Relief measures and rescheduling of loans in area affected by Natural Calamities
The Government of India has reduced the criteria of Crop loss from 50% to 33% for providing input subsidy (compensation) to the farmers. Accordingly, Reserve Bank decided to allow SLBC/DLCC/Banks to take view on rescheduling of loans if the crop loss is 33% or more. Banks may allow maximum period of repayment of up to…
Read article2nd and 4th Saturdays of every month are Public Holidays for Banks
The Finance Ministry, in exercise of powers conferred under the Negotiable Instruments Act, 1881, on Thursday issued a notification declaring the second and fourth Saturday of every month as public holiday for banks in India, with effect from September 1, 2015. Accordingly, the first public Saturday holiday for banks will be on September 12, which…
Read articleWithdrawal 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…
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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