FREQUENTLY ASKED QUESTIONS : RBI Allowed Banks to Declare Moratorium on Term Loans

344 ViewsMinistry of Finance Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. QUESTION 1: When/what was the […]

Annual Closing ( FY 2019-2020) of Government Accounts –| RBI Notification

146 ViewsRBI/2019-20/194DGBA.GBD.No.1799/42.01.029/2019-20 All Agency Banks Dear Sir / Madam Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2019-20) All government transactions done by agency banks for Financial Year 2019-20 must be accounted for within the same financial year. Taking into account the current […]

Statement on Developmental and Regulatory Policies | RBI Press Release

489 ViewsThis Statement sets out various developmental and regulatory policies that directly address the stress in financial conditions caused by COVID-19. They consist of: (i) expanding liquidity in the system sizeably to ensure that financial markets and institutions are able to function normally in the face of COVID-related dislocations; (ii) reinforcing monetary transmission so that […]

Bank Mergers

111 ViewsMinistry of Finance The objective of amalgamation of the banks is to facilitate consolidation among Public Sector Banks (PSBs) to create strong and competitive banks capable of achieving economies of scale and realisation of synergy benefits with wider product and service offering for customers. This was stated by Shri Anurag Singh Thakur, Minister of […]

Availability of NEFT System on 24×7 basis | Notification issue by RBI

666 ViewsRBI/2019-20/111DPSS (CO) RPPD No.1097/04.03.01/2019-20 December 6, 2019 The Chairman/Managing Director/Chief Executive Officerof member banks participating in NEFT payment system Madam/Dear Sir Availability of National Electronic Funds Transfer (NEFT) System on 24×7 basis Please refer to our circular DPSS (CO) RPPD No.510/04.03.01/2019-20 dated August 30, 2019 regarding availability of NEFT on a 24×7 basis. 2. […]

Supersession of the Board of Directors and Appointment of Administrator – Dewan Housing Finance Corporation Limited

238 ViewsReserve Bank of India In exercise of the powers conferred under Section 45-IE (I) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) owing to governance concerns and defaults by DHFL in meeting various payment obligations. Shri R. […]

Prevention of Fraudulent Banking Practices 

169 Views Ministry of Finance The Ministry of Finance has taken number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur Minister of State for Finance & Corporate Affairs in a written reply to a question in the Rajya Sabha today. He stated that steps include, inter-alia, the following: Government has issued […]

Now Bank Charges will not be imposed on NEFT | Reserve Bank of India Take Setps

190 ViewsRBI Press Release: 2019-2020/1142 Furthering Digital Payments In pursuance of its vision to promote digital payments, Reserve Bank’s endeavour has been to establish state of the art payment systems that are efficient, convenient, safe, secure and affordable. The efforts have resulted in a rapid growth in the retail digital payment systems as below: 2. […]