The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. Linkage of these two fast payment systems is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore and closely…
The Reserve Bank of India (RBI) on Monday cautioned individuals against sharing bank account login details, personal information, copies of know-your-customer (KYC) documents, card information, PIN, password, and OTP, etc. with unidentified persons or agencies. The banking regulator further bank advised the general public that such details should not be shared through unverified or unauthorised…
CBDT vide Circular No.17/2021 dated 09.09.2021 extended the deadline for filing Income Tax returns till December 31, 2021, given the coronavirus pandemic and persistent technical problems with its website. Earlier in May 2021, the date was extended to September 30, 2021, from the original date end of July 2021 for the same reasons. “On consideration…
Reserve Bank of India on Wednesday has taken public sector lender UCO Bank out of Prompt Corrective Action (PCA) framework (PCA) on improvement in financial and credit profile. “The performance of the UCO Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted…
RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Tokenisation is a process by which actual card details mask sensitive card details of your debit/credit / prepaid card with an alternate code. This process by which the primary details of…
Undisclosed reserves are on the books of the banks, but “hidden” from the public and not listed on the balance sheets or other financial statements. Such reserves are part of Tier 2 capital of the bank along with general loan-loss, revaluation reserves hybrid capital instruments, and subordinated term debt. The undisclosed reserves are generally getting…
International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the Fund. The Board of Governors of the IMF had approved a general allocation of about SDR 456 billion on August 2, 2021 (effective from August 23, 2021) of which the share of India is SDR…
In order to provide clarity on the computation of the taxable interest component, CBDT vide its Notification dated 31st August 2021, has provided a mechanism to facilitate the computation of taxable interest for the financial year 2021-22. According to the notification, the mechanism of segregating taxable and non-taxable contributions requires maintenance of separate accounts within…
The Reserve Bank of India asked all banks, including local area banks, small finance banks, and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021. The fair value of the share-linked incentives paid to chief executive officers, whole-time directors, and other key functionaries by…
RBI announces the issue of the sixth series of the Sovereign Gold Bonds (SGBs) scheme 2021-22. The subscription for gold bonds opens for the public from August 30, 2021, and will close on September 03. 2021. The issue price per gram of gold is Rs.4,682 for those investors applying online and the payment against the…