Withdrawal of additional interest on Bank deposits: AGID,NGIF and AFGIS lost benefits
Army Group Insurance Directorate (AGID), Naval Group Insurance Fund (NGIF) and Air Force Group Insurance Society (AFGIS) for their deposits of 2 years and above were eligible for 1.28 per cent over and above the normal rate of interest from public sector banks since 1987. RBI today said that interest rate on such deposits should…
Read articleThe key rates and LAF unchanged at 7.25 per cent
The key rates and LAF unchanged at 7.25 per cent In the third bi-monthly monitory policy statement for 2015-16 (04.08.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.25 per…
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Now commercial banks can appoint their retired staff as ‘Concurrent Auditor’
In a relook at the banking system in India which has grown enormously over the years and variety of products and services provided by the banks based on latest technology, RBI has revised its guidelines on the scope and coverage of Concurrent Audit System in banking sector. In a communiqué dated July 16, 2015, with…
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Provisioning and reporting of Credit Card NPAs to Credit Information Companies
The ‘past due’ concept of a credit card account is now revised and determined from the payment due date mentioned in the monthly statement. The credit card accounts are to be treated as NPAs, if the amount not paid fully within 90 days from the due date mentioned in the statement by the card holders.…
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Old habits die hard, people still inscribing on bank notes
Some members of public as well some organizations write the numbers, name or messages on the watermark window of currency notes.RBI has been educating the general public and bank officials about the importance of security features of bank notes which distinguishes it from fake notes. Despite, RBI requesting the public, not to deface the window…
Overseas citizen of India (OCI) and Person of Indian origin (PIO)
The government of India vide Gazette notification no.26011/01/2014-IC-I dated 9.1.2015 notified that all the existing ‘Person of Indian Origin’ (PIO) card holders shall be deemed to be Overseas Citizen of India (OCI) card holders under Indian Citizenship Act of 1955. Now let us find out what it means to foreigners of Indian origin. Meaning of…
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