RBI exempts 7 categories of current accounts from the definition of ‘Aggregate Exposure’
The instructions on the opening of current accounts by banks have been reviewed and revised by RBI and the same was notified to all the banks for compliance through their circular dated August 6, 2020. In terms of the above circular, no bank shall open current accounts for customers who have availed credit facilities in…
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Bank holidays 2021 in Maharashtra State under NI Act
The Government of Maharashtra declared following days as holidays for the year 2021 under section 25 of NI Act (Negotiable Instrument Act) 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2021 Tuesday REPUBLIC DAY 2 19.02.2021 Friday CHATRAPATI SHIVAJI MAHARAJ JAYANTI 3 11.03.2021 Thursday MAHASHIVARATRI 4 29.03.2021 Monday HOLI 2nd Day * 01.04.2020 Wednesday Annual closing…
Read article Bank Holidays 2021 in the State of West Bengal under NI act
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
Read article RBI includes all 26 stressed sectors within the ambit of the ‘On Tap TLTRO scheme’
On Thursday (11.12.2020) RBI announced that in addition to the five sectors, twenty-six stressed sectors brought under On Tap TLTRO Scheme. On October 21, 2020, Th Reserve Bank of India had announced the five stressed sectors under the ambit of On Tap TLTRO scheme in synergy with the credit guarantee under the Emergency Credit Line…
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RBI revives instructions about Refund of Export Proceeds of goods exported from India
In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, /“Write-off” of unrealized export bills, /Set-off of Export receivables against Import payables/ as well as ‘Refund of Export Proceeds of goods from India’. In terms of RBI…
Bank Holidays 2021 declared by Uttar Pradesh (U.P) Government under NI act
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
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