The central bank has laid down fresh directions requiring transparent, Board-approved interest rate frameworks for urban co-operative banks. The key takeaway is stronger safeguards against excessive interest and clearer disclosures to borrowers.
The tribunal held that foreign exchange fluctuation loss was deductible as it was recorded under a consistent mercantile accounting system and in line with applicable accounting standards. The ruling reiterates that such losses are allowable when gains are similarly taxed.
Regulatory authorities held that claiming compliance with accounting standards without actual adherence or explanation violates Section 134. Companies and directors can face fixed penalties even without mala fide intent.
The regulations mandate compulsory SEBI registration, higher governance standards, and a ₹50 lakh net worth threshold, strengthening oversight of registrars and transfer agents.
Bombay HC held that an emergency arbitrator’s decision is an order and not an arbitral award as it does not finally decide disputes, making Part II enforcement inapplicable.
The regulator amended banking regulations to shift statutory returns from Friday-based reporting to the last day of the fortnight. The key takeaway is simplified and uniform reporting timelines for scheduled banks.
The RBI amends CC, OD, and current account rules to strengthen credit discipline and enhance monitoring in rural co-operative banks.
State Bank of India Vs Pallabh Bhowmick & Ors (Supreme Court of India) In this case, the Supreme Court upheld the High Court’s finding that a series of online transactions carried out on 18.10.2021 from the customer’s bank account were entirely unauthorized and fraudulent, and that no negligence on the part of the account holder […]
RBI finalizes amendments to streamline GML regulations, extend repayment tenor, and expand scope for domestic and exporter jewellers, enhancing ease of doing business.
RBI has clarified that no new Urban Co-operative Banks or conversions will be permitted. It has also adopted a four-tier structure based on deposits to ensure proportionate regulation and stability.
