Private Banks must recognize share linked compensation to executives as expenses of the relevant year: RBI

The Reserve Bank of India asked all banks, including local area banks, small finance banks, and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021. The fair value of the share-linked incentives paid to chief executive officers, whole-time directors, and other key functionaries by…

Depositors to get claim up to Rs 5 lakh from DICGC in 90 days of bank failure

Union Cabinet today (July 28, 2021) approved an amendment to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill to provide account holders access to up to Rs 5 lakh funds within 90 days of bank failure, Finance Minister Nirmala Sitharaman announced. Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet cleared the amendment…

LTC cash voucher scheme announced: All you need to know about how the scheme beneficial to you

The Finance Minister of India Mrs.Nirmala Sitharaman, in a press conference today, announced a scheme offering tax-exempt payment of leave travel concession/allowance to encourage government and private sector employees to spend more and generate demand. FM also announced that the Govt to give Rs 10,000 special festivals advance to all its employees as a one-time…

RBI releases strategic approach ‘GUARD’ for UCBs in tier-wise cybersecurity guidelines

The Reserve Bank of India has today placed on its website the “’ Technology Vision for Cyber Security’ for Urban Co-operative Banks (UCBs) – 2020-2023”. The Technology Vision Document aims at enhancing the cybersecurity posture of the Urban Co-operative banking sector against evolving IT and cyber threat environment. The Central Bank laid down a set…