Sukanya Samriddhi Account Rules – 2014
NOTIFICATION 5. Deposits .- (1) The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the … Read more
Banking
What is NEFT? – FAQ
Q.1. What is NEFT? Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme. … Read more
RBI cancelled Licence of The United Commercial Co-operative Bank Ltd
The Reserve Bank of India (RBI) has cancelled the licence of United Commercial Co-operative Bank Ltd., Kanpur (Uttar Pradesh). The order was made effective from the close of business on January 24, 2015. The Registrar of Co-operative Societies Uttar Pradesh has also been requested to issue an order for winding up of the bank and … Read more
Payment and Settlement Systems Act, 2007 (PSS Act, 2007) – FAQ
Q1. When did Payment and Settlement Systems Act, 2007 (PSS Act, 2007) came into effect? Ans. The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008. Q2. What is the objective of the PSS Act, 2007 ? Ans. The PSS … Read more
Pre-2005 series banknotes – FAQ
1. What are the pre-2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes contain some additional / new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes. 2. How can … Read more
RBI cancelled the certificate of registration of Lipi Mercantile Limited
The Reserve Bank of India has cancelled the certificate of registration of the following non-banking financial company (NBFC) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Company’s Name Address of Registered Office Certificate of Registration No. & Date Date of cancellation Lipi Mercantile … Read more
All about ATM and White Label ATM – FAQ
Q. 1. What is an Automated Teller Machine (ATM)? Ans 1. Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch. Q. 2. What are … Read more
Core Investment Companies – FAQ
FOREWORD The Reserve Bank of India is entrusted with the responsibility of regulating and supervising the Non-Banking Financial Companies by virtue of powers vested in Chapter III B of the Reserve Bank of India Act, 1934. The regulatory and supervisory objective, is to: a) ensure healthy growth of the financial companies; b) ensure that these … Read more
All future investment by Foreign Portfolio Investors (FPIs) in the debt market in India will be required to be made with a minimum residual maturity of three years
RBI/2014-15/448A.P.(DIR Series) Circular No. 71 February 03, 2015 To, All Authorised Persons Madam/ Sir, Foreign investment in India by Foreign Portfolio Investors Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification … Read more
Banks should display the list of unclaimed deposits/inoperative accounts on their websites
RBI/2014-15/437DBR.No. DEA Fund Cell.BC.66/30.01.002/2014-15 February 2, 2015 All Local Area Banks Dear Sir, Unclaimed Deposits/ Inoperative Accounts in Banks –Display list of Inoperative Accounts Please refer to our circular DBOD.No.DEAF Cell.BC.114/30.01.002/2013-14 dated May 27, 2014 on the Depositor Education and Awareness Fund Scheme, 2014(Scheme) and the Scheme notified by Government of India. 2. Keeping in view public … Read more