Debt recovery through DRT proceedings
The Debts Recovery Tribunals (DRTs) and Debts Recovery Appellate Tribunals (DRATs) were established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993 with the specific objective of providing expeditious adjudication and recovery of debts due to Banks and Financial Institutions. At present, 39 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals…
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‘Benchmarking India’s Payment Systems’ : RBI report
The Reserve Bank of India on Friday (July 1, 2022) released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other 21 major countries. The pilot exercise for benchmarking India’s payment systems was undertaken in 2019 with respect to the position in 2017. The above…
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Revised ATM fee structure and RBI mandate on dispensation of Rs.100 and Rs.200 notes
Revised ATM Fee Structure and RBI Mandate on Dispensation of ₹100 and ₹200 Banknotes ATM Transaction Charges: The Reserve Bank of India (RBI) has introduced a revised framework governing ATM transaction charges, effective from May 1, 2025. This initiative is aimed at enhancing transparency in customer service fees while providing greater operational flexibility to ATM…
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Recent Rule of RBI on renewal and closure of overdue FD
A deposit is considered overdue when the maturity date has passed, and the deposit holder has not withdrawn or renewed it. This means the deposit has reached the end of its term, but no action has been taken to either take the principal amount back or extend the deposit period. Each bank has its own…
Read articleWhere the revenue stamp is required to be affixed?
A revenue Stamp can be explained as a receipt given by the Government in the form of small adhesive stamp in lieu of separate document stating that the tax/fee has been paid to the Government. The receipt for above certain amount shall be mandatorily acknowledged by the receiver affixing and cancelling the revenue stamp. Under…
How banks settle claims of a missing person on presumed death?
Settlement of Claims in Respect of Missing Persons Presumed Dead: A Formal Overview Banks in India typically settle claims related to missing persons who are presumed dead by adhering to established legal provisions and regulatory guidelines, primarily those issued by the Reserve Bank of India (RBI). When a person has been missing for a legally…
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