Pradhan Mantri Krishi Sinchai Yojana (PMKSY) has been formulated in 2015 by amalgamating ongoing schemes viz. Accelerated Irrigation Benefit Programme (AIBP) of the Ministry of Water Resources, River Development & Ganga Rejuvenation (MoWR, RD&GR), Integrated Watershed Management Programme (IWMP) of Department of Land Resources (DoLR) and the On-Farm Water Management (OFWM) of Department of Agriculture…
Today (29.11.2019) RBI has filed an application under insolvency and liquidation proceeding against “ Dewan Housing Finance Corporation Limited” under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings…
On Friday (15th November 2019), the Ministry of Corporate affairs notified “Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019”. [TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART II, SECTION 3, SUBSECTION (i)]. The new rule called in short as “Insolvency and Bankruptcy rule 2019” shall come…
Reserve Bank of India (RBI) vide, its circular (DBOD. No. Leg BC.91/09.07.005/2007-08 dated 4th June 2008) mandates that all banking services must be offered to blind and low vision customers without any discrimination. According to the above guidelines, Banks should not equate visually impaired customers with illiterate customers. Banks should ensure that all the banking…
The Sovereign Gold Bonds (SGB) are government securities issued under section 3 (iii) of the government securities Act. The holder of an SGB can borrow against the security of SGB or offer it as collateral security for any loan. Banks can create a pledge, hypothecation or lien against the security (in accordance with the provisions…
Payments from Government departments or Public sector Units take time for the goods supplied to them. Similarly, a party might have taken a contract for execution and he is entitled to progressive payments based on the PSU/Government departments on work executed, for which the contractor has to submit bills in accordance with the terms and…
The scheduled commercial banks including public sector banks as well as co-operative banks are lending against the security of jewels. They accept them for pledge after satisfying the ownership of the jewel and the prospective borrower is the account holder of the bank. The borrower shall give a declaration letter to the bank stating that…
Banks are generally permitted to lend to those InvITs where none of the underlying SPVs, which have existing bank loans, is facing ‘financial difficulty’. In view of banks and stakeholders seeking clarification on the provision of credit facilities to Infrastructure Investment Trusts (InvITs), RBI on October 15, 2019, clarified that the banks are permitted to…
RBI in its Statement on Developmental and Regulatory Policies announced, on Friday, October 4, 2019, raising the household income limit for borrowers of NBFC-MFIs from the current level of ₹ 1.00 lakh for rural areas and ₹ 1.60 lakh for urban/semi-urban areas to ₹ 1.25 lakh and ₹ 2.00 lakh, respectively. The Y.H.Malegam sub-committee of…
Microfinance means giving small loans to individuals or small businesses to meet their business requirement. The beneficiaries of Microfinance programmes are the persons who may be outside the formal banking channel. The microcredit programmes are run primarily by SIDBI in the field of Industry and Service, NABARD in the field of agriculture. The scheme of…