FDI in insurance sector permitted up to 49% with immediate effect
The FDI policy for Insurance sector has since been reviewed and from immediate effect, FDI in Insurance sector shall be permitted up to 49% in place of earlier limit of 26%. The changes over existing rules are subject to the following revised conditions. Foreign investment in Indian insurance company shall be limited up to forty-nine…
Read articleRBI keeps key rates unchanged
In its first bimonthly monitory policy statement for 2015-16, RBI today (07/04/2015) said that on the basis of an assessment of current and evolving macro-economic situation, it has been decided to continue the following rates unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 7.50% Reverse Repo Rate………………. 6.50% Marginal Standing Facility Rate …
Read articleRBI notification on NPA status of projects under implementation
The projects which have been delayed primarily due to inadequacies of the current promoters, a change in ownership/management may be required to revive the project. RBI circular of April 6, 2015 in this regard states that banks may permit extension of Date of commencement of commercial operations (DCCO) up to a further period of two…
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RBI stipulations for refinancing exposures under prudential norms
In terms of instructions contained in RBI circular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 and A.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise external commercial borrowings (ECB) from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the rupee loans raised from…
Read articleRevision of interest rates for small savings (SCSS/PPF/Kisan Vikas Patra/Sukanya Samriddhi Acccount)
Revision of interest rates for Small Savings Schemes (SCSS/PPF/KVP/Sukanya Samriddhi Account) The Government of India have vide their Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015, advised the rate of interest on various small savings schemes for the financial year 2015-16. Accordingly, the rates of interest on PPF 1968, SCSS 2004, Kisan Vikas Patra &…
Merger of ING Vysya Bank with Kotak Mahindra Bank from April 1,2015
RBI approves ING Vysya Bank Ltd.- Kotak Mahindra Bank Ltd. Amalgamation. The Scheme of amalgamation has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The Scheme will come into force with effect from April 1, 2015. All the branches of ING Vysya Bank Ltd.…
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