The four anchor banks PNB, Union Bank, Canara Bank, and Indian Bank approved mergers of the other 6 PSBs and issued share-swap ratios for the proposed mergers. The details of share-swapping are as under.PNB: 1150 share of PNB for every 1000 shares of OBC 121 shares of PNB for every 1000 shares of United Bank…
The Yes Bank Ltd. was placed under an order of moratorium on March 5, 2020 which will be effective up to April 3, 2020.In this regard, RBI published a draft scheme of reconstruction of the Yes Bank Ltd.in public domain inviting suggestions and comments from the public as well as all the stake holders of…
‘Riksbank’ a joint-stock bank established in Sweden in the year 1668 is recognized as the world’s first central bank. The bank was commissioned to lend funds to the government and to act as a clearinghouse for commerce. But in the year 1897 the ‘Riksbank’ deserted commercial lending and it was granted a monopoly for issuing…
[This article elucidates the FEMA rules for the transfer of sale proceeds of immovable properties abroad and documents required for the same.] Section 6(5) in the Foreign Exchange Management Act, 1999 provides that “A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in India…
Today (29.02.2020) negotiations for 11th BPS started at 11.30 am at IBA Office Mumbai. Negotiations committee chairman first offers to start negotiations with an appeal to UFBU for withdrawal of three days strike call given by them. UFBU on their part clear their stand by reminding their 12points demand. After a lot of discussions, the…
Reserve bank of India advised all the scheduled commercial banks that with effect from April 1, 2020, Short Term Crop Loans should be extended only through KCC to be eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI). According to the notification, the Ministry of Agriculture & Farmers Welfare vide their Office Memorandum,…
External benchmark rate means the reference rate which includes the policy Repo rate of RBI, Government of India’s 3-Months and 6-Months Treasury Bill yields published by Financial Benchmarks India Private Ltd (FBIL), and any other benchmark market interest rate published by FBIL. The interest rate on banks’ lending based on external benchmark shall be reset…
Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not so fully that you run out of money –(Jonathan Clements). Retirement can be great joy all through your life if you have sufficient money to spend. One of the greatest difficulties after retirement you may…
Equity shares are also known as Ordinary Shares. The money invested in the equity shares of a company is a part of the capital of the company. When an investor buys a company’s share or equity, he gains partial ownership rights of that company. The amount so invested on the equity shares of a company…
The major characteristics of the RD account can be described as “a variant of term deposit offered by the banks with fixed monthly investment, fixed duration, and a fixed rate of interest throughout the tenure of the deposit”. Under the scheme, the account holder has to deposit a pre-decided fixed amount every month to his…