FINANCIAL NEWS OF 2019 |
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FINANCIAL NEWS OF 2019
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NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
New Updated Article
TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
FOR DETAILS OF MEGA ECONOMIC PACKAGE ANNOUNCED BY THE PM , CLICK HERE
NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
New Updated Article
TAX PLANNING FOR FY 2020-21 ( AY 2021-22 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
FOR DETAILS OF MEGA ECONOMIC PACKAGE ANNOUNCED BY THE PM , CLICK HERE
NO MDR CHARGES FOR RuPAY , UPI TRANSACTIONS FROM 1ST, JAN20 : FM
Dated 29.12.2019 : Ms Nirmala Sitharaman , Finance Minister , has announced that there will be no MDR Charges ( Merchant Discount Rates ) on Digital transactions of Rupay and UPI platforms from January 1st, 2020 onward . Department of Revenue will shortly notify Rupay and UPI as Platforms without MDR charges for merchants .
In a Debit card / credit card transaction , banks charge ,known as MDR charges ,to the merchant involved , a percentage of transaction to cover the banker's cost . Now with no MDR charges , Home -grown Platforms like Rupay & UPI will have advantage over international platforms like VISA , MASTERCARD & AMERICAN EXPRESS . It is expected that Banks & RBI will absorb the cost of such transactions in future .
Reserve Bank has already announced that there would be no charges for NEFT Transactions for SB customers from Jan 1st.
All business establishments with a annual turnover of Rs 50 crores or more will have to provide facilities to the customers for making payments on Rupay Debit card and UPI QR code .
Finance Minister also inaugurated common E-Auction platform for banks to sell / auction attached properties of defaulters of the banks .
Dated 29.12.2019 : Ms Nirmala Sitharaman , Finance Minister , has announced that there will be no MDR Charges ( Merchant Discount Rates ) on Digital transactions of Rupay and UPI platforms from January 1st, 2020 onward . Department of Revenue will shortly notify Rupay and UPI as Platforms without MDR charges for merchants .
In a Debit card / credit card transaction , banks charge ,known as MDR charges ,to the merchant involved , a percentage of transaction to cover the banker's cost . Now with no MDR charges , Home -grown Platforms like Rupay & UPI will have advantage over international platforms like VISA , MASTERCARD & AMERICAN EXPRESS . It is expected that Banks & RBI will absorb the cost of such transactions in future .
Reserve Bank has already announced that there would be no charges for NEFT Transactions for SB customers from Jan 1st.
All business establishments with a annual turnover of Rs 50 crores or more will have to provide facilities to the customers for making payments on Rupay Debit card and UPI QR code .
Finance Minister also inaugurated common E-Auction platform for banks to sell / auction attached properties of defaulters of the banks .
RBI INTRODUCES NEW PRE-PAID INSTRUMENT WITH LIMITED KYC
Dated 26.12.2019 : Reserve Bank of India ( RBI ) ,has issued a notification on 24.12.2019 , introducing a new semi-closed Pre-paid instrument which requires minimum KYC procedure .
The new Digital Payment instrument can be issued by banks and other PPI issuers also . It requires minimum details about the holders like Mobile Number , One time Password and self declaration of Name and Identity number of any one of the KYC documents ( OVD Documents ) . The instrument can be maximum loaded with Rs 10,000 in a month and Rs 1,20,000 in a year . Maximum balance one can have is only Rs 10,000 at any time .
The balance can be used only for merchant payments and funds cannot be transferred to any other account . However at the time of closure , balance can be transferred back to the linked bank account .
For RBI Notification , CLICK HERE
Dated 26.12.2019 : Reserve Bank of India ( RBI ) ,has issued a notification on 24.12.2019 , introducing a new semi-closed Pre-paid instrument which requires minimum KYC procedure .
The new Digital Payment instrument can be issued by banks and other PPI issuers also . It requires minimum details about the holders like Mobile Number , One time Password and self declaration of Name and Identity number of any one of the KYC documents ( OVD Documents ) . The instrument can be maximum loaded with Rs 10,000 in a month and Rs 1,20,000 in a year . Maximum balance one can have is only Rs 10,000 at any time .
The balance can be used only for merchant payments and funds cannot be transferred to any other account . However at the time of closure , balance can be transferred back to the linked bank account .
For RBI Notification , CLICK HERE
NEFT WILL BE AVAILABLE 24 X 7 FROM TONIGHT
You may effect Interbank transfer any time now
Dated 15.12.2019 : National Electronic Fund Transfer ( NEFT ) will be available round the clock , 7 days a week from tonight at 12.30 am . The settlement will take place every half an hour on all days and there will be no breaks for Sundays or holidays .
Reserve Bank of India has made necessary arrangement including providing of Intraday Liquidity Support ( LS ) to the participating banks for facilitating smooth settlements .
You may effect Interbank transfer any time now
Dated 15.12.2019 : National Electronic Fund Transfer ( NEFT ) will be available round the clock , 7 days a week from tonight at 12.30 am . The settlement will take place every half an hour on all days and there will be no breaks for Sundays or holidays .
Reserve Bank of India has made necessary arrangement including providing of Intraday Liquidity Support ( LS ) to the participating banks for facilitating smooth settlements .
NEFT WILL BE 24 X 7 FROM 16th , DEC : RBI
Dated 07.12.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 06.12.2019 , confirmed availability of National Electronic Fund Transfer ( NEFT ) round the clock , 7 days a week from 16 th, December 2019 . Presently NEFT window is available only from 8.00 am to 7.00 pm on working days ( except 2nd and 4th saturdays ) for the customers .
Further RBI has advised the banks that to note the following:
1. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
2. The system will be available on all days of the year, including holidays.
3. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
4. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.
5 . Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.
Further banks have been advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.
For RBI Press Release , CLICK HERE
Dated 07.12.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 06.12.2019 , confirmed availability of National Electronic Fund Transfer ( NEFT ) round the clock , 7 days a week from 16 th, December 2019 . Presently NEFT window is available only from 8.00 am to 7.00 pm on working days ( except 2nd and 4th saturdays ) for the customers .
Further RBI has advised the banks that to note the following:
1. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.
2. The system will be available on all days of the year, including holidays.
3. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.
4. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.
5 . Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.
Further banks have been advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers.
For RBI Press Release , CLICK HERE
CREDIT GROWTH TURNS NEGATIVE : RBI
Dated 29.11.2019 : Reserve Bank of India ( RBI ) , in a press release today , reported that the Bank credit Growth in the second successive quarter ending September 2019 ( Q 2 ) turned negative . It is reported that urban and metropolitan branches recorded a moderation while rural credit growth remained stable and in double digits.
The deceleration in credit growth occurred across bank groups: credit growth (y-o-y) for Public Sector Banks and Private Sector Banks moderated to 5.2 per cent and 14.4 per cent, respectively, in September 2019 from 8.7 per cent and 22.8 per cent a year ago.
Further RBI reported that Private Sector Banks continued to lead in deposit mobilisation.
The all-India Credit-Deposit (C-D) ratio also declined for the second successive quarter to 75.6 per cent (76.7 per cent in June 2019 and 78.2 per cent in March 2019); with the decline observed across all population groups.
For RBI Press Release , CLICK HERE
Dated 29.11.2019 : Reserve Bank of India ( RBI ) , in a press release today , reported that the Bank credit Growth in the second successive quarter ending September 2019 ( Q 2 ) turned negative . It is reported that urban and metropolitan branches recorded a moderation while rural credit growth remained stable and in double digits.
The deceleration in credit growth occurred across bank groups: credit growth (y-o-y) for Public Sector Banks and Private Sector Banks moderated to 5.2 per cent and 14.4 per cent, respectively, in September 2019 from 8.7 per cent and 22.8 per cent a year ago.
Further RBI reported that Private Sector Banks continued to lead in deposit mobilisation.
The all-India Credit-Deposit (C-D) ratio also declined for the second successive quarter to 75.6 per cent (76.7 per cent in June 2019 and 78.2 per cent in March 2019); with the decline observed across all population groups.
For RBI Press Release , CLICK HERE
SEBI BANS KARVY STOCK BROKING
Dated 23.11.2019 : Securities ans Exchange Board of India ( SEBI ) today banned the activities of leading stock broking firm M/S Karvy Stock Broking Limited from opening new accounts , transfer of securities . Further depositories NSDL and CDSL habe been asked not to act on the instruction of the Karvy Stock Broking .
The ex-parte order from the regulator comes on the basis of allegations of misuse of client funds from Karvy to the tune of Rs 2,000 crores , misuse of power of attorney given by the clients and transfer of funds to its sister concern Karvy Reality Limited .
NSE had forwarded a preliminary report to SEBI on November 22, 2019 on the non-compliances observed with respect to the pledging/misuse of client securities by KSBL and on the basis of the report , SEBI has issued the order . Further SEBI intends to conduct forensic audit of the broker before proceeding further
For Complete SEBI order dated 22.11.2019 , CLICK HERE
RBI APPOINTS ADMINISTRATOR FOR BELEAGUERED DHFL
Dated 21.11.2019 : Reserve Bank of India ( RBI ) ,had on 20.11.2019 , superseded the Board of Directors of Dewan Housing & Finance Limited ( DHFL ) and appointed Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank as its Administrator .
The beleaguered Non- Banking Finance Company ( NBFC ) which is having payment problems will be taken to NCLT ( National Company Law Tribunal ) shortly for appointing a administrator and for resolution under the Insolvency and Bankruptcy Act , 2019 .
The company as per its March 2019 balance sheet had long term liabilities of Rs 93,880 crores and Rs 4,492 crores of short term liabilities .
It is reported that in media that many Mutual funds have invested in the company and more than a lakh of retail investors , especially retirees , have also invested in view of higher interest rates given by the company in comparison with commercial banks .
For RBI Press Release , CLICK HERE
Dated 21.11.2019 : Reserve Bank of India ( RBI ) ,had on 20.11.2019 , superseded the Board of Directors of Dewan Housing & Finance Limited ( DHFL ) and appointed Shri R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank as its Administrator .
The beleaguered Non- Banking Finance Company ( NBFC ) which is having payment problems will be taken to NCLT ( National Company Law Tribunal ) shortly for appointing a administrator and for resolution under the Insolvency and Bankruptcy Act , 2019 .
The company as per its March 2019 balance sheet had long term liabilities of Rs 93,880 crores and Rs 4,492 crores of short term liabilities .
It is reported that in media that many Mutual funds have invested in the company and more than a lakh of retail investors , especially retirees , have also invested in view of higher interest rates given by the company in comparison with commercial banks .
For RBI Press Release , CLICK HERE
NEFT WILL BE FREE FOR SB CUSTOMERS FROM JAN20 : RBI
Dated 09.11.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated 08.11.2019 , has announced making availability of National Electronic Fund Transfer ( NEFT ) free for savings bank Account holders of the banks from January 2020 onward .
The other policy measures announced include
1. Operationalise the Acceptance Development Fund to increase acceptance infrastructure with effect from January 1, 2020.
2. Constitute a Committee to assess the need for plurality of QR codes and merits of their co-existence or convergence from both systemic and consumer viewpoints.
3. Permit all authorised payment systems and instruments (non-bank PPIs, cards and UPI) for linking with National Electronic Toll Collection (NETC) FASTags. Going forward, this will facilitate the use of FASTags for parking, fuel, etc., payments in an interoperable environment.
4. Enable processing of e-mandates for transactions through UPI.
For RBI Press Release , CLICK HERE
Dated 09.11.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated 08.11.2019 , has announced making availability of National Electronic Fund Transfer ( NEFT ) free for savings bank Account holders of the banks from January 2020 onward .
The other policy measures announced include
1. Operationalise the Acceptance Development Fund to increase acceptance infrastructure with effect from January 1, 2020.
2. Constitute a Committee to assess the need for plurality of QR codes and merits of their co-existence or convergence from both systemic and consumer viewpoints.
3. Permit all authorised payment systems and instruments (non-bank PPIs, cards and UPI) for linking with National Electronic Toll Collection (NETC) FASTags. Going forward, this will facilitate the use of FASTags for parking, fuel, etc., payments in an interoperable environment.
4. Enable processing of e-mandates for transactions through UPI.
For RBI Press Release , CLICK HERE
NOW CUSTOMERS OF PMC BANK CAN WITHDRAW UP TO RS 50,000 : RBI
Dated 06.11.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . RBI had further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 40,000 inclusive of Rs 25,000 already permitted earlier .
As per press release dated 05.11.2019 of RBI , customers of PMC bank now will be able to draw up to Rs 50,000 from their all accounts including savings Bank , Current A/C or any other deposit account . Further customers can utilize now onward the Bank's ATM services for withdrawing the amount .
RBI contends that more than 78 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
Dated 06.11.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . RBI had further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 40,000 inclusive of Rs 25,000 already permitted earlier .
As per press release dated 05.11.2019 of RBI , customers of PMC bank now will be able to draw up to Rs 50,000 from their all accounts including savings Bank , Current A/C or any other deposit account . Further customers can utilize now onward the Bank's ATM services for withdrawing the amount .
RBI contends that more than 78 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
WITHDRAWAL LIMIT ENHANCED TO RS 40,000 FOR CUSTOMERS OF PMC BANK : RBI
Dated 16.10.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . RBI further further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 40,000 inclusive of Rs 25,000 already permitted earlier .
As per press release dated 14.10.2019 , customers of PMC bank will be able to draw up to Rs 40,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 77 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
Dated 16.10.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . RBI further further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 40,000 inclusive of Rs 25,000 already permitted earlier .
As per press release dated 14.10.2019 , customers of PMC bank will be able to draw up to Rs 40,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 77 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
WITHDRAWAL LIMIT INCREASED TO RS 25,000 FOR CUSTOMERS OF PMC BANK : RBI
Dated 04.10.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . Today RBI further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 25,000 inclusive of Rs 10,000 already permitted earlier .
As per today's press release , customers of PMC bank will be able to draw up to Rs 25,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 70 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
Dated 04.10.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . Today RBI further relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 25,000 inclusive of Rs 10,000 already permitted earlier .
As per today's press release , customers of PMC bank will be able to draw up to Rs 25,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 70 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
NOW CUSTOMERS OF PMC BANK CAN WITHDRAW UP TO RS 10,000 : RBI
Dated 26.09.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . Today RBI relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 10,000 inclusive of Rs 1,000 already permitted
As per today's press release , customers of PMC bank will be able to draw up to Rs 10,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 60 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
Dated 26.09.2019 : Reserve Bank of India ( RBI ) ,had on 24.09.2019 , put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act . Today RBI relaxed the restrictions on customer withdrawal and permitted them to draw up to Rs 10,000 inclusive of Rs 1,000 already permitted
As per today's press release , customers of PMC bank will be able to draw up to Rs 10,000 from their all accounts including savings Bank , Current A/C or any other deposit account . RBI contends that more than 60 % of the customers of PMC can now draw all their deposits now with this relaxation
All other terms and conditions of restrictions continue .
For RBI Press Release , CLICK HERE
RBI RESTRICTS OPERATIONS OF PMC BANK
Dated 25.09.2019 : Reserve Bank of India ( RBI ) has put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act .
As per Press release dated 24,09,2019 , customers of PMC bank will not be able to draw more than Rs 1,000 from their all accounts including savings Bank , Current A/C or any other deposit account . Further PMC Bank will not be not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits,. It will also not permitted to disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated September 23, 2019. The restrictions will remain operative for next six months .
RBI has appointed Mr J B Dharia as the administrator of the bank .
PMC Bank is one of the large interstate co-operative banks with network in seven states with 137 branches and customer deposit size of more than Rs 11,000 crores . It is one of the top ten co-operative banks in the country . The bank founded in 1984 has branches in Maharashtra , Karnataka , Delhi , Goa , Andhra Pradesh and Madhya Pradesh .
The sudden freeze of the bank has sent shock waves to its main customers in Mumbai where it is headquartered . However DICGC insurance cover of Rs 1.00 lakh is available to the depositors of the bank
For RBI Press Release , CLICK HERE
Dated 25.09.2019 : Reserve Bank of India ( RBI ) has put restrictions on operations of Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra ( PMC Bank ) under section 35A of Banking Regulations Act .
As per Press release dated 24,09,2019 , customers of PMC bank will not be able to draw more than Rs 1,000 from their all accounts including savings Bank , Current A/C or any other deposit account . Further PMC Bank will not be not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits,. It will also not permitted to disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI directions dated September 23, 2019. The restrictions will remain operative for next six months .
RBI has appointed Mr J B Dharia as the administrator of the bank .
PMC Bank is one of the large interstate co-operative banks with network in seven states with 137 branches and customer deposit size of more than Rs 11,000 crores . It is one of the top ten co-operative banks in the country . The bank founded in 1984 has branches in Maharashtra , Karnataka , Delhi , Goa , Andhra Pradesh and Madhya Pradesh .
The sudden freeze of the bank has sent shock waves to its main customers in Mumbai where it is headquartered . However DICGC insurance cover of Rs 1.00 lakh is available to the depositors of the bank
For RBI Press Release , CLICK HERE
BANK OFFICERS DEFER THEIR STRIKE PLAN
Dated 24.09.2019 : Bank officers Unions AIBOC , AIBOA , NOBC and other associations have decided to defer call given by them for strike on 26.09.2019 ( Thursday ) and 27.09.2019 ( Friday ) in deference to appeal by Finance secretary Rajeev Kumar . Representatives of the associations had met him and he has assured to look in to the demands made by the bankers . The call was given in support of early settlement of wage revisions and against the proposed merger of public sector banks .
Dated 24.09.2019 : Bank officers Unions AIBOC , AIBOA , NOBC and other associations have decided to defer call given by them for strike on 26.09.2019 ( Thursday ) and 27.09.2019 ( Friday ) in deference to appeal by Finance secretary Rajeev Kumar . Representatives of the associations had met him and he has assured to look in to the demands made by the bankers . The call was given in support of early settlement of wage revisions and against the proposed merger of public sector banks .
BANKING SERVICES MAY BE HIT BY BANK EMPLOYEES / OFFICERS STRIKE NEXT WEEK
Dated 21.09.2019 : Many of the unions of bank employees / officers like AIBOC , AIBOA , NOBC etc have given call for a strike on 26.09.2019 ( Thursday ) and 27.09.2019 ( Friday ) . The call given in support of early settlement of wage revisions and against the proposed merger of public sector banks . If no solution is found and if the strike materializes , the banking services will be severely hit from 26.09.2019 continuously for four days , 28.09.2019 being fourth Saturday and 29.09. 2019 being Sunday .
Hence bank customers in need of cash and other bank services may complete their transactions before 25.09.2019
Dated 21.09.2019 : Many of the unions of bank employees / officers like AIBOC , AIBOA , NOBC etc have given call for a strike on 26.09.2019 ( Thursday ) and 27.09.2019 ( Friday ) . The call given in support of early settlement of wage revisions and against the proposed merger of public sector banks . If no solution is found and if the strike materializes , the banking services will be severely hit from 26.09.2019 continuously for four days , 28.09.2019 being fourth Saturday and 29.09. 2019 being Sunday .
Hence bank customers in need of cash and other bank services may complete their transactions before 25.09.2019
PSBS TO CONDUCT LOAN MELAS NEXT MONTH : FINANCE MINISTER
DATED 20.09.2019 : To boost liquidity in the system , all public sector banks will conduct Loan Melas from October 3 , 2019 in 400 districts of the country , as announced by the Finance Minister Mr Nirmala Sitharaman yesterday . The Loan Melas will focus on RAM category borrowers consisting of Retail , Agriculture and MSME loans . Banks are expected to bring 5 new borrower customers for every existing customer during the melas . The loans will also be distributed associating NBFC , apart from direct lending .
DATED 20.09.2019 : To boost liquidity in the system , all public sector banks will conduct Loan Melas from October 3 , 2019 in 400 districts of the country , as announced by the Finance Minister Mr Nirmala Sitharaman yesterday . The Loan Melas will focus on RAM category borrowers consisting of Retail , Agriculture and MSME loans . Banks are expected to bring 5 new borrower customers for every existing customer during the melas . The loans will also be distributed associating NBFC , apart from direct lending .
Saddled with 6 year lowest GDP growth of 5 % and uncomfortable unemployment situation in the country , Government is aiming to boost the liquidity in the system to increase credit flow and bring employment .
Further Finance Minister Ms Nirmala Sitharaman announced that banks will not term stressed loans in MSMS sector as NPAS till March 2020 and banks will work on recating the loans .
TEN PSBS TO BE MERGED IN TO FOUR ENTITIES : FINANCE MINISTER
DATED 31.08.2019 : The Government of India has proposed to merge public sectors banks Oriental Bank of Commerce and United Bank of India with another public sector bank Punjab National Bank , as announced by the Finance Minister Mr Nirmala Sitharaman yesterday . The other mergers proposed include Canara Bank with Syndicate bank , merger of Union Bank of India , Andhra Bank and Corporation Bank and merger of Allahabad Bank with Indian bank .
Earlier in September 018 , Government had merged public sector banks Vijaya Bank and Dena Bank with Bank of Baroda and earlier merger was of group banks of State bank of India .
DATED 31.08.2019 : The Government of India has proposed to merge public sectors banks Oriental Bank of Commerce and United Bank of India with another public sector bank Punjab National Bank , as announced by the Finance Minister Mr Nirmala Sitharaman yesterday . The other mergers proposed include Canara Bank with Syndicate bank , merger of Union Bank of India , Andhra Bank and Corporation Bank and merger of Allahabad Bank with Indian bank .
Earlier in September 018 , Government had merged public sector banks Vijaya Bank and Dena Bank with Bank of Baroda and earlier merger was of group banks of State bank of India .
RTGS WILL BE 24 X 7 FROM DEC19 : RBI
Dated 07.08.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated today , has announced availability of Real time Gross Settlement ( RTGS ) round the clock , 7 days a week from December 2019 . Presently RTGS window is available only from 8.00 am to 7.00 pm on working days ( except 2nd and 4th saturdays ) for the customers .
The other policy measures announced include
1. . Introduction of stripping/reconstitution facility for State Development Loans (SDLs)
2. Expansion of Biller Categories for Bharat Bill Payment System
3. ‘On-tap’ Authorisation for Retail Payment Systems
4. Creation of a Central Payments Fraud Information Registry
5. Measures to enhance credit flow to NBFC Sector:
For RBI Press Release , CLICK HERE
Dated 07.08.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated today , has announced availability of Real time Gross Settlement ( RTGS ) round the clock , 7 days a week from December 2019 . Presently RTGS window is available only from 8.00 am to 7.00 pm on working days ( except 2nd and 4th saturdays ) for the customers .
The other policy measures announced include
1. . Introduction of stripping/reconstitution facility for State Development Loans (SDLs)
2. Expansion of Biller Categories for Bharat Bill Payment System
3. ‘On-tap’ Authorisation for Retail Payment Systems
4. Creation of a Central Payments Fraud Information Registry
5. Measures to enhance credit flow to NBFC Sector:
For RBI Press Release , CLICK HERE
SBI WAIVES CHARGES FOR IMPS , RTGS & NEFT
Dated 14.07.2019 : Following RBI ' s Notification on 11.06.2019 , the leading public sector bank State Bank of India ( SBI ) has announced that they have scrapped charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) on 0n-line transactions effective from 01.07.2019 . They have also announced waiving of charges on IMPS transactions effective from 1 st , August 2019 .
If a customer transactions at their branches , IMPS charges are waived for a single transaction up to rs 1, 000 only and 20 % charges waiver for RTGS & NEFT payments .
Dated 14.07.2019 : Following RBI ' s Notification on 11.06.2019 , the leading public sector bank State Bank of India ( SBI ) has announced that they have scrapped charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) on 0n-line transactions effective from 01.07.2019 . They have also announced waiving of charges on IMPS transactions effective from 1 st , August 2019 .
If a customer transactions at their branches , IMPS charges are waived for a single transaction up to rs 1, 000 only and 20 % charges waiver for RTGS & NEFT payments .
RBI AGAIN ASKS BANKS TO ACCEPT ALL COINS
Dated 27.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 26.06.2019 , has advised banks and financial institutions to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter. It has advised their head offices to instruct all their branches to comply with the instructions .
Further The Reserve Bank has appealed to members of the public not to give credence to rumours / doubts on the genuineness of coins and continue to accept the coins as legal tender in all their transactions without any hesitation. Presently, coins of 50 paise, ₹ 1/-, 2/-, 5/- and 10/- denomination of various sizes, theme and design are in circulation.
.
For RBI Notification , CLICK HERE For RBI Press Release . CLICK HERE
Dated 27.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 26.06.2019 , has advised banks and financial institutions to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter. It has advised their head offices to instruct all their branches to comply with the instructions .
Further The Reserve Bank has appealed to members of the public not to give credence to rumours / doubts on the genuineness of coins and continue to accept the coins as legal tender in all their transactions without any hesitation. Presently, coins of 50 paise, ₹ 1/-, 2/-, 5/- and 10/- denomination of various sizes, theme and design are in circulation.
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For RBI Notification , CLICK HERE For RBI Press Release . CLICK HERE
NOW YOU CAN COMPLAIN ON -LINE TO RBI AGAINST ANY BANK OR NBFC
Dated 25.06.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated 24.06.2019 , has announced launching of COMPLAINT MANAGEMENT SYSTEM ( CMS ) , which enables online filing of customer complaints against banks / bank branches or NBFC . It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable.
For tutorials on how to file a complaint , CLICK HERE For RBI Press Release , CLICK HERE
Dated 25.06.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated 24.06.2019 , has announced launching of COMPLAINT MANAGEMENT SYSTEM ( CMS ) , which enables online filing of customer complaints against banks / bank branches or NBFC . It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable.
For tutorials on how to file a complaint , CLICK HERE For RBI Press Release , CLICK HERE
DR VIRAL ACHARYA WILL CONTINUE TILL 23 JULY : RBI CLARIFIES
Dated 24.06.2019 : Reserve Bank of India ( RBI ) , in a Press Release today , has clarified that Dr Dr. Viral V. Acharya, Deputy Governor would continue in his post till 23rd , July 2019 and he would be unable to continue in his post beyond the date due to personal reasons .
Dr Acharya , the youngest Deputy Governor in recent years , was appointed on 23rd , Jan 2017 for a period of three years and he was in charge of monetary Policy Department . He was known for his differing views in the meetings of Monetary Policy Committee ( MPC ) meetings . He is said to go back to his academic career after the tenure .
Earlier two Governors of RBI namely Dr Raghuram Rajan and Dr Urjit Patel either didn't seek extension of their tenures as Governors or departed early . All the three were advocating for central bank independence .
For RBI Press Release , CLICK HERE
Dated 24.06.2019 : Reserve Bank of India ( RBI ) , in a Press Release today , has clarified that Dr Dr. Viral V. Acharya, Deputy Governor would continue in his post till 23rd , July 2019 and he would be unable to continue in his post beyond the date due to personal reasons .
Dr Acharya , the youngest Deputy Governor in recent years , was appointed on 23rd , Jan 2017 for a period of three years and he was in charge of monetary Policy Department . He was known for his differing views in the meetings of Monetary Policy Committee ( MPC ) meetings . He is said to go back to his academic career after the tenure .
Earlier two Governors of RBI namely Dr Raghuram Rajan and Dr Urjit Patel either didn't seek extension of their tenures as Governors or departed early . All the three were advocating for central bank independence .
For RBI Press Release , CLICK HERE
RBI ROLLS OUT FOREIGN EXCHANGE PLATFORM FOR RETAIL CUSTOMERS
Dated 21.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 20.06.2019 , has announced rolling out of Foreign exchange Platform for retail customers from 9th , August 2019 . The Retail Platform named , FX-RETAIL is an electronic trading platform for buying/selling foreign exchange by retail customers of banks and will be managed by Clearing Corporation of India Limited (CCIL) .
The FX-Retail platform can be accessed by any customer of a bank (through the website https://www.fxretail.co.in ) who has a need to purchase or sell US Dollar against the Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction), subject to the following:
1. There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by its bank.
2. The size of a single transaction is not allowed to exceed $5 million.
3. As a further facility for retail clients, no transaction charges shall be levied by the CCIL on transactions of customers if such transactions do not exceed USD 50,000 per day.
4. A transaction charge of 0.0004% shall be charged by the CCIL for transactions in excess of USD 50,000 per day.
5. Fees charged by banks, if any, shall be indicated on the FX-Retail platform. Banks may recover from customers transaction and settlement charges levied by the CCIL.
The customer registration on the website will start on 1st , July 2019 and trading will start on 5th , August 2019 .
Detailed guidelines regarding the operation of the platform, including the process of customer registration, shall be issued by the CCIL shortly
For RBI Notification , CLICK HERE
Dated 21.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 20.06.2019 , has announced rolling out of Foreign exchange Platform for retail customers from 9th , August 2019 . The Retail Platform named , FX-RETAIL is an electronic trading platform for buying/selling foreign exchange by retail customers of banks and will be managed by Clearing Corporation of India Limited (CCIL) .
The FX-Retail platform can be accessed by any customer of a bank (through the website https://www.fxretail.co.in ) who has a need to purchase or sell US Dollar against the Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction), subject to the following:
1. There is no cap on the number of transactions per customer during a day. The total amount of transactions of a customer shall be subject to the limit assigned by its bank.
2. The size of a single transaction is not allowed to exceed $5 million.
3. As a further facility for retail clients, no transaction charges shall be levied by the CCIL on transactions of customers if such transactions do not exceed USD 50,000 per day.
4. A transaction charge of 0.0004% shall be charged by the CCIL for transactions in excess of USD 50,000 per day.
5. Fees charged by banks, if any, shall be indicated on the FX-Retail platform. Banks may recover from customers transaction and settlement charges levied by the CCIL.
The customer registration on the website will start on 1st , July 2019 and trading will start on 5th , August 2019 .
Detailed guidelines regarding the operation of the platform, including the process of customer registration, shall be issued by the CCIL shortly
For RBI Notification , CLICK HERE
RBI ASKS BANKS TO GROUT ATMS TO STRUCTURES
Dated 17.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 14.06.2019 , has advised banks and financial institutions to grout their ATMs to structures like walls , floors , pillars etc before 30th , September 2019 . However ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state / central security personnel are exempted from the instruction .
Further RBI has instructed that All ATMs should be operated for cash replenishment only with digital One Time Combination (OTC) locks. RBI has also asked Banks to consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response
For RBI Notification , CLICK HERE
Dated 17.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 14.06.2019 , has advised banks and financial institutions to grout their ATMs to structures like walls , floors , pillars etc before 30th , September 2019 . However ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state / central security personnel are exempted from the instruction .
Further RBI has instructed that All ATMs should be operated for cash replenishment only with digital One Time Combination (OTC) locks. RBI has also asked Banks to consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response
For RBI Notification , CLICK HERE
WAIVER OF CHARGES FOR RTGS & NEFT FROM 01ST JULY , 2019
Dated 12.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 11.06.2019 , has announced that they will be scrapping charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) effective from 01.07.2019 .
RBI has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. Further it has instructed all the banks to pass on the benefit to their customers .
For RBI Press Release , CLICK HERE
Dated 12.06.2019 : Reserve Bank of India ( RBI ) , vide their Notification dated 11.06.2019 , has announced that they will be scrapping charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) effective from 01.07.2019 .
RBI has decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. Further it has instructed all the banks to pass on the benefit to their customers .
For RBI Press Release , CLICK HERE
RTGS & NEFT CHARGES TO BE SCRAPPED
Dated 06.06.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated today , has announced that they will be scrapping charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) . Official instructions to banks will be given within a week .
RBI has advised that the above step is taken to given impetus to digital funds movement
For RBI Press Release , CLICK HERE
Dated 06.06.2019 : Reserve Bank of India ( RBI ) , vide their Press Release dated today , has announced that they will be scrapping charges on Real Time Gross Settlement ( RTGS ) and National Electronic Funds Transfer ( NEFT ) . Official instructions to banks will be given within a week .
RBI has advised that the above step is taken to given impetus to digital funds movement
For RBI Press Release , CLICK HERE
RTGS TIMING EXTENDED UP TO 6.00 PM
Dated 29.05.2019 : Reserve Bank of India ( RBI ) , vide their notification dated 28.05.2019 , has extended Real time Gross Settlement ( RTGS ) timings available for customers to 6.00 pm . Presently RTGS window is available only up to 4.30 pm for the customers .
The change will be effective from 01.06.2019 .
Further RBI has fixed time varying charges for RTGS at Rs 5.00 per transaction for transactions between 13.00 hrs to 18.00 hrs and Rs 10.00 beyond . Customers will have to pay nil charges for transaction before 11.00 am and Rs 2.00 for timings between 11.00 am to 01.00 pm
For RBI Notification , CLICK HERE
Dated 29.05.2019 : Reserve Bank of India ( RBI ) , vide their notification dated 28.05.2019 , has extended Real time Gross Settlement ( RTGS ) timings available for customers to 6.00 pm . Presently RTGS window is available only up to 4.30 pm for the customers .
The change will be effective from 01.06.2019 .
Further RBI has fixed time varying charges for RTGS at Rs 5.00 per transaction for transactions between 13.00 hrs to 18.00 hrs and Rs 10.00 beyond . Customers will have to pay nil charges for transaction before 11.00 am and Rs 2.00 for timings between 11.00 am to 01.00 pm
For RBI Notification , CLICK HERE
BRANCHES OF VIJAYA BANK AND DENA BANK TO OPERATE AS BANK OF BARODA BRANCH FROM TOMORROW
DATED 31.03.2019 : As per RBI press release dated 30.03.2019 , all branches of Vijaya Bank and Dena Bank will operate as branches of Bank of Baroda from 01st , April , 2019 . The Union Cabinet had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda in January this year .
Now onward , the customers of Vijaya Bank and Dena Bank will be treated as a customer of Bank of Baroda .
For RBI Press release , CLICK HERE
DATED 31.03.2019 : As per RBI press release dated 30.03.2019 , all branches of Vijaya Bank and Dena Bank will operate as branches of Bank of Baroda from 01st , April , 2019 . The Union Cabinet had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda in January this year .
Now onward , the customers of Vijaya Bank and Dena Bank will be treated as a customer of Bank of Baroda .
For RBI Press release , CLICK HERE
BANKS TO REMAIN OPEN ON 31.03.2019 - SUNDAY
Dated 27.03.2019 : As per Government of India's advice , Reserve Bank of India ( RBI ) has instructed all banks in India dealing with Government Business to remain open on 31st , March 2019 , despite being a Sunday .
For RBI Notification in this regard CLICK HERE .
Dated 27.03.2019 : As per Government of India's advice , Reserve Bank of India ( RBI ) has instructed all banks in India dealing with Government Business to remain open on 31st , March 2019 , despite being a Sunday .
For RBI Notification in this regard CLICK HERE .
CARDLESS CASH WITHDRAWAL ENABLED FROM SBI ATMS
DATED 18.03.2019 : The leading public sector bank State Bank of India ( SBI ) launched Yono cash services which enables its customers to draw cash from its ATMs using the recently introduced Yono Mob App . The feature of Yono doesn't require use of debit card for withdrawing cash from ATMs . Hence risks associated with usage of debit cards can be avoided
How to withdraw cash using YONO Cash service ?
1.SBI customer has to download app YONO from GOOGLE PLAYSTORE in their smartphones ( Android ) or from APP STORES for i- phones .
2. Set a six digit pin for the transaction for initiating cash withdrawal process
3. SBI will send them a six digit reference number for the transaction on their registered mobile number via SMS .
4. Customer can go to nearby SBI ATM ( which is enabled for withdrawing cash from YONO app and designated as YONO cash point ) and can complete cash withdrawal by using the set up PIN and reference number sent by SBI .
5. The transaction is to be completed within 30 minutes from initiating .
Presently the service is available in 16,500 ATMs and state Bank wants to enable all its 2,00,000 ATMs in next two years . By using the service , customer will be saved from risks of card cloning and skimming .
This type of cash withdrawal facility without using a debit /credit card is the first in Indian banking industry .
DATED 18.03.2019 : The leading public sector bank State Bank of India ( SBI ) launched Yono cash services which enables its customers to draw cash from its ATMs using the recently introduced Yono Mob App . The feature of Yono doesn't require use of debit card for withdrawing cash from ATMs . Hence risks associated with usage of debit cards can be avoided
How to withdraw cash using YONO Cash service ?
1.SBI customer has to download app YONO from GOOGLE PLAYSTORE in their smartphones ( Android ) or from APP STORES for i- phones .
2. Set a six digit pin for the transaction for initiating cash withdrawal process
3. SBI will send them a six digit reference number for the transaction on their registered mobile number via SMS .
4. Customer can go to nearby SBI ATM ( which is enabled for withdrawing cash from YONO app and designated as YONO cash point ) and can complete cash withdrawal by using the set up PIN and reference number sent by SBI .
5. The transaction is to be completed within 30 minutes from initiating .
Presently the service is available in 16,500 ATMs and state Bank wants to enable all its 2,00,000 ATMs in next two years . By using the service , customer will be saved from risks of card cloning and skimming .
This type of cash withdrawal facility without using a debit /credit card is the first in Indian banking industry .
IDBI BANK IS NOW A PRIVATE SECTOR BANK
Dated 15.03.2019 : As Life Insurance Corporation of India ( LIC ) is holding 51 % of equity shares of IDBI Bank , Reserve Bank of India has now designated IDBI Bank as a private sector bank with effect from 21.01.2019 vide press release dated 14.03.2019 .
For Press Release , CLICK HERE
Dated 15.03.2019 : As Life Insurance Corporation of India ( LIC ) is holding 51 % of equity shares of IDBI Bank , Reserve Bank of India has now designated IDBI Bank as a private sector bank with effect from 21.01.2019 vide press release dated 14.03.2019 .
For Press Release , CLICK HERE
A cartoon on coin release
GOVERNMENT TO ISSUE NEW COINS OF RS 20 AND NEW SERIES OF OTHER DENOMINATIONS
DATED 08.03.2019 : Government of India announced on 06.03.2019 , through a Gazette notification , the issue of new series of coins including a higher valued coin of Rs 20 . The other coins in the new series will include Rs 1 , 2 , 5 and Rs 10 .
The new Rs 20 coin will be a twelve sided polygon coin with a diameter of 27 mm , made up of nickel silver in the outer ring and nickel brass in the inner ring with a weight of 8.54 grams .
DESIGN OF 20 COIN :
OBVERSE : The face of the coin shall bear the Lion Capitol of Ashoka Pillar with the legend “सत्यमेव जयते ” inscribed below, flanked on the left periphery with the word “भारत” in Hindi and on the right periphery with the word “INDIA” in English.
REVERSE: The face of the coin shall bear denominational value “20” in the international numerals. The Rupee symbol “`” shall be shown above the denominational value. The design of grains depicting the agricultural dominance of the country is flanked on the left periphery of the coin. The top right and bottom right peripheries shall bear the word “ बीस रुपए -” in Hindi and “TWENTY RUPEES” in English.
The year of minting in international numerals shall be shown on centre of left periphery of the coin.
OTHER COINS :
The other coins of Rs 1 , 2 , 5 and 10 will be circular in shape . One rupee coin and two rupee coin will be made up of ferritic stainless steel while Rs five coin will be made up of nickel brass . The new 10 rupee coin will be made up of nickel silver in the inner ring and nickel brass in the outer ring .
For complete details of the new series of coins , you may go through the Gazette notification ,
by CLICKING HERE
ALLAHABAD BANK , CORPORATION BANK AND DHANALAXMI BANK COME OUT OF PCA FRAMEWORK : RESERVE BANK OF INDIA
DATED 27.02.2019 : Reserve Bank of India has taken out public sector banks Allahabad Bank and Corporation Bank along with private sector lender Dhanalaxmi Bank from Prompt Corrective Action ( PCA ) Framework , as per their press release dated 26.02.2019 .
Press release says " The Board for Financial Supervision (BFS), in its meeting held on February 26, 2019 reviewed the performance of banks under PCA and noted that the Government of India has infused fresh capital on February 21, 2019 into various banks including some of the banks currently under the PCA framework. Of these banks, the BFS noted that Allahabad Bank and Corporation Bank had received ₹ 6896 crore and ₹ 9086 crore respectively. This has shored up their capital funds and also increased their loan loss provision to ensure that the PCA parameters were complied with. The two banks have also made the necessary disclosures to the Stock Exchange that post infusion of capital, the CRAR, CET1, Net NPA and Leverage Ratios are no longer in breach of the PCA thresholds. The banks also apprised RBI of the structural and systemic improvements put in place to maintain these numbers. Accordingly, based on the principles adopted by the BFS in its earlier meeting dated January 31, 2019, it was decided in the meeting held on February 26, 2019 that Allahabad Bank and Corporation Bank be taken out of the PCA Framework subject to certain conditions and continuous monitoring. It has also been decided to take Dhanlaxmi Bank out of the PCA Framework, subject to certain conditions and continuous monitoring, as the bank is found to be not breaching any of the Risk Thresholds of the PCA Framework. "
To view the press release , CLICK HERE
DATED 27.02.2019 : Reserve Bank of India has taken out public sector banks Allahabad Bank and Corporation Bank along with private sector lender Dhanalaxmi Bank from Prompt Corrective Action ( PCA ) Framework , as per their press release dated 26.02.2019 .
Press release says " The Board for Financial Supervision (BFS), in its meeting held on February 26, 2019 reviewed the performance of banks under PCA and noted that the Government of India has infused fresh capital on February 21, 2019 into various banks including some of the banks currently under the PCA framework. Of these banks, the BFS noted that Allahabad Bank and Corporation Bank had received ₹ 6896 crore and ₹ 9086 crore respectively. This has shored up their capital funds and also increased their loan loss provision to ensure that the PCA parameters were complied with. The two banks have also made the necessary disclosures to the Stock Exchange that post infusion of capital, the CRAR, CET1, Net NPA and Leverage Ratios are no longer in breach of the PCA thresholds. The banks also apprised RBI of the structural and systemic improvements put in place to maintain these numbers. Accordingly, based on the principles adopted by the BFS in its earlier meeting dated January 31, 2019, it was decided in the meeting held on February 26, 2019 that Allahabad Bank and Corporation Bank be taken out of the PCA Framework subject to certain conditions and continuous monitoring. It has also been decided to take Dhanlaxmi Bank out of the PCA Framework, subject to certain conditions and continuous monitoring, as the bank is found to be not breaching any of the Risk Thresholds of the PCA Framework. "
To view the press release , CLICK HERE
UNREGULATED DEPOSITS BANNED BY GOVT ORDINANCE
DATED 25.02.2019 : Government of India last week on 21.02.2019 promulgated an ordinance banning unregulated deposits under the name "THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 " The ordinance aims to control the menace of illicit deposit taking activities . The law bans illicit deposit taking activities and carries punitive actions against the defaulters . The salient features of the ordinance are :
1. It covers all types of deposits , taken by way of loan or advance except taken by banks ,approved financial institutions , political parties , SHGs , relatives , advance against sale of property ,or business loans or deposits covering genuine business transactions .
2. Regulated Deposits include schemes approved by RBI , SEBI , IRDA , central or state governments .
3. Any deposit takes who solicits or takes deposit in violation of the law or defaults in repayment is punishable under the law by way of imprisonment and fine as follows under sec 21 :
Sec. 21 (1) Any deposit taker who solicits deposits in contravention of section 3 shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees.
(2) Any deposit taker who accepts deposits in contravention of section 3 shall be punishable with imprisonment for a term which shall not be less than two years but Which may extend to seven years and with fine which shall not be less than three lakh rupees but which may extend to ten lakh rupees.
(3) Any deposit taker who accepts deposits in contravention of section 3 and fraudulently defaults in repayment of such deposits or in rendering any specified service, shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine which shall not be less than five lakh rupees but which may extend to twice the amount of aggregate funds collected from the subscribers, members or participants in the Unregulated Deposit Scheme.
4. In case of claim , depositors will have priority over all other types of creditors .
Though the ordinance will be a welcome step against Ponzi scheme operators , it is felt that a borrowing from friend or an acquaintance would be a problem . Further jewel shops and other gold traders , who are running deposit schemes may also be affected .
To read the Gazetted ordinance , CLICK HERE
DATED 25.02.2019 : Government of India last week on 21.02.2019 promulgated an ordinance banning unregulated deposits under the name "THE BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 " The ordinance aims to control the menace of illicit deposit taking activities . The law bans illicit deposit taking activities and carries punitive actions against the defaulters . The salient features of the ordinance are :
1. It covers all types of deposits , taken by way of loan or advance except taken by banks ,approved financial institutions , political parties , SHGs , relatives , advance against sale of property ,or business loans or deposits covering genuine business transactions .
2. Regulated Deposits include schemes approved by RBI , SEBI , IRDA , central or state governments .
3. Any deposit takes who solicits or takes deposit in violation of the law or defaults in repayment is punishable under the law by way of imprisonment and fine as follows under sec 21 :
Sec. 21 (1) Any deposit taker who solicits deposits in contravention of section 3 shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to five years and with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees.
(2) Any deposit taker who accepts deposits in contravention of section 3 shall be punishable with imprisonment for a term which shall not be less than two years but Which may extend to seven years and with fine which shall not be less than three lakh rupees but which may extend to ten lakh rupees.
(3) Any deposit taker who accepts deposits in contravention of section 3 and fraudulently defaults in repayment of such deposits or in rendering any specified service, shall be punishable with imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine which shall not be less than five lakh rupees but which may extend to twice the amount of aggregate funds collected from the subscribers, members or participants in the Unregulated Deposit Scheme.
4. In case of claim , depositors will have priority over all other types of creditors .
Though the ordinance will be a welcome step against Ponzi scheme operators , it is felt that a borrowing from friend or an acquaintance would be a problem . Further jewel shops and other gold traders , who are running deposit schemes may also be affected .
To read the Gazetted ordinance , CLICK HERE
BANK OF INDIA , BANK OF MAHARASHTRA AND ORIENTAL BANK OF COMMERCE COME OUT OF PCA FRAMEWORK : RESERVE BANK OF INDIA
DATED 01.02.2019 : Reserve Bank of India has taken out Bank of India , Bank of Maharashtra and Oriental Bank of Commerce from Prompt Corrective Action ( PCA ) Framework , as per their press release dated 31.01.2019 .
Press release says "
On a review of the performance of Public Sector Banks (PSBs) currently under the Prompt Corrective Action Framework (PCAF), it was noted that a few banks are not in breach of the PCA parameters as per their published results for the quarter ending December 2018, except Return on Assets (RoA). However, though the RoA continues to be negative, the same is reflected in the capital adequacy indicator. These banks have provided a written commitment that they would comply with the norms of minimum regulatory capital, Net NPA and leverage ratio on an ongoing basis and have apprised the Reserve Bank of India of the structural and systemic improvements that they have put in place which would help the banks in continuing to meet these commitments. Further, the Government has also assured that the capital requirements of these banks will be duly factored in while making bank-wise allocations during the current financial year.
Taking all the above into consideration, it has been decided that Bank of India and Bank of Maharashtra which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs of less than 6% as per third quarter results, are taken out of the PCA framework subject to certain conditions and continuous monitoring. In the case of Oriental Bank of Commerce, though the net NPA was 7.15%, as per the published results of third quarter, the Government has since infused sufficient capital and bank has brought the Net NPA to less than 6%. Hence, it has been decided to remove the restrictions placed on Oriental Bank of Commerce under PCA framework subject to certain conditions and close monitoring. "
To view the press release , CLICK HERE
DATED 01.02.2019 : Reserve Bank of India has taken out Bank of India , Bank of Maharashtra and Oriental Bank of Commerce from Prompt Corrective Action ( PCA ) Framework , as per their press release dated 31.01.2019 .
Press release says "
On a review of the performance of Public Sector Banks (PSBs) currently under the Prompt Corrective Action Framework (PCAF), it was noted that a few banks are not in breach of the PCA parameters as per their published results for the quarter ending December 2018, except Return on Assets (RoA). However, though the RoA continues to be negative, the same is reflected in the capital adequacy indicator. These banks have provided a written commitment that they would comply with the norms of minimum regulatory capital, Net NPA and leverage ratio on an ongoing basis and have apprised the Reserve Bank of India of the structural and systemic improvements that they have put in place which would help the banks in continuing to meet these commitments. Further, the Government has also assured that the capital requirements of these banks will be duly factored in while making bank-wise allocations during the current financial year.
Taking all the above into consideration, it has been decided that Bank of India and Bank of Maharashtra which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs of less than 6% as per third quarter results, are taken out of the PCA framework subject to certain conditions and continuous monitoring. In the case of Oriental Bank of Commerce, though the net NPA was 7.15%, as per the published results of third quarter, the Government has since infused sufficient capital and bank has brought the Net NPA to less than 6%. Hence, it has been decided to remove the restrictions placed on Oriental Bank of Commerce under PCA framework subject to certain conditions and close monitoring. "
To view the press release , CLICK HERE
BANK OF BARODA , VIJAYA BANK AND DENA BANK TO BE MERGED FROM 01.04.2019 : STOCK SWAP RATIO FINALISED
DATED 03.01.2019 : The Union Cabinet approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda , effective from 1st , April 2019 which will make it third largest bank of India . This will be the second move of merger of public sector banks , the first one being merger of group banks of State Bank of India .
In the mean time , Bank of Baroda has finalised stock swap ratio . It has offered 402 equity shares of BOB for 1,000 shares of Vijaya Bank and 110 shares of BOB for 1,000 shares of Dena Bank
The Government of India had announced the merger the three public sectors banks Bank of Baroda , Vijaya Bank and Dena Bank in September 2018 .
Source : Media
DATED 03.01.2019 : The Union Cabinet approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda , effective from 1st , April 2019 which will make it third largest bank of India . This will be the second move of merger of public sector banks , the first one being merger of group banks of State Bank of India .
In the mean time , Bank of Baroda has finalised stock swap ratio . It has offered 402 equity shares of BOB for 1,000 shares of Vijaya Bank and 110 shares of BOB for 1,000 shares of Dena Bank
The Government of India had announced the merger the three public sectors banks Bank of Baroda , Vijaya Bank and Dena Bank in September 2018 .
Source : Media
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