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Category Archives: Legal and Regulatory aspects of banking

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RBI waives charges on NEFT & RTGS transactions

Reserve Bank Functions and newsBy Surendra NaikJune 7, 2019

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.…

Sovereign Gold Bond Scheme 2019-20 announced by Government of India

Reserve Bank Functions and newsBy Surendra NaikJune 6, 2019

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…

Repo Rates and Other Key Policy Rates (latest)

Reserve Bank Functions and newsBy Surendra NaikJune 6, 2019

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…

RTGS time window extended

Bank News, Reserve Bank Functions and newsBy Surendra NaikMay 30, 2019

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…

RBI-Central Banking glossary on Funds and Investment

Reserve Bank Functions and newsBy Surendra NaikMay 22, 2019

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…

Rupee Loan to NRI/PIO by a resident Indian

Foreign Exchange, Legal and Regulatory aspects of bankingBy Surendra NaikMay 17, 2019

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…

RBI – Central Banking glossary on risk management

Reserve Bank Functions and newsBy Surendra NaikMay 16, 2019

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…

What is a Trust and how it is formed?

Legal and Regulatory aspects of bankingBy Surendra NaikMay 11, 2019

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…

Is registration of a trust statutorily necessary?

Legal and Regulatory aspects of bankingBy Surendra NaikMay 10, 20192 Comments

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 explained

Reserve Bank Functions and newsBy Surendra NaikMay 4, 2019

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…

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