The Aadhaar verdict was announced today (26.09.2018) by a five-judge constitution bench of Supreme Court comprising Chief Justice Dipak Misra, Justice A.K. Sikri, Justice A.M. Khanwilkar, Justice D.Y. Chandrachud and Justice Ashok Bhushan. The Apex Court, ruled that it is not mandatory to link bank accounts with Aadhaar or Unique Identity Number, a 12-digit personal…
The government on Tuesday (September 25, 2018) announced 3 new major initiatives viz. Quick loan for MSME, Financial inclusion index, and Geographical mapping of banking services. The Finance Minister on Tuesday launched a new portal “Quick loan for MSME” which sets, for a new benchmark in loan processing and reduces the turnaround time from 20-25…
The insurance regulator IRDA directed all the general insurers to provide a minimum capital sum of Rs.15 lakh under compulsory personal accident cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of ₹750 per annum for annual policy. Under Section lll of Package Policies/ Bundled Covers on payment of…
(PPF & NSC to give 8%, Senior citizen to get 8.7%) The Ministry of Finance Government of India has announced the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018. The Small Savings Schemes includes include…
In consultation with Government of India, the Reserve Bank of India liberaised some aspects of ECB policy including policy on Rupee Denominated Bonds (RDB). According to review of the policy, the eligible borrower companies in manufacturing sector can raise Extranal Commercial Borrowings up to USD 50 million or its equivalent with minimum average maturity period…
The department of financial services secretary Rajiv Kumar said government has decided to merge Dena Bank with Vijaya Bank and Bank of Baroda and the boards of three banks have been told to consider the amalgamation. The finance minister Arun Jaitley Talking on bank merger, said boards of Dena Bank, Vijaya Bank and Bank of…
The Supreme Court on September 11, 2018 (Tuesday) consolidated all cases by members of the Association of Power Producers (APP), Independent Power Producers Association of India (IPPA), Shipowners Association and Textile Associations filed across the country to be heard on November 14, 2018. The Court has meanwhile, asked RBI and parties to maintain status quo…
The notification dated September 6, 2018 of finance ministry, Government of India increased the monetary limit up to Rs.20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. It is reported that there are 38,376 cases pending in 39 debt recovery tribunals (DRTs) in the country, as…
The Central Government has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009. The amended rules called “the Reserve Bank of India (Note Refund) Amendment Rules, 2018” are effective from Gazette notification date September 6, 2018. The amendment to rules would help the public to exchange mutilated notes in Mahatma Gandhi (New)…
In terms of UIDAI notification dated On June 1,2018 all the bank branches with Aadhaar facility will have to ensure at least eight enrolments or updations daily in each branch from July 1 and 12 per day per branch from October 1, and up to 16 from January 1, 2019 onwards. However, the deadline for…