17Nov 2020 by Asmeet No Comments

RBI puts 1-month moratorium on Lakshmi Vilas Bank. Cash withdrawal limit of Rs 25,000, to be merged with DBS Bank

Banking and Finance
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.
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03Sep 2020 by Asmeet No Comments

Banks cannot declare new NPA’s after August 31, 2020 until further orders: Supreme Court

Banking and Finance
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
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25Aug 2020 by Asmeet
Rs2,000 currency notes not printed in FY1920: RBI

Rs2,000 currency notes not printed in FY1920: RBI

Economy
Currency notes of Rs 2,000 were not printed at all in financial year 2019-20, according to the Reserve Bank of India (RBI).  As per RBI's Annual Report for 2019-20 the supply of banknotes during the period was lower by 23.3% than in the previous year, mainly due to the disruptions caused by the outbreak of Covid-19 and the ensuing lockdown.  The number of Rs2,000 notes in circulation came down from 329.10 crore pieces in March 2019 to 273.98 crore notes in March 2020.  The quantity of Rs2,000 denomination notes constituted 2.4% of the total volume of notes at end of March 2020, down from 3% at end-March 2019. In terms of value, the share of Rs2,000 notes has come down to 22.6% at end of the financial year 2019-20, down…
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