UCO bank is now out of PCA framework
Reserve Bank of India on Wednesday has taken public sector lender UCO Bank out of Prompt Corrective Action (PCA) framework (PCA) on improvement in financial and credit profile. “The performance of the UCO Bank, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Supervision. It was noted…
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Private Banks must recognize share linked compensation to executives as expenses of the relevant year: RBI
The Reserve Bank of India asked all banks, including local area banks, small finance banks, and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021. The fair value of the share-linked incentives paid to chief executive officers, whole-time directors, and other key functionaries by…
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RBI announces enhancements to Indo-Nepal Remittance Facility Scheme
The Indo-Nepal Remittance Facility Scheme was introduced in May 2008 by the Reserve Bank of India, jointly with Nepal Rastra Bank, to provide an avenue to migrant workers of Nepalese origin working in India to remit funds at regular intervals in a safe and cost-efficient manner to their families in Nepal. Reserve Bank on Friday…
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More incentive to banks for distribution of coins to the general public
RBI advises banks to make sure that each of their branches maintains a minimum stock of one bag of coins in each denomination. RBI has revised the “Currency Distribution & Exchange Scheme (CDES)” for bank branches including currency chests. Under the above scheme, RBI has been providing financial incentives of Rs25 per bag to banks…
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Depositors to get claim up to Rs 5 lakh from DICGC in 90 days of bank failure
Union Cabinet today (July 28, 2021) approved an amendment to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill to provide account holders access to up to Rs 5 lakh funds within 90 days of bank failure, Finance Minister Nirmala Sitharaman announced. Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet cleared the amendment…
The Lakshmi Vilas Bank Ltd. to operate as DBS Bank India Ltd.from November 27, 2020
Today,Reserve Bank Of India in a Press Release announced the merger of Lakshmi Vilas Bank with DBS Bank. The announcement said that the “Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd.” According to the report, the amalgamation will come into force…
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