RBI modifies Master Directions for Interest Rate on Deposits
RBI on Friday (September 16, 2022) notified that its master direction dated March 03, 2016, on interest rates on deposits and May 12, 2016, on ‘Co-operative Banks – Interest Rate on Deposits’ have been modified. Further, the instructions regarding eligibility for the opening of savings account contained in Section 28 (h) and Section 27 (h)…
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You will earn 75.49 % return on premature redemption of the Sovereign Gold Bond series-IV
The Reserve Bank of India has announced that the second due date of premature redemption of the Sovereign Gold Bond (SGB) 2016-17, Series IV shall be September 17, 2022. As per the Government’s notification on SGB 2016-17 Series IV, the tenor of the bond is 8 years and early encashment/redemption of the bond is allowed…
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IRDAI relaxes the NPS norms: Done away with the requirement of submitting a separate form to buy annuity from NPS proceeds at the time of retirement
Insurance regulator IRDAI on Tuesday (13.08.2022) said it has done away with the requirement of submitting a separate form to buy an annuity from NPS proceeds at the time of retirement.To bring ease of living for senior citizens, IRDAI has relaxed the requirement of submitting a separate proposal form for taking the immediate annuity products…
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These acts or omissions of an employee are judged as minor misconduct or gross misconduct in banks
When an employee of a public sector bank is found guilty of misconduct, he is exposed to various kinds of punishments decided by the disciplinary authority of the bank. If an employee is found guilty of minor misconduct, he may be warned or censured; have an adverse remark entered against him, or have his increment…
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Zero percent Risk Weights for existing or future maximum eligible claims under Credit Guarantee Schemes (CGS)
The Reserve Bank of India on Wednesday advised all the financial institutions that the risk weight of zero percent shall be applicable in respect of exposures guaranteed under any existing or future schemes launched by CGTMSE, CRGFTLIH, and NCGTC satisfying certain conditions. “In order to have a consistent approach with regard to risk weights for…
RBI initiates Project digitalisation of KCC lending
The Reserve Bank of India considering the importance of digitalisation of rural finance in India initiated a pilot project for end-to-end digitalisation of Kisan Credit Card (KCC) lending. This initiative of fintech is developed by the Reserve Bank Innovation Hub (RBIH) in association with the RBI. The pilot project will commence in September 2022 in…
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