RBI on Tuesday (May 5, 2020) issued FAQs on cash withdrawal from Point of sale (POS) terminals with the following information for general guidance purposes. The cash withdrawal facility at POS terminal is made available at merchant establishments designated by the acquirer banks (i.e. the banks that deploy the PoS terminals) after a process of…
The Supreme Court on Tuesday (May 05, 2020) held that cooperative banks come under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act 2002 (SARFAESI Act). The SARFAESI Act law empowers lenders to seize and sell defaulters’ assets. A five members constitution bench of Justices Arun Mishra, Indira Banerjee, Vineet Saran, M.R.…
The BSR-1 released by RBI at every quarter shows that small borrowal accounts the credit limit up to ₹ 0.2 million constitute only a share of 7.3 percent in total outstanding credit of the banks. From the above stats, we may infer that it is the large borrowers who have been heavily damaging banking industries…
A WILL is made by an individual in order to circumvent any litigation amongst his heirs in respect of the distribution of his assets after his death. The WILL surpasses the succession law on inheritance and the beneficiary of the WILL (in whose name property is bequeathed) only is entitled to receive his/her share specified…
Today (May 2, 2020), RBI Governor Shaktikanta Das held meeting with the MD/CEOs of major public and private sector banks in two separate sessions through video conference. The meetings were attended by Deputy Governors and other senior officers of RBI. The move comes after an apex court direction to the regulator that the intended beneficiaries…