Launch of Udyam Assist Platform for validation of Informal Micro Enterprises
Informal Micro Enterprises (IMEs) were defined as those enterprises which are unable to get registered on the Udyam Registration Portal (URP) due to a lack of mandatory required documents such as Permanent Account Number (PAN) or Goods and Services Tax Identification Number (GSTIN). As per the existing guidelines, all lenders were required to obtain a…
Read article
‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits within 100 days
The Reserve Bank of India today announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. ‘ This measure will complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of…
Read article
Cessation of LIBOR: Complete transition away from LIBOR from July 1
The Reserve Bank of India (RBI) today issued an advisory to banks and other RBI-regulated entities, underlining the need to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 01, 2023. The key messages in the advisory include: Banks should ensure no new transactions are linked to…
Read article Why did regulators decide to decommission LIBOR?
Edited and updated on 12.05.2023 ”LIBOR”, once labeled as the world’s most important benchmark was discredited because of the 2008 financial crisis when authorities in the United States and Britain found traders had manipulated it to make a profit that sparked an investigation by Britain’s Financial Services Authority (FSA). The LIBOR rigging scandal of 2008…
Read article
Why your bank insists on insurance cover for 120% value of inventories?
The working capital limit (generally known as cash credit limit) is sanctioned by banks and financial institutions to industrial and trading establishments for their investment in various types of current assets typically including raw materials, work in progress, finished goods, and office supplies, used in the operating cycle. This facility offers the borrowers flexibility and…
Levy of charges on forex prepaid cards/store value cards/travel cards, etc.
Certain instruments like International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used in India to create a financial liability, as ‘currency’. The banking regulator Reserve Bank of India observed that a few Authorised Persons are levying certain fees/charges, which are payable in India on such instruments, in foreign currency.…
Read article