RBI decided to permit banks to reckon the funds infused by the promoters in their MSME units through loans availed under the captioned CGTMSE scheme as equity/quasi equity from the promoters for debt-equity computation. Reserve Bank of India RBI/2020-21/09 DoR.BP.BC.No.01/21.04.048/2020-21 Dated: July 1, 2020 All Scheduled Commercial Banks (including Scheduled RRBs) Dear Sir/Madam, Distressed Assets […]
Master Circular on the Scheme of Penalties for bank branches including currency chests based on performance in rendering customer service to members of public
All branches of banks in all parts of the country are mandated to (i) Issuing fresh / good quality notes and coins of all denominations on demand, (ii) Exchanging soiled / mutilated / defective notes, and (iii) Accepting coins and notes either for transactions or exchange.
Lead Bank Scheme was introduced by the Reserve Bank of India in December 1969. The Scheme aims at coordinating the activities of banks and other developmental agencies through various fora in order to achieve the objective of enhancing the flow of bank finance tothe priority sector and other sectors and to promote banks’ role in the overall development of the rural sector.
Notes determined as counterfeit shall be stamped as COUNTERFEIT NOTE and impounded in the prescribed format . Each such impounded note shall be recorded under authentication, in a separate register.
Transactions relating to the following government business undertaken by agency banks are eligible for agency commission paid by RBI: a. Revenue receipts and payments on behalf of the Central/State Governments b. Pension payments in respect of Central / State Governments and c. Any other item of work specifically advised by Reserve Bank as eligible for agency commission
Banks should provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy. The group dynamics of working of the SHGs need neither be regulated nor formal structures imposed or insisted upon.
The Government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be eligible under the Scheme, the following conditions should be met:
Due to the COVID 19 pandemic and consequent economic impact on liquidity and cash flow issues in the Indian Banking sector, the Ministry of Road Transport and Highways (MORTH), Government of India, has requested to examine possible offering of Surety Bondby the general insurance companies.
ESI Return due date Extended for October – 2019 to March 2020 Period In continuation to the Employees State Insurance Corporation, Circular no. P-11/12/Misc./1/2019(M)-Rev.II dated 18th March, 2020 ESIC department has further extended the due date and provide Relaxation of time limit for filing and depositing ESI Contribution for the month of February, 2020 and […]
