In general terms loans and debts are synonyms for liabilities. When you look at a balance sheet of a company, at the left side of the balance sheet (liability side) below the heads like share capital, reserves, etc. you may find a head ‘loans and debts’ where the company shows the money raised by it…
The Reserve Bank of India on Monday released the draft guidelines for banks to make provisions on an expected credit loss (ECL) basis as against the current framework of incurred loss method. It means banks have to shift away from the current method – where loan loss provisions are made after a default – to…
A company upon payment or satisfaction in full of any charge registered under Chapter VI of the Companies Act 2013 shall give intimation of satisfaction to the Registrar of Companies. The procedure for applying for the certificate of satisfaction of charges registered under the companies act is as under. Mandatory Attachment: Letter of the charge…
In general terms, loans and advances are synonyms for fund-based credit facilities. However, they are differentiated by the banks as loans and advances on the basis of the purpose of a facility, tenure and repayment system, and nature of prime security available to the credit facility, etc. The word ‘Loan’ refers to the sum paid…
The National Payments Corporation of India (NPCI) on Tuesday (January 10, 2023) instructed members of the Unified Payments Interface (UPI) ecosystem to allow non-resident account types such as non-resident external (NRE)/ non-resident ordinary (NRO) accounts having international mobile numbers to get on-boarded and transact through UPI. Till now, the service was only available for accounts…
The Securities and Exchange Board of India canceled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as a Credit Rating Agency (CRA), on October 6, 2022. In view of that RBI on October 9, 2022, advised Regulated Entities/ Market Participants that in respect of ratings/credit evaluations required in terms of any…
Bank account holders are no longer required to visit their bank branches to update ‘know your customer’ (KYC) details provided they have already submitted valid documents and have not changed their address. The process for the periodic updation of KYC (re-KYC) under the prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder was…
Condonation of delay by Registrar of Companies: If a company is unable to file the registration of charge within a period of thirty days of the date of creation of the charge/modification of charge, it may prepare an application in the form CHG-10 supported by a declaration from the company signed by the company secretary…
The Reserve Bank of India today (04.01.2023), released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022. Some highlights from the Annual Report are as follows: *Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) was launched on November 12, 2021. Under the RB-IOS, 2021, a CRPC was…
The Reserve Bank of India on Monday released the 2022 list of Domestic Systemically Important Banks (D-SIBs). State Bank of India (SBI), HDFC Bank and ICICI Bank continue to be domestic systematically important banks (D-SIBs), under the same bucketing structure as in the 2021 list of D-SIBs. Systemically Important Banks (SIBs) are perceived as banks…