past and he is associated with RBI since 2013. He…

Mandatory certification for the staff manning key responsibilities in Banks

The Apex bank after examining the recommendations of the Shri G Gopalakrishna (former Executive Director of RBI)  committee on ‘Committee on Capacity Building in Banks All India financial Institutions’ in detail, decided  that recommendations pertaining to the banks may be implemented by the banks based on their organisational objectives and business strategies, after taking approval…

RBI launches Website ‘सचेत’ (‘Sachet’) in a move to curb illegal Collection of Deposits

The Sachet (‘सचेत’) portal makes available the information regarding entities that are allowed to accept deposits and prescribes regulations that different entities have to follow. The general public check on the whether the entity is having permission to accept deposits from the public. The general public can lodge the complaint and share information regarding illegal…

Bankers Dearness Allowance calculation explained

[This article discusses the meaning of consumer price index; the formula used for linking the conversion Factor Base 2001=100 to Base 1960=100 and method of arriving eligible rate of DA]. Dearness Allowance (DA) is a cost of living allowance paid to Government employees Public sector employees (PSU) and their pensioners to mitigate the impact of inflation…

What are other current liabilities?

( This post explains,  the difference between other current liabilities and the current liabilities  for the purpose of working capital appraisal and items like contingent liabilities, netting of current liabilities and current assets.) The current liabilities are those dues, to be settled within 12 months from reporting date, including overdraft and loan installments payable within 12…