Bank Holidays 2023 under NI Act: Puducherry, Karaikal, Mahe, and Yanam Regions
The Government of Puducherry vide order no. G.O. Ms. No. 52, Puducherry, dated 13th October 2022 declared Bank holidays under NI Act for the year 2023. Holidays in the Puducherry and Karaikal regions are the same. However, holidays in Mahe and Yanam Regions are slightly different from the former. Therefore, we have made 3 separate…
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Latest Exchange rates of global currencies in India
Rates as on 02.12.2022 INR / 1 USD 81.1771 INR / 1 GBP 99.3099 INR / 1 EUR 85.4643 INR / 100 JPY 60.0700 As of 02.12.2022 at 1.30 pm Source: FBIL/RBI) Approximate currency exchange rate of other major global currencies in India Foreign Currency Equivalent INR (Indian Rupees) 1 AUD (Australian Dollar) 54.60 1…
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Twin balance sheet problem in India explained
The twin Balance Sheet Problem (TBS) refers to problematic balance sheets of both Indian companies and banks. Such a problem situation arises when both the lenders and borrowers are under stress. It is known as the twin balance sheet problem as the challenges faced by the banks are linked to that of the corporate sector…
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Four-tier differentiated regulatory prescription for Urban Cooperative Banks
The Reserve Bank of India (RBI) on Tuesday issued final guidelines for urban cooperative banks (UCBs), accepting the NS Vishwanathan committee’s recommendation to implement a four-tiered regulatory framework, among others. The four-tiered regulatory framework is based on the size of deposits of the banks and their area of operations. The major recommendations which have been…
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18 per cent GST on bank charges for issue of cheque book and loose cheque leaves
The GST Council has agreed to levy an 18 percent cess on cheques, irrespective of whether they are in loose or in book form with effect from July 18, 2022. There will be a 5 percent GST if rooms worth more than Rs 5,000 (non-ICU) are rented out in hospitals.Pre-packed and labeled food items like…
What is Account Aggregator system in banking?
The Account Aggregator (AA) system is a financial data exchange where banks, fintech, or NBFCs can exchange customer data after taking consent from such users. The entities which facilitate the data exchange are known as account aggregators. Under the account aggregator system, a lender who requests the data is called financial information user (FIU), and…
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