A letter of credit is issued (opened) bank a Bank on the request of his buyer customer in favour of seller, which is an undertaking by the bank to make payment to the seller if fulfills his obligations. The process of Letter 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 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 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 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 Read more…
United Forum of Bank Employees Unions (UFBU) has planned a massive Dharna at Jantar Mantar in Delhi on 21st March 2018. The protest is in demand for action against those involved and responsible for the Punjab National Bank (PNB) Scam Read more…
Supreme Court directed Uco Bank to pay fine of Rs.1 lac to one of its retired officer for unnecessarily litigate against the employee. This is an interesting case, where the bank issued chargesheet after 7 years and immediately before retirement Read more…
5 Public sector banks are on the verge of being put under Prompt Corrective Action plan by Reserve Bank of India. According a news report in business standard, these banks include Canara Bank, Punjab National Bank, Union Bank of India, Read more…
RBI, vide notification dated March 01, 2018 amended the priority sector guidelines. Following are the changes made in priority sector lending: 1. Earlier it was stipulated that the sub-targets for lending to small and marginal farmers and micro enterprises shall Read more…
Government will table the The Payment of Gratuity (Amendment) Bill 2017 in Lok Sabha on 5th March 2018. The bill is to amend the Payment of Gratuity Act 1972. The bill is to increase gratuity ceiling from existing Rs.10 lacs Read more…