Bank Holidays 2021 in Karnataka under the NI Act
Bank holidays in India are declared as public holidays under explanation to section 25 of the Negotiable Instrument Act 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In other States and Union territories where it is not a holiday,…
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RBI directs banks not to approve proposals of foreign law firms to open a branch office in India
RBI on Monday (23/11/2020) directed all AD Category –I banks, not to grant any approval to any branch office, project office, liaison office or other place of business in India under FEMA for the purpose of practicing legal profession in India. The establishment of branch office/ liaison office / project office or any other place…
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Raise promoters’ stake in private banks: RBI’s internal working group
An Internal Working Group (IWG) of Reserve Bank of India suggested giving banking licences to large corporate or industrial houses after necessary amendments to the Banking Regulation Act, 1949. The committee was formed by the banking regulator in June to review extant ownership guidelines and corporate structure for Indian private sector banks. “The terms of…
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Bank LFC/LTC rules modified effective from 11th BPS
Leave Fare Concession (LFC) is the benefit provided to permanent employees of banks to travel with their family to any place in India or their place of domicile. The mode of transport and eligible distance to be covered according to the eligibility of the employee or officer. During each block of 4 years, an Officer…
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Bank Employees’Special Pay, PQP and other allowances as per 11th BPS
On Tuesday (11th November 2020), the representatives of UFBU (workmen) and representatives of IBA have signed the 11th Bipartite settlements. They finalized the various pay-slip components of special pay for PQP, SWO, Special Assistant, Armed guard, Bill collector, Daftry, Head Peon, Electrician, AC Plant operator, Driver, Head Messenger (IOB) including eligible DA are provided in…
Bank Clerks’ revised salary for November 2020
On Wednesday (11th November 2020), the representatives of UFBU (workmen) and representatives of IBA have signed the 11th Bipartite settlement. The finalized the various pay-slip components in their negotiation with Indian Banks Association are as under. The revised Basic salary for workmen as per 11th BPS is arrived by the merger of DA at 47.80% at…
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