The six-member Monetary Policy Committee (MPC) meeting headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged at 4 per cent, while the newly introduced SDF rate has been set at 3.75%, higher than the 3.35% fixed reverse repo rate, which is the rate at which banks park their excess…
The Reserve Bank of India today (April 7, 2022) released the guidelines on the “Establishment of Digital Banking Units (DBUs)”. These guidelines are applicable to all Domestic Scheduled Commercial Banks (excluding Regional Rural Banks, Payments Banks, and Local Area Banks). As per the guidelines, scheduled commercial banks with past digital banking experience are permitted to…
The Reserve Bank of India (RBI) on Thursday has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023. The RBI had come out with the circular in 2018 advising banks to consider using lockable Cassette…
Banks will conduct special clearing operations for the annual closure of government accounts on March 31, to facilitate accounting of all government transactions for the current financial year (2021-22). The Reserve Bank said that the above direction of the Central bank is mandatory for all banks to participate in the proposed special clearing operations for…
A microfinance loan is defined as a collateral-free loan given to a household having annual household income up to Rs300000 (Rupees Three Lakhs). For this purpose, the household shall mean an individual family unit, i.e., husband, wife, and their unmarried children. The collateral-free loan under microfinance shall be irrespective of end-use and mode of application/…
The Union Cabinet on Wednesday approved the setting up of the National Land Monetisation Corporation (NLMC) as a wholly-owned Government of India company. The new entity has an initial authorised share capital of Rs 5,000 crore and a paid-up share capital of Rs 150 crore. In view of Central Public Sector Enterprises ( CPSEs) and…
RBI today clarified that the Central Bank does not have arrangements with third parties to redress grievances against RBI-regulated entities. The above clarification was given in view of instances of misinformation being spread through certain sections of the social media about the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS) has come to the notice…
Supreme Court of India: Civil AppeaI NO. 3975 OF 2010: H.P.Puttaswamy Vs Thimmamma & Ors This suit was originally instituted on 31st March 1989 and was registered as Suit No.132 of 1989 in the Court of Civil Judge (Junior Division) Malavalli, Karnataka. The property in question comprises approximately 4500 square ft. of land in a…
The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, is Rs.5109 (Rupees Five Thousand One Hundred and Nine only). The investors who apply…
Provisions of the SARFAESI act have an overriding effect on the provisions of the Central Excise Act of 1944. The dues of secured creditors will have top priority over the Central excise department. Judgment details : PUNJAB NATIONAL BANK …..APPELLANT VERSUS UNION OF INDIA & ORS. …RESPONDENTS CIVIL APPEAL NO.2196 OF 2012 Coram: Justice L.…
