The weaker sections of our society are the socially backward/ minority communities at national level or the people belonging to economically low income group. Normally, such people may not easily get timely and adequate credit without the priority credit dispensation of RBI. As per RBI’s priority sector approved plan, Banks have to achieve weaker section…
Updated on 09.07.2017 to include amended Ombudsman scheme vide RBI notification CEPD. PRS. No. 6317 /13.01.01/2016-17 dated June 16, 2017. The amendments in the scheme shall come into force from July 1, 2017. A banking ombudsman is essentially an independent arbitrator who will fairly resolve the complaints/disputes in bank service. The scheme virtually covers all…
In view of the recent surge in customers’ complaints relating to unauthorized transactions, the Reserve Bank of India on Thursday came out with the concept of Zero liability and Limited Liability for bank customers for any card or online frauds. In its directions to all commercial banks, RRBs, Small Finance banks, Payment banks the Central…
The Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II from July 10, 2017. Applications for the bond will be accepted from July 10-14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated…
The definition of MSMEs revised from July 1, 2020, Please read the following post for latest amendment. New criteria for the classification of MSME effective from July 1, 2020 The new criteria supersede the following article (You may refer following article only for reference to old date details). The MSMED Act 2006 classifies Micro, Small…
Although, commercial banks and other financial institutions have been making steady strides to increase their share of credits to the MSE sector, but they have certain difficulties in sanctioning limits to SME borrowers. In an environment of NPA numbers in the banking sector alarmingly swelling, banks themselves are under stress and facing challenges to raise…
The operating cycle of a manufacturing unit means the length of time required to convert ‘Non-Cash current assets’, (like raw material (RM), work in process (WIP), finished goods (FG), and receivables) into cash. The appraisal of working capital finance means the assessment of gross working capital, net- working capital and working capital gap for assessment of…
The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…
With the clearance of pending rules including transition provisions and returns by the Government and the GST council, the new tax regime GST (Goods and Services Tax) is set to roll out all over India from July 1, 2017. As per Constitutional amendment stipulations all the states must pass SGST bill by September 15, 2017,…
Following the ordinance empowering RBI to lay down the process of initiating steps under the Insolvency and Bankruptcy Code (IBC), an Internal Advisory Committee (IAC) is set up by RBI to oversee the specific steps that are initiated by bankers for resolution of a bad debt. In its first meeting on June 12, 2017, the…