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Bank Archives - All About Finance

Bank

Guidelines for Banks undertaking Insurance Broking and Agency Business

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RBI/2014-2015/409DBR.No.FSD.BC.62/24.01.018/2014-15 January 15, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Entry of Banks into Insurance Business Please refer to our Circular DBOD.No.FSC.BC.16/24.01.018/2000-2001 dated August 9, 2000 which, inter alia, permitted banks to set up insurance joint ventures on risk participation basis and also to undertake insurance business as agents of insurance companies on fee basis, without any … Read more

RBI extends last date of receipt of applications till 2nd February 2015 for Licensing of Small Finance Banks and Payments Banks

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The Reserve Bank of India received requests seeking extension of time for submission of applications for Small Finance Banks / Payments Banks, the last date for which was January 16, 2015. Keeping in view the difficulties expressed by various parties, it has been decided to extend the last date of receipt of applications to February 2, 2015. Accordingly, … Read more

RBI extended the RTGS hours from 8:00 am to 8:00 pm, effective from 29th December 2014

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RBI/2014–15/352DPSS (CO) RTGS No. 1064 / 04.04.002 / 2014-15 December 15, 2014 The Chairman / Managing Director / ChiefExecutive Officer of participants of RTGS Madam / Sir, Extension of RTGS time window It has been the endeavour of the Reserve Bank of India to keep enhancing the systems, procedures, etc. to meet the growing needs … Read more

RBI Introduced “Jeevan Pramaan”, a Digital Life Certificate for Pensioners

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RBI/2014-15/343DGBA.GAD.H- 2529/45.01.001/2014-15 December 9, 2014 The Chairman/Chief Executive OfficerAll agency banks Dear Sir Introduction of Digital Life Certificates for Pensioners As per the present scheme for payment of government pension, pensioners are required to furnish a life certificate in November every year to the bank concerned for continued receipt of pension without interruption. Even though … Read more

Interest Subvention Scheme for National Rural livelihoods Mission (NRLM)

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RBI/2014-15/342FIDD.GSSD.CO.BC.No.45/09.01.03/ 2014-15 December 09, 2014 The Chairman / Managing DirectorAll Public and Private Sector Banks Dear Sir / Madam, National Rural livelihoods Mission (NRLM) – Aajeevika – Interest Subvention Scheme Please refer to our circular RPCD.GSSD.CO.BC.No.57/09.01.03/2013-14 dated November 19, 2013 on Interest Subvention Scheme under National Rural Livelihoods Mission (NRLM). 2. The revised guidelines for the year … Read more

Fifth Bi-Monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G Rajan, Governor

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Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand … Read more

Bank should inform the customer immediately on breaching minimum balance before charging the minimum balance charges – RBI notification

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RBI has issued a notification which makes the banks mandatory to inform the customer immediately on the balance in the account breaching minimum balance and the applicable penal charges for not maintaining the balance by way of SMS/Email/letter. When the minimum balance is not maintained within one month from the date of notice of shortfall, … Read more

Limit of free ATM transactions in other bank is revised from 1st November 2014

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Reserve bank of India has issued the notification as on 14th August 2014 and instructs the all commercial and co-operative banks for rationalization of number of free ATM transaction. The number of the ATMs is increased to 1.6 lacks across the country by March 2014. Few banks and Indian Bank’s Association had approached the RBI … Read more

RBI extended the date to 1st January 2015 for exchanging the pre-2005 issued currency notes

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                RBI has issued the press released as on 3rd March 2014 and extended the date of exchanging the currency note to 1st January 2015. It is also informed that majority of notes which was issued prior to 2005 are already been withdrawn through banks and only a limited number of notes remain with the … Read more