The six-member Monetary Policy Committee (MPC) meeting headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged at 4 per cent, while the newly introduced SDF rate has been set at 3.75%, higher than the 3.35% fixed reverse repo rate, which is the rate at which banks park their excess…
The Reserve Bank of India (RBI) on Thursday has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023. The RBI had come out with the circular in 2018 advising banks to consider using lockable Cassette…
Banks will conduct special clearing operations for the annual closure of government accounts on March 31, to facilitate accounting of all government transactions for the current financial year (2021-22). The Reserve Bank said that the above direction of the Central bank is mandatory for all banks to participate in the proposed special clearing operations for…
RBI today clarified that the Central Bank does not have arrangements with third parties to redress grievances against RBI-regulated entities. The above clarification was given in view of instances of misinformation being spread through certain sections of the social media about the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS) has come to the notice…
Supreme Court of India: Civil AppeaI NO. 3975 OF 2010: H.P.Puttaswamy Vs Thimmamma & Ors This suit was originally instituted on 31st March 1989 and was registered as Suit No.132 of 1989 in the Court of Civil Judge (Junior Division) Malavalli, Karnataka. The property in question comprises approximately 4500 square ft. of land in a…
Supreme Court while delivering judgment [NKGSB Cooperative Bank Limited vs Subir Chakravarty | SLP (C) 30240 OF 2019 | 25 February 2022 Coram: Justices AM Khanwilkar and Justice CT Ravikumar] said that the District Magistrate or the Chief Metropolitan Magistrate can appoint an advocate commissioner to assist him/her in the execution of the order passed…
Provisions of the SARFAESI act have an overriding effect on the provisions of the Central Excise Act of 1944. The dues of secured creditors will have top priority over the Central excise department. Judgment details : PUNJAB NATIONAL BANK …..APPELLANT VERSUS UNION OF INDIA & ORS. …RESPONDENTS CIVIL APPEAL NO.2196 OF 2012 Coram: Justice L.…
In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Accordingly,…
In its judgment dated 30th January 2022, in the case of AMAR NATH– APPELLANT(S) VERSUS GIAN CHAND AND ANR. … RESPONDENT(S)[ (CIVIL APPEAL NO. 5797 OF 2009,], the Supreme Court observed that the production of the original power of attorney is not necessary if the document is presented for registration by the power of attorney…
In terms of the recently amended Factoring Regulation Act, 2011which widens the scope of companies that can undertake factoring business, permits Trade Receivables Discounting System (TReDS) to file the particulars of assignment of receivables transactions with the Central Registry on behalf of the Factors for operational efficiency. The Act empowers the Reserve Bank of India…