Opening Bank account gets easier; address may be different in Aadhaar card
The government on Wednesday (November 13, 2019) amended the anti-money laundering rules to allow people to use Aadhaar for identification and yet use the current address different from the address as per the Aadhaar document. In the direction of prevention of Money Laundering (maintenance of records) Rules 2005, in rule 9, after sub-rule 18, the…
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Brief on different categories of non-banking financial companies
Micro Finance Companies: MBFC is any non-banking financial company licensed under section 25 of the Companies Act, 1956. These companies are engaged in micro-financing activities. With effect from November 08, 2019 the eligibility criteria for classification under ‘Qualifying Assets’ for NBFC-MFIs are revised. The Reserve Bank of India (RBI) in it’s circular dated November 08,…
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RBI raises the limit for borrowing from NBFC-MFIs
Effective from November 08, 2019 the eligibility criteria for classification under ‘Qualifying Assets’ for NBFC-MFIs are revised. The Reserve Bank of India (RBI) in it’s circular dated November 08, 2019 increased the household income limits for borrowers of NBFC-MFIs from the current level of ₹1,00,000 for rural areas and ₹1,60,000 for urban/semi-urban areas to ₹1,25,000…
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FEDAI RULES: Business Hours for quoting FX rates
EFFECTIVE FROM 01 APRIL 2019, in the Inter-bank forex market for quoting exchange rate of Indian Rupees (INR)/Foreign Currency (FCY), business hours would be between 9.00 a.m. and 5.00 p.m. The customer transaction for INR/FCY should not be undertaken by the Authorised Dealers beyond 4.30 p.m. on all working days. The cut-off time specified above…
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Next round of bipartite talks with IBA on 15th Nov 2019
In a letter dated November 8, 2019, addressed to Shri. Sanjeev K Bandish convenor UFBU, S.K. Kakkar, Senior advisor of IBA invited the General Secretaries of constituents workmen Unions/Officers’ Associations for wage revision talks on Tuesday 15th November 2019 at 11.00 am in the committee room of IBA, World Trade Centre, Cuffe Parade, Mumbai-400 005.
RBI mandates banks not to charge for NEFT transactions from January 2020
In order to further Digital Payments in the country, RBI announced today (Nov 08, 2019) that it has mandated the Banks not to charge for NEFT online transactions of SB customers. The new rule is effective from 1st January 2020. The Central Bank statement said that the new order is to “empower every citizen with…
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