issued guidelinesTags : Bank, primary dealers, currency, futures
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Diamond Dollar Account - Reporting Mechanism(23.03.2016)
The Reserve Bank of India has dispensed with quarterly and fortnightly statements previously submitted by banks giving details of the name and address.....
Tags : Diamond dollar, bank account, statement
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Extending value-added services through ATMs(23.03.2016)
The Reserve Bank of India has permitted Primary (Urban) Co-operative Banks and State Co-operative Banks to offer all their products and services throu.....
Tags : Atm, value added services, co-operative bank
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India Signs Financing Agreement with World Bank for US$ 63 Million for Tejaswini(28.02.2017)
A Financing Agreement for IDA credit of US$ 63 million (equivalent) for the "Tejaswini" Socio-Economic Empowerment of Adolescent Girls and Young Women.....
Tags : Empowerment, Adolescent Girls, Agreement, World bank
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Unless there is fraud of beneficiary or irretrievable harm or injury, Courts are not to interfere with encashment of Bank Guarantees(02.09.2016)
Appellant No. 1 a Joint Venture Company formed for specific purpose of constituting, commissioning and operating Kochi-Coimbatore-Erode-Salem LPG Pipe.....
Tags : Bank guarantee, Encashment, Delay, Financial Closure
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SARFAESI Act is applicable to Cooperative Banks(05.05.2020)
In present case, the question relates to the scope of the legislative field covered by Entry 45 of List I viz. ‘Banking’ and Entry 32 of List II of th.....
Tags : SARFAESI Act, Co-operative banks, Applicability
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Invocation of bank guarantee restricted only for fraud and irretrievable injustice(02.11.2015)
The Delhi High Court allowed an appeal against an order restraining the encashment of a bank guarantee by the Appellant. It noted that as per preceden.....
Tags : Bank guarantee, prejudice, future success
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Prospectus is a complete code in itself, candidates seeking admission under the Prospects are bound by the terms contained therein(20.09.2017)
In facts of present case, Department of Medical Education and Research, issued a Prospectus-cum-Application Form for admission to the Postgraduate Deg.....
Tags : Bank Guarantee, Condition, Legality
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CIVIL - Kerala HC Directs District Collectors to be Present in Proceedings Regarding Formation of Kerala Bank(06.03.2019)
Kerala High Court has directed seven District Collectors to be present in person during meeting to be held at district banks concerning finalising the.....
Tags : Kerala High Court, Kerala Bank
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INSOLVENCY - NCLT Rejects Karur Vysya Bank’s Plea Against ArcelorMittal Plan for Essar Steel(08.03.2019)
National Company Law Tribunal has rejected Karur Vysya Bank’s plea to quash Rs 42,000-crore resolution plan of ArcelorMittal for distressed Essar Stee.....
Tags : NCLT, Essar Steel, Karur Vysya Bank
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RBI Allows Financial Institutions to Conduct Business in Indian National Rupee in IFSC(20.01.2020)
Reserve Bank of India has allowed the Financial Institutions to conduct businesses in Indian National Rupees in International Financial Services Centr.....
Tags : Reserve Bank of India, Financial Institutions, Business in Indian National Rupee
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Supreme Court Indicts Indian Bank for Negligence(20.01.2020)
Supreme Court has directed the Indian Bank to pay Rs. 25 lakhs as compensation to Dayanand Anglo Vedic Public School in West Bengal for negligence lea.....
Tags : Supreme Court, Indian Bank
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Calcutta HC: Application to Set Aside Arbitral Award Cannot Be Put on Hold Due to Invocation of IBC(20.01.2020)
Calcutta High Court has stated that an application to set aside an arbitral award under the Arbitration and Conciliation Act, 1996 cannot be kept in a.....
Tags : Calcutta High Court, Set Aside of Arbitral Award, Insolvency and Bankruptcy Code Provisions
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NCLAT Stays NCLT’s Order Prohibiting Appointment of Ex- Bankers as Resolution Professional(21.01.2020)
National Company Law Appellate Tribunal has stayed National Company Law Tribunal’s Order which prohibited appointing a former bank official as indepen.....
Tags : National Company Law Appellate Tribunal, Appointment of Ex- Bankers
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Cabinet gives in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism(23.08.2017)
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given in-principle approval for Public Sector Banks to amalgamate through an Al.....
Tags : Approval, Banks, Amalgamation, Alternative Mechanism
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CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)
Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantee.....
Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC
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CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)
Delhi High Court has upheld supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said.....
Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC
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MRTP/ COMPETITION LAWS - CCI Clears SoftBank’s 22.44% Stake Buy in Delhivery(28.02.2019)
Competition Commission of India (CCI) has said it has approved acquisition of 22.44 % stake in logistics firm Delhivery by SoftBank Vision Fund.
Tags : Competition Commission of India, Delhivery, SoftBank Vision Fund
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SC Issues Notice to Union Government on Petitions Challenging Constitutionality of IBC Ordinance(14.01.2020)
Supreme Court has issued a notice to the Union Government on Petitions Challenging Constitutional Validity of Insolvency and Bankruptcy Code (Amendmen.....
Tags : Supreme Court, Insolvency and Bankruptcy Code Ordinance
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Reserve Bank of India Lifts Restrictions on Catholic Syrian Bank on Opening Branches(15.01.2020)
Reserve Bank of India has lifted a restriction that was imposed on the Catholic Syrian Bank for opening new branches, given the delayed initial public.....
Tags : Reserve Bank of India, Catholic Syrian Bank
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Securities Appellate Tribunal Grants Interim Relief to Axis Bank(16.01.2020)
Securities Appellate Tribunal has granted interim relief to Axis Bank in the Appeal seeking status quo on the Order passed by the Securities and Excha.....
Tags : Securities Appellate Tribunal, Axis Bank, Karvy Stock Broking Case
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RBI dispels rumour on non-acceptance of scribbled-on currency(14.12.2015)
The Reserve Bank of India issued a clarificatory statement to dispel rumours in social media that banks will not accept currency notes which have been.....
Tags : Bank note, scribble, tender, rumour
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Issuance of Rs. 500 bank notes without inset letter, in the Mahatma Gandhi (New Series)(08.12.2016)
The Reserve Bank of India will shortly issue Rs. 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing sign.....
Tags : Bank notes, Issuance, Inset Letter
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Award for outstanding writings in the field of Banking Hindi(16.10.2017)
With a view to encourage original writings and research in Banking Hindi, Reserve Bank of India has launched an 'Award scheme for outstanding writings.....
Tags : Outstanding writings, Banking Hindi, Award
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New $ 318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture - over 500,000 Farmers to Benefit in Tamil Nadu(26.12.2017)
The Government of India, the Government of Tamil Nadu and the World Bank today signed a $318 million loan agreement for the Tamil Nadu Irrigated Agric.....
Tags : Loan Agreement, Signing of, World Bank
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RBI Issues Norms to Shore Up Governance Standards at Urban Cooperative Banks(02.01.2020)
Reserve Bank of India has released the final guidelines for setting up a board of management for such banks. According to the guidelines, UCBs, with d.....
Tags : RBI, Urban Cooperative Banks
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Reserve Bank of India Permits Banks to Trade in Forex Outside of Market Hours(07.01.2020)
Reserve Bank of India has said that it has permitted category–I banks to offer foreign exchange prices to users at all times, out of their Indian book.....
Tags : Reserve Bank of India, Forex
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Reserve Bank of India Revises PCA Regime for UCBs Facing Financial Stress(07.01.2020)
Reserve Bank of India has decided to revise its Supervisory Action Framework to place restrictions on urban cooperative banks (UCBs) for deterioration.....
Tags : Reserve Bank of India, PCA Regime
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RBI Grants Approval for First Conversion from Urban Cooperative Bank to Small Finance Bank(07.01.2020)
Reserve Bank of India has granted ‘in-principle’ approval to Saharanpur-based, Shivalik Mercantile Cooperative Bank to convert from an Urban Cooperat.....
Tags : RBI, Small Finance Bank
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Insolvency and Bankruptcy Board of India Disqualifies Parties Barred from Liquidation Process(08.01.2020)
Insolvency and Bankruptcy Board of India has issued a notification whereby promoters or related parties disqualified from taking part in the insolvenc.....
Tags : Insolvency and Bankruptcy Board of India, Liquidation
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Reserve Bank of India Rejects Request to Extend Jan 7 Deadline(08.01.2020)
Reserve Bank of India has rejected banks’ demand to extend the January 7 deadline to come up with resolution plans under Inter-Creditor Agreements on .....
Tags : Reserve Bank of India, Deadline
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Issue of Rs. 20 banknotes without inset letter and intaglio printing(29.12.2016)
The Reserve Bank of India will shortly issue Rs. 20 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number .....
Tags : Rs. 20 banknotes, Issuance, Without inset letter
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RBI releases Primary (Urban) Co-operative Banks' Outlook 2015-2016(29.12.2016)
The Reserve Bank of India today released the third volume of the annual publication titled 'Primary (Urban) Co-operative Banks' Outlook 2015-16'. The .....
Tags : Co-operative Banks, Urban, Publication, Release
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RBI: SDR Norms Applicable to NBFCs Too(27.05.2016)
Reserve Bank of India (RBI) has said that modifications made to Strategic Debt Restructuring (SDR) mechanism by RBI in February this year will now be .....
Tags : Reserve Bank of India, NBFCs, SDR
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Government Banks on New PSU Norms for Higher Non-tax Revenue(09.06.2016)
Centre has released new guidelines on capital restructuring of state-owned companies, which will make them more accountable on matters of dividends, b.....
Tags : Government Banks, PSU Norms
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Madras High Court Orders Status Quo on Service Conditions of Migrant Bank Employees(13.04.2017)
Madras High Court has ordered status quo on service conditions linked to terminal benefits, pension and seniority of migrant employees of five banks w.....
Tags : Madras High Court , State Bank of India
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RBI Revises Norms For Action Against Weak Banks(14.04.2017)
Reserve Bank of India (RBI) has tightened rules that trigger regulatory action on lenders when they fall short of capital or exceed bad loan limits.
Tags : Reserve Bank of India, Weak Banks
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Reserve Bank Employees are Not Central Government Servants: Madras HC(15.04.2019)
Madras High Court has observed that the employees of Reserve Bank of India cannot be called as Government employees.
Tags : Supreme Court, Reserve Bank of India
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RBI Employees are Not Central Government Servants: Madras HC(15.04.2019)
Madras High Court has held that employees of Reserve Bank of India cannot be called as Government employees and also observed that fact that Central G.....
Tags : Madras High Court, Reserve Bank of India
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Supreme Court: Union Government Cannot Freeze Assets of Punjab National Bank in Nirav Scam Case(20.02.2020)
Supreme Court had ordered that the Union Government could not have moved under company law for freezing the assets of ex-Managing Director of Punjab N.....
Tags : Supreme Court, Punjab National Bank, Nirav Scam Case
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Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under(14.12.2017)
In the First Meeting of the Insolvency Law Committee, held on 08th December, 2017, under the Chairmanship of the Secretary, Ministry of Corporate Affa.....
Tags : Suggestions, Stakeholders, Bankruptcy Code
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Government of India announces details of Bank recap and Comprehensive Reform Plan(24.01.2018)
The Government of India today unveiled details of the re-capitalisation of Public Sector Banks (PSBs) announced in October, 2017. The capital infusion.....
Tags : Bank recap, Details, Announcement
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India Signs Loan Agreement with World Bank for USD 100 Million for "Shared Infrastructure for Solar Parks Project"(20.11.2017)
A Guarantee Agreement for IBRD/CTF loan of USD 98 million and Grant Agreement for USD 2 million for the "Shared Infrastructure for Solar Parks Project.....
Tags : Loan Agreement, World Bank, Solar Parks, Project
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Reporting of Transactions by agency banks to RBI(30.11.2017)
It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current tra.....
Tags : RBI, Agency Banks, Transactions
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COMPANY - NCLAT Slams RCom's Lender SBI over Rs. 37,000 Crore Asset Sale(12.03.2019)
National Company Law Appellate Tribunal has slammed lenders of Reliance Communications, State Bank of India, for painting a rosy picture of Anil Amban.....
Tags : NCLAT, State Bank of India, Reliance Communication
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BANKING - Bombay HC Refuses Interim Relief to Kotak Mahindra Bank on Promoter Stake Issue(13.03.2019)
Bombay High Court has refused to grant any interim relief to Kotak Mahindra Bank on Reserve Bank of India’s direction to dilute promoter shareholding .....
Tags : Bombay High Court, Kotak Mahindra Bank, Reserve Bank of India
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Reserve Bank of India Allows Kotak Bank to Retain 26% Promoter Stake(31.01.2020)
Reserve Bank of India has allowed Kotak Mahindra Bank’s founder Uday Kotak to retain 26 % promoter stake in a dispute over the bank’s promoter shareho.....
Tags : Reserve Bank of India, Kotak Mahindra Bank, Promoters Shareholding
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Reserve Bank of India Extends Deadline to Opt for Oversight Cadre(03.02.2020)
Reserve Bank of India has extended the cut-off date for its officers to opt for the specialized supervisory and regulatory cadre till July 31.
Tags : Reserve Bank of India, Oversight Cadre
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Supreme Court Seeks Centre and State Government’s Reply on Plea to Regulate Blood Banks(04.02.2020)
Supreme Court has sought response from Centre and all the State Governments on a plea seeking direction to strengthen and regulate blood banks and blo.....
Tags : Supreme Court, Blood Banks
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Supreme Court Stays Bombay High Court Order Directing Sale of HDIL Assets to Repay Dues of PMC Bank(10.02.2020)
Supreme Court has stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment .....
Tags : Supreme Court, PMC Bank
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RBI Relaxes Rules for ECBs(01.07.2016)
Reserve Bank of India (RBI) has said eased rules for External Commercial Borrowings (ECBs) and said that Indian companies will need to submit for appr.....
Tags : Reserve Bank of India, ECBs
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RBI Notifies Rates for Small Saving Schemes for Q2(08.07.2016)
Reserve Bank of India (RBI) has notified the interest rates for different small savings schemes for the quarter ending September. The interest rates h.....
Tags : Reserve Bank of India, RBI, small savings schemes
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RBI Sets Rupee Reference Rate against US Dollar and Euro(08.07.2016)
Reserve Bank of India (RBI) has fixed reference rate of the rupee at 67.4972 against the US dollar and 74.8274 for the euro.
Tags : Reserve Bank of India, RBI, reference rate
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Delhi HC Issues Restraining Orders on Bank Strike(12.07.2016)
Delhi HC has issued interim orders restraining staff and officers associations from going on strike against proposed merger of associate banks with St.....
Tags : Delhi HC, State Bank of India
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Banking Regulation Ordinance, 2017: RBI Gets Power to Initiate Insolvency Process Against Defaulters(05.05.2017)
President Pranab Mukherjee has approved Banking Regulation (Amendment) Ordinance, 2017 which gives power to Reserve Bank of India to initiate insolven.....
Tags : President Pranab Mukherjee, Banking Regulation (Amendment) Ordinance, 2017
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RBI Guidelines on Banking Regulation Act Stresses on Timeline for CAP in Joint Lenders Forum(10.05.2017)
RBI has issued directions u/s 35AB of Banking Regulation Act, 1949 stressing on timelines to be followed while finalizing a Corrective Action Plan (“C.....
Tags : RBI, Banking Regulation Act, 1949
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Karnataka HC Stays Auction of Properties by Banks During 21-Day Lock Down Period(31.03.2020)
Karnataka High Court has stayed for three weeks the process of auction and e-auction of mortgaged properties, during the 21-day lock-down period, obse.....
Tags : Karnataka High Court, Auction of Properties by Banks
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RBI Hikes Repo Rate by 25 bps to 6.5%(01.08.2018)
Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) has raised repo rate by 25 basis points (bps) to 6.5%.
Tags : Reserve Bank of India, Repo Rate
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Delhi HC Restores 'Status Quo Ante' for Loan Classified as NPA by Yes Bank(08.04.2020)
Delhi High Court has held that YES Bank should not have classified a loan account as Non-Performing Asset (NPA) when a delay in payment of installment.....
Tags : Delhi High Court, Loan Classified as NPA by Yes Bank
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Delhi HC Allows Interim Reoccupation to Debtor of Property Securitized by Bank(13.04.2020)
Delhi High Court has allowed a family to reoccupy a floor of the property, which was securitized by IIFL Home Finance Limited under Section 14 of Secu.....
Tags : Delhi High Court, Reoccupation to Debtor of Property Securitized by Bank
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Delhi HC: RBI's Intention is to Maintain Status Quo on Account Classification as on March 1(15.04.2020)
Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank in light of the morato.....
Tags : Delhi High Court, Reserve Bank of India, Status Quo on Account Classification
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RBI: 90-Day NPA Norm Shall Exclude Moratorium Period for Standard Accounts as on March 1(17.04.2020)
Reserve Bank of India has announced that the moratorium permitted by it on 27th March, 2020 due to COVID-19 situation can be excluded from the 90-day .....
Tags : Reserve Bank of India, Moratorium Period for Standard Accounts
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IBBI Exempts Lockdown Period from Time Line of Activity in Relation to Liquidation Process(20.04.2020)
Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government shall not be counted for the purpose.....
Tags : Insolvency and Bankruptcy Board of India, Time Line of Liquidation Process
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RBI Cancels Sahara's NBFC Licence for Flouting Know-Your-Customer Norms(15.09.2015)
Reserve Bank of India (RBI) has cancelled licence of Sahara India Financial Corporation Ltd (SIFCL), Sahara group’s Non-Banking Financial Co.(NBFC), e.....
Tags : Reserve Bank of India , Sahara
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RBI Shortlists 10 Micro Lenders to Set Up Small Banks(17.09.2015)
RBI has shortlisted 10 micro lenders to set up small banks to advance loans primarily to unbanked, small businesses , farmers, micro industries, small.....
Tags : RBI ,small banks
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RBI Relaxes Norms on Loans to CEOs, Directors of Banks(17.09.2015)
RBI has said that loans granted to CEO and Whole Time Director of banks for purchasing car, personal computer, furniture, constructing/acquiring house.....
Tags : RBI, Loans to CEOs, Directors of Banks
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SC Notices RBI, FM Over Plea For Exchange of Old Notes Found in Dead Parents’ Bank Locker(24.07.2017)
Supreme Court has issued notice to RBI and Finance Ministry on a fresh plea seeking permission to deposit Rs 60 lakh in old notes which were lying in .....
Tags : Supreme Court, Demonetised Notes, Reserve Bank of India
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NCLT: Proceedings u/s 138 NI Act Have Nothing To Do With Insolvency Application Under I&B Code(28.07.2017)
National Company Law Tribunal has ruled that disclosure of fact of initiation of proceedings u/s 138 of Negotiable Instruments Act in not necessary wh.....
Tags : National Company Law Tribunal, Insolvency and Bankruptcy Code
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Delhi High Court Issues Notice in Plea Challenging IBC Ordinance(30.07.2020)
Delhi High Court has issued notice to the Ministry of Law and Justice and Insolvency and Bankruptcy Board of India in a plea challenging the validity .....
Tags : Delhi High Court, Insolvency and Bankruptcy Code Ordinance, 2020
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RBI Revises SDR Norms(26.02.2016)
Reserve Bank of India (RBI) has asked banks going in for Strategic Debt Restructuring (SDR) scheme to make sufficient provisions to the tune of 15 per.....
Tags : Reserve Bank of India , Strategic Debt Restructuring
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RBI Issues Draft Norms for Account Aggregators(04.03.2016)
Reserve Bank of India (RBI) has issued draft guidelines for setting up of Non-Banking Finance Companies (NBFC) that would act as account aggregators a.....
Tags : Reserve Bank of India , Non-Banking Finance Companies
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RBI Releases Fifth Bi-monthly Monetary Policy Statement, Maintains Status Quo on Repo Rate(08.02.2017)
Reserve Bank of India (RBI) has issued its sixth Bi-monthly Policy Statement for the year, wherein Apex Bank decided to hold on to repo rate at 6.25 p.....
Tags : Reserve Bank of India, Bi-monthly Policy Statement, repo rate
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RBI: No Cash Withdrawal Limits Post March 13(09.02.2017)
Reserve Bank of India (RBI) has said that cash withdrawal limits, currently in place for savings bank accounts will be removed in two stages, initiall.....
Tags : Reserve Bank of India, Cash Withdrawal
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Supreme Court Upholds Validity of Insolvency & Bankruptcy Code(28.01.2019)
Supreme Court has upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.
Tags : Supreme Court, Insolvency & Bankruptcy Code
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Bombay High Court Rejects PMC Bank Depositors' Plea for Lifting Withdrawal Cap(06.12.2019)
Bombay High Court has rejected pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank, seeking lifting of restriction.....
Tags : Bombay High Court, PMC Bank
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ITAT, Mumbai: Data Processing Cost Paid by KBC Bank Branch to Head Office Isn’t Royalty(04.12.2020)
Income Tax Appellate Tribunal (ITAT), Mumbai has upheld the order passed by CIT(A) holding that the Data Processing Cost paid by the KBC Bank Branch t.....
Tags : Income Tax Appellate Tribunal, KBC Bank Branch
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Issuance of press release regarding management of operational risks inherent in the functioning of banks with respect to the SWIFT Infrastructure(20.02.2018)
Reserve Bank of India (RBI), as part of its ongoing efforts for strengthening of the supervisory framework in the country, has been issuing necessary .....
Tags : Management, Operational risks, Banks, Functioning
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Export Data Processing and Monitoring System expanded(26.05.2016)
The Export Data Processing and Monitoring System has been expanded with modules that will now include information on handling of shipping bills for ca.....
Tags : edpms, exporters, caution, monitoring, banks
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National Company Law Tribunal effective 1 June 2016(01.06.2016)
The Central Government constituted the National Company Law Tribunal and Appellate Tribunal for hearing matters arising under the Companies Act and th.....
Tags : companies act, bankruptcy code, company law tribunal
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India signs 200 million US Dollar Loan Deal with World Bank for National Nutrition Mission (POSHAN Abhiyaan) for 315 districts across all states/UTs(07.05.2018)
The Government of India signed a loan deal worth $ 200 million with the World Bank today for the National Nutrition Mission (POSHAN Abhiyaan). The loa.....
Tags : Loan Deal, World Bank, POSHAN Abhiyaan
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RBI Relaxes Deposits Norm of More Than Rs 5,000 in Old Denominations For KYC A/Cs(21.12.2016)
Reserve Bank of India has relaxed its notification, specifying that deposits of over 5000 rupees could be made only after furnishing a satisfactory re.....
Tags : Reserve Bank of India, Old Denominations, Deposits, KYC A/Cs, demonetisation
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RBI Eases Bad Loan Classification Norms For Small Borrowers, Farmers(29.12.2016)
Reserve Bank of India (RBI) has relaxed norms for bad loan classification for small borrowers, including farmers, giving them additional 30 days to re.....
Tags : Reserve Bank of India, loan, repayment, Small Borrowers
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RBI Extends Note Exchange Deadline for NRI’s till June 30(02.01.2017)
Reserve Bank of India has said that Non-resident Indians (NRIs) can exchange old Rs 500 and Rs 1000 notes till June 30, 2017.
Tags : Reserve Bank of India, Rs. 500, Rs. 1000, Demonetisation
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Rajya Sabha Passes Insolvency and Bankruptcy Code Amendment Bill(03.01.2018)
Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which bars unscrupulous persons from misusing the provisions of the .....
Tags : Rajya Sabha, Insolvency, Bankruptcy
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Application Under Sec. 7 of IBC can’t be Admitted After Settlement Between Parties: NCLAT(06.12.2018)
National Company Law Appellate Tribunal has declared admission of application under Section 7 of the Insolvency and Bankruptcy Code after settlement b.....
Tags : NCLAT, Section 7 of Insolvency and Bankruptcy Code
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PMLA Appellate Authority: IBC Prevails Over Prevention of Money Laundering Act(24.09.2019)
In an important decision, the Appellate Authority of the Prevention of Money Laundering Act, 2002 has upheld the prevalence of the Insolvency and Bank.....
Tags : Appellate Authority of the Prevention of Money Laundering Act, 2002, Insolvency and Bankruptcy Code, PMLA
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Gujarat HC Set Aside Provisional Attachment of Bank Accounts of Person Accused of Tax Evasion(03.11.2020)
Gujarat High Court has quashed the order for provisional attachment of the five bank accounts of a person accused of tax evasion under Section 74(1) o.....
Tags : Gujarat High Court, Provisional Attachment of Bank Accounts
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Paytm Payments Bank Receives Final Approval From RBI(04.01.2017)
Reserve Bank of India (RBI) has given final approval to formally launch Paytm Payments Bank.
Tags : RBI, Paytm Payments Bank
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Government Extends Aadhaar-Bank A/C Linking Deadline to March 31, 2018(14.12.2017)
Government has decided to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whiche.....
Tags : Aadhaar, Bank
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Lawyer Can Issue Demand Notice of Unpaid Operational Debt on Behalf of Operational Creditor: SC(18.12.2017)
Supreme Court has held that a lawyer on behalf of the operational creditor can issue a demand notice of an unpaid operational debt.The court also held.....
Tags : Supreme Court, Insolvency and Bankruptcy Code
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SC Declines to Entertain Plea by PMC Bank Account Holders for Lifting Cash Withdrawal Restrictions(18.10.2019)
Supreme Court has declined to entertain plea by Punjab & Maharashtra Co-operative Bank account holders seeking directions to Reserve Bank of India aga.....
Tags : SC, PMC Bank
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IBBI Amends Regulations Related to Corporate Insolvency Proceedings(19.11.2020)
Insolvency and Bankruptcy Board of India (IBBI) amended Regulations relating to corporate insolvency proceedings which came to be known as the Insolve.....
Tags : Insolvency and Bankruptcy Board of India, Regulations Related to Corporate Insolvency Proceedings
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RBI Directs Banks Not to Grant/Renew Permissions to Foreign Law Firms for Opening Liaison Offices(24.11.2020)
Reserve Bank of India has directed the banks not to grant fresh permissions/ renewal of permission to any foreign law firm for opening of Liaison Offi.....
Tags : Reserve Bank of India, Permissions to Foreign law Firms
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Bombay High Court Refuses to Stay RBI Scheme for Lakshmi Vilas Bank Merger with DBS Bank(27.11.2020)
Bombay High Court has rejected a prayer for ad-interim stay on Reserve Bank of India's amalgamation scheme for the merger of Lakshmi Vilas Bank with t.....
Tags : Bombay High Court, Lakshmi Vilas Bank Merger with DBS Bank
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Bombay High Court: HDIL, its Promoters have to Repay Loan to PMC Bank(20.12.2019)
Bombay High Court has observed that HDIL and its promoters will have to repay their loan to crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank a.....
Tags : Bombay High Court, PMC Bank
read»
Apex Court Directs Bank to Compensate School who Lost Money in Online Banking Fraud(20.12.2019)
Apex Court has directed a Bank to give compensation of Rs 25 Lakhs to a school whose money from the bank account was siphoned out by the miscreants. T.....
Tags : Apex Court, Online Banking
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RBI Implements ‘Positive Pay’ System for Cheque Transactions(31.12.2020)
Reserve Bank of India (RBI) has implemented ‘Positive Pay’ system for cheque transactions above Rs 50,000, to enhance security and reduce instances of.....
Tags : Reserve Bank of India, Positive Pay System
read»
Delhi HC Directs RBI, SBI to Maintain Status Quo on Reliance Accounts(07.01.2021)
Delhi High Court has directed Reserve Bank of India and State Bank of India to maintain status quo on the classification of Anil Ambani's Reliance Com.....
Tags : Delhi High Court, Reliance Bank Accounts
read»
NCDRC: Bank Liable for Fraudulent Online Transaction if Account Holder's Fault Not Proved(11.01.2021)
National Consumer Disputes Redressal Commission (NCDRC) has held that in case of fraudulent transactions leading to withdraw of money from a person's .....
Tags : National Consumer Disputes Redressal Commission, Fraudulent Online Banking Transaction
read»
RBI Clears 11 Payments Banks(20.08.2015)
Reserve Bank of India (RBI) has given 'in principle' clearance to 11 entities to set up 'payments banks'. These entities include department of posts, .....
Tags : Reserve Bank of India, Payments Banks
read»
RBI Withdraws Banks' 25% Compensation(28.08.2015)
Reserve Bank of India (RBI) has withdrawn 25 per cent compensation to banks for detecting fake notes.
Tags : Reserve Bank of India,25 per cent compensation
read»
NCLAT Widens Definition of “Dispute” to Resist an Action for Insolvency Under Bankruptcy Code(29.06.2017)
NCLAT has widened definition of 'dispute' u/s 8,9 of Insolvency and Bankruptcy Code to include, apart from existing suits and arbitrations, any other .....
Tags : NCLAT, Insolvency and Bankruptcy Code
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Reserve Bank of India to Lift All Charges on Fund Transfers via RTGS and NEFT from July 1(12.06.2019)
Reserve Bank of India has said that it will lift all charges on fund transfer through popular RTGS and NEFT systems from July 1, 2019 and asked banks .....
Tags : Reserve Bank of India, NEFT, RTGS
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Meghalaya High Court: Indiscipline by Bankers Cannot be Overlooked(13.06.2019)
Meghalaya High Court has observed that indiscipline by bankers cannot be overlooked as they deal with public money. The Court held that "No organisati.....
Tags : Meghalaya High Court, Bankers
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Calcutta HC Passes Injunction Order Restraining Activities on River Banks, Alluvial Landscapes Etc(20.04.2021)
Calcutta High Court has passed an order of an injunction restraining any activity on the lands which are river banks or alluvial landscapes or alluvia.....
Tags : Calcutta High Court, Activities on River Banks, Alluvial Landscapes Etc
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Provisioning pertaining to Fraud Accounts(18.04.2016)
Reserve Bank of India notified amendments to provisions in respect of Fraud Accounts. Banks making good amounts upon detection of fraud can adjust fin.....
Tags : fraud accounts, banks, adjustment, profit and loss
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Mandatory Requirement of AADHAR for Individuals Availing Facilities under Specified Schemes through Banks or Financial Institutions(01.03.2017)
Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, bring.....
Tags : Aadhar, Mandatory, Scheme, Banks
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Issue of Rs. 10 banknotes with improved security features(09.03.2017)
The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi Series-2005 with inset letter 'L' in both the number .....
Tags : Bank Notes, Issuance, Security
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Linking of SWIFT to the Core Banking System(22.03.2018)
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para 75), a Steering Committee on.....
Tags : SWIFT, Linking, Banking System
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RBI Widens Scope of Ombudsman Scheme, Mobile And Electronic Banking Brought Under Purview(26.06.2017)
Reserve Bank of India has widened scope of its Banking Ombudsman Scheme 2006, to include inter alia deficiencies arising out of sale of insurance/ mut.....
Tags : Reserve Bank of India, Banking Ombudsman Scheme 2006
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Delhi HC Asks Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property(26.06.2017)
Delhi High Court has directed bank to compensate petitioner for trauma and humiliation caused due to wrongful attachment of his property because of ba.....
Tags : Delhi High Court, Canara Bank
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IBC Will Override Provisions of Other Enactments Inconsistent With It : Supreme Court(16.08.2018)
Supreme Court has observed that Insolvency and Bankruptcy Code (IBC) will override anything inconsistent contained in any other enactment, including t.....
Tags : Supreme Court, Insolvency, Bankruptcy
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NCLT Directs Bandhan Bank to Seek Shareholders’ Nod(24.06.2019)
National Company Law Tribunal (NCLT) has directed Bandhan Bank to convene a meeting of its equity shareholders to approve the proposed merger with Gr.....
Tags : NCLT, Bandhan Bank
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RBI Slashes Key Rate 40 Basis Points to New All-Time Low(25.05.2020)
Reserve Bank of India has cut key interest rates by 40 basis points to a new low of 4%, citing an assessment of Gross Domestic Product contraction in .....
Tags : Reserve Bank of India, Interest Rates
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Delhi HC Directs SBI to Open FCRA Accounts of NGOs Within 10 Days of Receiving Centre's Approval(24.05.2021)
Delhi High Court has directed the State Bank of India (SBI) to ensure that applications for opening the Foreign Contribution (Regulation) Act, 2010 (F.....
Tags : Delhi High Court, State Bank of India, FCRA Accounts
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IT dues payable in advance at authorised bank branches(16.05.2016)
Advance income tax can be paid at authorised banks instead of just with the Reserve Bank of India. Of the 29 banks authorised to acceptance tax remitt.....
Tags : Income tax, advance, authorised banks
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RBI regional offices entrusted UCB fraud monitoring and reporting duties(19.05.2016)
The Reserve Bank of India notified a revised fraud monitoring and reporting mechanism for Primary (Urban) Co-operative Banks.
Under the new.....
Tags : Co-operative bank, fraud, reporting, monitoring
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UBS AG no longer a banking company(19.05.2016)
The Reserve Bank of India notified USB AG, the Swiss multinational financial services firm, to have ceased being a ‘banking company’ under the Banking.....
Tags : Ubs, swiss, banking company, banking act
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RBI issues Directions to the City Co-operative Bank Ltd., Mumbai, Maharashtra(18.04.2018)
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018) has placed The City Co-operative Bank Ltd., Mumbai.....
Tags : Direction, Issuance, Bank
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Clarification regarding bank guarantee requirement for bond executed by EOUs(14.08.2018)
1. Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular.....
Tags : Clarification, Bank guarantee, Bond, Execution
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Delhi High Court: Finance Ministry Dept's Fine on Banks Reversed(09.09.2019)
Delhi High Court has dismissed 15 appeals by the Financial Intelligence Unit of the Finance Ministry against an order of the Appellate Tribunal of th.....
Tags : Delhi High Court, Banks
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SAT Sets Aside Rs 3 Lakh Penalty on Central Bank of India(10.09.2019)
Securities Appellate Tribunal (SAT) has set aside a penalty of Rs 3 lakh levied by markets regulator Securities and Exchange Board of India(SEBI) on C.....
Tags : SAT, Central Bank of India
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SEBI Fines ICICI Bank, Compliance Officer Rs 12 lakh for Disclosure Lapses(13.09.2019)
SEBI has levied a total fine of Rs 12 lakh on ICICI Bank Ltd and its compliance officer for disclosure lapses, including delayed disclosure of binding.....
Tags : SEBI, ICICI Bank
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Delhi HC Issues Notice in Anil Ambani's Plea Seeking Impleadment of Chinese Banks(13.10.2020)
Delhi High Court has issued notice in an application moved by Anil Ambani seeking the impleadment of Chinese banks in his pending Petition challenging.....
Tags : Delhi High Court, Anil Ambani, State Bank of India
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MP HC Imposes Rs. 2 Lakh Exemplary Cost on SBI for 'Inhuman Approach'(29.07.2021)
Madhya Pradesh High Court has imposed exemplary cost of Rs. 2 lakhs on the State Bank of India (SBI) for adopting a very 'inhuman approach' while deal.....
Tags : Madhya Pradesh High Court, Cost on State Bank of India
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IBBI Clarifies Disciplinary Committee May Impose Monetary Penalty(30.07.2021)
Insolvency and Bankruptcy Board of India (IBBI) has issued a circular wherein it was clarified that the Disciplinary Committee of an Insolvency Profes.....
Tags : Insolvency and Bankruptcy Board of India, Disciplinary Committee, Monetary Penalty
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Annual Conference of Banking Ombudsmen 2017 - July 25, 2017(31.07.2017)
The Annual Conference of Banking Ombudsmen was held at Mumbai on July 25, 2017. Shri S S Mundra, Deputy Governor, Reserve Bank of India (RBI) inaugura.....
Tags : Conference, Banking, Ombudsmen
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India signs Financing Loan Agreement with the World Bank for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)(18.09.2018)
A Loan Agreement for IBRD Credit of US$74 million equivalent for the Uttarakhand Workforce Development Project (UKWDP) was signed with the World Bank .....
Tags : Loan Agreement, World Bank, Project (UKWDP)
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Government initiates consolidation - amalgamated entity to be India's third largest bank(17.09.2018)
First-ever three-way bank amalgamation process commences Government paves the way for amalgamated Public Sector Banks with global heft and business sy.....
Tags : Amalgamated entity, Largest bank , Initiation
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RBI permits internet banking in regional rural banks(19.11.2015)
The Reserve Bank of India permitted Regional Rural Banks to provide internet banking facilities to their customers, provided they have implemented the.....
Tags : Regional, rural bank, internet banking
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CVC analyses 100 top bank frauds - identifies loop holes-suggests systemic improvements(16.10.2018)
Central Vigilance Commission (CVC) has reviewed and analyzed Top 100 Bank Frauds, as on 2017.
Sharing the details Dr. T.M. Bhasin, Vigilan.....
Tags : Bank frauds, Loop holes, Identification
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India Signs Loan Agreement with World Bank for US$ 119 Million for "Odisha Higher Education Programme for Excellence and Equity (OHEPEE) Project(07.11.2017)
A Financing Agreement for IBRD loan of US$ 119 million (equivalent) for the "Odisha Higher Education Programme for Excellence & Equity (OHEPEE) Projec.....
Tags : Loan Agreement, World Bank, Signing of
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Reserve Bank of India imposes monetary penalty on FINO Payments Bank Limited(05.11.2018)
The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs. 10 million on FINO Payments Bank Limited (the bank) for co.....
Tags : Penalty, Imposition, Bank Limited
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Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies(05.09.2017)
Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 compan.....
Tags : Bank accounts, Companies, 'Struck off'
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Reserve Bank of India imposes monetary penalty on Federal Bank Limited(03.10.2018)
The Reserve Bank of India (RBI) has imposed, by an order dated September 25, 2018, a monetary penalty of Rs. 50 million on Federal Bank Limited (the b.....
Tags : Penalty, Federal bank, Imposition
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Autonomy for Central Bank, within the Framework of the RBI Act, Is an Essential and Accepted Governance Requirement: Says Government(31.10.2018)
The autonomy for the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Governments in India have.....
Tags : Autonomy, Central Bank, Governance
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Payments Bank and Small Finance Banks- access to Call/Notice/Term Money Market(29.10.2018)
1. A reference is invited to Master Direction No.2/2016-17, dated July 7, 2016 on Money Market Instruments. A reference is also invited to the Guideli.....
Tags : Payments Bank, Small Finance Banks, Access
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Manager of Nationalized Bank Though a Public Servant Can't Claim Protection U/S 197 CrPC: SC(01.05.2019)
Supreme Court has observed that a public servant working in a nationalized bank cannot claim benefit of Sanction under Section 197 of the Criminal Pro.....
Tags : Supreme Court, Nationalized Bank, Section197 CrPC
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Manager of Nationalized Bank Though a Public Servant Can't Claim Protection U/S 197 CrPC: SC(01.05.2019)
Supreme Court has observed that a public servant working in a nationalized bank cannot claim benefit of Sanction under Section 197 of the Criminal Pro.....
Tags : Supreme Court, Nationalized Bank, Section197 CrPC
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Delhi HC Stays Bank Guarantees' Invocation(21.04.2020)
Delhi High Court has passed an interim order restraining the invocation of bank guarantees, observing that the lockdown was prima facie in the nature .....
Tags : Delhi High Court, Bank Guarantees
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RBI Increases Short-Term Borrowing Capacity of Central Government(21.04.2020)
Reserve Bank of India has increased the short-term borrowing capacity of the Central Government by over 65% to temper market fears that excessive borr.....
Tags : Reserve Bank of India, Short-Term Borrowings of Government
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RBI Opens Rs 50kcr Flexible Liquidity Window to Aid MFs(28.04.2020)
Reserve Bank of India (RBI) has opened a Rs 50,000 Crores flexible liquidity window to help mutual funds cope with redemption pressure, tempering inve.....
Tags : Reserve Bank of India, Liquidity Window
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Delhi HC Temporarily Restrains 6 PSU Banks from Taking Coercive Action Against Company(29.04.2020)
Delhi High Court has temporarily injuncted 6 Public Sector Units banks from taking any coercive action against Eastman Auto Limited for defaults arisi.....
Tags : Delhi High Court, Coercive Action, PSU Banks
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Rajasthan HC: Condition to Submit Bank Guarantee Against Annual Fees as Illegal(01.06.2021)
Rajasthan High Court has held that the condition imposed by private medical institutions requiring students seeking admission to MBBS Course to submit.....
Tags : Rajasthan High Court, Bank Guarantee Against Annual Fees
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RBI Eases MFI Norms to Provide Cheaper Loans to SCs Below Double Poverty Line(05.10.2015)
Reserve Bank of India (RBI) has eased micro finance norm of maximum 4 % variance in interest rates for small loans offered to Scheduled Castes (SCs ).....
Tags : Reserve Bank of India , SC
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NCLAT: Pendency of Appeal Under Arbitration Act Does Not Bar Insolvency Process Under IBC(01.09.2017)
National Company Law Appellate Tribunal has observed that pendency of S.37 appeal under Arbitration Act cannot be treated as an ‘existence of dispute’.....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code
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Supreme Court: Insolvency and Bankruptcy Code Prevails Over State Laws(04.09.2017)
Supreme Court has ruled that the Insolvency and Bankruptcy Code, 2016 (Code), being a central statute, will prevail over the state laws that are repug.....
Tags : Supreme Court, Insolvency and Bankruptcy Code
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Limitation Act Applicable to Applications Filed Under Sec 7 and 9 of IBC from Inception of Code: SC(12.10.2018)
Supreme Court has held that the Limitation Act is applicable to applications filed under Sections 7 and 9 of Insolvency and Bankruptcy Code From the i.....
Tags : Supreme Court, Insolvency and Bankruptcy Code
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Reserve Bank Cuts Key Lending Rates by 0.35%(07.08.2019)
Reserve Bank of India's Monetary Policy Committee (MPC) has cut key interest rate for the fourth consecutive time by 35 basis points or 0.35 per cent .....
Tags : Reserve Bank, Lending Rates
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Bombay HC Dismisses Yes Bank Petition Against Zee Promoters(20.08.2020)
Bombay High Court has rejected a Yes Bank Petition that sought to prevent Zee Entertainment Enterprises from selling shares and disposing of assets, s.....
Tags : Bombay High Court, Yes Bank
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DGFT: Importer Not Required to Furnish Quarterly Returns for Import of Water-Mark Bank Note Paper(14.07.2021)
Director-General of Foreign Trade (DGFT) has notified that the importer is no longer required to furnish quarterly returns for import of Water-mark Ba.....
Tags : Director General of Foreign Trade, Import of Water-Mark Bank Note Paper
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Timeframe for implementation of Ind AS for scheduled commercial banks(11.02.2016)
The Reserve Bank of India notified scheduled commercial banks are required to comply with Indian Accounting Standards (Ind AS) for accounting periods .....
Tags : Indian accounting standards, commercial banks, implementation
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Withdrawal of old series banknotes issued prior to 2005 deferred(11.02.2016)
The Reserve Bank of India extended the deadline for exchanging pre-2005 banknotes to 30 June, 2016. Exchange on banknotes in 2016 will only be done at.....
Tags : Rbi, banknotes, pre-2005, deadline, extend
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Suryoday Small Finance Bank Limited commences operations(23.01.2017)
Suryoday Small Finance Bank Limited has commenced its operations as a small finance bank with effect from January 23, 2017. The Reserve Bank has issue.....
Tags : Finance Bank, Small, Operations
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Reserve Bank of India imposes monetary penalty on Syndicate Bank(05.02.2019)
The Reserve Bank of India (RBI) has imposed, by an order dated January 30, 2019, a monetary penalty of Rs. 10 million on Syndicate Bank (the bank) for.....
Tags : Penalty, Imposition, Syndicate Bank
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RBI Strikes Down Registration Certificate of Seven NBFCs(18.08.2015)
Reserve Bank of India (RBI) has cancelled certificate of registration of seven Non-Banking Financial Companies (NBFCs) including that of Religare Fina.....
Tags : Reserve Bank of India,NBFCs
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RBI to CICs: Give FFCR to Individuals Once a year(02.09.2016)
Reserve Bank of India (RBI) has directed Credit Information Companies (CICs) to provide access to one Free Full Credit Report (FFCR), including credit.....
Tags : Reserve Bank of India, CICs, FFCR t
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ITAT, Mumbai: Interest Income Earned by HSBC Bank Not Eligible to Tax(14.07.2020)
Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that interest income of Rs 1,498 crore earned by HSBC Bank during the assessment year 2015-16 f.....
Tags : Income Tax Appellate Tribunal, HSBC Bank
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SC Wants All Information on Reliance, Sistema, Aircel & Videocon Bankruptcy Cases(21.07.2020)
Supreme Court has asked for all records pertaining to the bankruptcy proceedings of Reliance Communications, Sistema Shyam Teleservices, Aircel and Vi.....
Tags : Supreme Court, Information on Bankruptcy Cases
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Delhi HC Issues Notice in Plea Seeking Direction to PMC Bank to Allow Withdrawals(21.07.2020)
Delhi High Court has issued notice in a plea seeking a direction to be issued to the Punjab & Maharashtra Cooperative Bank to allow its depositors to .....
Tags : Delhi High Court, Punjab & Maharashtra Cooperative Bank
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RBI Issues Review of Instructions on Interest on Overdue Domestic Deposits(06.07.2021)
Reserve Bank of India (RBI) has issued the review of instructions on Interest on overdue domestic deposits. The RBI has directed Banks to refer to dir.....
Tags : Reserve Bank of India, Interest on Overdue Domestic Deposits
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Reserve Bank of India imposes monetary penalty on IDBI Bank Limited(11.04.2018)
The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of Rs. 30 million on IDBI Bank Limited (the ban.....
Tags : Penalty, Imposition, IDBI Bank
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Prompt Corrective Action (PCA) Framework(26.02.2019)
The Board for Financial Supervision (BFS), in its meeting held on February 26, 2019 reviewed the performance of banks under PCA and noted that the Gov.....
Tags : Banks, Performance, Review
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Law to check scams in Banks(18.12.2018)
The Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline, including, inter alia, i.....
Tags : Scams, Banks, Law
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Reserve Bank of India imposes monetary penalty on SBM Bank (India) Ltd(16.10.2019)
The Reserve Bank of India (RBI) has, by an order dated October 15, 2019, imposed a monetary penalty of Rs. 3 crore on SBM Bank (India) Ltd. for non-co.....
Tags : Penalty, Imposition, SBM Bank
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RBI: Small Finance Banks Can Join Payment System(23.12.2015)
Reserve Bank of India (RBI) has said that entities who received in-principle approval for setting up payments banks and small finance banks can join a.....
Tags : Reserve Bank of India, payment system
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RBI Says No Deadline for Resolving Complaints under Banking Ombudsman Scheme(23.12.2015)
Reserve Bank of India (RBI) has said that there is no time limit for resolution of complaints under Banking Ombudsman scheme, aimed at seeking redress.....
Tags : Reserve Bank of India, Ombudsman scheme
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CCI Approves RBS India-Sanctum Wealth Acquisition Deal(30.12.2015)
Competition Commission of India (CCI) has approved acquisition of Royal Bank of Scotland (RBS) Group's India wealth management business by Sanctum Wea.....
Tags : Competition Commission of India , Royal Bank of Scotland , Sanctum Wealth
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RBI Tightens Norms for Banks Lending to Overseas Subsidiary of Indian Companies(04.01.2016)
Reserve Bank of India (RBI) has tightened norms for banks lending to overseas subsidiary of Indian companies by raising the provisions substantially a.....
Tags : Reserve Bank of India , subsidiary of Indian companies
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Centre Notifies Regulations for Liquidation Process Under New Bankruptcy Code(19.12.2016)
Central Government has notified rules by which companies can go through liquidation under Insolvency and Bankruptcy Code (IBC), 2016.
Tags : Central Government, liquidation, Insolvency and Bankruptcy Code (IBC), 2016
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RBI Imposes Rs 1.75-Crore Penalty on Indian Bank for Non-Compliance(21.11.2019)
Reserve Bank of India has imposed a monetary penalty of a total of Rs 1.75 crore on Indian Bank for non-compliance with its various directions. The no.....
Tags : RBI, Indian Bank
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Delhi High Court: World Bank Not A Govt Agency Within Article 12 Of Constitution(25.10.2021)
Delhi High Court has held that the World Bank is not a Government agency for the purposes of Article 12 of the Constitution of India, 1949 which defin.....
Tags : Delhi High Court, World Bank
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Award for outstanding writings in the field of Banking Hindi(16.10.2017)
With a view to encourage original writings and research in Banking Hindi, Reserve Bank of India has launched an 'Award scheme for outstanding writings.....
Tags : Outstanding writings, Banking Hindi, Award
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Sectoral Deployment of Bank Credit(31.10.2019)
Data on sectoral deployment of bank credit collected from select 39 scheduled commercial banks, accounting for about 90 per cent of the total non-food.....
Tags : Sectoral Deployment, Bank Credit, Data
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RBI Operationalise CFR(22.01.2016)
Reserve Bank of India (RBI), in order to minimize frauds, has operationalised a Central Fraud Registry (CFR) with effect from January 20.
Tags : Reserve Bank of India, Central Fraud Registry
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Delhi HC Asks RBI to Submit its Latest Circular on FDI Policy(27.01.2016)
While hearing a public interest litigation seeking a thorough investigation against all firms that have received FDI, Delhi High Court has sought a re.....
Tags : Delhi High Court, Reserve Bank of India, FDI policy
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RBI Cancels Rs 9k crore T-bill Auction(28.01.2016)
Reserve Bank of India (RBI) has cancelled a Rs 9,000-crore auction of Government's 91-day Treasury Bills (T-bills) as it was not willing to accede to .....
Tags : Reserve Bank of India, T-bills
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RBI Mandates Online Filing of FDI Forms from February 8(02.02.2016)
Reserve Bank of India (RBI) has asked banks to file forms related to Foreign Direct Investment (FDI) only online on the e-Biz portal from February 8.
Tags : Reserve Bank of India , Foreign Direct Investment
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RBI Eases FDI Norms to Boost Start-Ups(03.02.2016)
Reserve Bank of India (RBI) has relaxed several rules including Foreign Direct Investment (FDI) norms to boost start-up activity in the country.
Tags : Reserve Bank of India, Foreign Direct Investment , Start-Ups
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RBI Enhances Withdrawal Limits From ATMs From Rs. 4500 to Rs 10,000 Per Day(16.01.2017)
Reserve Bank of India (RBI) has enhanced limit on withdrawals from ATMs from current limit of Rs.4,500 to Rs.10,000 per day per card.
Tags : Reserve Bank of India, Withdrawal Limits, ATMs
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SC Stays NCLAT Order That Said Limitation Act Doesn’t Apply To Proceedings Under IBC(11.01.2018)
Supreme Court has stayed the order of the National Company Law Appellate Tribunal which said the provisions of the Limitation Act were not applicable .....
Tags : Supreme Court, Insolvency and Bankruptcy Code
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RBI Imposes Fine on SBI for Failure to Comply with Fraud Classification Rules(19.10.2021)
Reserve Bank of India has slapped a fine of Rs 1 crore on State Bank of India for failing to comply with fraud classification rules. The regulator sai.....
Tags : Reserve Bank of India, State Bank of India
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India Signs Loan Agreement with the World Bank for USD 25.2 Million for Chhattisgarh Public Financial Management and Accountability Program(05.03.2019)
The Government of India, the State Government of Chhattisgarh and the World Bank signed here in New Delhi today a $25.2 Million Loan Agreement to supp.....
Tags : Loan Agreement, World bank, Signing of
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Government puts in place measures to protect commercial decision making by Banks(28.01.2020)
The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and dis.....
Tags : Commercial, Banks
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Delhi HC Issues Notice on Plea Challenging Coercive Action Proposed by YES Bank(02.04.2020)
Delhi High Court has issued notice to YES Bank Limited in a plea challenging the email sent by YES Bank, wherein the bank has proposed to take coerciv.....
Tags : Delhi High Court, YES Bank
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Bombay HC: Goa State Cooperative Bank Ltd. is Not a 'State' Under Article 12(08.03.2021)
Bombay High Court has held that the Goa State Cooperative Bank Ltd. is not a 'State' nor does it fall within the ambit of 'any other authority' for th.....
Tags : Bombay High Court, Goa State Cooperative Bank Ltd.
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Calcutta High Court: Reserve Bank of India is 'State' Under Article 12(11.03.2021)
Calcutta High Court has held that the Reserve Bank of India (RBI) is "State" under Article 12 of the Constitution of India, 1949. The Court has furthe.....
Tags : Calcutta High Court, Reserve Bank of India
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ITAT, Mumbai Denies Refund of Foreign Taxes Paid by Bank of India(12.03.2021)
Income Tax Appellate Tribunal (ITAT), Mumbai has denied in a recent order a refund in respect of foreign taxes aggregating to Rs 182.6 crore paid by B.....
Tags : Income Tax Appellate Tribunal, Bank of India
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Supreme Court: Any Direction Issued by RBI Derived from Statutory Power is Binding(05.01.2022)
Supreme Court has stated that Reserve Bank of India (RBI) has wide supervisory powers over financial institutions like SIDBI, in furtherance of which,.....
Tags : Supreme Court, Reserve Bank of India, Supervisory Powers
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Reserve Bank of India imposes monetary penalty on Apna Sahakari Bank Ltd., Mumbai(23.01.2020)
The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed monetary penalty of Rs. 14 lakh on Apna Sahakari Bank Ltd., Mumbai, (the.....
Tags : Penalty, Imposition, Bank
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Setting up of IFSC Banking Units (IBUs) - Permissible activities(21.01.2020)
This is with reference to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directi.....
Tags : IFSC, Banking Units, Permissible activities
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Reserve Bank of India Approves Kotak Mahindra’s Proposal to Trim Stake of Promoters(20.02.2020)
Reserve Bank of India has given final approval to Kotak Mahindra Bank’s proposal on reducing promoters’ stakes and capping their voting rights.
Tags : Reserve Bank of India, Kotak Mahindra Bank, Promoters Shareholding
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ITAT, Mumbai: Interest on Investments in Co-operative Bank Eligible for Deduction(24.02.2020)
Income Tax Appellate Tribunal (ITAT), Mumbai has held that the interest income earned by a co-operative society on its investments held with a co-oper.....
Tags : Income Tax Appellate Tribunal, Interest on Investments in Co-operative Bank
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Reserve Bank of India Lifts Restriction on Bandhan Bank(26.02.2020)
Reserve Bank of India has lifted the restriction on Bandhan Bank to expand its branch network after considering the efforts made by the private lender.....
Tags : Reserve Bank of India, Bandhan Bank
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#Economic Survey 2021-2022: Impact of Pandemic on Banking System(31.01.2022)
The banking system is well capitalized and the overhang of Non-Performing Assets seem to have structurally declined.
Tags : Economic Survey, Banking System
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Chhattisgarh HC Restrains NTPC from Invoking Bank Guarantee Against Contracting Party(01.02.2022)
Chhattisgarh High Court has directed the National Thermal Power Corporation [NTPC] to try and amicably resolve a contractual dispute before proceeding.....
Tags : Chhattisgarh High Court, Bank Guarantee Against Contracting Party
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#Union Budget 2022-2023: Finance Minister Informs on Central Bank Digital Currency(01.02.2022)
Finance Minister has stated that the introduction of a central bank digital currency will give boost to digital economy leading to cheaper currency ma.....
Tags : Union Budget, Finance Minister, Central Bank Digital Currency
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#Union Budget 2022-2023: Post Office to Come Under Core Banking Systems(01.02.2022)
Finance Minister has said that 100% of 1.5 lakh Post Offices will come on Core banking systems to help farmers and senior citizens in rural areas. Go.....
Tags : Union Budget, Finance Minister, Core Banking Systems
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RBI Imposes Restrictions on Mastercard from On-Boarding New Customers in India from July 22(15.07.2021)
Reserve Bank of India (RBI) while taking supervisory action on Mastercard Asia / Pacific Pte. Ltd. has imposed the restrictions on Mastercard from On-.....
Tags : Reserve Bank of India, Restrictions on Mastercard from On-Boarding New Customers
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Calcutta HC Restrains Special Audit of Bank Headed by BJP MLA Suvendu Adhikari(19.07.2021)
Calcutta High Court has held that the West Bengal government's Co-operative Department shall not conduct a special audit of the Contai Cooperative Ban.....
Tags : Calcutta High Court, Special Audit of Bank Headed by BJP MLA Suvendu Adhikari
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NCLAT: NCLT Doesn't Have Power to Classify Transaction As Preferential Transaction(16.05.2022)
National Company Law Appellate Law Tribunal, has observed that NCLT does not have the power to suo-moto classify a transaction as a Preferential Trans.....
Tags : National Company Law Appellate Law Tribunal, Section 44, Insolvency and Bankruptcy Code, 2016, Preferential Transaction
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Delhi HC: Pendency of Insolvency Petition Is Not Bar to Appointment of Arbitrator(16.05.2022)
Delhi High Court has observed that the mere pendency of an insolvency petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 is not a ba.....
Tags : Delhi High Court, Section 9, Insolvency and Bankruptcy Code, 2016, Arbitrator
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NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)
National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9
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NCLAT: Insolvency Cannot be Initiated on Basis of Unpaid LTC And Leave Encashment Dues(16.05.2022)
National Company Law Appellate Tribunal, has ruled that the welfare claims such as Leave Encashment, superannuation dues are not operational debt for .....
Tags : National Company Law Appellate Tribunal, Leave Encashment, Corporate Debtor, Section 9, Insolvency & Bankruptcy Code, 2016, superannuation dues
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Incentivising bank credit to specific sectors - Exemption from CRR maintenance(10.02.2020)
It has been announced in paragraph 3 of the Statement on Developmental and Regulatory Policies of February 6, 2020, that the Reserve Bank is actively .....
Tags : Bank credit, Exemption, CRR Maintenance
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System for reporting banks’ associations discontinued(30.06.2016)
The Reserve Bank of India discontinued the Quarterly Reporting System - foreign branches/subsidiaries/joint ventures/associates of Indian Banks , with.....
Tags : quarterly reporting system, foreign branches, associations, indian banks
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Reporting of Bank Guarantee on behalf of service importers discontinued(07.07.2016)
The Reserve Bank of India announced the discontinuation of submission of reports on guarantees issued by banks in favour of non-residents service prov.....
Tags : rbi, bank guarantee, service importer, reporting requirement
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RBI relaxes LTD guidelines for co-operative banks(07.07.2016)
The Reserve Bank of India relaxed guidelines for raising and redeeming Long Term (Subordinated Deposits by co-operative banks, replacing them instead .....
Tags : long term deposit, cooperative bank, disclosure
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Exim Bank's Government of India supported Line of Credit (LoC) of USD 161.36 million to the Government of the Republic of Burundi(01.04.2020)
1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 02, 2019 with the Government of the Republic of Burundi, for makin.....
Tags : Exim, bank, Support, LoC
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SC: SARFAESI Act Applicable to Cooperative Banks(06.05.2020)
Supreme Court has held that the co-operative banks under the State legislation and multi-State co-operative banks are 'banks' under Section 2(1)(c) of.....
Tags : Supreme Court, Cooperative Banks
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SEBI Eases Norms on Consolidated Numbers for Banks, Insurance Companies(13.05.2020)
Securities and Exchange Board of India (SEBI) has exempted banks and insurance companies from publishing consolidated financial results for the June q.....
Tags : Securities and Exchange Board of India, Banks, Insurance Companies
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Bombay HC: No Bar on Court Exercising Jurisdiction Even When Application U/S 7 of IBC is Filed(27.04.2022)
Bombay High Court has ruled that since application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is filed, which is pending for consider.....
Tags : Bombay High Court, Section 7, Insolvency and Bankruptcy Code, 2016, Section 11, Arbitration and Conciliation Act, 1996
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NCLAT: Interest Free Security Deposit is an Operational Debt(28.04.2022)
National Company Law Appellate Tribunal has observed that an interest free security deposit towards advance license fee will qualifies as an operation.....
Tags : National Company Law Appellate Tribunal, interest free, security deposit, Insolvency & Bankruptcy Code, 2016
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NCLAT: Territorial Jurisdiction Cannot be Taken Away by Agreement Between Parties(28.04.2022)
National Company Law Appellate Tribunal has observed that the territorial jurisdiction of NCLT to decide a case under the Insolvency and Bankruptcy Co.....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, territorial jurisdiction
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Supreme Court: Insolvency And Bankruptcy Code is Not for Money Recovery Proceedings(28.04.2022)
Supreme Court has reiterated that the provisions of Insolvency and Bankruptcy Code, 2016 are basically intended to bring the corporate debtor to its f.....
Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016
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NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)
National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9
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SC to Bank: ‘You Don't Go After Big Fish, But You Harass Poor Farmers’(17.05.2022)
Supreme Court has pulled up the Bank of Maharashtra for challenging an order of the Madhya Pradesh High Court directing it to accept the One Time Sett.....
Tags : Supreme Court, Bank of Maharashtra, One Time Settlement, Madhya Pradesh High Court
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J&K&L HC: No Previous Sanction Required to Prosecute Bank Officials Regarding IPC/RPC Offences(17.05.2022)
Jammu and Kashmir and Ladakh High Court has observed that there is no need to obtain the previous sanction to prosecute bank officials in connection w.....
Tags : Jammu and Kashmir and Ladakh High Court, bank, Indian Penal Code, 1860, Ranbir Penal Code, 1932
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SC: Appeal Under IBC is Valid Only if it is Initiated Within 30 days From Date of Order(17.05.2022)
Supreme Court has ruled that an appeal under the Insolvency and Bankruptcy Code, 2016 (IBC) is only acceptable if it is filed within 30 days from the .....
Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016, 30 days, National Company Law Tribunal
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SC Declares Noida As Operational Creditor Under IBC(18.05.2022)
Supreme Court has ruled that the NOIDA is an operational creditor under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
Tags : Supreme Court, NOIDA, Insolvency and Bankruptcy Code, 2016, creditor
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Supreme Court Reiterates Section 18 Limitation Act Is Applicable To IBC Proceedings(19.05.2022)
Supreme Court reiterates that the provisions of Section 18 of the Limitation Act are applicable to proceedings under the Insolvency and Bankruptcy C C.....
Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016, Section 18 Limitation Act
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Implementation of Indian Accounting Standards(23.06.2016)
RBI asked banks to submit Proforma Ind AS (Indian Accounting Standards) Financial Statements for half year ending 30 September 2016 by 30 November 201.....
Tags : ind as, banks, financial statements
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Award Scheme For Outstanding Writings In The Field Of Banking Hindi Declaration Of Result For The Year 2015-16(17.04.2017)
Reserve Bank of India had invited entries under the captioned scheme vide press release dated 14 July 2016. On evaluation of the entries received, it .....
Tags : Scheme, Award, Banking hindi
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Government of India and World Bank signs $500 Million Additional Financing for Pradhan Mantri Gram Sadak Yojana Rural Roads Project(31.05.2018)
The Government of India and the World Bank today signed a $500 million loan agreement to provide additional financing for the Pradhan Mantri Gram Sada.....
Tags : Roads Project, Financing, World Bank
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Exclusion of "DBS Bank Ltd" from the Second Schedule of the Reserve Bank of India Act, 1934(16.04.2019)
Consequent upon setting up of 'DBS Bank India Limited' as a Wholly Owned Subsidiary of 'DBS Bank Ltd', it has been decided to exclude 'DBS Bank Ltd' f.....
Tags : Enactment, Exclusion, DBS Bank
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Exemption of a Banking Company from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002(11.03.2020)
In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government hereby exempts a Ban.....
Tags : Exemption, Banking Company, Application, Provisions
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SAT Upholds SEBI Order Imposing Fine on Former YES Bank CEO, Rana Kapoor(22.06.2021)
Securities Appellate Tribunal has upheld the order by the Securities and Exchange Board of India imposing fine of Rs. 1 Crore on former YES Bank CEO, .....
Tags : Securities Appellate Tribunal, Former YES Bank CEO, Rana Kapoor
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NCLT, Chennai: No Conflict Among Prohibition of Benami Property Transaction Act and IBC, 2016(06.05.2022)
National Company Law Tribunal, Chennai has ruled that there is no conflict between the Prohibition of Benami Property Transaction Act, 1988 and the In.....
Tags : National Company Law Tribunal, Prohibition of Benami Property Transaction Act, 1988, Insolvency and Bankruptcy Code, 2016, attachment of property
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Delhi HC: Weak Financial Condition of Party Cannot be Sole Ground to Deposit Security/Bank Guarantee(09.05.2022)
Delhi High Court has ruled that the weak financial condition of a party cannot be the only ground to direct the party to deposit a security or bank gu.....
Tags : Delhi High Court, bank guarantee, arbitration
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SC: NBFCs Cannot be Regulated by State Enactments(11.05.2022)
Supreme Court has ruled that state laws cannot govern Reserve Bank of India-regulated non-banking financial companies (NBFCs). The top court stated th.....
Tags : Supreme Court, Non-banking financial companies, Reserve Bank of India
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NCLAT: Threshold of Rs.1 Crore Is Required for Initiation of CIRP(12.05.2022)
National Company Law Appellate Tribunal (NCLAT) has ruled that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy .....
Tags : National Company Law Appellate Tribunal, Section 7, Insolvency and Bankruptcy Code, 2016, threshold, One Crore
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Cabinet approves Interest Subvention to banks on Short-Term crop loan to farmers(14.06.2017)
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18......
Tags : Approval, Interest Subvention, Banks
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Reserve Bank of India imposes monetary penalty on South Indian Bank Limited(19.06.2019)
The Reserve Bank of India (RBI) has imposed, by order dated June 13, 2019, monetary penalty of Rs.1 million on South Indian Bank Limited (the bank) fo.....
Tags : Monetary penalty, Imposition, South Indian Bank Limited
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Risk Management and Inter-bank Dealings - Hedging of Foreign Exchange Risk-Date of Implementation(18.05.2020)
1. A reference is invited to the Directions on Hedging of Foreign Exchange Risk issued vide A.P. (DIR Series) Circular No. 29 dated April 7, 2020. The.....
Tags : Risk Management, Inter-bank Dealings, Directions
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RBI launches Survey on International Trade in Banking Services (ITBS): 2019-20(24.09.2020)
The Reserve Bank of India has launched the 2019-20 round of its annual Survey on International Trade in Banking Services (ITBS).
The survey,.....
Tags : Survey, International Trade, Banking Services
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National GIS-Enabled Land Bank System(23.09.2020)
Government has integrated Industrial Information System (IIS) portal with the GIS System of six States in first phase to provide updates on land avail.....
Tags : GIS-Enabled, Bank System, Industrial land
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Applicability of the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 to Kotak Mahindra Bank Limited(23.09.2020)
Whereas, sub-clause (i) of clause (c) of sub-section (1) of section 10 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as th.....
Tags : Applicability, Provisions, Kotak Mahindra Bank Limited
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Co-Lending by Banks and NBFCs to Priority Sector(05.11.2020)
1. Please refer to the circular FIDD.CO.Plan.BC.08/04.09.01/2018-19 dated September 21, 2018 on co-origination of loans by banks and NBFCs for lending.....
Tags : Co-Lending, Banks and NBFCs, Priority Sector
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Exim Bank's Government of India supported Line of Credit (LoC) of USD 20.10 million to the Government of the Republic of Nicaragua(05.11.2020)
1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 12, 2020 with the Government of the Republic of Nicaragua, for mak.....
Tags : Exim Bank, LoC, Agreement
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NCLAT: CIRP Against Real Estate Company to Affect the Only Project Concerned(13.02.2020)
National Company Law Appellate Tribunal has held that an insolvency process against a real estate company will impact only the project concerned and n.....
Tags : National Company Law Appellate Tribunal, Appointment of Ex- Bankers
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Calcutta High Court Asks Reserve Bank of India to Act Against Bank of Baroda(17.02.2020)
Calcutta High Court has asked the Reserve Bank of India to consider “appropriate steps” against the Bank of Baroda, including cancelling its banking l.....
Tags : Calcutta High Court, Reserve Bank of India, Bank of Baroda
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Chhattisgarh HC: Bank Can be Restrained from Enforcement of Unconditional Bank Guarantee(25.01.2022)
Chhattisgarh High Court has held that the bank can be restrained from enforcement of unconditional and absolute performance bank guarantee by interim .....
Tags : Chhattisgarh High Court, Unconditional Bank Guarantee
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NCLAT: Initiation Of CIRP Not A Pre-Requisite To Initiate IRP Against The Personal Guarantor(28.01.2022)
NCLAT has held that initiation of Corporate Insolvency Resolution Process is not a pre-requisite to initiate Insolvency Resolution Process (IRP) again.....
Tags : Insolvency and Bankruptcy Code, NCLAT, Corporate Insolvency Resolution Process
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Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)
Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....
Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor
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All. HC to State: Protect Ancient Temples in the Vicinity of Banke Bihari Temple(22.12.2022)
Allahabad High Court has directed Uttar Pradesh Government to protect the ancient temples situated in the vicinity of the Banke Bihari temple in Mathu.....
Tags : Allahabad High Court, Banke Bihari Temple, Revamp
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Reserve Bank of India imposes monetary penalty on Central Bank of India(10.11.2020)
Reserve Bank of India (RBI) has, by an order dated November 10, 2020, imposed a monetary penalty of Rs. 50 lakh (Rupees Fifty lakh only) on Central Ba.....
Tags : Penalty, Imposition, Central Bank
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Maintenance of Escrow Account with a Scheduled Commercial Bank(17.11.2020)
1. A reference is invited to the instructions issued by Reserve Bank of India vide (a) DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (up.....
Tags : Maintenance, Escrow Account, Scheduled Commercial Bank
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CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited(21.01.2021)
The Competition Commission of India (CCI) approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in .....
Tags : Acquisition, Approval, Bank
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Reserve Bank of India imposes monetary penalty on Standard Chartered Bank - India(21.01.2021)
The Reserve Bank of India (RBI) has, by an order dated January 21, 2021, imposed a monetary penalty of Rs. 2 Crore (Rupees Two Crore only) on Standard.....
Tags : Penalty, Imposition, Bank
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Bombay HC Rejects Bail Application of YES Bank Promoter Rana Kapoor(08.02.2021)
Bombay High Court has rejected the bail application of YES Bank promoter Rana Kapoor, a prime accused in the Rs 5050 crore money laundering scam being.....
Tags : Bombay High Court, YES Bank Promoter Rana Kapoor
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SC: Bank Officers Dealing in Public Money to be Vigilant(09.02.2021)
Supreme Court has said bank officers dealing in public money need to be vigilant and any deviation from the procedural guidelines for disbursing loans.....
Tags : Supreme Court, Bank Officers Dealing in Public Money
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Delhi HC: Employees and Officials Working in Banks Have Larger Responsibility of Ensuring Integrity(20.12.2021)
Delhi High Court has observed that the employees and officials working in banks have a larger responsibility of ensuring the integrity of the banking .....
Tags : Delhi High Court, Employees and Officials Working in Banks
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Delhi High Court Orders Stay on DRT Proceedings Against Yes Bank Over Dish TV shares(27.12.2021)
Delhi High Court has ordered a stay on proceedings against Yes Bank by the Debt Recovery Tribunal, Jaipur (DRT) in a petition filed by Essel Group aff.....
Tags : Delhi High Court, DRT Proceedings Against Yes Bank Over Dish TV shares
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Supreme Court: Money Deposited by Customer in Bank is Not Held as Trustee(28.12.2021)
Supreme Court has observed that the money that is deposited by the customer in the bank is not held by it as a trustee but it becomes a part of the ba.....
Tags : Supreme Court, Money Deposited by Customer in Bank
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SC: NBFC & Leasing Co. Not Liable to Pay Interest Tax on Installments Under Hire Purchase Agreement(05.01.2023)
Supreme Court has held that non-banking finance (NBFC) and leasing companies are not liable to pay tax on the interest component included in the hire-.....
Tags : Supreme Court, Non-Banking Finance, Hire Purchase Agreement
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Reserve Bank of India cancels the licence of the Karad Janata Sahakari Bank Ltd, Karad, Maharashtra(08.12.2020)
The Reserve Bank of India (RBI) has, vide order dated December 7, 2020 cancelled the licence of The Karad Janata Sahakari Bank Ltd., Karad, Maharashtr.....
Tags : Licence, Cancellation, Sahakari Bank
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RBI releases "Statistical Tables Relating to Banks in India: 2019-2020"(29.12.2020)
The Reserve Bank released its web publication entitled 'Statistical Tables Relating to Banks in India: 2019-20' covering the activities of scheduled c.....
Tags : Statistical Tables, Activities, Commercial banks
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Report on Trend and Progress of Banking in India 2019-2020(29.12.2020)
Today, the Reserve Bank of India released the Report on Trend and Progress of Banking in India 2019-20, a statutory publication in compliance with Sec.....
Tags : Report, Trend, Banking sector
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CRIMINAL - CBI Court Convicts Ex Indian Bank CMD for Fraud(30.03.2019)
A Special CBI Court has convicted and sentenced former Indian Bank Chairman and Managing Director M Gopalakrishnan and 11 others to three years Rigoro.....
Tags : CBI Court, Ex Indian Bank CMD, M Gopalakrishnan
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SC Strikes Down RBI Circular on Defaulting Firms, Calls it Unconstitutional(02.04.2019)
Supreme Court has quashed a Reserve Bank of India circular of February 12, 2018, asking banks to classify a loan account as stressed if there was even.....
Tags : Supreme Court, Reserve Bank of India
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RBI Releases First Bi-Monthly Monetary Policy Statement, 2019-20(04.04.2019)
Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) has announced its resolution under first bi-monthly monetary policy statement for 2019-.....
Tags : Reserve Bank of India, RBI, First Bi-monthly Monetary Policy Statement, 2019-20
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Delhi HC Directs SIT to Complete Investigation in Plea Seeking Inquiry into Banking Fraud(18.03.2020)
Delhi High Court has directed the Special Investigation Team to conclude investigation into banking frauds as expeditiously as possible and in all cir.....
Tags : Delhi High Court, Banking Fraud Cases
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RBI Permits Lending Institutions to Allow 3-Month Moratorium on Term Loans(27.03.2020)
Reserve Bank of India has announced that all commercial banks and non-banking financial companies are permitted to allow 3-month moratorium on the pay.....
Tags : Reserve Bank of India, 3-Month Moratorium on Term Loans
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RBI Announces Cut in Repo Rate and Reverse Repo Rate(27.03.2020)
Reserve Bank of India (RBI) has announced a 75 basis points cut in repo rates, 90 basis points cut to 4% in reverse repo rate as a measure to counter .....
Tags : Reserve Bank of India, Cut in Repo Rate and Reverse Repo Rate
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Bombay HC: Administrator Could Not Have Taken Policy Decision After Reconstruction of Yes Bank(23.01.2023)
Bombay High Court has set aside Yes Bank’s decision to write of Additional Tier 1 bonds Rs. 8415 Crore value observing that the Reserve Bank of India .....
Tags : Bombay High Court, Yes Bank, Reserve Bank of India
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RBI Allows Bank to Offer Lower Rate on Matured Fixed Deposits(06.07.2021)
Reserve Bank of India has allowed banks to offer the lower of either the savings deposit rate or fixed deposit rate on matured Fixed Deposits in a bid.....
Tags : Reserve Bank of India, Rate on Matured Fixed Deposits
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RBI Penalizes Fourteen Banks for Non-Compliance with Provisions on Lending to Non-bank Lenders(08.07.2021)
Reserve Bank of India has penalised fourteen banks including State Bank of India, Bank of Baroda, IndusInd Bank and Bandhan Bank for non-compliance wi.....
Tags : Reserve Bank of India, Non-Compliance with Provisions on Lending to Non-bank Lenders
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NCLAT Upholds Dismissal of Petition Filed During Prohibited Period(24.05.2022)
National Company Law Appellate Tribunal while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process cannot be initiated over .....
Tags : National Company Law Appellate Tribunal, Corporate Insolvency Resolution Process, Insolvency and Bankruptcy
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NCLAT: Article 1 of Limitation Act,1963 not Apply to Proceedings Under IB Code, 2016(26.05.2022)
National Company Law Appellate Tribunal (NCLAT) Principal Bench has held that the Article 1 of Limitation Act, 1963 is not applicable to the Petition .....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, Limitation
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RBI: Rs. 2000 Notes Withdrawn from Circulation; Will Continue as Legal Tender(22.05.2023)
Reserve Bank of India in pursuance of its Clean Note Policy has announced the withdrawal of Rs. 2000 banknotes from circulation. The notes to be conti.....
Tags : Reserve Bank of India, Clean Note Policy, Rs. 2000, Legal Tender
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#Major Changes Implementing From Today: RBI’s New Credit and Debit Card Rules(01.10.2020)
Reserve Bank of India (RBI) has issued new guidelines which will become effective from 1st October, 2020 to secure debit and credit cards, whereby car.....
Tags : Reserve Bank of India, Credit and Debit Card Rules
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RBI Proposes Penalties for Banks Failing to Replenish Bank ATMs Within Time(11.08.2021)
Reserve Bank of India (RBI) has proposed penalties for banks and White Label ATM operators if their ATMs are found to be lying without replenishment f.....
Tags : Reserve Bank of India, Penalties for Banks Failing to Replenish Bank ATMs
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Guj. HC: Promissory Estoppel Applies if Customer Acts on Basis of Bank's One Time Settlement Scheme(12.07.2022)
Gujarat High Court has held that once a customer acts on the basis of offer made by a Bank under its One Time Settlement scheme, the principle of prom.....
Tags : Gujarat High Court, Promissory Estoppel, Bank
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ITAT: Deduction of Compensation for Breach of Contract Can’t be Allowed Based Only on Bank Statement(13.07.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench has held that deduction of compensation paid for breach of contract cannot be allowed based on bank s.....
Tags : ITAT, Contract, Bank Statement
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SC Denies Bail to Yes Bank Founder Rana Kapoor in PMLA Case(07.08.2023)
Supreme Court while observing that while the period undergone by accused is substantial, but this is a case that rocked the entire banking system, has.....
Tags : Supreme Court, Yes Bank, Bail, PMLA
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SC: Protection U/S 197 CrPC Not Available to Nationalised Bank Employee(09.08.2023)
Supreme Court has held that although a person working in a Nationalised Bank is a public servant, yet the provisions of Section 197 CrPC wouldn’t be a.....
Tags : Supreme Court, Nationalised Bank Employee, Public Servant, Section 197 CrPC
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Bank Holiday on Second and Fourth Saturdays from September 1(28.08.2015)
All scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - will observe public holiday on se.....
Tags : Banking, holiday, saturday
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Changes in RTGS time window(01.09.2015)
The Reserve Bank of India notified that RTGS will not be operated on second and fourth Saturdays, but would operate for the full day on working Saturd.....
Tags : Rtgs, bank, timings, window, transfer
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RBI to issue Rs. 5 Coins to commemorate "Golden Jubilee of Indo-Pak War 1965"(03.09.2015)
The Reserve Bank of India will put into circulation Rs. 5 coins to commemorate the Golden Jubilee of Indo-Pak war 1965. Existing coins in the denomina.....
Tags : Bank, coin, war, commemorate, denomination
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Inclusion of "India Post Payments Bank Limited" in the Second Schedule of the Reserve Bank of India Act, 1934(03.07.2019)
We advise that the "India Post Payments Bank Limited" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notificatio.....
Tags : Post Payments, Bank, Inclusion
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RBI releases names of applicants under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks in the Private Sector(15.04.2021)
The Reserve Bank of India today released the names of applicants under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Bank.....
Tags : Licensing, Universal Banks, Small Finance Banks
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RBI Extends Debt, Currency Trading Hours from November 9(03.11.2020)
Reserve Bank of India has announced phased restoration of trading hours for various debt as well as currency market from 9th November, 2020.
Tags : Reserve Bank of India, Restoration of Trading hours
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Supreme Court Denies Bank Peon Job for Overqualified Candidate(04.11.2020)
Supreme Court has upheld the cancellation of the candidature of a candidate by Punjab National Bank on the ground that he was overqualified for the po.....
Tags : Supreme Court, Bank Peon Job
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Madras HC Directs Indian Bank to Return to Channai Port Trust Amount Following Fraudulent Transaction(25.08.2021)
Madras High Court has directed Indian Bank, Koyambedu branch, to return to Chennai Port Trust (CPT) Rs. 55.19 crore out of Rs. 100.57 crore that had g.....
Tags : Madras High Court, Indian Bank
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Madhya Pradesh High Court Stays RBI Circular on Urban Cooperative Banks(06.09.2021)
Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India (RBI) on June 25 which laid down several conditions related to Urb.....
Tags : Madhya Pradesh High Court, RBI Circular on Urban Cooperative Banks
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SC: Consumer Complaint Against Bank Maintainable Over Dispute on Encashment of FD(23.08.2022)
Supreme Court has held that consumer complaint in a dispute regarding premature encashment of Joint Fixed Deposit by bank in contravention of terms an.....
Tags : Supreme Court, Consumer Complaint, Bank
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SC: SARFAESI Doesn’t Give Any License to Bank Officers to Act Against the Scheme of Law(22.09.2023)
Supreme Court while observing that SARFAESI Act was enacted for speedy recovery and for benefitting the public at large, has held that it does not giv.....
Tags : Supreme Court, SARFAESI Act, Bank Officers
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Reserve Bank of India Cancels Vodafone’s Certificate of Authorization for M- Pesa(22.01.2020)
Reserve Bank of India has said that it has cancelled the Certificate of Authorization of Vodafone M- Pesa on account of voluntary surrender of authori.....
Tags : Reserve Bank of India, Vodafone
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Securities Appellate Tribunal Maintains Status Quo in Axis- Karvy Case(22.01.2020)
Securities Appellate Tribunal has extended its status quo order in the case of Axis Bank and Karvy Stock Broking till January 31.
Tags : Securities Appellate Tribunal, Axis Bank, Karvy Stock Broking Case
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Bombay HC Sets Aside Goods and Services Tax Authority's Order on Power to Attach Bank Accounts(23.01.2020)
Bombay High Court has quashed and set aside an order by the Directorate General of Goods and Services Tax Intelligence holding that the said order of .....
Tags : Bombay High Court, Power to Attach Bank Accounts
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Reserve Bank of India Raises Investment Cap for FPIs in Corporate and Government Debt Instruments(24.01.2020)
Reserve Bank of India has raised the investment limit for foreign portfolio investors in Government and Corporate Bonds, in a bid to bring in more for.....
Tags : Reserve Bank of India, Investment Cap for Foreign Portfolio Investors
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Reserve Bank of India Issues Directions for Permitting Rupee Derivatives to be Traded in IFSCs(24.01.2020)
Reserve Bank of India has released directions under Section 45 W of the Reserve Bank of India Act, 1934 permitting Rupee derivatives to be traded in I.....
Tags : Reserve Bank of India, Trading of Rupee Derivatives in IFSCs
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Reserve Bank of India Penalizes HDFC Bank Rs 1 Crore for Failing Know Your Customer Norms(30.01.2020)
Reserve Bank of India has imposed a penalty of Rs 1 Crore on Housing Development Finance Corporation (HDFC) Bank for failing to comply with the Centra.....
Tags : Reserve Bank of India, HDFC, KYC Norms
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Ker. HC: Can’t Invoke Writ Against Decisions of Lender/Banker Unless There is Compelling Reason(06.11.2023)
Kerala High Court has held that Court, in exercise of its jurisdiction under Article 226 cannot replace the wisdom of lender/banker in the process of .....
Tags : Kerala High Court, Lender/Banker, Writ Jurisdiction, Compelling Reason
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RBI releases Discussion Paper on 'Governance in Commercial Banks in India'(11.06.2020)
1. The Reserve Bank of India today released on its website a Discussion Paper on 'Governance in Commercial Banks in India' for public comments.
Tags : Discussion Paper, Governance, Commercial Banks
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Declaration of dividends by banks(22.04.2021)
1. Please refer to our circular DOR.BP.BC.No.29/21.02.067/2020-21 dated December 4, 2020, and other associated circulars on the captioned subject. Tags : Declaration, Dividends, Banks
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NCLAT: No Bar in Pendency of Execution Proceedings u/s 9 IBC(07.04.2022)
National Company Law Appellate Tribunal has observed that the pendency of an execution petition does not bar the operational creditor from filing a pe.....
Tags : National Company Law Appellate Tribunal, execution petition, Section 9 of the Insolvency and Bankruptcy Code, 2016
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NCLAT Delhi: Resolution Professional Cannot Decide Eligibility Under Section 29A IBC(07.04.2022)
National Company Law Appellate Tribunal has observed that the Resolution Professional is not required to take a decision in regard to the ineligibili.....
Tags : National Company Law Appellate Tribunal, Resolution Professional, Section 29A of the Insolvency & Bankruptcy Code, 2016, Resolution Applicant
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NCLT, Bengaluru Dismisses Insolvency Petition Against Café Coffee Day(07.04.2022)
National Company Law Tribunal, Bengaluru has dismissed the insolvency petition filed against the parent company of Cafe Coffee Day namely Coffee Day G.....
Tags : National Company Law Tribunal, parent company, Cafe Coffee Day, Coffee Day Global Limited, Cooperative Rabobank U.A
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ITAT, Bangalore: No Rationale in Making Additions to Income on Violation of RBI Notifications(11.04.2022)
Income Tax Appellate Tribunal, Bangalore has observed that there is no rationale in the action of the Assessing Officer of making additions to income .....
Tags : Income Tax Appellate Tribunal, rationale, Assessing Officer, assesse, Section 68 of the Income Tax Act, 1961, Reserve Bank of India
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NCLT, Kolkata: IRP Against Legal Heirs of Personal Guarantor by Financial Creditor Not Permissible(11.04.2022)
National Company Law Tribunal, Kolkata has held that the application is not maintainable against legal heirs of the Personal Guarantor under the Insol.....
Tags : National Company Law Tribunal, Financial Creditor, Personal Guarantor, Bank of Baroda
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SC: Bank Employees App. Under SC Quota Entitled to Retain Post After their Caste is De-scheduled(29.08.2024)
SC has held that person who joined service of a Nationalized Bank/GOI undertaking based on a certificate that identified him/her as belonging to SC/ST.....
Tags : Supreme Court, SC Quota, Nationalized Bank
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NCLAT: Resolution Professional Can Submit An Additional Report Under Section 99 I&B Code(29.04.2022)
National Company Law Appellate Tribunal has observed that the Resolution Professional can submit an additional report under Section 99 of the Insolven.....
Tags : National Company Law Appellate Tribunal, Section 99, Insolvency & Bankruptcy Code, 2016
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NCLAT: If Credit Facility Agreement is Unstamped, Petition U/S Section 7 is Maintainable(29.04.2022)
National Company Law Appellate Tribunal has observed that if a credit facility agreement is unstamped, then petition under Section 7 of the Insolvency.....
Tags : National Company Law Appellate Tribunal, credit facility, Section 7, Insolvency and Bankruptcy Code, 2016
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Madras HC: Asian Paints to Furnish Bank Guarantee for GST Department to Release Detained Goods(02.05.2022)
Madras High Court has directed the Goods and Services Tax department to discharge the detained goods on furnishing of the bank guarantee by Asian Pain.....
Tags : Madras High Court, Goods and Services Tax, bank guarantee, Asian Paints
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SC: Practice of Seeking Pre-Deposit of Bank Guarantee for Grant of Bail is Unsustainable(26.04.2023)
Supreme Court has held that the practice whereby pre-condition of furnishing bank guarantee is imposed on the accused by the Trial Court and the High .....
Tags : Supreme Court, Bank Guarantee, Bail, Unsustainable
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Insolvency Proceedings Initiated Against Himalayan Mineral Water by NCLT(11.06.2024)
National Company Law Tribunal (NCLT) on a plea by Jammu and Kashmir Bank has ordered initiation of insolvency proceedings against Himalayan Mineral Wa.....
Tags : NCLT, Jammu and Kashmir Bank, Himalayan Mineral Water
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Bombay HC: Account Holder Not Liable For Unauthorized Transactions Due To Third Party Breach(17.06.2024)
Bom. HC while directing Bank of Baroda to refund Rs. 76,90,017 to a company who lost the amount in a cyber fraud involving unauthorized electronic ban.....
Tags : Bombay High Court, OTP, Bank of Baroda
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Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)
National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....
Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code
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Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)
National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....
Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code
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Finance Minister Introduces Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021(27.07.2021)
Finance Minister Nirmala Sitharaman has introduced the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which amends the Insolvency and Ban.....
Tags : Finance Minister, Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021
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IBBI Amends Guidelines on Technical Standards for Performance of Core Services(29.07.2021)
Insolvency and Bankruptcy Board of India (IBBI) has notified the Guidelines for Technical Standards for the Performance of Core Services and Other Ser.....
Tags : Insolvency and Bankruptcy Board of India, Guidelines on Technical Standards for Performance of Core Services
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IBBI Amends its Regulations on Information Utilities(20.06.2022)
Insolvency and Bankruptcy Board of India (IBBI) has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information.....
Tags : Insolvency and Bankruptcy Board of India, Amendments
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NCLAT: Section 43(1) of IBC applicable when Corporate Debtor has given a preference in transaction(09.12.2024)
National Company Law Appellate Tribunal (NCLAT) has observed that the condition precedent for attracting Section 43(1) of Insolvency and Bankruptcy Co.....
Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016
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Delhi HC Directs RBI to Reconsider Jindal Steel and Power Ltd Application(07.12.2020)
Delhi High Court has remanded to the Reserve Bank of India, an application by Jindal Steel and Power Ltd (JSPL) to transmit $300 million to its wholly.....
Tags : Delhi High Court, Reserve Bank of India, Jindal Steel and Power Ltd
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Delhi HC Directs RBI to Reconsider Jindal Steel and Power Ltd Application(07.12.2020)
Delhi High Court has remanded to the Reserve Bank of India, an application by Jindal Steel and Power Ltd (JSPL) to transmit $300 million to its wholly.....
Tags : Delhi High Court, Reserve Bank of India, Jindal Steel and Power Ltd
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ITAT: Father Can’t be Taxed for Cash Deposit in Bank Account Opened in The Name of Major Son(25.07.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench while deleting an addition for cash deposit, has held that the clubbing of income under the provision.....
Tags : ITAT, Minor Children, Income-Tax, Bank Account
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Gujarat HC: Yes Bank is a Private Entity And Not Amenable to Writ Jurisdiction(28.07.2022)
Gujarat High Court has held that 30% shareholding of State Bank of India (SBI) cannot make Yes Bank a State under Article 12 of Constitution, and ther.....
Tags : Gujarat High Court, Yes Bank, Writ Jurisdiction, State
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RBI Hikes Key Rate By 0.50% To Pre-Pandemic Levels(05.08.2022)
Reserve Bank of India (RBI) has increased its key lending rates by 50 basis points to pre-pandemic levels of 5.40 per cent in an attempt to control th.....
Tags : Reserve Bank of India, Lending Rates, Inflation
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MP HC: Charge of Bank on Leasehold Plot Mortgaged as Security Towards Loan to Have Priority(05.11.2020)
Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other charge.....
Tags : Madhya Pradesh High Court, Charge of Bank on Leasehold Plot
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RBI Relaxes Stressed Asset Restructuring Rules for Banks(14.06.2016)
Reserve Bank of India (RBI) has relaxed guidelines for restructuring of large stressed assets by lenders in a move that would allow the banks to more .....
Tags : Reserve Bank of India , Asset Restructuring Rules
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RBI Permits Start-Ups to Open Currency Account Abroad(24.06.2016)
Reserve Bank of India (RBI) has allowed startups with an overseas subsidiary to open foreign currency accounts abroad to credit foreign exchange earni.....
Tags : Reserve Bank of India, startups
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CESTAT, New Delhi: Banking Services are Related to Collection of Export Proceeds(05.03.2020)
Customs Excise and Service Tax Appellate Tribunal, New Delhi has held that banking services are related to the collection of export proceeds and has a.....
Tags : Customs Excise and Service Tax Appellate Tribunal, Banking Services
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Rajya Sabha Approves Insolvency and Bankruptcy Code (Amendment) Bill, 2020(13.03.2020)
Rajya Sabha has passed amendments to the insolvency law in the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 that will help ring-fence success.....
Tags : Parliament, Insolvency and Bankruptcy Code (Amendment) Bill, 2020
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RBI Rejects Demand of Online Merchants to Store Customers’ Credit Card Data(26.02.2021)
Reserve Bank of India has rejected the demand of top online merchants like Amazon, Microsoft, Netflix, Flipkart and Zomato to store customers’ credit .....
Tags : Reserve Bank of India, Customers’ Credit Card Data
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RBI Raises Withdrawal Limit to Rs. 40,000 for PMC Bank Account Holders(15.10.2019)
Reserve Bank of India has raised withdrawal limit for account holders of the stressed Punjab and Maharashtra Co-Operative Bank to Rs. 40,000 from ear.....
Tags : RBI, PMC Bank
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SC Allows Caretaker Trust to Operate Bank Accounts Towards Philanthropic Causes(22.10.2020)
Supreme Court has allowed the Maharawal Khewaji Trust that manages the Rs 20,000 Crores worth property of the last ruler of the erstwhile princely sta.....
Tags : Supreme Court, Operation of Bank Accounts
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Delhi HC Seeks Response on Plea Challenging Provisions of Recovery of Debts and Bankruptcy Act, 1993(13.09.2021)
Delhi High Court has sought response of the Centre on a plea challenging provisions of Recovery of Debts and Bankruptcy Act, 1993 regarding appointmen.....
Tags : Delhi High Court, Provisions of Recovery of Debts and Bankruptcy Act, 1993
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SC: Principle of Mutuality not Applicable to Income from Deposits in Member Banks(21.08.2023)
Supreme Court has held that if any income is earned by the Clubs through deposits made by clubs in banks that are members of the club, such income wou.....
Tags : Supreme Court, Principle of Mutuality, Clubs, Banks
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Del. HC: Department Can't Hold Compliance once Court Orders Release of Bank Guarantee by Trader(24.01.2025)
Delhi High Court has observed that once the Court has ordered release of the bank guarantee furnished by a trader, Customs Department cannot hold back.....
Tags : Delhi High Court, Bank Guarantee, Customs Department
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Kerala HC: Bank Account Can be Attached under Section 281B of IT Act(29.01.2025)
Ker. HC has observed that the mere fact that Bank account is not explicitly provided under Section 281B of the IT Act, 1961 unlike the GST Act, 2017 w.....
Tags : Kerala High Court, Bank Account, Section 281B
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Supreme Court Upholds Sections 3, 4 & 10 of IBC Amendment Act 2020(20.01.2021)
Supreme Court has upheld the constitutional validity of Sections 3, 4 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act 2020.
Tags : Supreme Court, Insolvency and Bankruptcy Code (Amendment) Act 2020
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CIC: Husband Not Entitled to Seek Information Regarding Bank Details & ITR of His Wife(25.01.2021)
Central Information Commission has said that a husband is not entitled to seek information regarding bank details & income tax returns of his wife und.....
Tags : Central Information Commission, Bank Details and ITR of Wife
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Supreme Court Bars Lenders from Making Claims in Arbitration Tribunals(25.01.2021)
Supreme Court has barred banks and financial institutions from making a claim in an arbitration tribunal to recover their money stating that holding t.....
Tags : Supreme Court, Claims of Banks and Financial Institutions
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Delhi High Court Refuses To Issue Form ‘F’ To HDFC Bank Due To Default In Paying Central Sales Tax(17.11.2021)
In a major setback to the HDFC Bank, the Delhi High Court has refused to issue Form ‘F’ in respect of inter-state stock transfers due to default in pa.....
Tags : Delhi HC, HDFC Bank, Form F
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Yes Bank Case: Bombay HC Discharges DHFL(18.11.2021)
Bombay HC has discharged Dewan Housing Finance Corporation Ltd. (DHFL) and dropped the proceedings against it in a case of cheating and corruption reg.....
Tags : Bombay HC, Dewan Housing Finance Corporation Ltd., Yes Bank
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SC: PF Can’t be Withheld Without Proving Actual Loss Caused by Employee(09.11.2023)
Supreme Court has held that as per Punjab National Bank (Officers’) Service Regulations, 1979 bank could withhold the Provident Fund (PF) amount only .....
Tags : Supreme Court, Provident Fund, Punjab National Bank
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SC: PF Can’t be Withheld by Bank Without Proving Actual Loss Caused by Employee(09.11.2023)
Supreme Court has held that as per Punjab National Bank (Officers’) Service Regulations, 1979 bank could withhold the Provident Fund (PF) amount only .....
Tags : Supreme Court, Provident Fund, Punjab National Bank
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Insolvency and Bankruptcy Board of India (IBBI): Unclaimed Dividend to Go to IBBI Account(17.01.2020)
Insolvency and Bankruptcy Board of India has notified an amendment to the Voluntary Liquidation Process Regulation, 2017, whereby all unclaimed divide.....
Tags : Insolvency and Bankruptcy Board of India, Amendment in Voluntary Liquidation Process Regulation, 2017
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Centre Notifies Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021(29.01.2021)
Central Government has notified the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 which seeks to amend the Natio.....
Tags : Central Government, Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021
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SC Issues Notice on Swamy's Plea for Probing RBI Official in Bank Scams(18.10.2022)
Supreme Court has agreed to examine BJP leader Dr Subramanian Swamy's plea seeking a probe into the alleged role of Reserve Bank of India (RBI) offici.....
Tags : Supreme Court, probe, Reserve Bank of India, banking scams
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Kar. HC: Sufficient Bank Bal. Not Absolute Pre-requisite to Establish Readiness to Execute Agreement(24.01.2024)
Karnataka High Court has held that although it is relevant to consider the bank balance of a party while considering the matters of readiness and will.....
Tags : Karnataka High Court, Sale Agreement, Bank Balance
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Delhi HC Grants Bail to Yes Bank's Former MD Rana Kapoor in Money Laundering Case(25.11.2022)
Delhi High Court has granted bail to Yes Bank co-founder Rana Kapoor in a money laundering case being probed by Enforcement Directorate with regard to.....
Tags : Delhi High Court, Bail, Yes Bank
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Delhi HC Dismisses Challenge Against Prohibition on Chhath Puja at Yamuna River Banks(11.11.2021)
Delhi High Court has dismissed a petition challenging the Delhi Government's decision that prohibited devotees to perform Chhath Puja on the banks of .....
Tags : Delhi High Court, Prohibition on Chhath Puja at Yamuna River Banks
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Kar. HC: Banks Do Not Have the Power of Retaining Passport or OCI Card of Accused as Security(17.01.2024)
Karnataka High Court has held that banks do not have the authority to withhold the passport or OCI cards of an accused, even if, the accused has surre.....
Tags : Karnataka High Court, Passport, Banks
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SC: Adj. Authority Has Power to Recall Order Approving RP Which Isn’t Submitted As Per IBC(14.02.2024)
Supreme Court has held that National Company Law Tribunal has the power under Insolvency and Bankruptcy Code, 2016 (IBC) to recall its order approving.....
Tags : Supreme Court, NCLT, Resolution Plan, Insolvency and Bankruptcy Code
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Delhi HC: Employer Can’t Retain Performance Bank Guarantee After Acknowledging Due Performance(14.12.2022)
Delhi High Court has held that the employer cannot withhold the performance bank guarantee after acknowledgement of the due performance of the contrac.....
Tags : Delhi High Court, Performance Bank Guarantee, Counter Claims
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Delhi HC Seeks Response in Bail Plea Filed by Yes Bank Founder in Money Laundering Case(17.02.2022)
Delhi High Court has sought response of the Enforcement Directorate in the bail plea filed by Yes Bank founder Rana Kapoor in a money laundering case .....
Tags : Delhi High Court, Yes Bank Founder, Money Laundering Case
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Kerala HC Stays Demand Notice Asking State Co-Operative Bank to Pay Outstanding Amount(22.02.2022)
Kerala High Court has stayed the demand notice issued by the Deputy Commissioner of Income Tax asking the State Co-operative Bank to pay the outstandi.....
Tags : Kerala High Court, State Co-Operative Bank
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SC Sets Aside Allahabad HC Order Refusing To Entertain YES Bank's Plea(25.01.2023)
Supreme Court has set aside the Allahabad High Court order refusing to entertain the Yes Bank plea challenging police investigation into an FIR lodged.....
Tags : Supreme Court, Allahabad High Court, Yes Bank, Essel Group
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Bom. HC: Banks to Show Evidence to Borrowers Before Invoking Circular on Wilful Default(27.03.2024)
Bombay High Court has held that commercial banks need to show the evidence to defaulting borrowers before invoking the master circular on wilful defau.....
Tags : Bombay High Court, Wilful Default, Commercial Banks
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Madras High Court: Can’t Freeze Bank Account Under UAPA in Absence of Central Government’s Order(01.04.2024)
Madras High Court has held that authorities cannot freeze the bank account of Tamil Nadu Development Foundation Trust under the Unlawful Activities Pr.....
Tags : Madras High Court, Section 7(1) of UAPA, Bank Account
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SC: Can’t Draw Adverse Inference Against Plaintiff for Merely Not Producing Bank Passbook(10.01.2023)
Supreme Court has held that adverse inference cannot be drawn against a plaintiff in a suit for specific performance for not producing his passbook un.....
Tags : Supreme Court, Inference, Bank Passbook, Specific Performance
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SC: SBI’s Application for Extension of Time for Furnishing Electoral Bonds Details Dismissed(11.03.2024)
Supreme Court has dismissed the State Bank of India’s (SBI) application that was filed for an extension of time for furnishing electoral bond details .....
Tags : Supreme Court, State Bank of India, Electoral Bonds, Extension of Time
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Electoral Bonds Data Uploaded on Election Commission of India’s Website(15.03.2024)
The Election Commission of India has uploaded on its website data related to electoral bonds that was supplied by the State Bank of India.
Tags : Election Commission of India, Electoral Bonds, State Bank of India
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Del HC: Invoking Penalty Proc. Based on NFAC’s Own Failure to Lodge Claim Can’t be Sustained by them(19.04.2024)
Delhi High Court has held that invocation of penalty proceedings that are based on the National Faceless Assessment Centre’s (NFAC) own failure to lod.....
Tags : Delhi High Court, Penalty Proceedings, NFAC, Insolvency and Bankruptcy Code
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Madras HC Disposes of Plea Filed by Plea Challenging Election Notice by REPCO Bank(04.02.2022)
Madras High Court has disposed of a batch of writ petitions filed by candidates challenging the election notice issued by the returning officer of Rep.....
Tags : Madras High Court, Election Notice by REPCO Bank
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Del. HC: Bank Customers Have No Way of Contacting Officials Who Send Emails(22.02.2023)
Delhi High Court while expressing concern over computer generated e-mails sent to customers without mention of contact details of officials under whos.....
Tags : Delhi High Court, Bank, Accountability
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SC: Sessions Judge has Power to Issue Process Against Accused in Offences Under IBC, 2016(22.04.2024)
SC while upholding issuance of process by sessions judge in an offence committed under Insolvency and Bankruptcy Code, 2016 (IBC), has observed that S.....
Tags : Supreme Court, Insolvency and Bankruptcy Code, Sessions Judge
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Bom. HC: Public Sector Banks Not Empowered to Issue Look Out Circulars Against Loan Defaulters(27.04.2024)
Bombay High Court has observed that Public Sector Banks are not authorized to issue look out circulars against loan defaulters. The power exercised by.....
Tags : Bombay High Court, Public Sector Banks, Look Out Circulars, Article 14 of COI, Article 21 of COI
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All. HC: It’s an Obligation of Bank Officials to Fully Co-operate in Criminal Investigations(29.04.2024)
Allahabad High Court has observed that bank officials are expected to be law-abiding citizens who are under an obligation of law to cooperate in crimi.....
Tags : Allahabad High Court, Criminal Investigations, Bank Officials
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Madras HC: Notice to Accused Not Necessary for Freezing Bank Account Under Section 102 CrPC(21.03.2022)
Madras High Court has dismissed a plea made by the wife of controversial PUBG gamer Madan seeking the defreezing of her bank account at Axis Bank Limi.....
Tags : Madras High Court, Freezing Bank Account
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Madras HC Directs I-T Dept to Attach Bank Accounts of Actor Tadimalla Gautami(24.03.2022)
Madras High Court has directed Income Tax (I-T) department to lift its order attaching six bank accounts of actor Tadimalla Gautami after she pays 25%.....
Tags : Madras High Court, Bank Accounts of Actor Tadimalla Gautami
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SEBI Imposes Fine on Axis Bank for Failure to Make Disclosures(25.03.2022)
Securities and Exchange Board of India has imposed a fine of Rs. 5 lakh on Axis Bank for failing to make requisite disclosures under the merchant bank.....
Tags : Securities and Exchange Board of India, Axis Bank
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Delhi HC: Not Bank’s Responsibility to Get Real Estate Project Completed(16.03.2023)
Delhi High Court while observing that banks can’t be loaded with responsibility of getting real estate projects completed, has held that it is for the.....
Tags : Delhi High Court, Real Estate, Bank
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Kerala High Court Upholds Ordinances Merging District Cooperative Banks(29.04.2021)
Kerala High Court has upheld Ordinances amending the Kerala Cooperative Society Act, 1969 to merge District Cooperative Banks in the state with the Ke.....
Tags : Kerala High Court, Ordinances Merging District Cooperative Banks
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Kerala HC: Right of Creditor to Have Bank Guarantee Invoked Only During Currency of Bank Guarantee(29.04.2021)
Kerala High Court has held that the right of a creditor to have the Bank Guarantee invoked is only during the currency of the Bank Guarantee and not d.....
Tags : Kerala High Court, Bank Guarantee
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Ker HC: Unilateral Action of Bank of Withholding Title Document After Loan is Repaid is Illegal(20.03.2023)
Kerala High Court has held that merely because the property was transferred by the petitioner during the subsistence of the mortgage, Bank is not enti.....
Tags : Kerala High Court, Bank, Loan, Security Documents
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SC: Before Classifying A/Cs as Fraud, Banks Must Give Borrowers Opportunity of Hearing(27.03.2023)
Supreme Court has held that principles of audi alteram partem, howsoever short, have to be applied before declaring a party as 'a fraudulent borrower'.....
Tags : Supreme Court, Audi Alteram Partem, Fraud, Bank
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Delhi HC Upholds Extradition of NRI to United States in Bank Fraud Conspiracy Case(10.08.2017)
Delhi High Court has upheld order of extradition of an NRI to United States in a case alleging bank fraud conspiracy.
Tags : Delhi High Court, Bank Fraud Conspiracy
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Rajya Sabha Passes Insolvency and Bankruptcy Code (Amendment) Bill, 2019(30.07.2019)
Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019. This Bill if passed will , ease the process of corporate restructuri.....
Tags : Rajya Sabha, Insolvency and Bankruptcy Code (Amendment) Bill, 2019
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Reserve Bank of India Keeps Lending Rate Unchanged in the Bi-Monthly Monetary Policy(06.08.2020)
Reserve Bank of India has come out with the Bi-Monthly Monetary Policy whereby the key lending rate has remained unchanged. The Committee has kept rep.....
Tags : Reserve Bank of India, Bi-Monthly Monetary Policy
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NCLAT, Delhi: Quantum of Debt Not to be Decided At Stage of Admission of S. 7 IBC Application(18.04.2022)
National Company Law Appellate Tribunal, Delhi has observed that the quantum of debt is not to be considered at the stage of admission of a petition u.....
Tags : National Company Law Appellate Tribunal, Section 7 of the Insolvency and Bankruptcy Code, 2016, admission
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What Protection is Available to a Depositor if Bank Fails: Delhi High Court asks Centre(09.10.2018)
Delhi High Court has asked Centre that what is the protection available to customers having deposits of over Rs 1 lakh if a bank fails and said that i.....
Tags : Supreme Court, Banks
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Bombay HC: No Interference with Unconditional Bank Guarantee Except When Fraud Established(20.08.2021)
Bombay High Court has observed that there can be no interference with an unconditional bank guarantee except when fraud is established or apprehension.....
Tags : Bombay High Court, Unconditional Bank Guarantee
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SC: NCLT Has to Admit Section 7 Petition if Debt is Due(15.05.2023)
Supreme Court while observing that even non¬-payment of a part of debt when it becomes due and payable will amount to default on part of a Corporate D.....
Tags : Supreme Court, Corporate Debtor, Insolvency and Bankruptcy Code
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Karnataka HC: Illegal to Impose Condition of Furnishing Bank Guarantee While Granting Bail(12.07.2024)
Karnataka High Court while hearing an application on modification of bail condition, has restated that it is illegal to impose a bail condition on the.....
Tags : Karnataka High Court, Bail Condition, Bank Guarantee
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SEBI Allows Payments Banks to Carry Out Activities of Investment Bankers(04.08.2021)
Securities and Exchange Board of India has allowed payments banks to carry out the activities of investment bankers to provide easy access to investor.....
Tags : Securities and Exchange Board of India, Activities of Investment Bankers
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Allahabad HC: Non-Reporting of Seizure of Bank Account to Magistrate Doesn't Make Seizure Illegal(06.06.2022)
Allahabad High Court has observed that non-reporting of the seizure of a bank account, seized by police under Section 102 Code of Criminal Procedure, .....
Tags : Allahabad High Court, bank account, Illegal
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SC Sets Aside Bail Condition to Furnish Bank Guarantee(14.06.2023)
Supreme Court has set aside a bail condition imposed by High Court to furnish Bank Guarantee worth Rs. 2 Crore by the accused and modified the same by.....
Tags : Supreme Court, Bank Guarantee, Bail Bond
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HP HC Upholds Guidelines by NABARD Regarding Appointment of Auditors for Cooperative Banks(26.06.2023)
Himachal Pradesh High Court has upheld guidelines issued by NABARD regarding the appointment of statutory auditors for Cooperative Banks and observed .....
Tags : Himachal Pradesh High Court, Guidelines, NABARD, Cooperative Banks
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Ker. HC: Acts Done by Bank Officials While Taking Possession are Protected Under SARFAESI Act(25.05.2023)
Kerala High Court while observing that action taken by the officials of the bank under the SARFAESI Act is neither unquestionable nor treated as sacro.....
Tags : Kerala High Court, Bank Officials, SARFAESI, Prosecution
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Delhi HC Rejects PIL Challenging Notifications Permitting Exchange of Rs. 2000 Notes Without ID Proof(29.05.2023)
Delhi High Court has dismissed public interest litigation (PIL) challenging Reserve Bank of India (RBI) and State Bank of India's (SBI) notifications .....
Tags : Delhi High Court,Reserve Bank of India, State Bank of India
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Delhi Court Denies Bail to Avantha Group Promoter Gautam Thapar in Yes Bank Loan Fraud Case(01.11.2021)
Delhi Court has rejected the bail application filed by Avantha Group Promoter Gautam Thapar in connection with the Yes Bank loan fraud case.
Tags : Delhi Court, Yes Bank Loan Fraud Case
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SC: Can’t Prosecute Directors to DBS Bank for Acts of Lakshmi Vilas Bank Before Amalgamation(12.09.2023)
Supreme Court has held that DBS Bank and its directors cannot be held criminally liable for actions attributed to directors of Lakshmi Vilas Bank befo.....
Tags : Supreme Court, DBS Bank, Lakshmi Vilas Bank, Amalgamation, Criminal Liability
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SC: Non Banking Cooperative Society Providing Credit to Members Eligible for Section 80P Deduction(15.09.2023)
Supreme Court has held that a co-operative society that is not a co-operative bank under Section 56 of Banking Regulation Act, 1949, then such society.....
Tags : Supreme Court, Cooperative Society, Banking, Deduction
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NCLAT: In absence of privity of contract, application u/s 9 of IBC not maintainable(28.03.2025)
The National Company Law Appellate Tribunal (NCLAT) has observed that where there is no privity of contract or any sort of Debtor-Creditor relationshi.....
Tags : Privity of contract, Maintainability of application, Debtor-Creditor relationship, the Insolvency and Bankruptcy Code, 2016
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NCLAT: Payment of Lease Amount, Rent & Premium Arising During CIRP Cannot Be Considered as CIRP Costs(28.10.2024)
The National Company Law Appellate Tribunal (NCLAT) has observed that the payment of lease amount, lease rent and premium arising during CIRP cannot b.....
Tags : National Company Law Appellate Tribunal, CIRP Cost, Section 14, Insolvency and Bankruptcy Code, 2016
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NCLAT: Dissenting Financial Creditor Entitled to Liquidation Value of its Secured Interest only(28.10.2024)
The National Company Law Appellate Tribunal (NCLAT) has observed that as per Section 30(2)(b) of Insolvency and Bankruptcy Code, 2016 (IBC), a dissent.....
Tags : National Company Law Appellate Tribunal, Section 30(2)(b), Insolvency and Bankruptcy Code, 2016
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Lok Sabha passes Banking Laws (Amendment) Bill, 2024(04.12.2024)
Lok Sabha has passed the Banking Laws (Amendment) Bill, 2024 which includes bank accounts to have four nominees among other changes. Under this amendm.....
Tags : Lok Sabha, Bank Account Holders, Simultaneous Nominations
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Finance Ministry Clarifies that Members of Queer Community Can Open Joint Bank Accounts(30.08.2024)
Ministry of Finance has issued a notification clarifying that members of the queer community can open a joint bank account and can also nominate their.....
Tags : Ministry of Finance, Queer Community, Joint Bank Accounts
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Del. HC: Customs Department Can’t Encash Bank Guarantee If Pre-Deposit Already Made in Appeal(13.01.2025)
Delhi High Court has affirmed that if a trader has made a pre-deposit with his appeal against the demand and penalty then the Customs Department canno.....
Tags : Delhi High Court, Bank Guarantee, Pre-Deposit
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NCLAT Upholds Canara Bank’s Claims for Loans Advanced to CD on behalf of Homebuyers(14.01.2025)
NCLAT New Delhi bench has upheld the claims of Canara Bank for loans advanced to the corporate debtor (CD) on behalf of the Homebuyers for the reason .....
Tags : NCLAT New Delhi, Canara Bank, Corporate Debtor
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Supreme Court Hints at Directing CBI Probe into Builder-Banks Nexus(06.03.2025)
Supreme Court has hinted at directing a CBI probe into a builder-banks nexus and expressed that some real estate companies and banks which sanction lo.....
Tags : Supreme Court, CBI Probe, Builder-Banks Nexus
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SC: Filing of Cheque Dishonour Complaint to be at Place of Payee Bank(07.03.2025)
Supreme Court has observed that a complaint of cheque dishonor under Section 138 of the Negotiable Instruments Act, 1881 should be filed in the Court .....
Tags : Supreme Court, Cheque Dishonour, Payee Bank
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SC: Direction Can be Issued to Transfer Compensation to Bank Account of Claimants(19.03.2025)
SC has observed that the general practice followed by insurance companies, where compensation is not disputed, is to deposit it before the Tribunal. I.....
Tags : Supreme Court, Compensation, Bank Account
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RBI imposes monetary penalty on The Jammu and Kashmir Bank Ltd(14.11.2018)
The Reserve Bank of India (RBI) has imposed, by an order dated November 05, 2018, a monetary penalty of Rs. 30 million on The Jammu and Kashmir Bank L.....
Tags : Penalty, Imposition, Bank
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Non-applicability of the provisions of section 31 read with clause (t) of section 56 of Banking Regulation Act, 1949 to primary co-operative banks till 31st December, 2020(29.09.2020)
In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government, on the .....
Tags : Non-applicability, Provisions, Co-operative banks
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Measures taken to facilitate digital banking(27.07.2021)
The Government has taken a number of steps to facilitate digital banking, doorstep banking services and digital lending platforms. This was stated by .....
Tags : Measures, Digital banking, Digital infrastructure
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Access for non-banks to centralised payment systems(28.07.2021)
1. A reference is invited to Paragraph 9 of the Statement on Developmental and Regulatory Policies dated April 07, 2021 wherein it was announced that .....
Tags : Access, Non-banks, CPS
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RBI imposes monetary penalty on Axis Bank Limited(28.07.2021)
The Reserve Bank of India (RBI) has imposed, by an order dated July 28, 2021, a monetary penalty of Rs. 5.00 crore (Rupees Five crore only) on Axis Ba.....
Tags : Penalty, Imposition, Axis Bank
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Expert committee to assist Government for assessment of relief to bank borrowers(10.09.2020)
Various concerns have been raised during the proceedings of the ongoing hearing in Hon'ble Supreme Court of India, in the matter of Gajendra Sharma Vs.....
Tags : Expert committee, Assistance, Bank borrowers
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Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Mauritius(12.08.2021)
Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 19, 2021 with the Government of the Republic of Mauritius, for ma.....
Tags : Exim Bank, Agreement, LoC
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Reserve Bank of India imposes monetary penalty on DCB Bank Limited(28.10.2020)
The Reserve Bank of India (RBI) has, by an order dated October 28, 2020, imposed a monetary penalty of Rs. 22 lakh (Rupees Twenty Two lakh only) on DC.....
Tags : Penalty, Imposition, DCB Bank Limited
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Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2021(25.08.2021)
1. The Reserve Bank of India has, from time to time, issued several guidelines/instructions/directives to the banks on Prudential Norms for Classifica.....
Tags : Master Directions, Investment Portfolio by Banks
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Modalities for filing of placement memorandum through a Merchant Banker(21.10.2021)
1. AlFs shall launch scheme(s) subject to filing of placement memorandum with SEBI through a SEBI registered Merchant Banker. In this regard, SEBI (Al.....
Tags : Modalities, Filing, Merchant Banker
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Notification regarding specified bank to mean a banking company which is a scheduled bank and has been appointed as an agent under Section 45 of Reserve Bank of India Act, 1934(02.09.2021)
In exercise of the powers conferred by clause (a) of Explanation to section 194P of the Income-tax Act, 1961 (43 of 1961), the Central Government here.....
Tags : Specified bank, Banking company, Notification
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Reserve Bank of India imposes monetary penalty on Axis Bank Limited(01.09.2021)
The Reserve Bank of India (RBI) has imposed, by an order dated September 01, 2021, a monetary penalty of Rs. 25 lakh (Rupees Twenty five lakh only) on.....
Tags : Penalty, Imposition, Axis Bank
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Maintenance of current accounts in multiple banks by Stock Brokers(28.10.2021)
1. SEBI vide circular no. SMD/SED/CIR/93/23321 dated November 18, 1993 on "Regulation of Transactions between Clients and Brokers" mandated that all t.....
Tags : Maintenance, Current accounts, Multiple banks
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Report on Trend and Progress of Banking in India 2018-19(24.12.2019)
The Reserve Bank of India released the Report on Trend and Progress of Banking in India 2018-19, a statutory publication in compliance with Section 36.....
Tags : Report, Progress, Banking
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Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 to Millath Co-operative Bank Limited(08.11.2021)
1. The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Limited, Davangere, Karnataka under Section 35 A read with S.....
Tags : Directions, Banking Regulation Act
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Exim Bank's Government of India supported Line of Credit of USD 7.29 million to the Government of Cooperative Republic of Guyana(10.03.2022)
1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated September 29, 2021 with the Government of Cooperative Republic of Guyan.....
Tags : Exim Bank, Support, Line of Credit
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Maintenance of current accounts in multiple banks by Insurance Intermediaries(29.12.2021)
1. It has been observed that the insurance intermediaries maintain multiple current accounts with banks at different operational levels, i.e., Branch .....
Tags : Maintenance, Current accounts, Multiple banks
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Basic Statistical Return on Credit by Scheduled Commercial Banks in India - March 2022(28.09.2022)
The Reserve Bank released the web publication 'Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India - March 2022'1 on its .....
Tags : Statistical Return, Credit, Banks
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RBI imposes monetary penalty on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh(16.11.2021)
The Reserve Bank of India (RBI) has imposed, by an order dated November 16, 2021, a monetary penalty of Rs. 2.00 lakh (Rupees Two lakh only) on Nagrik.....
Tags : Penalty, Imposition, Bank
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Cancellation of licence to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune(02.11.2022)
1. The Reserve Bank of India, vide order No.DOR.MON.LC-04/12.22.218/2022-23 dated August 08, 2022, had cancelled the banking licence of Rupee Co-opera.....
Tags : Cancellation, licence, Banking business
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Draft guidelines for ‘on tap’ licencing of universal banks(05.05.2016)
The Reserve Bank of India took a major step towards replacing its ‘stop and go’ policy for licensing universal with a more ‘continuous’ process by Tags : Universal bank, licence, continuous process
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Central Government declares the computer resources of Canara Bank to be protected systems(11.01.2023)
In exercise of the powers conferred by sub-sections (1) and (2) of section 70 of the Information Technology Act, 2000 (21 of 2000), the Central Govern.....
Tags : Computer resources, Core Banking Solution, protected systems
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Lending and Deposit Rates of Scheduled Commercial Banks - January 2023(31.01.2023)
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) for the month of Janua.....
Tags : Lending, Deposit Rates, Commercial Banks
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Sectoral Deployment of Bank Credit - December 2022(31.01.2023)
Data on sectoral deployment of bank credit for the month of December 20221 collected from 40 select scheduled commercial banks, accounting for about 9.....
Tags : Sectoral Deployment, Bank Credit, Data
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Issue of Rs. 10 Denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Das, Governor(20.05.2019)
The Reserve Bank of India will shortly issue Rs. 10 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Da.....
Tags : Issue, Rs. 10 Denomination, Banknotes
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Sectoral Deployment of Bank Credit - January 2023(28.02.2023)
Data on sectoral deployment of bank credit for the month of January 20231 collected from 40 select scheduled commercial banks, accounting for about 93.....
Tags : Sectoral Deployment, Bank Credit, Data
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Synchronising financial accounting year with calendar year(19.07.2016)
Union Minister of Finance, Aurn Jaitley, stated that a Committee to examine the desirability and feasibility of changing the financial year has been c.....
Tags : financial year, calendar year, nationalised banks, merger
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Cancellation of banking licence of Adoor Co-operative Urban Bank Ltd., Adoor, Kerala(25.04.2023)
Reserve Bank of India (RBI) is satisfied to notify The Adoor Co-operative Urban Bank Ltd., Adoor, Kerala as a non-banking Institution under Section 36.....
Tags : Banking licence, Cancellation, Notification
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Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - The Laxmi Co-operative Bank Ltd., Solapur - Extension of Period(11.05.2022)
The Reserve Bank of India, in the public interest, had issued directions to The Laxmi Co-operative Bank Ltd., Solapur, Maharashtra in exercise of powe.....
Tags : Direction, Provision, Bank
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Withdrawal of Rs. 2000 Denomination Banknotes - Status(03.07.2023)
The Reserve Bank of India had announced the withdrawal of ₹ 2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The t.....
Tags : Withdrawal, Banknotes, Status
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Equitas Small Finance Bank Limited commences operations(12.09.2016)
The Reserve Bank of India has issued a licence to Equitas Small Finance Bank Limited under Section 22 (1) of the Banking Regulation Act, 1949 to carry.....
Tags : Bank, Equitas Small Finance, Licence
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Central Government specifies that all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd. and IDBI Bank shall be authorised to operate the Mahila Samman Savings Certificate, 2023(27.06.2023)
In pursuance of the powers conferred by sub-clause (ii) of clause (g) of section 3 of the Government Savings Promotion Act, 1873 (5 of 1873), the Cent.....
Tags : Banks, Operation, Savings Certificate
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Lakshmi Vilas Bank Ltd branches to operate as DBS Bank India Ltd. branches from November 27, 2020(25.11.2020)
The Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation .....
Tags : Lakshmi Vilas Bank, Scheme, Amalgamation
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Sectoral Deployment of Bank Credit - July 2023(31.08.2023)
Data on sectoral deployment of bank credit for the month of July 20231 collected from 40 select scheduled commercial banks, accounting for about 93 pe.....
Tags : Sectoral Deployment, Bank Credit, July 2023
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Sectoral Deployment of Bank Credit - August 2023(28.09.2023)
Data on sectoral deployment of bank credit for the month of August 20231 collected from 40 select scheduled commercial banks, accounting for about 93 .....
Tags : Sectoral Deployment, Bank Credit, Highlights
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Lending and Deposit Rates of Scheduled Commercial Banks - September 2023(28.09.2023)
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) for the month of Septe.....
Tags : Scheduled Commercial Banks, Lending Rates, Deposit Rates
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Prompt Corrective Action Framework - IDBI Bank Limited(10.03.2021)
The performance of IDBI Bank Limited, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Su.....
Tags : PCAF, IDBI Bank, Review
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Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949(31.01.2024)
1. In Press Release dated March 11, 2022, the Reserve Bank of India, in exercise of its powers under section 35A of the Banking Regulation Act, 1949, .....
Tags : Paytm Payments Bank, Direction
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Punjab and Maharashtra Co-operative Bank Ltd. branches to operate as Unity Small Finance Bank Ltd.(25.01.2022)
The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Ba.....
Tags : Branches, Operation, Unity Small Finance Bank Ltd.
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Circular regarding voluntary transition of Small Finance Banks to Universal Banks(26.04.2024)
1. This is with reference to Paragraph 14 of the "Guidelines for 'on-tap' Licensing of Small Finance Banks in Private Sector" dated December 5, 2019, .....
Tags : Voluntary transition, Small Finance Banks, Conversion
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Reserve Bank releases deposits with Scheduled Commercial Banks - March 2024(04.06.2024)
The Reserve Bank released the web publication 'Deposits with Scheduled Commercial Banks2 - March 20243' on its 'Database on Indian Economy' portal.Tags : Deposits, Release, Commercial bank
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Conduct of Government Business by Agency Banks - Payment of Agency Commission(13.08.2015)
The Reserve Bank of India issued a clarification on activities that do not come under the purview of agency bank business and are not eligible for pa.....
Tags : agency commission, government business, banks
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Prudential Treatment of Bad and Doubtful Debt Reserve by Co-operative Banks(02.08.2024)
1. Under the provisions of the respective State Co-operative Societies Acts, or otherwise, on prudential consideration, several co-operative banks hav.....
Tags : Prudential Treatment, Doubtful Debt Reserve, Co-operative Banks
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Lending and Deposit Rates of Scheduled Commercial Banks - November 2023(30.11.2023)
Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the mo.....
Tags : Lending rates, Deposit Rates, Commercial Banks
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Reserve Bank of India imposes monetary penalty on Indian Bank(20.11.2019)
The Reserve Bank of India (RBI) has imposed, by order dated November 18, 2019, monetary penalty of Rupees One crore on Indian Bank (the bank) for non-.....
Tags : Penalty, Imposition, Indian Bank
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Sectoral Deployment of Bank Credit - September 2023(31.10.2023)
Data on sectoral deployment of bank credit for the month of September 20231 collected from 40 select scheduled commercial banks, accounting for about .....
Tags : Sectoral Deployment, Bank Credit
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Central Government declares the services engaged in the Banking industry to be a public utility service(14.12.2023)
Whereas the Central Government is satisfied that public interest so requires that the services engaged in the 'Banking', which is covered under item 2.....
Tags : Declaration, Banking industry, Public utility
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Card-on-File Tokenisation (CoFT) - Enabling Tokenisation through Card Issuing Banks(20.12.2023)
1. The card tokenisation services are being currently provided by card issuers and card networks in terms of Reserve Bank of India circulars DPSS.CO.P.....
Tags : CoFT, Tokenisation, Banks
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National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021(01.12.2021)
In exercise of the powers conferred by sub-section (1) of section 46 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 o.....
Tags : National Bank, Financing Infrastructure, Order, 2021
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PFRDA notifies amendments to Trustee Bank (TB) and Central Recordkeeping Agency (CRA) Regulations(22.02.2024)
The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordk.....
Tags : Amendments, Trustee Bank, Regulations
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Order of moratorium in respect of the Lakshmi Vilas Bank Limited(17.11.2020)
1. In exercise of the powers conferred by sub-section (2) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government, afte.....
Tags : Moratorium, Lakshmi Vilas bank, Proceedings
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Unity Small Finance Bank Limited commences operations(01.11.2021)
Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a lic.....
Tags : Finance Bank, Operations, Commencement
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Central Government hereby declares the services in the Bank Note Paper Mill India Private Limited, Mysore, Karnataka to be a public utility service for the purposes of Industrial Disputes Act, 1947(11.02.2021)
Whereas the Central Government is satisfied that the public interest so requires that the services in the Bank Note Paper Mill India Private Limited, .....
Tags : Bank Note Paper Mill, Public utility, Industrial Disputes Act
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Change in Bank Rates(08.02.2023)
1. Please refer to circular DOR.RET.REC.88/12.01.001/2022-23 dated December 07, 2022 on the captioned subject.
2. As announced in the Moneta.....
Tags : Change, Bank Rate, Monetary Policy
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Tamil Nadu Health System Reform Program, Signing of $287 Million World Bank loan to improve healthcare in the State of Tamil Nadu(04.06.2019)
The Government of India, Government of Tamil Nadu (GoTN) and the World Bank signed here today in New Delhi a $287 Million Loan Agreement for the Tamil.....
Tags : Reform Program, World Bank, Loan, Healthcare
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Enforcement action in respect of statutory auditors of commercial banks(03.06.2019)
RBI vide its Press Release dated June 29, 2018 had put in place an enforcement action framework in respect of statutory auditors for the lapses in the.....
Tags : Statutory auditors, Commercial banks, Enforcement action
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Press Release regarding draft regulations under FEMA and directions to Authorised Dealer banks(02.07.2024)
Over the years, the Reserve Bank has been progressively liberalising policies governing foreign exchange transactions, under FEMA, 1999. In continuati.....
Tags : FEMA, Reserve Bank
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RBI clarifies: No change in existing Currency and Banknotes(06.06.2022)
There are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by rep.....
Tags : No change, Currency, Banknotes
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National Bank for Agriculture and Rural Development is allowed to perform Aadhaar authentication(15.06.2023)
1.In pursuance of sub-clause (ii) of clause (b) of sub-section (4) of section 4 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Be.....
Tags : National Bank, Aadhaar authentication, Agricultural loan
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Provisioning on interbank exposure of Primary (Urban) Co-operative Banks (UCBs) under All Inclusive Directions(20.04.2020)
1. As you are aware, the imposition of All-inclusive Directions (AID) on an Urban Co-operative Bank (UCB), inter alia, restricts the bank from dischar.....
Tags : Provisioning, interbank exposure, UCBs
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Permitting non-scheduled payments banks to register as bankers to an issue(03.08.2021)
1. SEBI vide notification dated July 30, 2021, amended the SEBI (Bankers to an Issue) Regulations, 1994 (BTI Regulations) thereby permitting such othe.....
Tags : Non-scheduled payments banks, Registration, Permission
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Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel(24.11.2016)
In view of the withdrawal of legal tender character of the Specified Banknotes (SBN) demand for cash is expected from Government officials and pension.....
Tags : Demand, Bank notes, Government officials
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Central Government hereby declare that the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 shall not apply to Kotak Mahindra Bank Limited(01.10.2019)
In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949, the Central Government, on the recommendatio.....
Tags : Provisions, Non applicability, Kotak Mahindra Bank
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