RBI on Thursday (06.06.2019) informed banks that it has decided to waive charges levied on NEFT & RTGS transactions and accordingly instructed the bank to pass on the benefit to their customers. Instruction on this regard will be issued within a week. RTGS& NEFT transactions are the fastest electronic funds transfer systems available in India.…
The Government of India has announced the Sovereign Gold Bond Scheme 2019-20 (“the Bonds”). The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of the minor child, or jointly with any other individual. The bond may also be…
Updated on 10.02.2022 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…
RBI vide its notification RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated 28.05.2019 announced that it has extended the timings for customer transactions (initial cut-off) in RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019 which will be asunder. Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer…
CASA deposit and Bulk deposit: CASA stands for Current Account and Savings Account in banking parlance. Besides in India, the term CASA is popularly is used in West Asia and South-east Asia countries. The high-cost deposits or bulk deposits are those deposits which are solicited by banks at rates higher than card rates’. Card rates…
The resident individuals are permitted to make Rupee loan to their close relative who is a NRI/PIO. U/s 2(77) companies act 2013, ‘‘relative’’, with reference to any person, means anyone who is related to another, if (i) they are members of a Hindu Undivided Family; (ii) they are husband and wife; or(iii) one person is…
Risk management and capital Management are two sides of the same coin. Both of these indicate that the sufficient capital contribution in the business provides stable resources to help the owner to absorb any losses arising from the risks in a business. The objective of Capital management as well as its risk appetite is to…
Section 3 of Indian Trust Act 1882 provides that “A Trust is an obligation annexed to the ownership of the property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner”. A trust can be…
Registration of Trust is mandatory in certain cases and not mandatory in some other cases. Let us examine here where the registration of trust is a mandatory requirement. Cases where Registration of Trust is compulsory: The instrument if any, by which the Trust is declared, is called the instrument of Trust or Trust Deed. Section…
The Ombudsman Scheme for NBFCs 2018 was launched by RBI on February 23, 2018, for cost-free expeditious complaint redressal against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934 and covered all deposit-accepting NBFCs to begin with. Further, on April 26, 2019 Reserve Bank extended the coverage of the Ombudsman Scheme to…