Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
There are two types of home loans viz. Floating Rate Home Loans and Fixed Rate Home Loans. The EMI of a floating rate loan changes with changes in market interest rates. The rate of interest on fixed-rate home loans is fixed either for the entire tenure of the loan or a certain part of the…
Reserve Bank of India on Wednesday has taken public sector lender UCO Bank out of Prompt Corrective Action (PCA) framework (PCA) on improvement in financial and credit profile. “The performance of the UCO Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted…
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…
The Indo-Nepal Remittance Facility Scheme was introduced in May 2008 by the Reserve Bank of India, jointly with Nepal Rastra Bank, to provide an avenue to migrant workers of Nepalese origin working in India to remit funds at regular intervals in a safe and cost-efficient manner to their families in Nepal. Reserve Bank on Friday…
RBI advises banks to make sure that each of their branches maintains a minimum stock of one bag of coins in each denomination. RBI has revised the “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests. Under the above scheme, RBI has been providing financial incentives of Rs25 per bag to banks…
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…
Today,Reserve Bank Of India in a Press Release announced the merger of Lakshmi Vilas Bank with DBS Bank. The announcement said that the “Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd.” According to the report, the amalgamation will come into force…
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…
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…