What is Asian Clearing Union (ACU)?
Asian Clearing Union (ACU) was established in 1975, after at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The central banks and monetary authorities of India, Islamic Republic of Iran, Nepal, Pakistan and Sri Lanka Bangladesh, Myanmar, Bhutan and Maldives are the current participants in the ACU…
Read article
NDS-OM: Negotiated Dealing System
The Negotiated Dealing System (NDS) is a facilitator platform for the purchase and sale of Government securities. The members who maintain their Subsidiary General Ledger (SGL) and or Current Account with RBI can participate in the auctions using this platform. Participants are primary dealers, commercial banks, and a few Financial Institutions who are permitted to…
Read article
Aadhar linking to bank account not mandatory: Supreme Court
The Aadhaar verdict was announced today (26.09.2018) by a five-judge constitution bench of Supreme Court comprising Chief Justice Dipak Misra, Justice A.K. Sikri, Justice A.M. Khanwilkar, Justice D.Y. Chandrachud and Justice Ashok Bhushan. The Apex Court, ruled that it is not mandatory to link bank accounts with Aadhaar or Unique Identity Number, a 12-digit personal…
Read article
It is not mandatory to link bank accounts with Aadhar: Supreme Court
The Aadhaar verdict was announced today (26.09.2018) by a five-judge constitution bench of Supreme Court comprising Chief Justice Dipak Misra, Justice A.K. Sikri, Justice A.M. Khanwilkar, Justice D.Y. Chandrachud and Justice Ashok Bhushan. The Apex Court, ruled that it is not mandatory to link bank accounts with Aadhaar or Unique Identity Number, a 12-digit personal…
Read article
MSME loans up to 1 Crore within 59 minutes: FM
The government on Tuesday (September 25, 2018) announced 3 new major initiatives viz. Quick loan for MSME, Financial inclusion index, and Geographical mapping of banking services. The Finance Minister on Tuesday launched a new portal “Quick loan for MSME” which sets, for a new benchmark in loan processing and reduces the turnaround time from 20-25…
Minimum insurance cover for owner driver rose to Rs.15 lakh
The insurance regulator IRDA directed all the general insurers to provide a minimum capital sum of Rs.15 lakh under compulsory personal accident cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of ₹750 per annum for annual policy. Under Section lll of Package Policies/ Bundled Covers on payment of…
Read article