In the Statement on Developmental and Regulatory Policies issued today as part of the Bi-monthly Monetary Policy Statement for 2024-25 dated December 06, 2024, the interest rates on FCNR deposits increased from December 6, 2024. Interest rates on FCNR deposits are based on the Overnight Alternative Reference Rate for the respective currency/ Swap. With effect…
The Reserve Bank of India (RBI) announced its fifth bi-monthly monetary policy for FY25 today, December 6, 2024. The announcement comes amid economic challenges such as lower GDP growth, inflation, and concerns over tight liquidity conditions in the banking system. The RBI’s rate-setting committee (MPC) kept the benchmark key policy rates unchanged, Repo at 6.5%…
The Government of Chhattisgarh on October 23rd, 2024 issued a list of Declaration of Holidays for the Year 2025. The notification has stated that in addition to all the Sundays already included in the public holidays under the said Explanation, the days mentioned in the following schedule will also be public holidays in the whole…
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…
Cash management is the collecting and managing of cash flows, which is important for individuals and companies. We find many a time, companies struggle to meet their day to day operating expenses, not because they failed to generate adequate money out of their business but they were not able to manage their cash. Cash management…
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…
