As the standardized framework will help bring about uniformity in the classifications being used across sectors and in securities market, credit rating agencies are advised to use this standardized industry classification for the purpose of rating exercise, peer benchmarking, research activities including research for Economy, Industries and Companies etc.
Banks, with their vast branch network throughout the length and breadth of the country, occupy a very strategic position in the financial system and have an important role to play in providing credit to the housing sector.
The policy of income recognition should be objective and based on record of recovery rather than on any subjective considerations. Likewise, the classification of assets of banks has to be done on the basis of objective criteria which would ensure a uniform and consistent application of the norms. Also, the provisioning should be made on the basis of the classification of assets based on the period for which the asset has remained non-performing and the availability of security and the realisable value thereof.
Office Order No. 61 of 2022 The following transfer/postings of the officers in the grade of Deputy Commissioner/ Assistant Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders:
Exemption from Integrated Tax and compensation Cess under Advance Authorization under Para 4.14 of FTP 2015 -20, Exemption from Integrated Tax and Compensation Cess under EPCG scheme under Para 5.01 (a) of FTP 2015-20 and Exemption from Integrated Tax and Compensation Cess under EOU scheme under Para 6.01(d)(ii) of FTP 2015-20 is extended upto 30.06.2022. […]
CBDT notifies Form ITR-7 for Assessment Year 2022-13 / Financial Year 2021-22 vide Notification No. 23/2022-Income Tax Dated: 1st April, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st April, 2022 Notification No. 23/2022-Income Tax G.S.R. 252(E).—In exercise of the powers conferred by section 139 read with […]
The credit related matters of banks have been progressively deregulated by Reserve Bank of India. Consistent with the policy of bestowing greater operational freedom to banks in the matter of credit dispensation and in the context of mandatory registration of NBFCs with the Reserve Bank, most of the aspects relating to financing of NBFCs by banks have also been deregulated.
Capital acts as a buffer in times of crisis or poor performance by a bank. Sufficiency of capital also instills depositors’ confidence. As such, adequacy of capital is one of the preconditions for licensing of a new bank as well as its continuance in business.
Reserve Bank of India RBI/2022-23/11 FIDD.CO.LBS.BC.No.02/02.01.001/2022-23 April 01, 2022 The Chairman/ Managing Director/ Chief Executive Officer SLBC/ UTLBC Convenor Banks / Lead Banks Madam/ Dear Sir, Master Circular – Lead Bank Scheme The Reserve Bank of India has issued a number of guidelines/instructions on Lead Bank Scheme from time to time. This Master Circular consolidates […]
An important criterion for judging the soundness of a banking institution is the size and character, not only of its assets portfolio but also, of its contingent liability commitments such as guarantees, letters of credit, etc. As a part of business, banks issue guarantees on behalf of their customers for various purposes.
