A WILL is made by an individual in order to circumvent any litigation amongst his heirs in respect of the distribution of his assets after his death. The WILL surpasses the succession law on inheritance and the beneficiary of the WILL (in whose name property is bequeathed) only is entitled to receive his/her share specified…
Today (May 2, 2020), RBI Governor Shaktikanta Das held meeting with the MD/CEOs of major public and private sector banks in two separate sessions through video conference. The meetings were attended by Deputy Governors and other senior officers of RBI. The move comes after an apex court direction to the regulator that the intended beneficiaries…
On Thursday (April 30, 2020) RBI announced that the regulatory benefits under the special liquidity facility for mutual funds (SLF-MF) scheme being extended to all banks irrespective of whether they avail funding from the Reserve Bank or deploy their own resources under the scheme. As per RBI circular April 27, 2020, RBI would conduct repo…
Reserve Bank of India is the banker to Central Government as well as State governments. In terms of Section 20 and section 21 of the RBI Act 1934, RBI has the obligation to undertake the receipts and payments of the Central Government departments and to carry out the exchange, remittance and other banking operations, including…
Today (April 27, 2020) Reserve Bank of India announced ₹50,000 crores of special liquidity facility for mutual funds. This was in view of liquidity constraints faced by the Mutual Funds intensified in the wake of large redemptions and high exposure to low-rated illiquid debt securities. The move follows in a bid to support mutual funds…
TLTRO is acronym to Targeted Long Term Repo Operation (TLTRO). The scheme was introduced by Reserve bank of India as a tool to enhance the liquidity to sectors and entities experiencing liquidity constraints and/or hindrances to market access in the wake of the COVID-19 crisis. For a second time on April 17, 2020, RBI has…
As part of Basel III Framework on Liquidity Standards, banks are required to maintain High Quality Liquid Assets (HQLAs) to meet 30 days net outgo under stressed conditions. Banks in India are also required to hold liquid assets of 18 percent of their NDTL from April 11, 2020 to maintain Statutory Liquidity Ratio (SLR). Although…
Today (17.04.2020) RBI Governor Shaktikanta Das in a media statement announced new measures to maintain adequate liquidity in system to facilitate bank credit flow and ease financial stress. The measures include conducting of targeted LTRO of ₹50,000 crores, cut reserve repo rate by 25 basis points and eased NPA rules for banks. Further, banks are…
As announced today (17.04.2020) and set out in Governor’s Statement, the Reserve Bank of India declared reduction in the fixed rate reverse repo under the Liquidity Adjustment Facility (LAF) by 25 basis points from 4.00 per cent to 3.75 per cent with immediate effect. The policy repo rate under the LAF remains unchanged at 4.40…
In view of the disruption caused by COVID-19 pandemic, Reserve Bank of India extended the time period for repatriation of fully realised export proceeds for exports made up to or on July 31, 2020. As per the new direction issued by RBI on April 1, 2020, exporters are required to fully realize and repatriate the…