RBI/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 unprecedented…
Statement on Developmental and Regulatory Policies | RBI Press Release
This 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…
Bank Mergers
Ministry 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 State…
Availability of NEFT System on 24×7 basis | Notification issue by RBI
RBI/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 24x7 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 24x7 basis. 2. It…
Supersession of the Board of Directors and Appointment of Administrator – Dewan Housing Finance Corporation Limited
Reserve 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of the powers conferred under Section 45-IE (I) of the Reserve Bank of India Act, 1934, the Reserve Bank has today superseded the Board of Directors of Dewan Housing Finance Corporation Limited (DHFL) owing to governance concerns and defaults by DHFL in meeting various payment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. Subramaniakumar,…
Prevention of Fraudulent Banking Practices
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 “Framework for…
Now Bank Charges will not be imposed on NEFT | Reserve Bank of India Take Setps
RBI 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. Digital…
RBI releases the Report of the Working Group to Review the Regulatory and Supervisory Framework for Core Investment Companies
The Reserve Bank of India had constituted a Working Group (WG) to Review Regulatory and Supervisory Framework for Core Investment Companies (CICs), on July 03, 2019, with Shri Tapan Ray, former Secretary, Ministry of Corporate Affairs, Government of India as the Chairperson. The WG has submitted its report to the Governor. The key recommendations of…
GeM partners with Indian Bank and Canara Bank for payment related services
Ministry of Commerce & Industry GeM partners with Indian Bank and Canara Bank for payment related services Government e-Marketplace (GeM) has signed MoU with Indian Bank and Canara Bank. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities. Through this partnership, both the…
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