PNB,Union Bank, Canara Bank, and Indian Bank announce share-swap ratios for merged entities
The four anchor banks PNB, Union Bank, Canara Bank, and Indian Bank approved mergers of the other 6 PSBs and issued share-swap ratios for the proposed mergers. The details of share-swapping are as under.PNB: 1150 share of PNB for every 1000 shares of OBC 121 shares of PNB for every 1000 shares of United Bank…
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RBI announces Scheme of Reconstruction for YES bank
The Yes Bank Ltd. was placed under an order of moratorium on March 5, 2020 which will be effective up to April 3, 2020.In this regard, RBI published a draft scheme of reconstruction of the Yes Bank Ltd.in public domain inviting suggestions and comments from the public as well as all the stake holders of…
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Repatriation of the sale proceeds of immovable property
[This article elucidates the FEMA rules for the transfer of sale proceeds of immovable properties abroad and the documents required for the same.] Section 6(5) in the Foreign Exchange Management Act, 1999 provides that “A person resident outside India may hold, own, transfer or invest in Indian currency, security or any immovable property situated in…
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Details of negotiation meetings held between IBA and UFBU on Feb 29
Today (29.02.2020) negotiations for 11th BPS started at 11.30 am at IBA Office Mumbai. Negotiations committee chairman first offers to start negotiations with an appeal to UFBU for withdrawal of three days strike call given by them. UFBU on their part clear their stand by reminding their 12points demand. After a lot of discussions, the…
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Hereafter short term crop loans extended only through KCC is eligible for interest subvention scheme
Reserve bank of India advised all the scheduled commercial banks that with effect from April 1, 2020, Short Term Crop Loans should be extended only through KCC to be eligible for Interest Subvention Scheme (ISS) and Prompt Repayment Incentive (PRI). According to the notification, the Ministry of Agriculture & Farmers Welfare vide their Office Memorandum,…
The regime of External Benchmark Based Lending and switch-over rules
External benchmark rate means the reference rate which includes the policy Repo rate of RBI, Government of India’s 3-Months and 6-Months Treasury Bill yields published by Financial Benchmarks India Private Ltd (FBIL), and any other benchmark market interest rate published by FBIL. The interest rate on banks’ lending based on external benchmark shall be reset…
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