Overnight 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…
Read articleCirculation 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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Fraud Risk Management in Banks
The increasing incidences of frauds in general and in loan portfolios of banks in particular are the matter of serious concern to all stake holders. Unfortunately, most often banks even after identifying the frauds, take times to file complaints with CBI / Police on the grounds of cheating, misappropriation of funds, diversion of funds etc.…
Read articleWhat are the valid address proof documents for KYC?
The Government of India has provided additional relaxation for the purpose of address in addition to the relaxation in proof of identity under simplified measures of PML rules. Accordingly RBI has notified that the following additional documents are deemed to be Officially Valid Documents (OVD) for proof of address. Utility bill which is not more…
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RBI releases Strategic Debt Restructuring Scheme for bad loans
Reserve Bank on Monday (June 8, 2015) released Strategic Debt Restructuring scheme which paves way to ensure more ‘skin in the game’ of promoters. While unveiling the new scheme, RBI has invited reference to its circular dated Feb 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum…
Medical Reimbursement scheme for Bank Officers/Employees under 10th BPS
The new medical reimbursement scheme scheme covers all the existing employees/officers in the bank service and same would also be continued beyond their retirement/superannuation/ resignation etc., subject to payment of stipulated premium by them. New recruits will be covered from their date of joining to the bank. The scheme also includes the benefit of cashless…
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