RBI releases Consultative Document on Regulation of Microfinance
The Reserve Bank of India (RBI) has proposed a slew of measures to protect micro-finance borrowers from over-indebtedness and enable competitive forces to bring down the interest rates. In a consultative document released on Monday, RBI has proposed to remove the ceiling on interest rates for micro-finance lenders, among other key measures. In the Statement…
Read article
ATM charges and fees will go up from Aug 2021
The Reserve Bank of India (RBI) today (10.06.2021) allowed an increase in the interchange fee structure for ATM transactions considering the increasing cost of Automated Teller Machines (ATM) deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators. The last change in interchange fee structure for ATM transactions was in…
Read article
Now incorporation of a company shall be accompanied by e-form AGILE – PRO-S (INC-35)
The Ministry of Corporate Affairs on 7th June, 2021 has issued the Companies (Incorporation) Fourth Amendment Rules, 2021. The amendment provides that the application for incorporation of a company shall be accompanied by e-form AGILE – PRO-S (INC-35). AGILE – PRO-S stands acronym for Application for Goods and services tax Identification number, employees state Insurance…
Read article
Banks were advised to preserve CCTV recordings
Reserve Bank today advised all the banks to preserve the CCTV recordings of operations at bank branches and currency chests till further order. On December 13, 2016, RBI had issued a notification, wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November…
Read article
National Automated Clearing House to be available on all days from August 1: RBI
“In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective August 1, 2021,” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review on June…
RBI creates a special liquidity facility for SIDBI, NABARD, and NHB
RBI has decided to extend a special liquidity facility of Rs16,000 crore to SIDBI for on-lending/ refinancing through novel models and structures, including double intermediation, pooled bond / loan issuances, etc. The facility will be available at the prevailing policy repo rate for a period of up to one year. The special liquidity facility is…
Read article