Now old/sick/incapacitated persons can send an authorized person to Post Office for withdrawal or closure of the account on their behalf.
With a view to enabling the old/sick/incapacitated account holders, the postal department has allowed senior citizens, differently disabled persons, and persons with physical infirmity to authorize a person to operate their post office accounts such as the Senior Citizens Savings Scheme (SCSS), Post Office time deposits, savings account, etc. Up till now, the above facility…
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Why savings bank deposits are divided into demand liability and time liability?
The cash reserve ratio is a statutory provision regulated by RBI under Section 42(1) of the Reserve Bank of India Act 1934. Every scheduled bank (that includes public and private sector banks, foreign banks, regional rural banks, and co-operative banks) in India requires to maintaining an average balance with the Reserve Bank of India or…
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RBI to levy penalty on ATMs that run out of cash
Reserve Bank of India has introduced a ‘scheme of penalty for non-replenishment of ATMs’, effective October 1, 2021, wherein banks and white label ATM operators will be penalised, in the event of cash-outs beyond the permissible time limit. According to the scheme, a penalty of Rs 10,000 per ATM will be levied in the event…
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Subscription for Sovereign Gold Bond opens from 09/08/2021 to 13/08/2021
RBI announces issuance of Sovereign Gold Bond 2021-22 Series-V from August 9, 2021, to August 13, 2021. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding…
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RBI announces to double the collateral free loans to Self Help Groups
RBI today announced to double collateral-free loans to Rs 20 lakh for Self Help women groups from the existing limit of Rs.10 lakh under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM). In its notification dated August 9, the regulator advised the banks to follow the below instructions concerning Security and Margin for collateral-free…
RBI- Integrated Ombudsman Scheme, 2021
Updated on 08.08.2022 originally posted on 12.11.2021 RBI vide notification dated August 5, 2022, made a partial modification to the notification to CEPD.PRD.No.S873/13.01.001/2021-22 dated November 12, 2021. According to the above modification modification ‘Credit Information Company’ as defined in the Credit Information Companies (Regulation) Act, 2005, shall also be treated as a ‘Regulated Entity’ for…
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