How to open an online or offline SB Account in a bank?
A Savings Bank account (SB Account) is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose. Banks are permitted to credit the interest to the account on a regular basis, with regard to the savings bank accounts frozen by the enforcement authorities. The acceptance of…
Read article What are deficiencies in regulatory and KYC compliances for which banks pay penalties?
Regulatory compliance aims to ensure the bank operates within regulation, safeguarding its integrity and industry reputation. The function oversees multiple duties: protecting bank data, avoiding government fines, avoiding tax evasion, complying with KYC guidelines, monitoring and reporting anti-money laundering activities, assessing risks, and ensuring zero violation of banking ethics. Following are the few cases where…
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RBI extends Prompt Corrective Action (PCA) Framework for Government NBFCs
Reserve Bank of India on Tuesday extended the Prompt Corrective Action (PCA) Framework for Government Non-Banking Financial Companies (NBFCs). “Reserve Bank of India introduced the PCA Framework for NBFCs on December 14, 2021. The Framework has since been reviewed and it has been decided to extend the same to Government NBFCs (except those in Base…
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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…
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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…
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…
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