On Friday (December 6), RBI announced that Asset Reconstruction Companies (ARCs) shall not acquire financial assets, from the following on a bilateral basis, whatever may be the consideration. The above restriction is applicable to the following types of ARCs where; a bank/ financial institution which is the sponsor of the ARC; a bank/ financial institution…
Pursuant to an announcement made in during February 2019 regarding the review of foreign exchange hedging facilities by non-residents and residents. RBI also issued the draft regulations for public comments proposing to replace the existing directions in Part A – Section I and II of the Master Direction on Risk Management and Interbank Dealing. The…
The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
In today’s negotiation (5-12-2019) between UFBU and IBA, the following issues were discussed: Wage Revision UFBU: Unions demanded that the earlier offer of a 12% hike from IBA is not at all adequate and IBA should improve their offer. IBA: Looking at the various constraints of the bank’s profitability, it would be difficult to improve.…
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…
National Agriculture Market (eNAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The scheme envisages the implementation of the NAM by setting up of an appropriate common e-market platform that would be deployable in selected 585 regulated wholesale markets in States /…
The soil health card (SHC) is a printed report which contains status of a farmer’s soil with respect to 12 parameters, namely N,P,K (Macro-nutrients); S (Secondary- nutrient); Zn, Fe, Cu, Mn, Bo (Micro – nutrients); and pH, EC, OC (Physical parameters). Based on the above findings on the specific soil report, SHC recommends for dosage…
Pradhan Mantri Krishi Sinchai Yojana (PMKSY) has been formulated in 2015 by amalgamating ongoing schemes viz. Accelerated Irrigation Benefit Programme (AIBP) of the Ministry of Water Resources, River Development & Ganga Rejuvenation (MoWR, RD&GR), Integrated Watershed Management Programme (IWMP) of Department of Land Resources (DoLR) and the On-Farm Water Management (OFWM) of Department of Agriculture…
