Sep 18, 2018: Three state-run banks – Dena Bank, Vijaya Bank and Bank of Baroda – will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country’s banking system. The finance minister said he expected the process to be completed in the… Read More An inter-ministerial panel recommended Bank of Baroda, Vijaya Bank and Dena Bank for amalgamation.
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… Read More Co-Operative Banking In India and Guidelines
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… Read More Non-Banking Financial Companies (NBFCs) and Chit funds in India
The payments bank will be registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949, with specific licensing conditions restricting its activities mainly to acceptance of demand deposits and provision of payments and remittance services. It will be governed by the provisions of the Banking Regulation Act, 1949; Reserve Bank of India Act, 1934; Foreign Exchange Management Act, 1999; Payment and Settlement Systems Act, 2007; Deposit Insurance and Credit Guarantee Corporation Act, 1961; other relevant Statutes and Directives, Prudential Regulations and other Guidelines/Instructions issued by RBI and other regulators from time to time. … Read More Post Payments Bank has been incorporated as a Public Limited Company by Government of India
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.… Read More RBI to Issue New Design ₹ 100 Denomination Banknote
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… Read More Largest Banks of the World
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,… Read More Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
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… Read More 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
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… Read More Syndicate Bank vs Channaveerappa Beleri & Ors [SC 2006 April]
Law Library (18 of 1891) [1st October, 1891] An Act to amend the Law of Evidence with respect to Bankers Books. Whereas it is expedient to amend the Law of Evidence with respect to Bankers Books; It is hereby enacted as follows: 1. Title and extent .(1) This Act may be called The Bankers Books… Read More The Bankers Books Evidence Act, 1891