Broadly speaking, in departmental (domestic) inquiries, the Presenting Officer has a duty to perform fact-finding exercises to reach the truth in respect of elements of misconduct, committed by the Charged Official. Though, the departmental enquiry in industrial law is not equated with the proceedings before the courts of law, it has essential condition to the…
Universal banking is generally compared to a super market where all types of financial products available within one roof. A universal bank undertakes financial services like commercial banking, investment banking, forex operations, remittances & payment systems, development banking and other financial services including functions of merchant banking, mutual funds, factoring, project finance, housing finance, credit…
On what could possibly be considered as a pilot run by cybercriminals, it’s important that our Banks learn from this incident and reflect on their preparedness and defense mechanism to successfully spot intrusions, intercept and prevent similar attacks in future. A well-orchestrated cyber attackUnderstanding details of the cosmos cyber hack. An International cybercrime syndicate successfully…
We may observe that some banks as well as dealers of automobiles and electronic items offer discounted loans to their customers. Discounted loans are the loans that have the interest payment subtracted from the principal before the loan is disbursed. For example, consider a customer pays Rs.100/- in a year for an item costing Rs.95/-.…
Commercial Paper (CP) is an unsecured, money market instrument issued under section 45 W of the RBI Act. The corporates including Non-Banking Financial Companies and All India Financial Institutions (AIFIs) are eligible to issue Commercial Papers. Besides, other entities like co-operative societies/unions, government entities, trusts, limited liability partnerships, and other body corporates having a presence…
The calculation of legal due date of a bills of exchange is dependent on the type of bills of exchange viz. Demand bill or term bill. As the name suggests, a demand bill or sight bill is payable on demand (on presentation)/at sight. Whereas, a term bill (also known as ‘Usance Bill’) is payable after…
The percentage of Dearness Relief (DR) payable to the bank pensioners for the half year August 2018 to January 2019 will be as under. Retired on or after 11.2012: 541 slabs @ 0.10%=54.10% No of slabs Rate per Slab Percentage of DR payable DA on Basic Pension (Before commutation) 541 0.10% 54.10% Basic Pension ×…
12 slabs increase in DA for Aug 2018 – Oct 2018 and 14 slabs increase in DA for Aug 2018 – January 2019 for Pensioners CPI for June 2019 is 291 (6596.68) as per the announcement of Labour Bureau today (31.07.2018). With the above, the average CPI for April, May & June 2018 is 6588.…
RBI vide its circular RBI/2018-19/14, DBR.AML.BC.No.210/14.01.001/2018-19 dated 12.07.2018 has made it compulsory to banks to incorporate the name of the purchaser on the face of the Demand Draft while purchasing it at a bank (including RRBs, Co-operative banks). In terms of the above notification, Section 66 of the Master Direction on KYC dated…
The extant regulations with regard to the regulatory capital of banks in India are different from internationally adopted Basel III capital standards. With a view to bringing the Banks’ Balance Sheet Items in closer Alignment with Basel Framework, RBI has reviewed the position and made some amendments to the capital adequacy guidelines for the purposes…