State-run banks are mulling a common portal where they could offer competitive and instant personal, housing and other retail loans based on the creditworthiness of the borrower. The government is expected to help the banks set up such a portal which at some later stage can also be used for Read more…
If a borrower has defaulted in repayment of loan or credit card and is avoiding service of notice by frequently changing his residence, notice can be served to him through WhatsApp and that will be a valid service. This has been ruled by Bombay High Court. One Rohidas Jadhav, had Read more…
All India Bank Officers’ Confederation (AIBOC), the biggest union of banks has filed a writ petition in the Delhi High Court challenging the Reserve Bank of India’s (RBI’s) February 12 circular that bankruptcy proceedings to be initiated after a borrower defaults a payment without allowing even a day’s extension. AIBOC Read more…
Government is considering merger of four public sector banks, Bank of Baroda, Oriental Bank of Commerce, Central Bank of India and IDBI Bank. If the plan goes ahead and these four PSBs are merged, the resulting bank will be second largest bank of India after State Bank of India with Read more…
The United Forum of Bank Unions (UFBU) has proposed a 48 hours strike in Banks for early revision of salary of bankers. The IBA in a recent meeting made an absurd offer of 2% hike in bankers salary. The strike is proposed to begin 6 am on May 30 till Read more…
On 25th April, 2018, a Supreme Court Decision has come in favour of employees of Regional Rural Banks (RRB). After a two decade long legal battle, Supreme Court has now decided that employees of RRBs to draw pension at par with Nationalised Banks. Supreme Court directed the government to implement Read more…
Lok Sabha today passed the amendment in Payment of Gratuity Act to increase the Gratuity ceiling to Rs.20 lacs. The existing limit for gratuity was Rs.10 lacs. After implementation of seventh pay commission, gratuity ceiling was increased from Rs.10 lacs to Rs.20 lacs for Central Government employees. Private Sector employees Read more…
Reviewing the guidelines after PNB fraud of Rs.1200+ crores, RBI vide notification dated 13 March 2018 discontinued issuance of LOU/ LOC for Trade Credits for import with immediate effect. That means, the importers will note be able to take buyers credit anymore, which was extended by the foreign lender (including Read more…
Finance Ministry on Saturday said passport details will be made mandatory for loans of more than Rs.50 crore from state run banks. Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country. “Next step on clean and responsible banking. Read more…
The Reserve Bank of India (RBI) has imposed penalty of ₹ 5 crores on Airtel Payments Bank Limited for contravening the ‘Operating Guidelines for Payments Banks’ and directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under Read more…