Segregate and facilitate credit to DBT/EBT inoperative Accounts says RBI
The RBI on Monday directed banks to immediately reduce the number of inoperative/ Unclaimed Deposits and make activation to facilitate uninterrupted credit of such DBT/EBT amounts to the beneficiaries. Banks should enable seamless KYC updates and organize special campaigns. The progress in reducing such accounts must be reported quarterly to the RBI, starting from December…
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Bank Holidays 2025: ODISHA
The Government of Odisha (earlier known as Orissa) in its circular No. RDM-Reg-MISC-0013-2024-39068 dated 12.11.2024, declared 20 holidays for the year 2025 under the explanation of section 25 of Negotiable Act 1881. List of Public Holidays in Odisha (Orissa) State under sec 25 of NI Acts Sr.No Date Day Occasion/Festival Date 1 14.01.2025 Tuesday MAKARA…
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What is a contingent liability?
A contingent liability may be defined as a possible obligation that arises from past events and depends on the outcome of an uncertain future event. CONTINGENT LIABILITIES are those liabilities which may arise when certain claims are settled in the near future. So anything that is under litigation or liability is not ascertained as to…
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Bank Reconciliation of inter branch/office entries
Reconciliation is a financial process that compares internal financial statements with external sources to identify discrepancies and maintain financial reliability. Reconciliation is a financial process that compares transactions and activity to supporting documentation and resolving any discrepancies that may have been discovered. Inter-office adjustments are differences that may occur due to incomplete recording of transactions…
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Bank Holidays 2025: Himachal Pradesh
The Government of Himachal Pradesh order No.GAD-A (F)10-7/2023 dated 18.10.2024 declared the following days as Gazetted holidays for the year 2025 Sr.No Date Day Occasion/Festival Date 1 25.01.2025 Saturday STATEHOOD DAY 2 26.01.2025 Sunday REPUBLIC DAY 3 12.02.2025 Wednesday GURU RAVIDAS JAYANTI 4 26.02.2025 Wednesday MAHASHIVARATRI 5 14.03.2025 Friday HOLI 6 31.03.2025 Monday ID-UL-FITR /RAMZAN…
Explained: Functions Performed by the Back Office
The back office in an organisation exists to finalise the transactions conducted by the front office. This includes confirming transactions and settlement instructions with the back office of the counterparty. The back office is essential for maintaining the integrity of the financial system and ensuring the accurate processing of customer transactions. The back office is…
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