RBI frames policies for undertaking compromise settlements and technical write offs
RBI permitted Regulated Entities (Res) like banks, NBFCs, and other financial institutions to put in place Board-approved policies for undertaking compromise settlements with the borrowers as well as for technical write-offs. Compromise settlement for this purpose shall refer to any negotiated arrangement with the borrower to fully settle the claims of the RE against the…
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RBI keeps policy repo rate unchanged at 6.5% SDF pegged at 6.25
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Thursday (June 8, 2023) decided to keep the policy repo rate unchanged at 6.50% and the Standing Deposit Facility (SDF) rate has been pegged at 6.25 per cent. The central bank kept bank rates at 6.75 per cent. He added that the MPC unanimously…
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Auditors’ pleasure! Regulatory common platform to be set up for balance confirmation
Far away in memory, statutory auditors have been using “external confirmations” to obtain balance confirmations in respect of accounts receivables, accounts payables, bank balances, loans, investments, or inventories held by third parties, etc. from various parties, including banks. In other words, external confirmations mean audit evidence obtained as a direct written response to the auditor…
Read article RBI panel proposes new norms as customer complaints touching nearly one crore every year
The Committee for Review of Customer Service Standards in RBI Regulated Entities set up by RBI last year found that nearly one crore customers complain to their banks and other REs every year, and the number has not changed much in the last three years. The six members committee headed by RBI Deputy Governor B.P.Kanungo…
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Tax collected at Source (TCS) enlarged on foreign remittances effective from July 1, 2023
In line with the existing Liberised Remittance Scheme (LRS) in India, any resident individual including a minor is free to remit up to US Dollars 2,50,000 or its equivalent in one financial year for overseas education, traveling abroad for business and private visits, to patients for medical treatment, or to a person for accompanying as…
Due date for premature redemption of Gold Bond SGB 2017-18, Series IX -is May 26
RBI today announced the next due date of premature redemption of the Sovereign Gold Bond Scheme (SGB 2017-18, Series IX – Issue date November 27, 2017) tranche shall be May 26, 2023 (May 27, 2023, being a non-working Saturday). As per Sovereign Gold Bond Scheme, premature redemption of a Gold Bond may be permitted after…
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