Publishing of photographs of declared wilful defaulters
The penal measures that can be taken against wilful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made an observation that the Photographs of defaulters/guarantors are published indiscriminately by some of the lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…
Read articleIncome Declaration Scheme, 2016 – Banks must accept large amount of Cash without any conditions
The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…
Read articleSovereign Gold Bonds 2016-17 – Series II open for subscription
Government of India has, vide its Notification F.No. 4(7)-W&M/2016 dated August 29, 2016, announced that the Sovereign Gold Bonds 2016 – Series II (“the Bonds”) will be open for subscription from September 01, 2016 to September 09, 2016.The issue price of the Sovereign Gold Bond 2016-17 Series II tranche has been fixed at ₹ 3150/-…
Read articleUrjit Patel appointed as new RBI Governer
The Government of India today (20/8/2016) announced Urjit Patel as the the new RBI Governor. The 52 years old Mr.Patel is the current Deputy Governor of RBI in charge of monetary policy. Mr. Patel has worked with Boston Consulting Group and Reliance Industries in the past and he is associated with RBI since 2013. He…
Read article
First move to consolidate PSBs: Union cabinet approved merger of 5 associate banks and Mahila Bank with SBI
In a first move to consolidate the public sector banks, Union Cabinet approved on Wednesday, the merger of five of SBI’s associate banks viz. State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Bikaner & Jaipur (SBBJ), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and Mahila Bank with…
What is the cheque book issue policy for frequent dishonour of cheque?
At present, no checkbook would be issued to the account holder, in the event of dishonour of a cheque valuing rupees one crore and above in his account on four occasions during the financial year. Banks were advised to follow above condition for the operation of accounts with cheque facility, in terms of RBI circular…
Read article