Ministry of Finance Gross non-performing assets of scheduled commercial banks have declined As per Reserve Bank of India (RBI) data on global operations, gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) have declined from Rs. 9,33,779 crore (GNPA ratio of 9.07%) as on 31.3.2019 to Rs. 8,00,463 crore (GNPA ratio of 6.93%) as on 30.9.2021.…
Enabling Dealings by IFSC – Banking Units in Bullion Unallocated Accounts
Ministry of Finance To facilitate development of the bullion market in India, generate interest in trading & hedging activities, and serve as a precursor to International Bullion Exchange(IBE), an enabling framework for Banking Units in IFSC to operate Unallocated Accounts has been notified. The following activities are permitted under the International Financial Services Centres Authority…
Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI)
Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI) Ministry of Finance The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated January 02, 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No.…
Banking facilities in rural areas
Banking facilities in rural areas Ministry of Finance To ensure availability of banking outlet (Bank branch/Business Correspondent (BC), within 5 kilometers of all inhabited villages the Government has launched a Geographic Information System (GIS) based app., namely, Jan Dhan Darshak app (JDD app) developed by National Informatics Centre (NIC). This was stated by Shri Anurag…
President Promulgates Banking Regulation (Amendment) Ordinance, 2020Amendments to ensure better management & sound regulation of Cooperative banksFacilitates making of reconstruction/amalgamation Scheme in the interest of public/depositors/banking/proper banking company management
President Promulgates Banking Regulation (Amendment) Ordinance, 2020Amendments to ensure better management & sound regulation of Cooperative banksFacilitates making of reconstruction/amalgamation Scheme in the interest of public/depositors/banking/proper banking company management Ministry of Finance In pursuance of the commitment to ensure safety of depositors across banks, the President has promulgated the Banking Regulation (Amendment) Ordinance, 2020. (Click to…
Government closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth story : Finance Minister in a virtual meeting with PHD Chamber
Government closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth story : Finance Minister in a virtual meeting with PHD Chamber Government closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth…
RBI announces second set of measures to preserve financial stability and help put money in the hands of the needy and disadvantaged
Ministry of Finance States and UTs allowed to borrow more to manage COVID-19Reverse Repo rate reduced from 4.0% to 3.75%Relief provided to NBFCs and Real Estate SectorWe will cure and endure, India is projected to turn around and grow at 7.4% in 2021-22: RBI Governor “In the midst of death life persists, in the midst…
Authorisation of Union Bank of India as Primary Dealer | RBI | Bank Merger
he Reserve Bank has authorised Union Bank of India to undertake Primary Dealership business departmentally with effect from April 01, 2020, pursuant to the amalgamation of Corporation Bank into Union Bank of India in terms of the Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020 notified by the Government…
RBI announces further measures for dealing with the COVID-19 pandemic
1. Extension of realisation period of export proceeds Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period…
FREQUENTLY ASKED QUESTIONS : RBI Allowed Banks to Declare Moratorium on Term Loans
Ministry 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 RBI…