Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers

In terms of notification No. FEMA 10(R)(2)/2019-RB dated February 27, 2019, the Reserve Bankof India  on April 2019 advised all ategory – I Authorised Dealers and Authorised Banks that they may open interest free foreign currency accounts for reinsurance brokers. A According to the notification, re-insurance and composite insurance brokers registered with IRDA may open…

RBI’s disclaimer note on merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)

Reserve Bank of India (RBI) in its press release announced that it has learnt merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)through media. As per media news above entities have made a merger announcement on April 5, 2019 with approval of their respective Boards. RBI’s disclaimer said that a section of…

Corporation and Allahabad Bank are taken out of Prompt Corrective Action (PCA) Framework

Corporation, Allahabad Bank  and Dhana Lkshmi Banks are taken out of Prompt Corrective Action (PCA) Framework. Pursuant to Government of India has infused fresh capital on February 21, 2019 into various banks including Allahabad Bank and Corporation Bank. Allahabad resevied Rs.6896 crre and Corporation Bank had received Rs.9086 crore. The infusion of fresh capital has…

Collateral free agricultural loan limit enhanced up to 1.60 lakh

Currently the banks are mandated to extend collateral-free agriculture loans up to Rs.1 lakh. This limit of Rs.1 lakh was fixed in the year 2010.In view of overall inflation and rise in agriculture input cost since 2010, Reserve Bank of India vide its circular RBI/2018-19/118 FIDD.CO.FSD.BC.No.13/05.05.010/2018-19 dated February 7, 2019 advised all the scheduled commercial…

Bank Holidays 2019: Holiday lists of all the states of India

Here you will find the statewise lists of  Public holidays/Bank Holidays declared by diferent states viz.1.Andhra Pradesh, 2.Arunachal Pradesh, 3.Assam, 4.Bihar, 5. Chhattisgarh,  6. Delhi, 7. Goa, 8.Gujarat,9. Haryana,10. Himachal Pradesh, 11.Jammu & Kashmir,  12. Jharkhand, 13.Karnataka, 14.Kerala, 15.Madhya Pradesh, 16. Maharashtra,  17. Manipur, 18. Meghalaya, 19.Mizoram,20. Nagaland,  21. Odisha, 22. Pudhucherry, 23.Punjab,  24. Rajasthan,…