RBI has removed NEFT and RTGS charges to push for digital payments and asked banks to pass on the benefit to customers. The announcement was made in the Statement on Developmental and Regulatory Policies, which was released on 6th June by RBI as part of its monetary policy review. The Read more…
The Legal Entity Identifier (LEI) code has been conceived for better risk management post the Global Financial Crisis. LEI code is a unique 20-character alphanumeric string (for example 529900T8BM49AURSDO55) used to distinctly represent a Legal Entity (company, organization, firm, government body, etc) on a worldwide basis. The LEI for the Read more…
According to a news report in Economic Times, Reserve Bank of India (RBI) is weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court. Supreme Court struck down RBI’s February 12, 2018 circular, which directed banks to take defaulting companies (with debt of Rs.2000 crore and above) Read more…
Reserve Bank of India on Friday clarified that it has not shifted any gold to abroad in 2014 or thereafter. RBI stated that the reports in certain Print and Social Media section that RBI transferred gold abroad are factually incorrect. However, RBI clarified that it is a normal practice in Read more…
Second round of merger may start soon as government may invite Punjab National Bank, Union Bank of India and Bank of India to discuss the merger of public sector banks according to a report by Economic Times quoting a Finance Ministry Official.. “We wouldn’t like to wait for too long. Read more…
RBI released Annual Report of Banking Ombudsman Scheme for the year 2017-18. Key highlights of the report are : · Total complaints received by Banking Ombudsman (BO) in 2017-18 : 163590 [Increased from 130987 during 2016-17 and 102894 during 2015-16]. 24.9% increase in complaints over previous year. · Highest complaints (46994) received Read more…
There have been certain news that banks would be open for 5 days a week in terms of RBI instructions . RBI has issued the clarification in this regard that it has not issued any such direction. It has been reported in certain sections of the media that commercial banks Read more…
Forbes in partnership with market research firm Statista has published list of World’s Best Banks. Instead of gauging the balance sheets and P&L statements, Statista surveyed more than 40,000 customers around the globe for their opinions on their current and former banking relationships. Banks were rated on general satisfaction and Read more…
DA for bank employees increased by 3.4% for the quarter, May 2019 to July 2019. Read: How DA for Bank Employees is calculated. DA Chart for Bank Officers and Workmen Staff from February 2019 Based on the CPI Data released for the month of January, February and March 2019 Read more…