RBI vide Notification dated 29th May 2019 made amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. An Ordinance, “Aadhaar and other Laws (amendment) Ordinance, 2019”, has been notified by the Government amending, inter alia, the Prevention of Money Laundering Act, 2002. Important changes carried out in the Master Direction in accordance with…
RBI has revised the RTGS time window with effect from June 01, 2019 as under: Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer transactions (Initial Cut-off) 18:00 hours 3. Inter-bank transactions (Final Cut-off) 19:45 hours 4. IDL Reversal 19:45 hours – 20:00 hours 5. End of Day 20:00 hours 3. The…
On May 1 We have posted an article “RBI cracks the whip on auditors, wants them to keep eye on five key areas” wherein its was mentioned that The Reserve Bank of India (RBI) has asked bank auditors to keep a close watch on five key parameters and is to reassign its senior supervisory authority…
With reference to First Bi-Monthly Monetary Policy Statement on Development and Regulatory Policies RBI has prescribed eligibility criteria of housing loans for classification under priority sector for RRB’s & Small Finance Banks as under: In terms of the Master Direction for RRBs, loans to individuals up to ₹ 20 lakh for purchase/construction of a dwelling unit…
WHAT IS HAIRCUT IN LOAN RECOVERY ? 1. In banking, haircut means the difference between the actual dues form a borrower, and the amount he settles with the bank. 2. When there is no hope of loan recovery, bank will write-off it as one time settlement. It is better to recover something rather than losing…
RBI cracks the whip on auditors, wants them to keep eye on five key areas : The Reserve Bank of India (RBI) has asked bank auditors to keep a close watch on five key parameters and is to reassign its senior supervisory authority in charge of the inspection of specific banks. The twin changes have…
As announced in Para 11 of the Statement on Developmental and Regulatory Policies of the Monetary Policy Statement dated April 04, 2019, the Reserve Bank of India (RBI) today has extended wef 26th April 2019 the coverage of Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 (the Scheme) to eligible Non Deposit Taking Non Banking Financial…
In Indian Express dt 24th April 2019, a news has been flashed as under: “Central Bank of India on Friday put up two non-performing assets (NPAs) worth Rs 251 crore for sale through the Swiss challenge method.” “The auction for Srinagar Banihal Expressway (Rs 200 crore) and Maa Mahamaya Industries (Rs 51 crore) are being…
In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Working Group (WG), to look into and report on the granular aspects of FinTech and its implications, so…
Dear Friends, State Bank Of India (SBI) has released the notification regarding the recruitment of Probationary Officer (PO) 2019 and for the recruitment on the posts of the clerk in its branches all over India. Highlights of the notification here: For Clerks: ONLINE REGISTRATION OF APPLICATION AND PAYMENT OF FEES: 12.04.2019 TO 03.05.2019 Preliminary Examination will be conducted…