All India Bank Holidays 2017

(The list of holidays and festivals in Indian for all states/UTs of India during 2017) Indian bank holidays are declared under explanation to section 25 of the Negotiable Instrument Act 1881. These holidays are declared separately by each administration of various Union Territories and State Governments. Bank holidays declared by a state/UT is observed only…

RBI buckles again, changes rules for depositing SBNs (demonetized Rs.500/- & Rs.1000/-) into bank accounts

Today (21/12/2016), Reserve Bank modified its circular DCM (Plg) No. 1859/10.27.00/2016-17 dated December 19, 2016. In terms of the modification to said circular the provisions of sub para (i) and (ii) will not apply to fully KYC compliant accounts. Hence the bank officials and the general public are greatly relieved from the exclusion of following…

You cannot deposit Rs.1000/-& Rs 500/-(defunct) in small savings scheme

One more decision on SBNs: Reserve Bank’s latest circular (dated 23/11/2016) to all the commercial banks, foreign banks, RRBs, State & Urban co-operative banks advised about the Government’s decision that the subscribers of Small Savings Schemes may not be allowed to deposit SBNs (defunct Rs.500/- & Rs.1000/-) in Small Savings Schemes. Banks are, therefore, advised…