Category: BANKING

BANKING

Co-Operative Banking In India and Guidelines

The Reserve Bank acts in close co-ordination with other regulators, such as, Registrar of Co-operative Societies and Central Registrar of Co-operative Societies. The Reserve Bank enters into Memorandum of Understanding (MoU) with Central Government and all State Governments which have presence of UCBs to ensure greater convergence of policies on regulation and supervision. Starting with signing first MoU with the State of Andhra Pradesh on … Continue reading Co-Operative Banking In India and Guidelines

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BANKING

Non-Banking Financial Companies (NBFCs) and Chit funds in India

  • India has financial institutions which are not banks but which accept deposits and extend credit like banks. These are called Non-Banking Financial Companies (NBFCs) in India.
  • At end-March 2017, there were 11,522 NBFCs registered with the Reserve Bank, of which 178 were NBFCs-D and 220 were NBFCs-ND-SI. The share of NBFCs in terms of assets in total financial sector is 8.3 per cent as on 2016-17
  • NBFCs in India include not just the finance companies that the general public is largely familiar with; the term also entails wider group of companies that are engaged in investment business, insurance, chit fund, nidhi, merchant banking, stock broking, alternative investments, etc., as their principal business. All are though not under the regulatory purview of the Reserve Bank.

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BANKING

Post Payments Bank has been incorporated as a Public Limited Company by Government of India

PM Modi to launch India Post Payments Bank on August 21 2018

Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.  Continue reading “Post Payments Bank has been incorporated as a Public Limited Company by Government of India”

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BANKING

RBI to Issue New Design ₹ 100 Denomination Banknote

The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. Dimension of the banknote will be 66 mm × 142 mm. Continue reading “RBI to Issue New Design ₹ 100 Denomination Banknote”

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BANKING

Largest Banks of the World

 ABN AMRO Group NV Netherlands   Agricultural Bank of China China ,  Agricultural Development Bank of China China   Australia & New Zealand Banking Group Australia   Banco Bradesco SA Brazil  Banco do Brasil SA Brazil  Banco Sabadell Spain  Banco Santander Spain ,  Bank of America USA  Bank of Beijing China  Bank of China China   Bank of Communications China ,  Bank of Jiangsu China  Bank of Montreal Canada  … Continue reading Largest Banks of the World

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BANKING, CIVIL

Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st June, 2017 G.S.R. 538(E).— In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i), clause (j) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the … Continue reading Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.

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BANKING, CIVIL

The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005

1. Short title and commencement.— (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005. (2) They shall come into force on … Continue reading The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005

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BANKING, CIVIL

Syndicate Bank vs Channaveerappa Beleri & Ors [SC 2006 April]

Keywords: Bank Credit-on demand-Bank Loan-period of limitation This Court itself had indicated that ‘live account’ means an account that is not settled. The use of the term ‘settled’ gives an indication that a ‘live account’ refers to an account where the balance has not been struck by an “account stated” or “account settled”. If Article 55 does not apply, then a claim against a Guarantor … Continue reading Syndicate Bank vs Channaveerappa Beleri & Ors [SC 2006 April]

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BANKING, CIVIL

Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002[SARFAESI]

Keywords: Financial assets Reconstruction company Appellate Tribunal Secured creditors Debts Recovery Tribunals Right of borrower THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ACT NO. 54 OF 2002 [17th December, 2002.] An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for … Continue reading Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002[SARFAESI]

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