How the credit audit is conducted in banks?
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) What is a statutory audit? In this post let us study how the loan accounts are verifying the loan…
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Lenders should disclose the aggregate amount to be refunded/adjusted as of March 31, 2021: RBI
Reserve Bank of India on Wednesday asked lending institutions to disclose the aggregate amount to be refunded/adjusted in respect of their borrowers based on the Asset Classification and Income Recognition following the expiry of the Covid-19 regulatory package in their financial statements for the year ending March 31, 2021. The above announcement of the central…
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Bank Finance under Self Employment Program (SEP) component of DAY-NULM
The Government of India, Ministry of Housing and Urban Affairs (MoHUA), had restructured the erstwhile Swarna Jayanti Shahari Rozgar Yojana (SJSRY) and launched the National Urban Livelihoods Mission (NULM) in 2013. NULM has been implemented in all district headquarters (irrespective of population) and all the cities with population of 1 lakh or more. The Self…
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What is the Prime Minister’s New 15-Point Programme for the Welfare of Minorities?
The “Prime Minister’s New 15-Point Programme for the Welfare of Minorities” is the revised guidelines of the earlier programme on Credit facilities to the minority community. The objective of the new programme is to ensure that the benefits of various government schemes for the underprivileged reach the disadvantaged sections of the minority communities which are…
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Waiver of complete interest and extension of the moratorium not allowed by Supreme Court
The Supreme Court on Tuesday has pronounced its judgment on a batch of pleas related to the six-month loan moratorium period, stating that it cannot allow waiver of complete interest and extension of the moratorium. The judgment was delivered by a Bench of Justices Ashok Bhushan, R Subhash Reddy, and MR Shah in a batch…
New Capital Adequacy Framework (NCAF) on capital regulation – eligibility of CRISIL Ratings Limited
Today (January 27, 2021), RBI told the banks to use the ratings of the CRISIL Ratings Limited for the purpose of risk weighting their claims for New Capital Adequacy Framework (NCAF) on Basel III capital regulation purposes. The above decision taken by RBI is owing to rating business of CRISIL Limited has since been transferred…
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