Top 10 countries ranked by real-time payment transactions, 2020: 1 India 🇮🇳2 China 🇨🇳3 South Korea 🇰🇷4 Thailand 🇹🇭5 UK 🇬🇧6 Nigeria 🇳🇬7 Japan 🇯🇵8 Brazil 🇧🇷9 United States 🇺🇸10 Mexico
How to get Credit Report for free? Given the importance of the credit report in an individual’s financial matters, Reserve Bank of India (RBI) through a notification dated 1 September 2016, made it mandatory for all the four credit information companies in India to provide one free credit report including credit score, once every year (January-December), to individuals on request There are four authorised credit bureaus in India as of now. Of these CIBIL is the oldest and has the widest coverage in terms of number of customer accounts. Newer ones like Experian, Equifax and CRIF High Mark are also growing fast. Here is how you can get a free CIBIL report once a year. Step 1: Go to the CIBIL website Step 2: Fill out the provided form that…
RBI puts 1-month moratorium on Lakshmi Vilas Bank. Cash withdrawal limit of Rs 25,000, to be merged with DBS Bank This is 3rd Bank to be put inder moratorium by RBI in 2020 after PMC Bank and Yes Bank. RBI proposes a full merger with DBS Bank India. Shareholders wiped out (Shares go to 0) All depositors will be paid in full, after the moratorium. All FDs will be reset to DBS rates after the merger.
Finance Ministry: PSU banks will not increase charges for deposits and withdrawals in the near future The Ministry of Finance released an official statement with “the factual position”. Finance ministry said "No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI”. The statement mentions "Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: In this regard, while the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st November, 2020, with regard to the number of free cash deposits and withdrawals per month. The number of free cash deposits and withdrawals, have been reduced from 5 each per…
RBI mandates automated recognition of NPAs, provisioning by June 2021 The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks’ own management information system (MIS) requirements.
Accounts not declared NPAs as on August 31 should not be declared NPAs till further orders: Supreme Court Supreme Court today asked the Government of India and the Reserve Bank of India (RBI) to take concrete decisions on the issue of sector-wise loan restructuring within two weeks. A three-Judge Bench of Justices Ashok Bhushan, R Subhsash Reddy and MR Shah took up the case for hearing today. Today, the Court was told by Solicitor General Tushar Mehta that various aspects of the issue were being considered by the Union Finance Ministry and the RBI in consultation with the banks. However, a period of two weeks more was required for the affidavit to be filed. The Court asked the Centre to come up with concrete decisions on the issues. Senior Counsel Kapil Sibal, appearing for real estate associations,…
CBI registers case against Chennai based M/s Surana Power Ltd and its four directors for defrauding consortium of 10 banks led by IDBI bank to the tune of ₹1,727 crore. Outstanding amount as on July 31 is ₹3,158 crore.
UPI's been growing at an exponential pace & is fast approaching the $500 billion mark in annual transactions!
RBI has released a New Long Form Audit Report (LFAR) applicable for bank audits from FY 20-21 RBI_LFAR_5Sep2020Download
The Superme Count has ordered that Loan accounts that are not NPAs before August 31, 2020 cannot be declared as NPAs untill further orders The relief granted by the Supreme Court today is of interim in nature.The Supreme Court Bench to resume hearing in the case on Thursday, September 10 at 10.30 AM.The Supreme Court is considering the question of interest to be charged on interest as well as the powers of the Centre and the NDMA under the Disaster Management Act to provide relief on aspect of loan repayment during COVID19 pandemic. A three Judge Bench of Justices Ashok Bhushan, R Subhash Reddy and MR Shah issued the interim order today