Government Notifies insolvency law for financial service providers
In the backdrop of instances of various FSPs facing problems, the Corporate Ministry, Government of India on Friday (November 15, 2019) notified rules under the insolvency law to deal with the resolution of financial service providers, excluding banks. According to the statement of Corporate Ministry, the new rule “Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings…
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NO PROGRESS IN BANKERS WAGE REVISION TALKS…STALEMATE CONTINUES….
In today’s (November 15, 2019) negotiation with IBA, representatives of UFBU discussed various important issues like an increase in wage hike %, merging special allowance with basic pay, NPS at 14%, PLI, family pension, updation, retirees medical scheme, etc. On NPS at 14% IBA was positive. Cost implications on other issues were discussed. It was…
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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…
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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