Pissiculture is one of the allied activities classified under priority sector lending. Both term loan and cash credit facilities can be considered under the scheme. The facility is extended by the banks for cost of digging of pond or renovation of existing pond, stocking of spawn/fingerlings of fish, seeds, nets, application of lime cakes, fertilizers,…
There were days where bank customers used to wait for a long spell at the banking hall, for their turn to deposit their money at cash counters. Now technology has changed. If plans of commercial banks of installing large number of off-site CDMs/BNAMs at various places, the customers don’t need to walk to reach their…
The Reserve Bank of India’s Reference Rate for the US Dollar is Rs.69.9413 on February, 2015 The corresponding rate for the previous day (January 30.2015) was Rs.70.0268 Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY on January 29,2015…
Banks (including RRBs) are advised to dispense with obtaining ‘No Due Certificate’ from individual borrowers (including SHGs & JLGs) in order to ensure hassle free credit to all borrowers. Earlier similar rule was applicable only for loans up to Rs.50000.00 to small and marginal farmers, share croppers and the like in agriculture advances. The new…
The government of India vide Gazette notification no.26011/01/2014-IC-I dated 9.1.2015 notified that all the existing ‘Person of Indian Origin’ (PIO) card holders shall be deemed to be Overseas Citizen of India (OCI) card holders under Indian Citizenship Act of 1955. Now let us find out what it means to foreigners of Indian origin. Meaning of…
The Reserve Bank of India relaxed rules for rescheduling/restructuring of ECBs by permitting an increase in the total cost of borrowing offshore. In suppression of earlier provisions, the banking regulator has delegated powers to the designated AD category-I banks to allow changes/modification in the draw-down and repayment schedules notwithstanding the average maturity period or changes…
RBI spells out new norms to enhance transparency in pricing of credit The RBI has sought to protect bank borrowers by directing banks to observe the following additional instructions. In terms of RBI notification the new guidelines comes into force from APRIL 1, 2015. This is in order to give banks sufficient times to comply…
When a foreign citizen or a citizen of India, being employed by a foreign company outside India is deputed to India on an official duty to their branch/subsidiary/joint venture/Group Company, may credit the whole salary received by him/her at a bank account maintained abroad. Such remittance is allowed subject to a condition that he/she has…
Commercial Banks are eligible to claim interest subvention of 2% p.a in respect of short term crop loans granted by them at 7% p.a to farmers in rural and semi-urban areas. The interest subvention will be allowed on the loan amount up to Rs.300000/- disbursed from the bank’s own source of funds. Interest subvention of…
The Reserve Bank of India has lifted on Thursday (22.01.2015) the ban on individuals carrying Indian currency notes of higher denominations to Nepal and Bhutan. Now Indian travellers to Nepal and Bhutan can carry Indian currency notes in denominations of Rs.500 and/or Rs.1000, provided the maximum value of these currency notes should not exceed a…