Bank holidays in India are declared to be public holidays under explanation to section 25 of the Negotiable Instrument Act (NI Act) 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In the other States and Union territories where it…
To bring cooperative banks closer to the reporting standards of commercial banks, the RBI on December 27, 2019, mandated Urban Co-operative Banks to report credit information, including classification of an account as a special mention account (SMA) to the central repository of information on large credits (CRILC). The CRILC database is used by banks and…
RBI vide notification dated December 24, 2019, permitted all the Prepaid Payment Instrument Issuers to introduce a new type of semi-closed PPIs. These cards can be used only for the purchase of goods and services and not for funds transfer. The new PPIs will have the following features: The Semi -closed Pre-paid instrument (PPI) up…
The Government of West Bengal declared the following days to be public holidays during the year 2020 under section 25 of NI Act 1881. Sr. No Date Day Occasion/Festival Date 1 23.01.2020 Thursday BIRTHDAY OF NETAJI 2 30.01.2020 Thursday SARASWATIPUJA/SREE PANCHAMI 3 09.03.2020 Monday DOL JATRA * 01.04.2020 Wednesday Annual closing of Banks (All State…
The Government of Punjab declared the following days to be a public holiday during the year 2020 under section 25 of NI act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2020 Sunday REPUBLIC DAY 2 21.02.2020 Friday MAHA SHIVRATRI 3 10.03.2020 Tuesday HOLI 4 01.04.2020 Wednesday BANK’S ANNUAL CLOSING OF ACCOUNTS 5 02.04.2020 Thursday RAM…
An exporter needs ECGC cover for the risk of non-payment by the buyer. The risk of non-payment may be due to political and economic changes all over the world. Political changes like an outbreak of war, civil war, a coup or an insurrection may block or delay payment for goods exported. Likewise economic difficulties or…
The Government of Manipur declared the following days to be a public holiday during the year 2020, under the explanation of section 25 of NI act 1881. Sr.No Date Day Occasion/Festival Date 1 01.01.2020 Wednesday NEW YEAR DAY 2 07.01.2020 Tuesday IMOINU IRALPA 3 08.01.2020 Wednesday GAAN –N GAL 4 26.01.2020 Sunday REPUBLIC DAY 5…
Operational risk is defined as the risk of direct or indirect loss resulting from breakdowns in internal procedures, people, system and external events. Examples of operational risk are frauds, system failure, error in financial transactions, failure to discharge demand of contractual obligations due to insufficient funds, etc. RBI on Thursday (12-12-2019) notified that the bank…
The Government of Telangana declared the following days as public holidays for the year 2020 under section 25 of NI Act (Negotiable Instrument Act) 1881. Sr.No Date Day Occasion/Festival Date 1 15.01.2020 Wednesday SANKRANTI/PONGAL 2 21.02.2020 Friday MAHASHIVARATRI 3 09.03.2020 Monday HOLI 4 25.03.2020 Wednesday UGADI 5 01.04.2020 Wednesday Annual closing of bank accounts 6…
The Government of Jammu & Kashmir UT declared the following days to be a public holiday during the year 2020, under the explanation of section 25 of NI act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2020 Sunday REPUBLIC DAY 2 21.02.2020 Friday MAHA SHIVRATRI 3 09.03.2020 Monday HOLI) 4 25.03.2020 Wednesday 1st NAVRATRAI 5…