Why exporters maintain EEFC Accounts in banks?
Exchange Earners’ Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorised Dealer Category – I bank i.e. a bank authorized to deal in foreign exchange. In this scheme of bank accounts, the exchange earners who are residents of India, such as individuals, companies, etc., SEZ developers (except SEZ Units) can…
Read article
Salient features of modified Bank Retirees’ group medical insurance policy for 2023-24
Salient features in the modified policy are as under 1. Top up and Super top-up is one and the same: 2. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted even for those who opted Single Person rate. 3. Domiciliary treatment is not covered under Top…
Read article
Govt. clears 100 % Dearness Relief to pre- November 2002 Retirees effective October 2023
On Thursday (05.10.2023), DFS (Govt of India) cleared 100% D.R (Dearness Relief) to pre-1-11-2002 Retirees. It will be effective from 1st October 2023. No arrears shall be payable for the periods falling prior to the effective date. The 100% Dearness neutralization would benefit about 1,80,000 pensioners who retired from the Banks including from SBI prior…
Read article
Repo rate and other key policy rates remain unchanged
The Monetary Policy Committee (MPC) met on the 4th, 5th, and 6th of October 2023 and decided to keep the policy repo rate at 6.50 per cent, and other key policy rates also remain unchanged. RBI also maintained the status quo on the ‘withdrawal of accommodation’ policy stance. Withdrawal of accommodation refers to a policy…
Read article 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,…
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…
Read article