The following holidays declared under section 25 of NI Act 1881 by the Government of Himachal Pradesh are applicable exclusively to the banks located within the State of Himachal Pradesh administration. Sr.No Date Day Occasion/Festival Date 1 26.01.2020 Sunday REPUBLIC DAY 2 22.02.2020 Friday MAHA SHIVRATRI 3 10.03.2020 Tuesday HOLI 4 01.04.2020 Wednesday Banks’ Annual…
Agriculture is back bone of Indian economy which provides employment and livelihood to a large section of the Indian population. As per ILO estimate of 2018, approximately 44% of the working population is employed in the agriculture and allied sector. The vast farming area, diverse agriculture and a large population dependent on agriculture and also…
[This writing provides insight of internal and external causes of rural indebtedness, challenges before banks and financial institution in rural areas, operation of formal and informal lending system in rural areas and discusses experts’ suggestion on facing high level of delinquency in lending to agriculture sector especially to small and marginal farmers, oral lessees, tenant…
On Friday (December 6), RBI announced that Asset Reconstruction Companies (ARCs) shall not acquire financial assets, from the following on a bilateral basis, whatever may be the consideration. The above restriction is applicable to the following types of ARCs where; a bank/ financial institution which is the sponsor of the ARC; a bank/ financial institution…
Pursuant to an announcement made in during February 2019 regarding the review of foreign exchange hedging facilities by non-residents and residents. RBI also issued the draft regulations for public comments proposing to replace the existing directions in Part A – Section I and II of the Master Direction on Risk Management and Interbank Dealing. The…
The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
In today’s negotiation (5-12-2019) between UFBU and IBA, the following issues were discussed: Wage Revision UFBU: Unions demanded that the earlier offer of a 12% hike from IBA is not at all adequate and IBA should improve their offer. IBA: Looking at the various constraints of the bank’s profitability, it would be difficult to improve.…
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…