A dirty float (also called a managed float) is an exchange rate regime where a currency is largely market-determined but the central bank intervenes from time to time to influence its value. It sits between a hard peg and a pure float and is widely used by emerging and even advanced economies to balance flexibility…
Background: PML Rules and Name Change The Prevention of Money-laundering (Maintenance of Records) Rules, 2005 define what constitutes an officially valid document (OVD) for KYC purposes. To ease difficulties faced by individuals whose names change after marriage or otherwise, the Government notified the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015 (G.S.R. 730(E)…
The Reserve Bank of India (RBI), on July 8, 2021, issued updated instructions directing banks to implement a robust ‘Mandatory Leave’ policy for employees posted in sensitive positions or critical areas of operation. These revised guidelines replace (and repeal) the earlier RBI circular DBR.No.BP.BC.88/21.04.048/2014-15 dated April 23, 2015, reflecting the regulator’s renewed focus on operational…
Banks provide for certain categories of special and extraordinary leave to employees, in addition to regular leave entitlements, to support social welfare initiatives, sporting activities, and personal exigencies. The key provisions are outlined below. This FAQ explains the special and extraordinary leave facilities available to bank employees, beyond regular leave entitlements. — 1. Who can…
The Reserve Bank of India (RBI) has released its annual publication, the Report on Trend and Progress of Banking in India 2024-25, under Section 36(2) of the Banking Regulation Act, 1949. This flagship report provides an extensive overview of the performance and resilience of India’s banking and financial system—covering scheduled commercial banks (SCBs), co-operative banks,…
The government on Wednesday December 31, 2025, announced that the interest rates on small savings schemes, including PPF, SSY, NSC, and post office deposits, will remain unchanged for the Fourth Quarter of FY 2025-26 (from January 1, 2026 to March 31, 2026), according to a Finance ministry notification. Interest Rate Chart: Scheme Interest Rate (January-March…
Key Takeaways for Banks and Customers The Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025 represent a comprehensive reset of the KYC framework for commercial banks. Replacing the long-standing 2016 KYC Master Direction, the new Directions harmonise KYC references across the banking and payment ecosystem while strengthening customer due diligence, accountability,…
Bank holidays play a crucial role in the smooth functioning of banking operations, financial planning, and customer convenience. In India, bank holidays are notified under the provisions of the Negotiable Instruments Act, 1881, and vary across States and Union Territories depending on local festivals, regional observances, and government notifications. To help bankers, professionals, businesses, and…
The RBI has now put in place a uniform, time‑bound framework for settlement of claims in respect of deceased customers’ deposits, replacing the earlier patchwork of circulars and ensuring standard procedures across banks. The new Directions mandate simplified documentation, defined thresholds for small-value claims, a strict 15‑day turnaround time (TAT), and compensation for delay, thereby…
The Administration of Union Territory of Ladakh, through notification No.530-LA(GAD)of 2025 dated 14.11.2025 declared Bank holidays to be observed throughout the UT of Ladakh during the calendar year 2026 under section 25 of negotiable instruments act 1881 Sr.No Date Day Occasion/Festival Date 1 26.01.2026 Monday REPUBLIC DAY 2 16.02.2026 Wednesday MELA DOSMOCHEY (Leh District &…
