Why is the conveyance of property in the name of Co-operative Housing Societies important?
If you look at the bye-laws of a cooperative housing society, you may find that the main objective of a CHS is to obtain the conveyance from the landowner/developer in its name. Conveyance is a transfer of the title deed of land and building by the builder and developer/landowner in favour of housing society by…
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RBI permits banks to amortise Family Pension enhancement over the next 5 years
RBI on Monday said that the expenditure towards enhancement in family pension of employees of banks if not fully charged to the Profit and Loss Account during the financial year 2021-22, be amortised over a period not exceeding five years. According to the RBI notification dated October 4, IBA has approached the regulator for the…
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Additional Tier1 capital: Eligible limit for Foreign Currency/Rupee denominated Bonds overseas
RBI on Monday clarified on criteria for the Inclusion of Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital under Basel –III capital regulations. The issue was examined by the regulator as ‘several banks have approached us to clarify the maximum amount of capital funds that can be raised overseas’ the circular said. The Central…
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Govt. announces Small Savings Interest rates for the quarter October to December 21
The interest rates of a basket of 12 Small Savings Scheme instruments remain unchanged for the sixth straight quarter. The Finance Ministry on Thursday announced that interest rates on small saving schemes for the 3rd quarter starting from October 1, 2021, and ending on December 1, 2021, shall remain unchanged from the current rates applicable…
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What is additional Tier-1 capital AT 1?
Additional Tier Capital (also known as AT1 bonds) is a type of unsecured, perpetual bonds issued predominantly by banks to raise additional Tier 1 capital without any maturity date (perpetual), but they have a call option. These bonds are issued by banks to shore up their core capital base to meet the Basel-III norms. Features…
Banks may use an Alternative reference rate in place of LIBOR for export/import transactions: RBI
RBI today notified AD category banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. “This is in view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned,”…
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