On the 22nd of November, 2024, the Government of Jharkhand issued a notification regarding the official holidays for the year 2025. This includes a clear outline of gazetted holidays, executive order holidays, and bank annual closing holidays. List of Bank holidays for 2025 in Jharkhand State under section 25 of NI Act 1881 Sr.No Date…
The Banking Regulation Act, of 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks. These powers are exercised through on-site inspection and off-site surveillance. The Reserve Bank of India (RBI) conducts inspections of commercial banks to ensure that they are adhering to regulations, maintaining financial discipline, and safeguarding depositors’ interests. The…
Audits and inspections are both important activities that help ensure compliance with regulations and protocols, and they can be used in a variety of contexts, including safety, finances, and data security. The difference between Audits and inspections is that auditing is used to methodical examination of a facility’s accurate compliance with procedures and processes, to…
The RBI on Monday directed banks to immediately reduce the number of inoperative/ Unclaimed Deposits and make activation to facilitate uninterrupted credit of such DBT/EBT amounts to the beneficiaries. Banks should enable seamless KYC updates and organize special campaigns. The progress in reducing such accounts must be reported quarterly to the RBI, starting from December…
The Government of Odisha (earlier known as Orissa) in its circular No. RDM-Reg-MISC-0013-2024-39068 dated 12.11.2024, declared 20 holidays for the year 2025 under the explanation of section 25 of Negotiable Act 1881. List of Public Holidays in Odisha (Orissa) State under sec 25 of NI Acts Sr.No Date Day Occasion/Festival Date 1 14.01.2025 Tuesday MAKARA…
A contingent liability may be defined as a possible obligation that arises from past events and depends on the outcome of an uncertain future event. CONTINGENT LIABILITIES are those liabilities which may arise when certain claims are settled in the near future. So anything that is under litigation or liability is not ascertained as to…
Reconciliation is a financial process that compares internal financial statements with external sources to identify discrepancies and maintain financial reliability. Reconciliation is a financial process that compares transactions and activity to supporting documentation and resolving any discrepancies that may have been discovered. Inter-office adjustments are differences that may occur due to incomplete recording of transactions…
The Government of Himachal Pradesh order No.GAD-A (F)10-7/2023 dated 18.10.2024 declared the following days as Gazetted holidays for the year 2025 Sr.No Date Day Occasion/Festival Date 1 25.01.2025 Saturday STATEHOOD DAY 2 26.01.2025 Sunday REPUBLIC DAY 3 12.02.2025 Wednesday GURU RAVIDAS JAYANTI 4 26.02.2025 Wednesday MAHASHIVARATRI 5 14.03.2025 Friday HOLI 6 31.03.2025 Monday ID-UL-FITR /RAMZAN…
The back office in an organisation exists to finalise the transactions conducted by the front office. This includes confirming transactions and settlement instructions with the back office of the counterparty. The back office is essential for maintaining the integrity of the financial system and ensuring the accurate processing of customer transactions. The back office is…