PSB Alliance to Launch New Digital Platform for MSME Credit Access in January 2026
The PSB Alliance, a joint initiative of all 12 Public Sector Banks (PSBs) in India, is set to launch a new digital platform in January 2026 to simplify credit access for Micro, Small, and Medium Enterprises (MSMEs). The upcoming platform will create a unified digital ecosystem connecting small businesses, fintechs, and partner organizations with PSBs,…
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Key time limits for suits, appeals, applications, and execution under the Limitation Act, 1963
A wide range of civil actions in India are time-barred if not initiated within the specific periods prescribed by the Limitation Act, 1963; notably, execution of most civil decrees must be filed within 12 years from when the decree becomes enforceable, while perpetual injunction decrees have no limitation for enforcement. For banking and recovery practitioners,…
Read article Bankers’ Handbook on Limitation Periods: Key Timelines Under the Limitation Act, 1963
The Limitation Act, 1963 prescribes specific time limits within which legal actions must be initiated. For banks and financial institutions, understanding these timelines is crucial for debt recovery, enforcement of securities, filing suits, and responding to customer claims. Failure to act within the prescribed limitation period may result in the claim becoming time-barred, rendering it…
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NRO (Non-Resident Ordinary) Accounts in India: Purpose, Eligibility, Rules & Operating Procedures
NRO (Non-Resident Ordinary) deposits are rupee-denominated accounts that allow NRIs/OCIs to hold and manage income accruing in India (such as rent, dividends, pension, interest), with repatriation of current income permitted and repatriation of principal subject to limits and documentation. These deposits can be opened as savings/current/term deposits, are subject to Indian taxation, and follow FEMA/RBI…
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Opening of FCNR(B) Deposits in India: Rules, Procedures, and Conditions
Foreign Currency Non-Resident [Bank] deposits, commonly called FCNR(B) deposits, are term deposits maintained in designated foreign currencies with Indian banks by eligible non-residents, offering full repatriability of principal and interest and insulation from INR exchange risk during the tenor. These deposits can generally be opened for tenors from 1 to 5 years, with interest payment/compounding…
Closure of FCNR(B) Deposits in India: Rules, Procedures, and Conditions
Closing a Foreign Currency Non-Resident [Bank] [FCNR(B)] deposit in India is governed by RBI’s FCNR(B) Scheme and bank-specific policies, with distinct rules for premature closure, closure at maturity, repatriation, and treatment upon return to India for permanent settlement. The key principles are: premature closure is permitted with penalties and, if closed before one year, no…
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