Magazine

All articlesABFMAccountingAncillary ServicesBank NewsBank StaffBRBLCapital MarketCentral bankingComplianceCurrent AccountDepositsEthicsFeaturedFinancial AnalysisForeign ExchangeHuman ResourceIncome taxIndian EconomyIndian Financial SystemInformation TechnologyInsuranceInterviewerLaw related to collateral-securitiesLegal and Regulatory aspects of bankingLoans and advancesMoney MarketMutual FundsNegotiable Instrument ActNewsNPA managementPPBPriority Sector AdvancesPromoreserve bankReserve Bank Functions and newsRetail BankingRetail loansRisk Managementrural bankingSavings BankStatisticsTips & tricksUncategorizedWealth Management
Restrictions on withdrawal of cash from PMJDY accounts

As a matter of precaution, banks are advised by RBI today (November 30, 2016) to observe the following measures in respect of PMJDY accounts. (i) The account holders who have fully complied KYC norms may be allowed to withdraw Rs.10000/-from their accounts in a month. However, based on the genuineness of withdrawals the branch manager may…

Read article
Temporary Cash holding limits at currency chest

In view of massive quantity of Specified Bank Notes (SBNs) accumulated in currency chests, RBI has revisited to its old instruction (circular. DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009) and advised banks that  SBNs deposited in the currency chests, since November 10, 2016 will be considered as part of the chest balance in the…

Read article
Relaxation in withdrawal of cash from bank deposit accounts

RBI vide its notification dated November 28,2016, announced that the general public is allowed withdrawal of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits. The amount of cash will be made available preferably in higher denominations (₹ 2000 and ₹ 500/-) for such withdrawals. RBI communiqué says that…

Read article
No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow

Breaking News No exchange of defunct Rs.500/- and Rs.1000/- from tomorrow. The government announced that exchange of old 500 and 1,000 rupee notes in banks and post offices will be stopped starting midnight.  The public can go to banks to deposit their old bills in their bank accounts and withdraw under the current limits. Government…

Read article
New scheme for depositing Specified Bank Notes (SBNs) collected by the banks

With effect from November 25,2016, all banks may deposit SBNs directly with the offices of RBI under whose jurisdiction they are located. These SBNs (defunct Rs.500/- & Rs.1000 notes) will remain, in the vaults of RBI, under the lock and key of the depositing banks till taken up for examination. The notes deposited by the banks…

Read article
You cannot deposit Rs.1000/-& Rs 500/-(defunct) in small savings scheme

One more decision on SBNs: Reserve Bank’s latest circular (dated 23/11/2016) to all the commercial banks, foreign banks, RRBs, State & Urban co-operative banks advised about the Government’s decision that the subscribers of Small Savings Schemes may not be allowed to deposit SBNs (defunct Rs.500/- & Rs.1000/-) in Small Savings Schemes. Banks are, therefore, advised…

Read article