rate of interest

An attempt by the state government to regulate non-banking financial companies (NBFCs) operating in the state failed when justice Jayant Patel of the Gujarat high court ruled that NBFCs can’t be put under the purview of the Money laundering act (ML Act). The judgment is significant in the present scenario as scores of NBFCs in the state and thousands of people are getting advances through such companies regularly. The NBFCs were irked when the registrars of the co-oper.. Full Article

Necessity of establishing goodwill and reputation, that too in a finance company, is of utmost necessity; at same time, it cannot give a permanent license to the company to continue to violate the provisions of section 269SS/269T. Full Article

Reserve Bank of India (RBI) has issued guidelines on ‘Fair Practice Code for Lenders’ which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines which are revised periodically, inter-alia, stipulate that loan application forms in respect of all categories of loans irrespective of the amount of loan sought by the borrower should be comprehensive. Full Article

The Government today launched an interest subvention scheme of 1% on all individual housing loans upto Rs.10 lakh for units costing upto Rs. 20 lakh. The scheme recognizes that cut in interest rates has an important role to play in reducing EMIs of borrowers & creating additional demand for housing. The Scheme will cover all [...] Full Article

RBI/2009-10/ 160 –  RPCD.CO.RF.BC. No.23 /07.37.02/2009- 10 dated: September 16, 2009 Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy. Full Article

SUMMARY OF CASE LAW Repayment of the deposited amount with interest on maturity by the Post Office cannot be treated as consideration for transfer of  Indira Vikas patra (IVP) by the holder for the purpose of section 48. Full Article

RBI/2009-10/145 UBD.BPD.PCB.Cir.No 8 /13.05.006/2009-10 Dated: September 3, 2009 The Chief Executive Officer, All Primary (Urban) Co-operative Banks Dear Sir/Madam, Budget Announcement 2009-10-Extension of last date under One Time Settlement Scheme (Under Agricultural Debt Waiver and Debt Relief Scheme, 2008) upto December 31, 2009 Full Article

RBI/2009-10/137 DBOD.No.BP.BC. 35/21.04.048/2009-10 Dated: August 31, 2009 The Chairman and Managing Director/ Chief Executive Officer, All Scheduled Commercial Banks (including Local Area Banks) (Excluding RRBs) Dear Sir, Agricultural Debt Waiver and Debt Relief Scheme, 2008 – Prudential Norms on Income Recognition, Asset Classification, Provisioning and Capital Adequacy. Full Article