The National Bank of Agriculture and Rural Development (NABARD) was initially promoted by the Reserve Bank of India in 1982 under the National Bank of Agriculture and Rural Development Act 1981. By its establishment, NABARD substituted the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of the Reserve Bank of India, and…
The banks which are officially authorized by RBI to deal in foreign exchange transactions are called ‘Authorised Dealers’ (ADs). Foreign Exchange Dealers Association of India (FEDAI) is an association of ‘Authorised Dealers’ set up in 1958 under sec 25 of companies’ act 1956. As per RBI guidelines, it is obligatory on the part of all…
FEDAI prescribes rules regarding trading hours, Exchange rate, Crystallization, of foreign currency, extension/cancellation of contracts etc. The FEDAI rules govern all Authorised Dealers of foreign exchange in India. Some of the important rules of FEDAI are as under. Trading Hours of Authorised Dealers (Rule 1): Exchange trading hours for interbank forex market in India would…
Debentures are issued by corporates including NBFCs to raise resources for their upcoming expenses or their business expansions. In other words, debentures are unsecured loans taken by companies from the public (other than accepting deposits) by issuing instruments of debt, acknowledging money lent, and guaranteeing repayment with interest. The investors subscribe to debentures only based…
The confirmed DA for the months of August-October 2017 is @47.80% on ‘pay’ (which includes allowances eligible for DA) @ the rate of 0.10% per slab. It means an increase of 22 slabs over the previous (May –July 2017) level of DA for the Bank employees and officers. Dearness Allowance of Bank Officers Dearness Allowance…
The real Estate (Regulation and Development) Act 2016 (RERA 2016) is passed by Parliament and same is now adapted by the most of the states and union territories. The Act is touted as a key reform measure in the massive real estate sector. Highlights of the RERA 2016: 1. The property buyers need not approach…
The weaker sections of our society are the socially backward/ minority communities at national level or the people belonging to economically low income group. Normally, such people may not easily get timely and adequate credit without the priority credit dispensation of RBI. As per RBI’s priority sector approved plan, Banks have to achieve weaker section…
Updated on 09.07.2017 to include amended Ombudsman scheme vide RBI notification CEPD. PRS. No. 6317 /13.01.01/2016-17 dated June 16, 2017. The amendments in the scheme shall come into force from July 1, 2017. A banking ombudsman is essentially an independent arbitrator who will fairly resolve the complaints/disputes in bank service. The scheme virtually covers all…
In view of the recent surge in customers’ complaints relating to unauthorized transactions, the Reserve Bank of India on Thursday came out with the concept of Zero liability and Limited Liability for bank customers for any card or online frauds. In its directions to all commercial banks, RRBs, Small Finance banks, Payment banks the Central…
The Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II from July 10, 2017. Applications for the bond will be accepted from July 10-14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated…