Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…
The Supreme Court on Tuesday has pronounced its judgment on a batch of pleas related to the six-month loan moratorium period, stating that it cannot allow waiver of complete interest and extension of the moratorium. The judgment was delivered by a Bench of Justices Ashok Bhushan, R Subhash Reddy, and MR Shah in a batch…
The Ministry of Finance, Department of Financial Services Government of India in its letter dated 17th July 2012 had advised all the public sector banks that “No PSB can issue any LC or BG after 01.08.2012 except through SFMS system”. Further, the department has advised that the IFN 760 COY Bank Guarantee Message and IFN…
As announced in the Statement on Developmental and Regulatory Policies dated February 5, 2021, RBI today announced that all banks shall have to ensure that all their branches participate in image-based CTS under respective grids by September 30, 2021. “To leverage the availability of CTS and provide uniform customer experience irrespective of the location of…
IFSC is a short form for Indian Financial System Code. Usually, this code can be found on the passbook and the cheque leaves provided by the bank. IFSC Code is significant to transfer funds online between banks in India. It enables instant fund transfer through modes such as NEFT/ RTGS and IMPS, thus providing safety…
MICR is an acronym for Magnetic Ink Character Recognition. The technology of MICR is primarily used by the banking industry to facilitate the processing of cheques. The MICR code is located on the bottom of a cheque leaf. The code line in a cheque is the clear White Band portion at the bottom of the…
An international financial services centre (IFSC) caters to customers outside the jurisdiction of the domestic economy, dealing with flows of finance, financial products and services across borders. The IFSC brought back the financial services and transactions that are earlier carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of Financial Institutions…
National Common Mobility Card (NCMC) was launched in March 2019, with the tagline ‘One Nation One Card’. It is a single combo card offering a combination of a Debit / Credit with a prepaid card. A customer holding an NCMC card needs not to carry multiple cards with him for using the different purposes. The…
The subscription for the twelfth tranche of the Sovereign Gold Bonds (SGBs) scheme, the 2020-21 Series XII, opens March 1, 2021, and will close on March 5. The SGBs will be allotted on March 9. Issue price : Rs 4,612 (per gram of gold) for those investors applying online and the payment against…
The RBI on Friday (Feb 26) extended the deadline to apply for an umbrella entity, which the central bank wants to set up to focus on retail payments system in the country, by over a month to March 31 in view of the pandemic. In August last year, RBI invited applications from desirous entities by…