RBI extends time for bank locker renewal agreements
Reserve Bank of India (RBI ) on Monday extended the time for banks to renew their customer agreements for locker facilities. The banking regulator of India vide its circular dated August 18, 2021, had issued revised instructions with respect to the Safe Deposit Locker/Safe Custody Article Facility due to compliance delays.The previous deadline of December…
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The biggest challenge of WASH financing
Financing for water, sanitation, and health (WASH) infrastructure is known as WASH financing. USAID (United States Agency for International Development) in India aims to create healthier urban communities and improve livelihoods by increasing access to safe water, sanitation, and hygiene (WASH) services. USAID works directly with the Government of India on its three national flagship…
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What is the difference between loan and debt?
In general terms loans and debts are synonyms for liabilities. When you look at a balance sheet of a company, at the left side of the balance sheet (liability side) below the heads like share capital, reserves, etc. you may find a head ‘loans and debts’ where the company shows the money raised by it…
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Provisions to be made on an expected credit loss (ECL)
The Reserve Bank of India on Monday released the draft guidelines for banks to make provisions on an expected credit loss (ECL) basis as against the current framework of incurred loss method. It means banks have to shift away from the current method – where loan loss provisions are made after a default – to…
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What is the difference between loans and advances?
In general terms, loans and advances are synonyms for fund-based credit facilities. However, they are differentiated by the banks as loans and advances on the basis of the purpose of a facility, tenure and repayment system, and nature of prime security available to the credit facility, etc. The word ‘Loan’ refers to the sum paid…
UPI transactions can be done by NRE/NRO account holders using their international mobile number
The National Payments Corporation of India (NPCI) on Tuesday (January 10, 2023) instructed members of the Unified Payments Interface (UPI) ecosystem to allow non-resident account types such as non-resident external (NRE)/ non-resident ordinary (NRO) accounts having international mobile numbers to get on-boarded and transact through UPI. Till now, the service was only available for accounts…
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