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.…
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…
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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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…
Read articleRBI reduces Key Policy rates by 25 basis points
In the second bi-monthly monitory policy statement for 2015-16 (02.06.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to reduce Key policy rates by 25 basis points. reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from…
Rupee Vostro Account: Enhancement of transaction limit
The non-resident exchange houses from Gulf Countries, Hong Kong and Singapore open Rupee Vostro accounts in AD Category – I banks in India. The Vostro accounts can be used for channeling inward remittances to India primarily on private account. The remitter and the beneficiary (in most cases) should be individuals. The account can be used…
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