Today, the All India Bank Pensioners’ and Retirees’ Confederation (AIBPARC) wrote a letter to the CMD of National Insurance company Limited over an excessive hike of premium for Bank retirees’ medical insurance. The letter invited the attention of the Chairman of the insurance company that the NICL has been selected through the process of RFP…
On Friday (September 17), IBA has advised MDs and CEOs of member banks (party to 11th BPS & 8th Jt.Note) about the premium payable by bank retirees for the Employees Group Medical Insurance Policies for the year 2021-22. “The renewal quotes of premium to be paid arrived at through the REP process and approved thereafter…
The National Payments Corporation of India (NPCI) has introduced detailed guidelines for banks to redress frauds perpetrated on customers and merchants where a misuse or an error in biometric data or UIDAI seeding on Aadhaar Enabled Payment System (AePS) have led to a loss of funds. The new rules effective from September 1, determines with…
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…