What Is Drawing Power in Cash Credit? Drawing power (DP) is the actual limit up to which you can withdraw funds from a cash credit (CC) account on a given day. It is not fixed once the loan is sanctioned — it fluctuates every month based on the value of Read more…
RBI on 09.07.2021 has issued circular for Mandatory Leave for Employees Posted inSensitive Positions or Areas of Operation in Banks. RBI has advised All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks following: The banks Read more…
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…
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…
RBI has amended the Note Refund Rules, for exchange of mutilated currency notes. RBI has tweaked the rules following the introduction of new denominations of Rs.2000 and Rs.200 currency notes and also new versions of other denomination such as Rs.10, 50, 100 & 500. Under the new rules, mutilated note of 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…
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…
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…
RBI, vide notification dated 12.02.2018 issued revised framework for resolution of Stressed Assets. In this notification, RBI has withdrawn the existing schemes such as CDR, SDR, S4A, JLF etc. For exposure of Rs.2000 crores and above, Banks need to resolve the default within 180 days otherwise file application with NCLT. Read more…
Reserve Bank of India imposes a penalty of Rs.3 Crores on the private sector lender IndusInd Bank for non compliance with RBI guidelines and directions. RBI in a press release on on 13-12-17 stated that The Reserve Bank of India (RBI) has imposed on December 12, 2017, a monetary penalty Read more…