RRBs are allowed to issue PDI
The Reserve Bank of India vide. Circular No. DOR.RRB.No.21/31.01.001/2019-20 dated November 1, 2019, permitted RRBs (Regional Rural Banks) to issue Perpetual Debt Instruments (PDI) eligible for inclusion as Tier 1 capital so as to maintain prescribed CRAR. The Perpetual Debt Instruments (PDI) is issued by way of bonds or debentures in Indian Rupees only. The…
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Bank accounts of persons of mental illness and mental retardation and multiple disabilities explained
India is a signatory to the United Nations Convention on the Rights of Persons with Disabilities, 2006(UNCRPD) which provides the same human rights to persons with disabilities that everyone else enjoys. Section 5.2 of UNCRPD establishes internal equality between physical and mental disabilities. In view of UNCRPD resolutions, we in India have an international obligation…
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Operation of the bank account by old, sick and incapacitate persons
The United Nations Convention on the Rights of Persons with Disabilities, which clearly commits to the rights of persons with disabilities and their access to services. Article 9 of the Convention enables persons with disabilities to live independently and participate fully in all aspects of life and also gives them access to facilities and services…
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Details of Banking service available to blind and low vision customers
Reserve Bank of India (RBI) vide, its circular (DBOD. No. Leg BC.91/09.07.005/2007-08 dated 4th June 2008) mandates that all banking services must be offered to blind and low vision customers without any discrimination. According to the above guidelines, Banks should not equate visually impaired customers with illiterate customers. Banks should ensure that all the banking…
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Advances against security of Sovereign Gold Bonds (SGB)
The Sovereign Gold Bonds (SGB) are government securities issued under section 3 (iii) of the government securities Act. The holder of an SGB can borrow against the security of SGB or offer it as collateral security for any loan. Banks can create a pledge, hypothecation or lien against the security (in accordance with the provisions…
Dearness Allowance to Bank Officers from Nov.2019
On the basis of CPI data announced by the Labour Bureau for the months of July to September 2019, the average index number works out to 7311 (base 1960=100). It means 717 slabs DA on basic and special allowances for the bank staff. In other words, for the period of November 2019 to February 2020,…
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