Scheduled Commercial banks in India have seen a sharp rise in unsecured loans – mostly personal loans and credit cards – that has outpaced the overall bank credit growth of about 15% over the past year, catching the attention of the Banking Regulator. The high growth seen in consumer credit and increasing dependency of NBFCs…
The Finance Department Government of West Bengal vide circular No 6112-F (P2) dated 09.11.2023 declared Bank holidays under section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of West Bengal State. In other States and Union territories where it…
The Government of Odisha (earlier known as Orissa) in its circular No. RDM-Reg-Misc-0014-2023/39314 dated 7.11.2023 declared 20 holidays for the year 2024 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 15.01.2024 Monday MAKARA…
Jharkhand State Government in its official notification No.15/S.O.-03-05/2023-6371 dated 09.11.2023 declared that the following days are bank holidays/Public holidays for the year 2024 under the explanation of section 25 of the Negotiable Instrument Act 1881. List of Bank holidays for 2024 in Jharkhand State under section 25 of NI Act 1881 Sr.No Date Day Occasion/Festival…
The Government of Chhattisgarh in its circular No 1-1/2023/1-5 dated 05.11.2024 declared the following days to be Bank holidays (Public holidays) during the year 2024 under the explanation of section 25 of NI Act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2024 Friday REPUBLIC DAY 2 08.03.2024 Friday MAHASHIVARATRI 3 25.03.2024 Monday HOLI 2nd DAY…
The Government of Maharashtra has separately declared 24 Public Holidays for the year 2024 notified the section 25 of the Negotiable Instruments Act, 1881 (XXIV of 1881) as per Notification No.PHD-1123/C.R.148/JPK (Desk 29) dated 09.11.2023. Sr.No Date Day Occasion/Festival Date 1 26.01.2024 Friday REPUBLIC DAY 2 19.02.2024 Monday CHATRAPATI SHIVAJI MAHARAJ JAYANTI 3 08.03.2024 Friday…
The Tamil Nadu government has announced a list of 24 days as public holidays in 2024 under the Negotiable Instruments Act, 1881, which will be applicable to State government offices, its undertakings, corporations and boards, among others. Sr.No Date Day Occasion/Festival Date 1 01.01.2024 Monday NEW YEAR’s DAY 2 15.01.2024 Monday PONGAL 3 16.01.2024 Tuesday…
The Government of Himachal Pradesh vide notification No.GAD-A(F)10-7/2023 dated 02.11.2023 declared the following days as public holidays for the year 2024 under section 25 of the NI Act (Negotiable Instrument Act) 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2024 Friday REPUBLIC DAY 2 08.03.2024 Friday MAHASHIVARATRI 3 25.03.2024 Monday HOLI * 01.04.2024 Monday Banks’ Annual…
The Supreme Court on Thursday in a significant ruling upheld the constitutionality of Insolvency and Bankruptcy Code (IBC), including allowing creditors to initiate insolvency proceedings against personal guarantors. The Court dismissed over 200 petitions that challenged the legal validity of the code. The provisions relating to personal guarantors were introduced under the Insolvency and Bankruptcy…
The government issued a notification on November 9, 2023, making several important changes in the popular Senior Citizen’s Savings Scheme (SCSS), Public Provident Fund (PPF), and 5-year post office time deposit. As per new rules, individuals of 55 Years and above who retired before 60 years of age can invest the retirement benefits in the…