Reiterates stance on issue, indicating that it is in no mood to change the proposed rules, but will only allow for stretching the timeline for smoother implementation
The document summarizes several news articles. It reports that complaints from pensioners to banks have doubled over the last year while complaints from depositors have halved. Banking ombudsmen received over 79,000 complaints, up 14.7% from the previous year. The Reserve Bank of India doubled the transaction limit for online money transfers using RTGS to Rs 2 lakh. RBS plans to triple its wealth management business in India by using its banking license to provide services to high net worth individuals after divesting its retail and commercial divisions.
The Reserve Bank of India issued a circular stating that banks cannot refuse to accept cheques with fractional rupee amounts and will be penalized for doing so. Vasudev Thakkar was asked by his bank to reissue a cheque for Rs. 5,687.89 by rounding off the amount to the nearest rupee, but an RTI request confirmed the RBI circular prohibits this practice. A high court also ruled that banks must accept all legal tender presented by customers.
The document provides an introduction to banking and defines what a bank is. It states that banks are essential institutions for any economy, providing various services in the globalized economy. It then defines a bank as a financial institution licensed to receive deposits and make loans. Banks may also provide financial services like wealth management and safe deposit boxes. There are two main types of banks: commercial/retail banks and investment banks. Banks are regulated by governments and central banks. The primary function of banks is to lend out deposited funds to earn interest.
A bank is a licensed financial institution that receives deposits and makes loans. There are several types of banks including retail banks, commercial banks, and investment banks. A bank customer is a person or entity that maintains an account or has a business relationship with the bank. The main types of bank accounts are savings accounts, fixed deposits, recurring deposits, and current accounts. Savings accounts earn interest and have limits on withdrawals while current accounts are for businesses and allow unlimited transactions but no interest. Opening a bank account requires completing forms, providing identification, making an initial deposit, and receiving account materials from the bank like a passbook or chequebook.
The Union Budget for 2013-2014 proposes capital infusion of Rs. 14,000 crore into public sector banks. It allows banks to act as insurance brokers without subsidiaries and offers 4% farm loans through scheduled commercial banks. The budget also plans to transform India Post into a public sector bank for women, ensure all public sector bank branches have ATMs by March 2014, estimates net borrowing of Rs. 4,84,000 crore for FY 2014, and provides additional income tax exemption for home loans and allocates funds to rural and urban housing through the National Housing Bank.
MSS is a monetary policy tool used by the RBI to withdraw excess liquidity from the system by selling government securities. It was introduced in 2004 to sterilize the excess liquidity generated when the RBI purchased foreign currencies to intervene in the forex market and prevent rupee appreciation. Under MSS, the RBI sells Market Stabilization Bonds (MSBs) issued by the government to absorb liquidity. The money received is kept with the RBI rather than transferring it to the government to avoid adding to money supply. The limit for MSBs was recently increased to Rs. 6 lakh crore to manage liquidity issues arising from demonetization.
RBI issued notification permitting banks to open & maintain specific current & escrow accounts.
The follows issue of Circular on ‘Opening of Current Accounts by Banks - Need for Discipline’ dated August 6, 2020 and ensuing references received from banks seeking clarifications on operational issues regarding maintenance of current accounts already opened by the banks.
Vide the notification, RBI had issued FAQs giving clarifications pertaining to operational & regulatory requirements of the said circulars.
This document provides an overview of the evolution of money and banking systems. It describes how barter systems led to the use of commodities like metals as currency. Coins then became standard forms of currency and people began storing wealth with goldsmiths, leading to the development of paper money and early banking. It outlines the functions of modern commercial banks, including taking deposits, providing loans, facilitating transactions through checks and money orders. Key banking products like savings accounts, fixed deposits, current accounts and internet banking are also summarized.
The document summarizes several news articles. It reports that complaints from pensioners to banks have doubled over the last year while complaints from depositors have halved. Banking ombudsmen received over 79,000 complaints, up 14.7% from the previous year. The Reserve Bank of India doubled the transaction limit for online money transfers using RTGS to Rs 2 lakh. RBS plans to triple its wealth management business in India by using its banking license to provide services to high net worth individuals after divesting its retail and commercial divisions.
The Reserve Bank of India issued a circular stating that banks cannot refuse to accept cheques with fractional rupee amounts and will be penalized for doing so. Vasudev Thakkar was asked by his bank to reissue a cheque for Rs. 5,687.89 by rounding off the amount to the nearest rupee, but an RTI request confirmed the RBI circular prohibits this practice. A high court also ruled that banks must accept all legal tender presented by customers.
The document provides an introduction to banking and defines what a bank is. It states that banks are essential institutions for any economy, providing various services in the globalized economy. It then defines a bank as a financial institution licensed to receive deposits and make loans. Banks may also provide financial services like wealth management and safe deposit boxes. There are two main types of banks: commercial/retail banks and investment banks. Banks are regulated by governments and central banks. The primary function of banks is to lend out deposited funds to earn interest.
A bank is a licensed financial institution that receives deposits and makes loans. There are several types of banks including retail banks, commercial banks, and investment banks. A bank customer is a person or entity that maintains an account or has a business relationship with the bank. The main types of bank accounts are savings accounts, fixed deposits, recurring deposits, and current accounts. Savings accounts earn interest and have limits on withdrawals while current accounts are for businesses and allow unlimited transactions but no interest. Opening a bank account requires completing forms, providing identification, making an initial deposit, and receiving account materials from the bank like a passbook or chequebook.
The Union Budget for 2013-2014 proposes capital infusion of Rs. 14,000 crore into public sector banks. It allows banks to act as insurance brokers without subsidiaries and offers 4% farm loans through scheduled commercial banks. The budget also plans to transform India Post into a public sector bank for women, ensure all public sector bank branches have ATMs by March 2014, estimates net borrowing of Rs. 4,84,000 crore for FY 2014, and provides additional income tax exemption for home loans and allocates funds to rural and urban housing through the National Housing Bank.
MSS is a monetary policy tool used by the RBI to withdraw excess liquidity from the system by selling government securities. It was introduced in 2004 to sterilize the excess liquidity generated when the RBI purchased foreign currencies to intervene in the forex market and prevent rupee appreciation. Under MSS, the RBI sells Market Stabilization Bonds (MSBs) issued by the government to absorb liquidity. The money received is kept with the RBI rather than transferring it to the government to avoid adding to money supply. The limit for MSBs was recently increased to Rs. 6 lakh crore to manage liquidity issues arising from demonetization.
RBI issued notification permitting banks to open & maintain specific current & escrow accounts.
The follows issue of Circular on ‘Opening of Current Accounts by Banks - Need for Discipline’ dated August 6, 2020 and ensuing references received from banks seeking clarifications on operational issues regarding maintenance of current accounts already opened by the banks.
Vide the notification, RBI had issued FAQs giving clarifications pertaining to operational & regulatory requirements of the said circulars.
This document provides an overview of the evolution of money and banking systems. It describes how barter systems led to the use of commodities like metals as currency. Coins then became standard forms of currency and people began storing wealth with goldsmiths, leading to the development of paper money and early banking. It outlines the functions of modern commercial banks, including taking deposits, providing loans, facilitating transactions through checks and money orders. Key banking products like savings accounts, fixed deposits, current accounts and internet banking are also summarized.
Banking laws and practices have evolved over centuries. Banks play a crucial role in modern society by accepting deposits and providing loans [1]. They have specialized accounts for seniors, women, students and more [2]. Banks also have responsibilities toward customers like honoring checks properly, maintaining secrecy and records, and giving notice before closing accounts [3]. Overall, banks facilitate important financial transactions in people's lives and the economy.
The State Bank of India was established in 1806 as the Bank of Calcutta and later renamed in 1809 as the Bank of Bengal. It was the first joint-stock bank in British India. In 1955 it was nationalized and renamed as the State Bank of India. Today, SBI is the largest bank in India by assets and market capitalization, with over 16,000 branches and more than 200,000 employees. SBI and its associate banks provide a wide range of banking products and services both domestically and internationally.
The document provides an overview of topics related to banking and the Reserve Bank of India (RBI). It discusses the origin and functions of RBI, its role in money supply and monetary policy tools. It also covers types of banks and banking services, rural banking, non-performing assets (NPAs), international banking, and sample questions related to these topics. The document is intended as a study guide for banking examinations.
This document discusses the performance of City Bank Ltd. It provides information on the bank's management team, historical background, functions, digital banking services, products and services including credit cards, debit cards, and Islamic banking facilities. It also summarizes key profitability, financial leverage, operating efficiency, and liquidity ratios for City Bank for 2019 and 2018. In conclusion, it notes that while City Bank has a higher debt ratio, this does not necessarily indicate underperformance and could reflect new projects requiring more capital.
1. The Reserve Bank of India has directed all scheduled commercial banks to reduce the period for payment of cheques, drafts, pay orders, and banker's cheques from six months to three months from the date of the instrument.
2. This change is being made because some people were taking undue advantage of cheques circulating in the market like cash for six months.
3. Banks must ensure strict compliance with this new directive and notify holders by printing or stamping on new instruments issued on or after April 1, 2012 that presentment must be made within three months.
The document discusses various types of bank deposit accounts and services, and poses problems related to banking transactions.
1. A customer lost a fixed deposit receipt and approaches the bank manager for assistance in redeeming the deposit.
2. A joint fixed deposit was issued to X and Y, and now X wants to redeem after one year or take a loan using the deposit as collateral.
3. A joint current account was held by Ram and Raj payable to either survivor, and now the bank must determine how to handle a cheque presented for payment after Raj's death.
Santander signs a cooperation agreement with Bank of Shanghai and buys an 8% ...BANCO SANTANDER
Santander signs a cooperation agreement with Bank of Shanghai to buy an 8% equity stake in Bank of Shanghai for approximately EUR 470 million. This transaction will strengthen Santander's position in China and allow them to develop joint wholesale banking activities with Bank of Shanghai. The investment will have an impact of approximately 1 basis point on Santander Group's capital.
The Reserve Bank of India announced it will lift restrictions on cash withdrawals from savings bank accounts in two phases, increasing the limit to Rs. 50,000 per week starting February 20th and removing the ceiling entirely on March 13th. The RBI also plans to set up an inter-disciplinary panel to strengthen cyber security and review threats to financial technology. While most demonetized notes have been deposited, the RBI still needs until June to fully tally the amounts and will disclose the exact figure later. The RBI Deputy Governor said a "Bad Bank" could help deal with record non-performing assets if designed properly. HDFC Bank will increase fees for savings accounts involving cash transactions to encourage less cash usage. The RBI
This document discusses the banker-customer relationship under contract law in Uganda. It begins by defining key terms like "banker", "customer", and "banking". A banker is defined as someone who carries out the business of banking, such as accepting deposits and honoring withdrawals. A customer is anyone who enters an agreement with a bank for services.
The relationship between a banker and customer is described as contractual, with implied rights and duties. General contract law principles apply. When opening an account, banks must verify a customer's identity and obtain signatures or mandates authorizing transactions. Both bankers and customers have legal rights and duties in the contract, such as bankers having the right to charge fees and customers having the duty to
Prime Minister Narendra Modi’s “Surgical Strike” on black money has caused panic in the market with people making long queue in front of ATMs and petrol pumps.
This document provides information about current accounts, including what they are, their benefits, eligibility requirements, and types of accounts. A current account allows customers to make deposits and withdrawals without notice and is used for frequent transactions. Benefits include receiving payments, withdrawing cash, setting up direct debits and standing orders. Customers must be 18 years or older and provide identification documents to open an account. There are several types of current accounts including basic, overdraft, student/young person, graduate, foreign currency, and accounts with special offers. The document also describes how to open an account and the bank's expansion over the years to 580 branches internationally by 2013.
The document discusses the various types of relationships that exist between a banker and a customer. It outlines the different types of transactions such as deposits, loans, cheque collection, standing instructions, purchase of demand drafts/money transfers, safe custody of articles, and safe deposit lockers. For each transaction type, it explains the nature of the legal relationship between the banker and the customer, such as debtor-creditor, creditor-debtor, agent-principal, bailee-bailor, and lessor-lessee. The document also addresses questions related to closing an undesirable account, limitation period for savings bank accounts, termination of the banker-customer relationship, and rights regarding unsatisfactory accounts.
This document discusses the relationship between bankers and customers, as well as the rights, duties, and obligations of bankers. It notes that the banker-customer relationship can take several forms, including debtor-creditor, pledger-pledgee, licensor-licensee, bailor-bailee, and hypothecator-hypothecatee. The rights of bankers include the right of appropriation, lien, and set-off, as well as the right to charge interest and service fees. Bankers' duties include informing customers of forgeries, account balances, and responding to notices of death, as well as repaying money and providing notice before closing accounts. Obligations of bankers involve honoring checks
A banker is defined as a person who carries on the business of receiving money and collecting data for customers, with the obligation to honor payments from their current accounts. A customer is a person who maintains an account with the bank, regardless of how often they use the account. The relationship between a banker and customer is generally that of a debtor and creditor, but it can also involve special relationships like pledger and pledgee, bailor and bailee, trustee and beneficiary, agent and principal, advisor and client, or hypothecator and hypothecatee. Bankers have rights like lien, setoff, appropriation, and to charge interest and fees. Their obligations include accepting deposits, honoring checks
This document claims to be from the Reserve Bank of India informing a beneficiary that they are owed £350,000 from the British government from 2011-2013. However, the beneficiary must first pay a £15,900 fee in order to access the funds. The document requests personal details and bank account information from the beneficiary. However, experts warn that this is likely a scam, as the Reserve Bank of India would not request payments or personal details in this manner.
The document discusses the various types of relationships that can exist between a banker and a customer. There are transactional relationships where the bank provides products and services to customers. Additionally, relationships include creditor-debtor where the depositor lends money to the bank; beneficiary-trustee when valuables or money are kept for safekeeping; principal-agent for ancillary services; and lessee-lessor for safe deposit lockers. Maintaining trust is important for building healthy banker-customer relationships.
The document notifies the recipient that they are eligible to receive a payment of £500,000 from the Reserve Bank of India. It claims the funds are being released as part of an effort by the RBI governor to return unclaimed debts owed by the British government. However, the document contains inconsistencies and unusual requests that suggest it is a scam, such as asking the recipient to pay processing fees and provide private financial details to an unknown email address.
Ibps po power_capsule_english_2014 - SIDDANNA M BALAPGOLSiddanna Balapgol
The document provides a summary of key policies, decisions and events related to the Reserve Bank of India (RBI) over the past few months. It discusses RBI keeping key policy rates like repo rate, reverse repo rate, CRR and SLR unchanged. It also summarizes RBI's decisions on relaxing KYC norms, separating chairman and MD posts in PSU banks, fixing retirement age for private bank CEOs at 70, and issuing guidelines for payments and small banks to promote financial inclusion. The document concludes with highlights from the Union Budget 2014-15 and Railway Budget 2014-15.
The document provides a summary of key news and events related to the Reserve Bank of India (RBI) that could be relevant for an upcoming exam. It mentions that RBI kept repo, reverse repo, CRR, and SLR rates unchanged in its recent monetary policy statement. It also summarizes several RBI policy decisions and guidelines, including relaxing KYC norms, separating roles of chairman and MD in PSU banks, fixing retirement age for private bank CEOs, introducing small and payments banks, and amending Basel III norms. Additionally, it outlines important points from the Union Budget and Railway Budget for 2014-15.
The Reserve Bank of India kept all key policy rates like the repo rate, reverse repo rate, cash reserve ratio, and statutory liquidity ratio unchanged in its fourth bimonthly monetary policy statement. The document then provides details on the history of banking in India, including the establishment of the Reserve Bank of India in 1935 and the nationalization of major banks in 1969 and 1980. It also summarizes the main types of bank accounts in India like savings accounts, current accounts, recurring deposits, and fixed deposits, outlining the key features of each.
Recent developments in indian financial systemPreetiDhiman3
The document summarizes recent developments in the Indian financial system. The key developments include:
1) The Supreme Court upheld the constitutional validity of the Aadhaar scheme and Aadhaar will no longer be mandatory for many services.
2) The RBI will form a regulatory sandbox for fintech and establish a data science lab to keep pace with digital innovation.
3) The IRDAI will migrate to a risk-based capital regime to better assess insurance capital requirements.
4) The RBI increased statutory liquidity ratios to boost bank liquidity by potentially releasing Rs. 2 lakh crore into the system.
The document provides information on various topics related to the management of financial services and institutions in India. It discusses the role and functions of banks, the evolution of the banking system in India, various types of bank accounts, the nationalization of banks in 1969, the Indian banking structure, and the functions and objectives of the Reserve Bank of India (RBI).
Banking laws and practices have evolved over centuries. Banks play a crucial role in modern society by accepting deposits and providing loans [1]. They have specialized accounts for seniors, women, students and more [2]. Banks also have responsibilities toward customers like honoring checks properly, maintaining secrecy and records, and giving notice before closing accounts [3]. Overall, banks facilitate important financial transactions in people's lives and the economy.
The State Bank of India was established in 1806 as the Bank of Calcutta and later renamed in 1809 as the Bank of Bengal. It was the first joint-stock bank in British India. In 1955 it was nationalized and renamed as the State Bank of India. Today, SBI is the largest bank in India by assets and market capitalization, with over 16,000 branches and more than 200,000 employees. SBI and its associate banks provide a wide range of banking products and services both domestically and internationally.
The document provides an overview of topics related to banking and the Reserve Bank of India (RBI). It discusses the origin and functions of RBI, its role in money supply and monetary policy tools. It also covers types of banks and banking services, rural banking, non-performing assets (NPAs), international banking, and sample questions related to these topics. The document is intended as a study guide for banking examinations.
This document discusses the performance of City Bank Ltd. It provides information on the bank's management team, historical background, functions, digital banking services, products and services including credit cards, debit cards, and Islamic banking facilities. It also summarizes key profitability, financial leverage, operating efficiency, and liquidity ratios for City Bank for 2019 and 2018. In conclusion, it notes that while City Bank has a higher debt ratio, this does not necessarily indicate underperformance and could reflect new projects requiring more capital.
1. The Reserve Bank of India has directed all scheduled commercial banks to reduce the period for payment of cheques, drafts, pay orders, and banker's cheques from six months to three months from the date of the instrument.
2. This change is being made because some people were taking undue advantage of cheques circulating in the market like cash for six months.
3. Banks must ensure strict compliance with this new directive and notify holders by printing or stamping on new instruments issued on or after April 1, 2012 that presentment must be made within three months.
The document discusses various types of bank deposit accounts and services, and poses problems related to banking transactions.
1. A customer lost a fixed deposit receipt and approaches the bank manager for assistance in redeeming the deposit.
2. A joint fixed deposit was issued to X and Y, and now X wants to redeem after one year or take a loan using the deposit as collateral.
3. A joint current account was held by Ram and Raj payable to either survivor, and now the bank must determine how to handle a cheque presented for payment after Raj's death.
Santander signs a cooperation agreement with Bank of Shanghai and buys an 8% ...BANCO SANTANDER
Santander signs a cooperation agreement with Bank of Shanghai to buy an 8% equity stake in Bank of Shanghai for approximately EUR 470 million. This transaction will strengthen Santander's position in China and allow them to develop joint wholesale banking activities with Bank of Shanghai. The investment will have an impact of approximately 1 basis point on Santander Group's capital.
The Reserve Bank of India announced it will lift restrictions on cash withdrawals from savings bank accounts in two phases, increasing the limit to Rs. 50,000 per week starting February 20th and removing the ceiling entirely on March 13th. The RBI also plans to set up an inter-disciplinary panel to strengthen cyber security and review threats to financial technology. While most demonetized notes have been deposited, the RBI still needs until June to fully tally the amounts and will disclose the exact figure later. The RBI Deputy Governor said a "Bad Bank" could help deal with record non-performing assets if designed properly. HDFC Bank will increase fees for savings accounts involving cash transactions to encourage less cash usage. The RBI
This document discusses the banker-customer relationship under contract law in Uganda. It begins by defining key terms like "banker", "customer", and "banking". A banker is defined as someone who carries out the business of banking, such as accepting deposits and honoring withdrawals. A customer is anyone who enters an agreement with a bank for services.
The relationship between a banker and customer is described as contractual, with implied rights and duties. General contract law principles apply. When opening an account, banks must verify a customer's identity and obtain signatures or mandates authorizing transactions. Both bankers and customers have legal rights and duties in the contract, such as bankers having the right to charge fees and customers having the duty to
Prime Minister Narendra Modi’s “Surgical Strike” on black money has caused panic in the market with people making long queue in front of ATMs and petrol pumps.
This document provides information about current accounts, including what they are, their benefits, eligibility requirements, and types of accounts. A current account allows customers to make deposits and withdrawals without notice and is used for frequent transactions. Benefits include receiving payments, withdrawing cash, setting up direct debits and standing orders. Customers must be 18 years or older and provide identification documents to open an account. There are several types of current accounts including basic, overdraft, student/young person, graduate, foreign currency, and accounts with special offers. The document also describes how to open an account and the bank's expansion over the years to 580 branches internationally by 2013.
The document discusses the various types of relationships that exist between a banker and a customer. It outlines the different types of transactions such as deposits, loans, cheque collection, standing instructions, purchase of demand drafts/money transfers, safe custody of articles, and safe deposit lockers. For each transaction type, it explains the nature of the legal relationship between the banker and the customer, such as debtor-creditor, creditor-debtor, agent-principal, bailee-bailor, and lessor-lessee. The document also addresses questions related to closing an undesirable account, limitation period for savings bank accounts, termination of the banker-customer relationship, and rights regarding unsatisfactory accounts.
This document discusses the relationship between bankers and customers, as well as the rights, duties, and obligations of bankers. It notes that the banker-customer relationship can take several forms, including debtor-creditor, pledger-pledgee, licensor-licensee, bailor-bailee, and hypothecator-hypothecatee. The rights of bankers include the right of appropriation, lien, and set-off, as well as the right to charge interest and service fees. Bankers' duties include informing customers of forgeries, account balances, and responding to notices of death, as well as repaying money and providing notice before closing accounts. Obligations of bankers involve honoring checks
A banker is defined as a person who carries on the business of receiving money and collecting data for customers, with the obligation to honor payments from their current accounts. A customer is a person who maintains an account with the bank, regardless of how often they use the account. The relationship between a banker and customer is generally that of a debtor and creditor, but it can also involve special relationships like pledger and pledgee, bailor and bailee, trustee and beneficiary, agent and principal, advisor and client, or hypothecator and hypothecatee. Bankers have rights like lien, setoff, appropriation, and to charge interest and fees. Their obligations include accepting deposits, honoring checks
This document claims to be from the Reserve Bank of India informing a beneficiary that they are owed £350,000 from the British government from 2011-2013. However, the beneficiary must first pay a £15,900 fee in order to access the funds. The document requests personal details and bank account information from the beneficiary. However, experts warn that this is likely a scam, as the Reserve Bank of India would not request payments or personal details in this manner.
The document discusses the various types of relationships that can exist between a banker and a customer. There are transactional relationships where the bank provides products and services to customers. Additionally, relationships include creditor-debtor where the depositor lends money to the bank; beneficiary-trustee when valuables or money are kept for safekeeping; principal-agent for ancillary services; and lessee-lessor for safe deposit lockers. Maintaining trust is important for building healthy banker-customer relationships.
The document notifies the recipient that they are eligible to receive a payment of £500,000 from the Reserve Bank of India. It claims the funds are being released as part of an effort by the RBI governor to return unclaimed debts owed by the British government. However, the document contains inconsistencies and unusual requests that suggest it is a scam, such as asking the recipient to pay processing fees and provide private financial details to an unknown email address.
Ibps po power_capsule_english_2014 - SIDDANNA M BALAPGOLSiddanna Balapgol
The document provides a summary of key policies, decisions and events related to the Reserve Bank of India (RBI) over the past few months. It discusses RBI keeping key policy rates like repo rate, reverse repo rate, CRR and SLR unchanged. It also summarizes RBI's decisions on relaxing KYC norms, separating chairman and MD posts in PSU banks, fixing retirement age for private bank CEOs at 70, and issuing guidelines for payments and small banks to promote financial inclusion. The document concludes with highlights from the Union Budget 2014-15 and Railway Budget 2014-15.
The document provides a summary of key news and events related to the Reserve Bank of India (RBI) that could be relevant for an upcoming exam. It mentions that RBI kept repo, reverse repo, CRR, and SLR rates unchanged in its recent monetary policy statement. It also summarizes several RBI policy decisions and guidelines, including relaxing KYC norms, separating roles of chairman and MD in PSU banks, fixing retirement age for private bank CEOs, introducing small and payments banks, and amending Basel III norms. Additionally, it outlines important points from the Union Budget and Railway Budget for 2014-15.
The Reserve Bank of India kept all key policy rates like the repo rate, reverse repo rate, cash reserve ratio, and statutory liquidity ratio unchanged in its fourth bimonthly monetary policy statement. The document then provides details on the history of banking in India, including the establishment of the Reserve Bank of India in 1935 and the nationalization of major banks in 1969 and 1980. It also summarizes the main types of bank accounts in India like savings accounts, current accounts, recurring deposits, and fixed deposits, outlining the key features of each.
Recent developments in indian financial systemPreetiDhiman3
The document summarizes recent developments in the Indian financial system. The key developments include:
1) The Supreme Court upheld the constitutional validity of the Aadhaar scheme and Aadhaar will no longer be mandatory for many services.
2) The RBI will form a regulatory sandbox for fintech and establish a data science lab to keep pace with digital innovation.
3) The IRDAI will migrate to a risk-based capital regime to better assess insurance capital requirements.
4) The RBI increased statutory liquidity ratios to boost bank liquidity by potentially releasing Rs. 2 lakh crore into the system.
The document provides information on various topics related to the management of financial services and institutions in India. It discusses the role and functions of banks, the evolution of the banking system in India, various types of bank accounts, the nationalization of banks in 1969, the Indian banking structure, and the functions and objectives of the Reserve Bank of India (RBI).
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
RBI GUIDELINES: GUIDELINES FOR COMPROMISE SETTLEMENT OF DUES OF BANKS AND FIN...GK Dutta
As you are aware, the Indian Banks’ Association (IBA) has been issuing guidelines to member institutions for taking up of cases for settlement through Lok Adalats. The position
was reviewed and it was observed that banks have not taken adequate advantage of the Lok Adalats for compromise settlement of their NPAs. There are certain advantages in using the forum of Lok Adalats by banks and financial institutions in compromise settlement of their NPAs. There are no court fees involved when fresh disputes are referred to it. It can take cognizance of any existing suit in the court as well as look into and adjudicate upon fresh disputes. If no settlement is arrived at, the parties can continue with court proceedings. Its decrees have legal status and are binding. It has, therefore, been decided that with a view to making increasing use of the forum of Lok
Adalats to settle banking disputes involving smaller amounts, banks and financial institutions should follow the following guidelines for implementation.
The document discusses various recent policy developments and initiatives in the Indian banking and financial sector:
1) The Supreme Court upheld the constitutional validity of Aadhaar but made it optional for certain services.
2) RBI will form a regulatory sandbox for fintech and set up data science labs to promote digital innovation.
3) IRDAI will shift to a risk-based capital regime to better assess insurance capital requirements.
4) RBI increased statutory liquidity ratios to boost liquidity in the banking system.
Indian banking scenario is changing rapidly. The first commercial bank viz Bank of Bengal was set up in Kolkata in 1806, mostly catering the financial needs of merchants. The first state sponsored bank was set up in1955 with State Bank of India taking over the erstwhile Imperial Bank of India. To control the commanding heights of economy , 14 major commercial banks were nationalised in June 1969. Subsequently , in 1980 six more banks were nationalised. With implementation of financial sector reforms, Reserve Bank of India, central bank and the banking regulator launched scheme for licensing new private sector banks, in 1992 and gave license to nine banks. Two more banks were given license in private sector in 2001. In 2010-11 Union Budget, Finance Minister , Government of India, announced to license to new generation private banks to prop up financial inclusion leading to inclusive growth. In the Union Budget 2014-15, the Hon'ble Finance Minister has announced differentiated bank license for setting up Payment Banks and Small Banks. On July 17, 2014, Reserve Bank of India released Draft Guidelines for Licensing of Payments Banks and Small Banks. With setting up of state-of -technology banks, banks in niche areas, the banking scenario in India is heading for a massive transformation.
This document provides an overview of commercial banks in India. It discusses the history and nationalization of banks in India. It defines scheduled and non-scheduled commercial banks and describes the types and structure of banks, including public sector banks, private sector banks, foreign banks, and regional rural banks. The document also discusses the functions of modern commercial banks such as credit creation and financing foreign trade. It provides learning objectives and topics to remember on the structure and roles of commercial banks in India.
The Reserve Bank of India has eased norms for foreign investment in Indian start-ups by allowing Foreign Venture Capital Investors to invest without prior approval. The RBI has also permitted 100% foreign direct investment in "Other Financial Services" carried out by non-banking financial companies under the automatic route. State Bank of India blocked over 6 lakh debit cards due to fears of a security breach and will replace the cards while compensating customers for any lapses. The Finance Ministry has asked public sector banks to refer all high-value bad loan resolution cases to an overseeing panel instead of just cases considered under a specific resolution scheme. An industry report states that mergers are not quick-fix solutions for the banking sector and the government
Recent development of indian financial systemMohammadYusaf
The document discusses various recent developments in the Indian financial system. It mentions that the Supreme Court upheld the constitutional validity of the Aadhaar scheme. It also discusses the RBI setting up a regulatory sandbox for fintech and data science labs, IRDAI moving to a risk-based capital regime, and RBI increasing statutory liquidity ratio levels. It briefly summarizes the launch of the India Post Payments Bank and developments regarding blockchain, open market operations, a national logistics portal, and awards/approvals for banks and fintech companies.
The document summarizes the collapse of the Punjab and Maharashtra Cooperative (PMC) Bank in India. It describes how the bank's loans to Housing Development and Infrastructure Limited (HDIL) group reached unsustainable levels, accounting for over 70% of PMC's loan book, and how bank officials hid this exposure for over 10 years. When HDIL defaulted on loans of around Rs 6,500 crore, it caused a liquidity crisis at PMC Bank and led to regulatory restrictions on deposit withdrawals. The collapse devastated thousands of depositors and exposed weaknesses in banking regulation.
The document discusses credit control methods used by the Reserve Bank of India (RBI) and the role of RBI. It outlines both quantitative and qualitative credit control methods used by RBI, including bank rate, open market operations, cash reserve ratio, statutory liquidity ratio, margin requirements, moral suasion, direct action, and rationing of credit. It then describes several key roles of RBI, such as being the sole issuer of currency notes, banker to the government, banker's bank, custodian of foreign currency reserves, lender of last resort, monetary authority, and credit controller. The document also provides an overview of RBI's monetary policy and how it can be expansionary or contractionary.
R760216065_Meha Dad_ Presentation for Commercial Borrowings.pptxPriyanka Choudhary
The document summarizes the issues faced by non-banking financial companies (NBFCs) in India since the 2008 global financial crisis. It notes that NBFCs grew until 2017 but then faced defaults in 2019 that spread to the banking sector and created a liquidity shortage. This was due to NBFCs obtaining short-term loans to fund long-term projects like housing, which led to payment issues when capital dried up. The Reserve Bank of India announced measures like moratoriums on loan repayments and liquidity injections to support NBFCs, but their situation remained severe, forcing some to merge with banks. The government also took steps to provide relief through policy measures.
Crisil anticipates that banks will sharply increase deposit rates in the second half of the year as credit growth is expected to pick up. RBI has outlined plans to upgrade rural banks across India by providing them with technical and financial support totaling 100 crore rupees. RBI has also warned banks to limit investments in zero coupon bonds due to the high risks involved, especially for long term bonds.
This document provides an introduction to banking and loans. It defines banking as accepting deposits from the public that are repayable on demand and can be withdrawn by cheque. It also defines a loan as the lending of money from one entity to another at an interest rate, with the borrower obligated to repay the principal plus interest. The document then discusses various types of bank loans like personal, home, car, and business loans. It provides an overview of the Indian banking sector and lists various initiatives and developments in the industry.
The Indian government announced the merger of 10 public sector banks into four banks effective April 2020. Punjab National Bank, Oriental Bank of Commerce, and United Bank of India will be merged to form the second largest public sector bank. Canara Bank and Syndicate Bank will be merged to form the fourth largest public sector bank. Union Bank of India, Andhra Bank and Corporation Bank will be merged to form the fifth largest public sector bank. Indian Bank and Allahabad Bank will also be merged. The government provided Rs. 55,250 crore in capital to support the merged banks. The mergers aim to create stronger, more efficient banks with improved ability to lend and provide services.
From india to korea,ipo markets are booming as china deals slowPreetiSingh631
Tech companies from India and South Korea, and Southeast Asia have raised $8 billion from first-time share sales this year, already blowing past the previous annual peak
Retrospective tax policy burial does not come as a surprisePreetiSingh631
While it is good to see the government take this step, the question remains whether investors who have obtained an award that comprises of interest component will take up the offer.
Rupee gains for fourth straight session, settles at 74.17 against usdPreetiSingh631
The rupee settled for the day on a flat note and inched 2 paise higher to close at 74.17 (provisional) against the US currency, marking the fourth straight session of gains on Thursday.
Nexus could be banking's next big thing, inspired by indian payments systemPreetiSingh631
1) Nexus is a proposed system by the Bank for International Settlements that would create a global network allowing instant cross-border payments using just a phone number, similar to domestic mobile payment systems.
2) It would work by connecting existing domestic payment apps and networks through a common set of rules and protocols called the Nexus Scheme. This would avoid the need for direct connections between each country's system.
3) The system is supported by Singapore and India, two countries with powerful domestic mobile payment networks, and could help reduce the high costs of international transfers and support global commerce.
India's economic activity slows down in april as states impose lockdownsPreetiSingh631
India's economic activity began slowing in April as several states imposed lockdowns to control a deadly second wave of COVID-19. While an index of economic indicators was unchanged from March, single-month data pointed to weakness. More recent May data also showed softening activity in retail, road congestion, and other high-frequency indicators. The economic slowdown may overshadow next week's GDP numbers, which are expected to show 1% growth for the March quarter before India became the global virus hotspot.
Inheriting a confluence of crises, Biden will take helm as US presidentPreetiSingh631
US has seen a near-death experience as a democracy. Americans who will watch the new president be sworn in are now acutely aware of how much it needs to be protected
LIVE: Cabinet approves modified scheme to enhance ethanol distillationPreetiSingh631
- Counting of votes is underway for Gram Panchayat elections held in Karnataka in two phases. Initial trends show BJP leading in over 4,000 seats, followed by Congress and JD(S).
- The Cabinet approved opening Indian missions in Estonia, Paraguay and Dominican Republic to promote trade and cultural relations.
- It also approved a modified scheme to enhance ethanol distillation capacity in the country to produce more ethanol from agri products.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Rbi extends deadline for shifting of current accounts till oct 31
1. RBI extends deadline for shifting of current accounts till
Oct 31
The Reserve Bank of India (RBI) on Wednesday gave banks time till October 31 to
comply with its guidelines on current account and overdraft facilities, by which time
banks must come to a resolution on the issue.
The central bank again reiterated its stance on the issue, indicating that it was in no
mood to change the proposed rules, but only would allow for stretching the timeline for
smoother implementation.
2. The deadline had ended on July 31, leading to thousands of current accounts being
closed by banks. The lenders had requested the RBI for some more time to resolve the
operational issues while implementing the provisions of the August 2020 circular in letter
and spirit.
Pushing the deadline to October 31, the RBI said, “This extended timeline shall be
utilised by banks to engage with their borrowers to arrive at mutually satisfactory
resolutions within the ambit of the circular.”
"Banks shall ensure that the contents of the circular are implemented in letter and spirit
without causing undue inconvenience to their borrowers," the RBI said in its notification.
Cases that banks are unable to resolve themselves will have to be escalated to Indian
Banks’ Association (IBA) for appropriate guidance. The banking industry lobby, would
flag any regulatory considerations required to the RBI by September 30. This may
indicate that the October 31 deadline is flexible, provided banks sort out the issue with
their customers and come to a solution.
In the original circular, the RBI had said that a customer can open a current account with
any bank if she has not availed overdraft facility from any bank, and the exposure to the
banking system is less than Rs 5 crore. If the exposure is between Rs 5 crore and Rs 50
crore, the lending bank can allow the customer to open a current account as well.
However, for large borrowers above Rs 50 crore exposure and having multiple bank
exposures, current account and cash credit/ overdraft facility has to be with a single
bank. In essence, a customer has to have a single current account, and that too with the
bank with which it has a loan facility running. In case of multiple banks, the borrower and
the banks can decide mutually where to keep the current account.
3. The current account has to be run through an escrow mechanism, and “current accounts
of such borrowers can only be opened/maintained by the escrow managing bank,” the
RBI had said in its August circular.
The RBI’s proposed rules gave rise to problems in many cases, as firms generally take
loans from public sector banks, but run current accounts with private and foreign banks
that offer better services. The RBI wanted to stem this, saying the core banking system
(CBS) connects all the banks and the firms should not have any problem integrating
accounts.
The idea was to make sure that funds are not routed through multiple check-in accounts,
and that by limiting such accounts within one bank, the firms are better monitored.
Reserve Bank of India