RBI forms external working group for provisioning of banks on Expected Credit Loss (ECL)
The Reserve Bank of India (RBI) on Wednesday constituted a nine-member external working group to get independent views on Expected Credit Loss (ECL) based framework for provisioning by banks. The ECL approach to provisioning is a paradigm shift from the current incurred loss-based provisioning regime. The Discussion Paper released by RBI on January 16, 2023,…
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Outcome of Bipartite Talks UFBU had with IBA on 29-9-2023
The Negotiating Committee Meeting held on September 29, 2023, between the United Forum of Bank Unions and the Indian Banks Association discussed the following issues. Unions wanted to know the details of establishment expenses, number of employees and officers under OPS and NPS, stage-wise/area-wise number of employees, impact on cost of superannuation benefits, etc. They…
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The interest rate on small savings schemes for October-December 2023 Quarter
As per a notification by the finance ministry on September 29, the rate of interest on the five-year recurring deposit has been increased to 6.7 percent from 6.5 percent. All other small savings schemes will continue to offer the same rate of interest as they did in July-September. The latest chart of interest for small…
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Government sets up a committee to address the demand for a guaranteed pension under the NPS
NPS returns are market-linked. This means that returns are not guaranteed but depend on market performance and the fund manager. Currently, the government contributes 14% of pay and employee contributes 10% to the NPS corpus. Compared to the old pension scheme (OPS), the pension received by some retirees under NPS was paltry under NPS. Hence,…
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Lenders must release property Documents within 30days of loan repayment: RBI
RBI on Wednesday directed all the regulated entities such as Commercial Banks, cooperative banks, small banks, RRBs, Local Area Banks, NBFCs, Asset Reconstruction Companies, etc. to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan account. The…
Sovereign Gold Bond scheme series II opens for subscription on Monday
The Sovereign Gold Bond Scheme 2023-24 – Series II will be open for subscription from September 11–15, 2023. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the…
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