The Reserve Bank on Feb 18, 2021(Thursday) came out with Master Direction (Digital Payment Security Controls) Directions 2021, for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The provisions of these directions would apply to the Regulated Entities (REs) Viz. Scheduled Commercial Banks, Small Finance Banks, Payments Banks;…
On February 16, 2021 (Tuesday) RBI in a notification said AD Category – I banks may allow resident individuals to make remittances under LRS (Liberalised Remittance Scheme) to IFSCs (International Financial Services Centres) in India, set up in India under the Special Economic Zone Act, 2005 subject to the following conditions: The remittance shall be…
Corporate Social Responsibility (CSR) activity means an activity undertaken by a company in pursuance of its statutory obligation laid down in Sec 135 of the Act. Every company having a net worth of rupees five hundred crores or more, or turnover of rupees one thousand crore or more or a net profit of rupees five…
The Union Budget 2021 proposed an Agriculture Infrastructure and Development Cess (AIDC) effective from February 2, 2021on specific goods as below. Items Petrol – Rs.2.50 per litre Diesel – Rs.4 per litre Gold, Silver and Dore bars -2.50% Alcoholic beverages (falling under chapter 22)-100% Crude palm oil -17.50% Crude soyabean and sunflower oil- 20%…
RBI in its annual report said that the Consumer complaints about banking services jumped 64.97 per cent for the period July1, 2019 to June 30, 2020. The volume of complaints from 2,00,362 in 2018-19 to 3,30,543 complaints in 2019-20.The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking…
As stated in the Statement on Developmental and Regulatory Policies on February 05, 2021, RBI announced that the funds from banks under the On Tap TLTRO scheme will now available to Non-Banking Financial Companies (NBFCs). “It has been decided to permit banks to provide funds under the ‘On Tap TLTRO’ scheme to Non-Banking Financial Companies…
RBI on Friday announced that all the 18,000-odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September. This is decision is taken by Central Bank as part of further improving, speeding up, and fool-proofing the payments and settlement systems, it said. The Cheque Truncation System (CTS)…
Highlights of Monetary policy announcement 2021: CRR remains at 3 percent till March 26. The cash reserve ratio (CRR) will be restored in two phases to 3.5 per cent from March 27,2021and 4 per cent from May 22, 2021. TLTRO scheme will now available to NBFCs Repo rate at 4%, Reverse rate at 3.35% remain…
The Reserve Bank of India (RBI) on Wednesday unveiled the risk-based internal audit (RBIA) system for select non-bank lenders and urban co-operative banks, with a view to enhancing the quality and effectiveness of their internal audit system. All NBFCs with asset size of Rs 5,000 crore and above, and all primary urban cooperative banks with…
Finance Minister Nirmala Sitharaman listed Health & well-being, Physical & financial capital & infrastructure, Inclusive development for aspirational India, Reinvigorating human capital, Innovation & R&D, and Minimum Govt & Maximum Governance as the main pillars of Budget 2021. The highlights of budget 2021 announcements are as under: TAX RULES FOR INDIVIDUALS: No…
