Provisioning and reporting of Credit Card NPAs to Credit Information Companies
The ‘past due’ concept of a credit card account is now revised and determined from the payment due date mentioned in the monthly statement. The credit card accounts are to be treated as NPAs, if the amount not paid fully within 90 days from the due date mentioned in the statement by the card holders.…
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Old habits die hard, people still inscribing on bank notes
Some members of public as well some organizations write the numbers, name or messages on the watermark window of currency notes.RBI has been educating the general public and bank officials about the importance of security features of bank notes which distinguishes it from fake notes. Despite, RBI requesting the public, not to deface the window…
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Overseas citizen of India (OCI) and Person of Indian origin (PIO)
The government of India vide Gazette notification no.26011/01/2014-IC-I dated 9.1.2015 notified that all the existing ‘Person of Indian Origin’ (PIO) card holders shall be deemed to be Overseas Citizen of India (OCI) card holders under Indian Citizenship Act of 1955. Now let us find out what it means to foreigners of Indian origin. Meaning of…
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What are the documents required for opening Current Accounts in banks?
As per the existing RBI guidelines, the banks cannot open the current account of prospective customers without obtaining a ‘No-objection letter’ from the lending banks and in case no response is received from the existing bankers after a minimum waiting period of a fortnight. The Reserve Bank of India in their notification informed that they…
Read articleOvernight MIBID/MIBOR benchmark will be revised from July 22, 2015
The Reserve Bank of India announced today (02/07/2015) that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark will be revised from July 22, 2015. The newly constituted entity ‘The Financial Bench Marks India Pvt. Ltd (FBIL)’ is also stated that it is taking over the administration of the benchmark, replacing the…
Circulation of pre-2005 Currency notes extended up to December 31, 2015
The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. The central bank had, in December 2014, set the last date for public to exchange of these notes as June 30, 2015.RBI further clarified that It is further clarified by the bank that the public…
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