In consultation with Government of India, the Reserve Bank of India liberaised some aspects of ECB policy including policy on Rupee Denominated Bonds (RDB). According to review of the policy, the eligible borrower companies in manufacturing sector can raise Extranal Commercial Borrowings up to USD 50 million or its equivalent with minimum average maturity period…
The department of financial services secretary Rajiv Kumar said government has decided to merge Dena Bank with Vijaya Bank and Bank of Baroda and the boards of three banks have been told to consider the amalgamation. The finance minister Arun Jaitley Talking on bank merger, said boards of Dena Bank, Vijaya Bank and Bank of…
The officers/ employees who have retired from the bank service might be aware that those who had retired after 1.10.2017 are covered under the Bank’s Working Employees’ Policy till 30.09.2018. After that, they are supposed to take up the Bank Retirees’ Policy wherein premium is payable by the retirees. Since the Retirees’ policy commence…
Quote: CIRCULAR No. UFBU/2018/15 Date : 15-09-2018 TO ALL CONSTITUENT UNIONS/MEMBERS Dear Comrades, Discussions with IBA on Medical Insurance Scheme Units are aware that there was a meeting with the IBA on 8-8-2018 on the issue of medical insurance scheme wherein we had submitted various suggestions, particularly with a view to achieve a reduced premium…
Today’s meeting (14.09.2018) on Medical Insurance called by IBA took place with IBA officials along with GM HR of 3 banks. All UFBU representatives were present. IBA officials apprised the discussions they had with banks, Insurance Company, DFS etc vis a vis premium charged by the insurance company and placed certain offers for our consideration…
The Supreme Court on September 11, 2018 (Tuesday) consolidated all cases by members of the Association of Power Producers (APP), Independent Power Producers Association of India (IPPA), Shipowners Association and Textile Associations filed across the country to be heard on November 14, 2018. The Court has meanwhile, asked RBI and parties to maintain status quo…
The notification dated September 6, 2018 of finance ministry, Government of India increased the monetary limit up to Rs.20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. It is reported that there are 38,376 cases pending in 39 debt recovery tribunals (DRTs) in the country, as…
What is capital gains account scheme? Whenever a house property is sold, the owner of the property is liable to pay income tax on capital gain (profit earned) from the transaction. The long-term capital gain on house property arises when the duration between the purchase and sale of a property is more than 24 months…
You may be holding a few currency notes which have become dirty due to normal wear and tear or two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing. These notes are called as ‘soiled notes’ as per RBI definition.…
The Central Government has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009. The amended rules called “the Reserve Bank of India (Note Refund) Amendment Rules, 2018” are effective from Gazette notification date September 6, 2018. The amendment to rules would help the public to exchange mutilated notes in Mahatma Gandhi (New)…