Amendments to Reserve Bank of India (Note Refund) Rules, 2009

The Central Government has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009. The amended rules called “the Reserve Bank of India (Note Refund) Amendment Rules, 2018” are effective from Gazette notification date September 6, 2018. The amendment to rules would help the public to exchange mutilated notes in Mahatma Gandhi (New)…

Present banking sector crisis should not become an alibi for privatization of public sector banks: Parliamentary Standing Committee

The Parliamentary Standing Committee on Finance in its report dated September 5, 2018 on banking sector, made various suggestions to the RBI to resurrect the bleeding public sector banks, which include relaxation in capital adequacy rules to free up excess capital, easing of the Prompt Corrective Action (PCA) framework, separate treatment of NPAs due to…

Banks wage settlement news: Officers’ Unions submit Supporting Notes

Text of Joint Note Talks held on 03.09.2018 ALL INDIA BANK OFFICERS’ CONFEDERATION (AIBOC), ALL INDIA BANK OFFICERS’ ASSOCIATION (AIBOA) INDIAN NATIONAL BANK OFFICERS’ CONGRESS (INBOC),NATIONAL ORGANISATION OF BANK OFFICERS (NOBO) Camp: Mumbai Date: 3rd September, 2018 To All Affiliates (For Circulation) Dear Comrade, Wage Negotiation – XIth Bipartite Settlement As was decided in the…

What is Universal Banking?

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…

Why all Indian banks must brace themselves after the Cosmos bank hack?

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…

What is a Commercial Paper?

Commercial Paper (CP) is an unsecured, money market instrument issued under section 45 W of 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 in…