Category: BANKING

An inter-ministerial panel recommended Bank of Baroda, Vijaya Bank and Dena Bank for amalgamation.

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.

Advocatetanmoy

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… Read More Co-Operative Banking In India and Guidelines

Advocatetanmoy

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

Advocatetanmoy

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

Advocatetanmoy

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

Advocatetanmoy

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… 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

Advocatetanmoy

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

Advocatetanmoy