Banking

RBI relaxed the requirement of additional factor of authentication requirement for card payment for transactions value of up to Rs 2,000

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RBI/2014-15/601DPSS.CO.PD.No.2163/02.14.003/2014-2015 May 14, 2015 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks/Authorised Card Payment Networks Madam / Sir Card Payments – Relaxation in requirement of Additional Factor of Authentication for small value card present transactions Reserve Bank has … Read more

RBI instructed the banks to issue the acknowledgement to pensioners on submission of life certificates

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RBI/2014-15/587DGBA.GAD No.H- 5013/45.01.001/2014-15 May 07, 2015 The Chairman/ Chief Executive OfficerAll Agency Banks Dear Sir Mandatory issue of acknowledgement to pensioners on submission of life certificates In terms of extant instructions, all pensioners are required to furnish a life certificate to the pension disbursing bank every year in November for continuance of pension. This certificate … Read more

RBI has cancelled the licence of Shri Swami Samarth Urban Co-operative Bank Ltd., Naldurg, Osmanabad

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The Reserve Bank of India (RBI) has cancelled the licence of Shri Swami Samarth Urban Co-operative Bank Ltd., Naldurg, Osmanabad. The order was made effective from the close of business on April 30, 2015. The Registrar of Co-operative Societies Maharashtra has also been requested to issue an order for winding up of the bank and … Read more

Now you will see “third gender” for transgender persons on all bank forms

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RBI/2014-15/583DCBR.BPD (PCB/RCB) Cir. No.33/12.05.001/2014-15 April 30, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks /DCCBs/StCBs Rights of Transgender Persons – Changes in Bank Forms / Applications etc. It has been brought to our notice that transgender persons face difficulties in opening accounts as there is no provision for them in the account opening and … Read more

All about NBFC

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1. What is a Non-Banking Financial Company (NBFC)? A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does … Read more

RBI canceled Certificate of Registration of Micro Finance Limited and G.R.Industries & Finance Limited

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The Reserve Bank of India have cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date of cancellation 1. … Read more

RBI imposed penalty on Bhavana Rishi Co-operative Urban Bank Ltd

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The Reserve Bank of India has imposed a monetary penalty of ? 1.00 lakh (Rupees one lakh only) on the Bhavana Rishi Co-operative Urban Bank Ltd., Hyderabad, Telangana, in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949(As Applicable to Co-operative … Read more

Micro, Small and Medium Enterprises – FAQ – RBI

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Updated as on March 16, 2015 Q.1. What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: (a) Enterprises engaged in the manufacture or production, processing or … Read more

Salient features of the Senior Citizens Savings Scheme, 2004

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1. What are the salient features of the Senior Citizens Savings Scheme, 2004? The salient features of the Senior Citizens Savings Scheme, 2004 are given below. Tenure of the deposit account 5 years, which can be extended by 3 years. Rate of interest 9.3 per cent per annum Frequency of computing interest Quarterly Taxability Interest is fully … Read more