The Reserve Bank on Feb 18, 2021(Thursday) came out with Master Direction (Digital Payment Security Controls) Directions 2021, for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The provisions of these directions would apply to the Regulated Entities (REs) Viz. Scheduled Commercial Banks, Small Finance Banks, Payments Banks;…
Corporate Social Responsibility (CSR) activity means an activity undertaken by a company in pursuance of its statutory obligation laid down in Sec 135 of the Act. Every company having a net worth of rupees five hundred crores or more, or turnover of rupees one thousand crore or more or a net profit of rupees five…
RBI in its annual report said that the Consumer complaints about banking services jumped 64.97 per cent for the period July1, 2019 to June 30, 2020. The volume of complaints from 2,00,362 in 2018-19 to 3,30,543 complaints in 2019-20.The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking…
[This post elucidates the eligibility status of Small Company and the benefits being given to promoters and directors of small company.] The Ministry of Corporate Affairs, Government of India on February 1, 2021 modified the definition of small company In the Companies (Specification of Definitions details) Rules 2014, as below. In the rule 2, in…
As stated in the Statement on Developmental and Regulatory Policies on February 05, 2021, RBI announced that the funds from banks under the On Tap TLTRO scheme will now available to Non-Banking Financial Companies (NBFCs). “It has been decided to permit banks to provide funds under the ‘On Tap TLTRO’ scheme to Non-Banking Financial Companies…
Highlights of Monetary policy announcement 2021: CRR remains at 3 percent till March 26. The cash reserve ratio (CRR) will be restored in two phases to 3.5 per cent from March 27,2021and 4 per cent from May 22, 2021. TLTRO scheme will now available to NBFCs Repo rate at 4%, Reverse rate at 3.35% remain…
The Reserve Bank of India (RBI) on Wednesday unveiled the risk-based internal audit (RBIA) system for select non-bank lenders and urban co-operative banks, with a view to enhancing the quality and effectiveness of their internal audit system. All NBFCs with asset size of Rs 5,000 crore and above, and all primary urban cooperative banks with…
The Reserve Bank of India (RBI) as announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated December 4, 2020, today put in place a comprehensive framework to improve the efficacy of the grievance redress mechanism of banks. The framework comprising of i) enhanced disclosures on complaints…
RBI on Thursday (January 21, 2021) declared that the existing circulars related to recovery of excess pension paid by agency banks stands withdrawn with effect from the date of its circular dated January 21, 2021. The above decision was taken by the Central Bank in view of the recovery of excess /wrong pension payments from…
The Reserve Bank of India on Tuesday released list of Domestic Systemcically Important Banks (D-SIBS) in India. State-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank are declared as Domestic Systemically Important Banks (D-SIBs) or institutions which are ‘too big to fail’ as on March 31, 2020. The Reserve Bank had announced…