Original Power of Attorney not needed to sell the property, copy enough: Supreme Court 

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…

NBFC-ICCs can do NBFC Factor business and TReDS have to assign receivables: RBI

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…

RBI permits Banks for capital infusion/ transfers to the overseas centers without its prior approval

All Scheduled Commercial Banks other than foreign banks, Small Finance Banks, Payment Banks, and Regional Rural Banks incorporated in India who have met regulatory capital requirement (including regulatory buffer) are permitted to infuse capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India. Banks that…

Transaction Limit in UPI enhanced to Rs 5 lakh for specified categories.

In the Statement on Developmental and Regulatory Policies on December 8, 2021, the Reserve Bank of India announced an increase in UPI Transaction Limit for Specified Categories.The statement said that ‘Reserve Bank has been making efforts to facilitate greater participation of retail customers in financial markets, e.g. investment in the G-secs segment through the recent…

RBI cautions against Co-operative societies using the word “Bank” in their name

The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…