Search Results for Tag : Bank

Notifications & Circulars

RBI releases Guidelines for 'on tap' Licensing of Universal Banks in the Private Sector(01.08.2016)

The Reserve Bank of India released on its website, "Guidelines for 'on tap' Licensing of Universal Banks in the Private Sector". Key aspects of the Gu.....

Tags : Universal Banks, Licensing, Guidelines

Cabinet gives in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism(23.08.2017)

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given in-principle approval for Public Sector Banks to amalgamate through an Al.....

Tags : Approval, Banks, Amalgamation, Alternative Mechanism

International Cases

HMRC gets payday on bankers’ bonuses(09.03.2016)

Hearing a case that ties together the two bugbears of today’s commercial world - executives’ bonuses and offshore companies - the British Supreme Cour.....

Tags : bankers, bonus, purposive approach

Top Story

Government signs Global Environment Facility (GEF) Grant Agreement with the World Bank(16.08.2017)

The Government of India and the World Bank has signed a US dollar 24.64 million grant from the Global Environment Facility (GEF) in order to improve e.....

Tags : World Bank, Grant, Ecosystem, Improvement

New $ 318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture - over 500,000 Farmers to Benefit in Tamil Nadu(26.12.2017)

The Government of India, the Government of Tamil Nadu and the World Bank today signed a $318 million loan agreement for the Tamil Nadu Irrigated Agric.....

Tags : Loan Agreement, Signing of, World Bank

Government of India announces details of Bank recap and Comprehensive Reform Plan(24.01.2018)

The Government of India today unveiled details of the re-capitalisation of Public Sector Banks (PSBs) announced in October, 2017. The capital infusion.....

Tags : Bank recap, Details, Announcement

RBI issues direction limiting customer liability in online banking(06.07.2017)

RBI has issued direction limiting liability of customers due to recent increase in customer grievances related to unauthorised transactions. Direction.....

Tags : Limited liability, Online Banking, Directions

Judgments

Government of India cannot raise a dispute with a foreign government qua the private claim of its citizens(08.11.2016)

Instant Appeal is preferred against order of Single Judge dismissing writ petition by order holding that, merely because Government of India, on a rep.....

Tags : Foreign Bank, Amount, Release

Issuance of press release regarding management of operational risks inherent in the functioning of banks with respect to the SWIFT Infrastructure(20.02.2018)

Reserve Bank of India (RBI), as part of its ongoing efforts for strengthening of the supervisory framework in the country, has been issuing necessary .....

Tags : Management, Operational risks, Banks, Functioning

Constitution of Task Force for enabling dispensation of Mahatma Gandhi (New) Series Banknotes - Recalibration and reactivation of ATMs(14.11.2016)

It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (Ne.....

Tags : Task force, Constitution, Bank Notes

Clarification regarding bank guarantee requirement for bond executed by EOUs(14.08.2018)

1. Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular.....

Tags : Clarification, Bank guarantee, Bond, Execution

PM launches India Post Payments Bank(01.09.2018)

The Prime Minister launched the India Post Payments Bank (IPPB). The initiative would enable banking services to reach the remotest places in the coun.....

Tags : Banking services, IPPB, Launch

Government initiates consolidation - amalgamated entity to be India's third largest bank(17.09.2018)

First-ever three-way bank amalgamation process commences Government paves the way for amalgamated Public Sector Banks with global heft and business sy.....

Tags : Amalgamated entity, Largest bank , Initiation

Court is empowered to grant leave to a disqualified person to manage a corporation(04.12.2018)

By originating process lodged 17 September 2018 the plaintiff seeks leave of the court under s 206G of the Corporations Act, 2001 to be a director of .....

Tags : Bankrupt, Act as director, application

Credit co-operative society providing credit etc. to its members cannot be treated as a ‘co-operative bank’ carrying on banking activities(27.11.2017)

The Assessee, in the present case, is a credit co-operative society who provided credit/loan facilities to its members and accepted deposits from them.....

Tags : Credit Cooperative Society; Cooperative Bank, Deduction

CVC analyses 100 top bank frauds - identifies loop holes-suggests systemic improvements(16.10.2018)

Central Vigilance Commission (CVC) has reviewed and analyzed Top 100 Bank Frauds, as on 2017.

Sharing the details Dr. T.M. Bhasin, Vigilan.....

Tags : Bank frauds, Loop holes, Identification

A person deprived of using legitimately entitled money has a right to be compensated for the deprivation by way of interest, compensation or damages(26.12.2019)

The Review Petitioner, Power Grid Corporation of India Ltd., has filed the present Review Petition under Section 94 of the Electricity Act, 2003 read .....

Tags : Refund, Bank Guarantee, Direction

Government puts in place measures to protect commercial decision making by Banks(28.01.2020)

The Finance Minister has repeatedly assured Bankers that adequate measures would be taken to protect honest commercial decisions taken by them and dis.....

Tags : Commercial, Banks

Beneficiary is entitled to realize a Bank Guarantee in terms thereof irrespective of any pending dispute relating to the terms of the contract(20.12.2019)

In the 'Corporate Insolvency Resolution Process' of Vishwa Infrastructures and Services Private Limited, the Appellant - 'Thermax Limited' (Operationa.....

Tags : Bank Guarantee, Encashment

Setting up of IFSC Banking Units (IBUs) - Permissible activities(21.01.2020)

This is with reference to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directi.....

Tags : IFSC, Banking Units, Permissible activities

Incentivising bank credit to specific sectors - Exemption from CRR maintenance(10.02.2020)

It has been announced in paragraph 3 of the Statement on Developmental and Regulatory Policies of February 6, 2020, that the Reserve Bank is actively .....

Tags : Bank credit, Exemption, CRR Maintenance

Exim Bank's Government of India supported Line of Credit (LoC) of USD 161.36 million to the Government of the Republic of Burundi(01.04.2020)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 02, 2019 with the Government of the Republic of Burundi, for makin.....

Tags : Exim, bank, Support, LoC

Applicability of the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 to Kotak Mahindra Bank Limited(23.09.2020)

Whereas, sub-clause (i) of clause (c) of sub-section (1) of section 10 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as th.....

Tags : Applicability, Provisions, Kotak Mahindra Bank Limited

Co-Lending by Banks and NBFCs to Priority Sector(05.11.2020)

1. Please refer to the circular FIDD.CO.Plan.BC.08/04.09.01/2018-19 dated September 21, 2018 on co-origination of loans by banks and NBFCs for lending.....

Tags : Co-Lending, Banks and NBFCs, Priority Sector

Exim Bank's Government of India supported Line of Credit (LoC) of USD 20.10 million to the Government of the Republic of Nicaragua(05.11.2020)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 12, 2020 with the Government of the Republic of Nicaragua, for mak.....

Tags : Exim Bank, LoC, Agreement

Reserve Bank of India cancels the licence of the Karad Janata Sahakari Bank Ltd, Karad, Maharashtra(08.12.2020)

The Reserve Bank of India (RBI) has, vide order dated December 7, 2020 cancelled the licence of The Karad Janata Sahakari Bank Ltd., Karad, Maharashtr.....

Tags : Licence, Cancellation, Sahakari Bank

Invocation of a bank guarantee cannot be injuncted merely on ground that disputes are pending between the parties(08.02.2021)

The Petitioner has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 ( A&C Act), praying that direction be issu.....

Tags : Bank guarantee, Encashment, Injunction

Report on Trend and Progress of Banking in India 2019-2020(29.12.2020)

Today, the Reserve Bank of India released the Report on Trend and Progress of Banking in India 2019-20, a statutory publication in compliance with Sec.....

Tags : Report, Trend, Banking sector

Access for non-banks to centralised payment systems(28.07.2021)

1. A reference is invited to Paragraph 9 of the Statement on Developmental and Regulatory Policies dated April 07, 2021 wherein it was announced that .....

Tags : Access, Non-banks, CPS

RBI imposes monetary penalty on Axis Bank Limited(28.07.2021)

The Reserve Bank of India (RBI) has imposed, by an order dated July 28, 2021, a monetary penalty of Rs. 5.00 crore (Rupees Five crore only) on Axis Ba.....

Tags : Penalty, Imposition, Axis Bank

Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Mauritius(12.08.2021)

Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 19, 2021 with the Government of the Republic of Mauritius, for ma.....

Tags : Exim Bank, Agreement, LoC

Court has discretion to insist on a Bank Guarantee from any specific bank or class of banks to safeguard the interest of beneficiary of Bank Guarantee(24.08.2021)

Present appeals are against a judgment passed by the High Court, dismissing the Appeal filed by the Appellant under Section 37 of the Arbitration and .....

Tags : Bank Guarantee, Replacement, Direction

Modalities for filing of placement memorandum through a Merchant Banker(21.10.2021)

1. AlFs shall launch scheme(s) subject to filing of placement memorandum with SEBI through a SEBI registered Merchant Banker. In this regard, SEBI (Al.....

Tags : Modalities, Filing, Merchant Banker

Maintenance of current accounts in multiple banks by Stock Brokers(28.10.2021)

1. SEBI vide circular no. SMD/SED/CIR/93/23321 dated November 18, 1993 on "Regulation of Transactions between Clients and Brokers" mandated that all t.....

Tags : Maintenance, Current accounts, Multiple banks

Measures taken to facilitate digital banking(27.07.2021)

The Government has taken a number of steps to facilitate digital banking, doorstep banking services and digital lending platforms. This was stated by .....

Tags : Measures, Digital banking, Digital infrastructure

Disciplinary proceeding initiated prior to the retirement of a bank employee would continue even after his retirement(28.03.2022)

In facts of present case, the Petitioner who was lastly working as Senior Branch Manager with the Respondent-Bank, has retired on 31 May 2013 on attai.....

Tags : Retirement, Disciplinary Proceedings, Bank Employee

Exim Bank's Government of India supported Line of Credit of USD 7.29 million to the Government of Cooperative Republic of Guyana(10.03.2022)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated September 29, 2021 with the Government of Cooperative Republic of Guyan.....

Tags : Exim Bank, Support, Line of Credit

Basic Statistical Return on Credit by Scheduled Commercial Banks in India - March 2022(28.09.2022)

The Reserve Bank released the web publication 'Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India - March 2022'1 on its .....

Tags : Statistical Return, Credit, Banks

Once a guarantee is valid on the face of it, the contractual obligation of the bank is to pay the nominated beneficiary, if the conditions are met(30.12.2022)

In present case, the High Court dismissed the application brought by the liquidators of the Appellant, Cape Concentrate (Pty) Ltd. to set aside, as a .....

Tags : Payment, Demand, Bank guarantees

Sectoral Deployment of Bank Credit - December 2022(31.01.2023)

Data on sectoral deployment of bank credit for the month of December 20221 collected from 40 select scheduled commercial banks, accounting for about 9.....

Tags : Sectoral Deployment, Bank Credit, Data

Sectoral Deployment of Bank Credit - January 2023(28.02.2023)

Data on sectoral deployment of bank credit for the month of January 20231 collected from 40 select scheduled commercial banks, accounting for about 93.....

Tags : Sectoral Deployment, Bank Credit, Data

Application under Section 7 of the IBC is filed only when the right to apply against default accrues and for every default, there is a fresh period of limitation(24.05.2023)

The present appeal has been filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC) against the 'impugned order' passed by the 'Adjudic.....

Tags : Period of Limitation, Insolvency and Bankruptcy Code

Decision taken by the Government in relation to the economic policies is not ordinarily interfered by the Courts unless arbitrary(29.05.2023)

The instant writ petition under Article 226 of the Constitution of India has been filed by the Petitioner as a Public Interest Litigation (PIL) seekin.....

Tags : RBI Notification, Banknotes, Exchange

Central Government specifies that all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd. and IDBI Bank shall be authorised to operate the Mahila Samman Savings Certificate, 2023(27.06.2023)

In pursuance of the powers conferred by sub-clause (ii) of clause (g) of section 3 of the Government Savings Promotion Act, 1873 (5 of 1873), the Cent.....

Tags : Banks, Operation, Savings Certificate

Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949(31.01.2024)

1. In Press Release dated March 11, 2022, the Reserve Bank of India, in exercise of its powers under section 35A of the Banking Regulation Act, 1949, .....

Tags : Paytm Payments Bank, Direction

Circular regarding voluntary transition of Small Finance Banks to Universal Banks(26.04.2024)

1. This is with reference to Paragraph 14 of the "Guidelines for 'on-tap' Licensing of Small Finance Banks in Private Sector" dated December 5, 2019, .....

Tags : Voluntary transition, Small Finance Banks, Conversion

Reserve Bank releases deposits with Scheduled Commercial Banks - March 2024(04.06.2024)

The Reserve Bank released the web publication 'Deposits with Scheduled Commercial Banks2 - March 20243' on its 'Database on Indian Economy' portal.

Tags : Deposits, Release, Commercial bank

Prudential Treatment of Bad and Doubtful Debt Reserve by Co-operative Banks(02.08.2024)

1. Under the provisions of the respective State Co-operative Societies Acts, or otherwise, on prudential consideration, several co-operative banks hav.....

Tags : Prudential Treatment, Doubtful Debt Reserve, Co-operative Banks

News

Reserve Bank of India Revises PCA Regime for UCBs Facing Financial Stress(07.01.2020)

Reserve Bank of India has decided to revise its Supervisory Action Framework to place restrictions on urban cooperative banks (UCBs) for deterioration.....

Tags : Reserve Bank of India, PCA Regime

Delhi HC: Employer Can’t Retain Performance Bank Guarantee After Acknowledging Due Performance(14.12.2022)

Delhi High Court has held that the employer cannot withhold the performance bank guarantee after acknowledgement of the due performance of the contrac.....

Tags : Delhi High Court, Performance Bank Guarantee, Counter Claims

RBI Allows Banks to Extend Non-Fund Based Credit(08.01.2016)

Reserve Bank of India (RBI) has allowed banks to extend non-fund based credit, not the usual form of normal loans and thereby lifted the old age ban.

Tags : Reserve Bank of India, non-fund based credit

Card-on-File Tokenisation (CoFT) - Enabling Tokenisation through Card Issuing Banks(20.12.2023)

1. The card tokenisation services are being currently provided by card issuers and card networks in terms of Reserve Bank of India circulars DPSS.CO.P.....

Tags : CoFT, Tokenisation, Banks

RBI Authorises Select Bank Branches to Collect Advance Tax(16.08.2016)

Reserve Bank of India (RBI) has authorised various bank branches, including those of SBI, ICICI, HDFC Bank, PNB and Bank of Baroda, to collect income .....

Tags : Reserve Bank of India, Advance Tax

Reserve Bank of India Cancels Vodafone’s Certificate of Authorization for M- Pesa(22.01.2020)

Reserve Bank of India has said that it has cancelled the Certificate of Authorization of Vodafone M- Pesa on account of voluntary surrender of authori.....

Tags : Reserve Bank of India, Vodafone

SC Issues Notice to Union Government on Petitions Challenging Constitutionality of IBC Ordinance(14.01.2020)

Supreme Court has issued a notice to the Union Government on Petitions Challenging Constitutional Validity of Insolvency and Bankruptcy Code (Amendmen.....

Tags : Supreme Court, Insolvency and Bankruptcy Code Ordinance

Reporting of Transactions by agency banks to RBI(30.11.2017)

It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current tra.....

Tags : RBI, Agency Banks, Transactions

Supreme Court: Money Deposited by Customer in Bank is Not Held as Trustee(28.12.2021)

Supreme Court has observed that the money that is deposited by the customer in the bank is not held by it as a trustee but it becomes a part of the ba.....

Tags : Supreme Court, Money Deposited by Customer in Bank

Reserve Bank of India Permits Banks to Trade in Forex Outside of Market Hours(07.01.2020)

Reserve Bank of India has said that it has permitted category–I banks to offer foreign exchange prices to users at all times, out of their Indian book.....

Tags : Reserve Bank of India, Forex

RBI Allows IFSCs Bank Branches to Open Foreign Currency Current Accounts(08.01.2016)

Reserve Bank of India (RBI) has permitted bank branches at International Financial Services Centres (IFSCs) to open foreign currency current accounts .....

Tags : Reserve Bank of India , International Financial Services Centres

RBI imposes monetary penalty on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh(16.11.2021)

The Reserve Bank of India (RBI) has imposed, by an order dated November 16, 2021, a monetary penalty of Rs. 2.00 lakh (Rupees Two lakh only) on Nagrik.....

Tags : Penalty, Imposition, Bank

Reserve Bank of India Lifts Restriction on Bandhan Bank(26.02.2020)

Reserve Bank of India has lifted the restriction on Bandhan Bank to expand its branch network after considering the efforts made by the private lender.....

Tags : Reserve Bank of India, Bandhan Bank

No Right with Bank Employee to be Associated with Decision Making Process for Fixation Of Salary: SC(13.02.2019)

Supreme Court has observed that the employee of a Bank has no right that he should be associated with the decision-making process in respect of the fi.....

Tags : Supreme Court, Bank Employee, Fixation Of Salary

Central Government declares the services engaged in the Banking industry to be a public utility service(14.12.2023)

Whereas the Central Government is satisfied that public interest so requires that the services engaged in the 'Banking', which is covered under item 2.....

Tags : Declaration, Banking industry, Public utility

Bombay HC Issues Contempt Notice to RBI Regional Director(27.07.2016)

Bombay HC has issued contempt notice to Reserve Bank of India's (RBI) Regional Director in a contempt plea filed by Akhil Bharatiya Adivasi Karmachari.....

Tags : Bombay HC , Akhil Bharatiya Adivasi Karmachari Sanghatna, Reserve Bank of India

India signs 200 million US Dollar Loan Deal with World Bank for National Nutrition Mission (POSHAN Abhiyaan) for 315 districts across all states/UTs(07.05.2018)

The Government of India signed a loan deal worth $ 200 million with the World Bank today for the National Nutrition Mission (POSHAN Abhiyaan). The loa.....

Tags : Loan Deal, World Bank, POSHAN Abhiyaan

Reserve Bank of India imposes monetary penalty on Apna Sahakari Bank Ltd., Mumbai(23.01.2020)

The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed monetary penalty of Rs. 14 lakh on Apna Sahakari Bank Ltd., Mumbai, (the.....

Tags : Penalty, Imposition, Bank

Reserve Bank of India imposes monetary penalty on Standard Chartered Bank - India(21.01.2021)

The Reserve Bank of India (RBI) has, by an order dated January 21, 2021, imposed a monetary penalty of Rs. 2 Crore (Rupees Two Crore only) on Standard.....

Tags : Penalty, Imposition, Bank

Kar. HC: Sufficient Bank Bal. Not Absolute Pre-requisite to Establish Readiness to Execute Agreement(24.01.2024)

Karnataka High Court has held that although it is relevant to consider the bank balance of a party while considering the matters of readiness and will.....

Tags : Karnataka High Court, Sale Agreement, Bank Balance

INSOLVENCY - NCLT Admits ICICI Bank's Insolvency Plea Against Punj Lloyd(11.03.2019)

National Company Law Tribunal (NCLT) has admitted an insolvency plea against Punj Lloyd filed by ICICI Bank Ltd. for a default of Rs. 853.83 crore.

Tags : NCLT, Punj Lloyd, ICICI Bank

RBI Relaxes Deposits Norm of More Than Rs 5,000 in Old Denominations For KYC A/Cs(21.12.2016)

Reserve Bank of India has relaxed its notification, specifying that deposits of over 5000 rupees could be made only after furnishing a satisfactory re.....

Tags : Reserve Bank of India, Old Denominations, Deposits, KYC A/Cs, demonetisation

Bombay HC Directs RBI to Issue Payment of Salaries of Aided School Teachers(06.12.2016)

Bombay High Court has asked RBI to consider issue of payment of salaries to aided school teachers since it is disbursed through District Cooperative B.....

Tags : Bombay HC, District Cooperative Banks, salaries

Issue of Rs. 20 banknotes without inset letter and intaglio printing(29.12.2016)

The Reserve Bank of India will shortly issue Rs. 20 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number .....

Tags : Rs. 20 banknotes, Issuance, Without inset letter

Supreme Court Indicts Indian Bank for Negligence(20.01.2020)

Supreme Court has directed the Indian Bank to pay Rs. 25 lakhs as compensation to Dayanand Anglo Vedic Public School in West Bengal for negligence lea.....

Tags : Supreme Court, Indian Bank

CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)

Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantee.....

Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC

Issuance of Rs. 500 bank notes without inset letter, in the Mahatma Gandhi (New Series)(08.12.2016)

The Reserve Bank of India will shortly issue Rs. 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing sign.....

Tags : Bank notes, Issuance, Inset Letter

Central Government approves recapitalisation of Export-Import Bank of India(16.01.2019)

The Union Cabinet, chaired by the Prime Minister has approved the recapitalization of EXIM Bank. Recapitalization Bonds by Government of India to the.....

Tags : Recapitalisation, Exim bank, Approval

RBI Strikes Down Registration Certificate of Seven NBFCs(18.08.2015)

Reserve Bank of India (RBI) has cancelled certificate of registration of seven Non-Banking Financial Companies (NBFCs) including that of Religare Fina.....

Tags : Reserve Bank of India,NBFCs

NCLAT Stays NCLT’s Order Prohibiting Appointment of Ex- Bankers as Resolution Professional(21.01.2020)

National Company Law Appellate Tribunal has stayed National Company Law Tribunal’s Order which prohibited appointing a former bank official as indepen.....

Tags : National Company Law Appellate Tribunal, Appointment of Ex- Bankers

MRTP/ COMPETITION LAWS - CCI Clears SoftBank’s 22.44% Stake Buy in Delhivery(28.02.2019)

Competition Commission of India (CCI) has said it has approved acquisition of 22.44 % stake in logistics firm Delhivery by SoftBank Vision Fund.

Tags : Competition Commission of India, Delhivery, SoftBank Vision Fund

India Signs Loan Agreement with World Bank for USD 100 Million for "Shared Infrastructure for Solar Parks Project"(20.11.2017)

A Guarantee Agreement for IBRD/CTF loan of USD 98 million and Grant Agreement for USD 2 million for the "Shared Infrastructure for Solar Parks Project.....

Tags : Loan Agreement, World Bank, Solar Parks, Project

RBI Rejects Demand of Online Merchants to Store Customers’ Credit Card Data(26.02.2021)

Reserve Bank of India has rejected the demand of top online merchants like Amazon, Microsoft, Netflix, Flipkart and Zomato to store customers’ credit .....

Tags : Reserve Bank of India, Customers’ Credit Card Data

Report on Trend and Progress of Banking in India 2018-19(24.12.2019)

The Reserve Bank of India released the Report on Trend and Progress of Banking in India 2018-19, a statutory publication in compliance with Section 36.....

Tags : Report, Progress, Banking

Madras HC Allows ICICI Bank to Recover Rs. 222 Crore Dues from Subhiksha Trading Services(07.02.2019)

Madras High Court, in a reprieve to ICICI Bank, has ruled that it finds no ground to interfere in order of Chennai Debts Recovery Appellate Tribunal .....

Tags : Madras High Court, Subhiksha Trading Services, ICICI Bank

Reserve Bank of India Approves Kotak Mahindra’s Proposal to Trim Stake of Promoters(20.02.2020)

Reserve Bank of India has given final approval to Kotak Mahindra Bank’s proposal on reducing promoters’ stakes and capping their voting rights.

Tags : Reserve Bank of India, Kotak Mahindra Bank, Promoters Shareholding

National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021(01.12.2021)

In exercise of the powers conferred by sub-section (1) of section 46 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 o.....

Tags : National Bank, Financing Infrastructure, Order, 2021

SC: PF Can’t be Withheld Without Proving Actual Loss Caused by Employee(09.11.2023)

Supreme Court has held that as per Punjab National Bank (Officers’) Service Regulations, 1979 bank could withhold the Provident Fund (PF) amount only .....

Tags : Supreme Court, Provident Fund, Punjab National Bank

Linking of SWIFT to the Core Banking System(22.03.2018)

Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para 75), a Steering Committee on.....

Tags : SWIFT, Linking, Banking System

Supreme Court: Union Government Cannot Freeze Assets of Punjab National Bank in Nirav Scam Case(20.02.2020)

Supreme Court had ordered that the Union Government could not have moved under company law for freezing the assets of ex-Managing Director of Punjab N.....

Tags : Supreme Court, Punjab National Bank, Nirav Scam Case

Sectoral Deployment of Bank Credit - September 2023(31.10.2023)

Data on sectoral deployment of bank credit for the month of September 20231 collected from 40 select scheduled commercial banks, accounting for about .....

Tags : Sectoral Deployment, Bank Credit

Supreme Court Upholds Sections 3, 4 & 10 of IBC Amendment Act 2020(20.01.2021)

Supreme Court has upheld the constitutional validity of Sections 3, 4 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act 2020.

Tags : Supreme Court, Insolvency and Bankruptcy Code (Amendment) Act 2020

Withdrawal of all old series of Banknotes issued prior to 2005(23.12.2015)

The Reserve Bank of India has extended the date by which pre-2005 banknotes are to be exchanged to 30 June, 2016. An earlier notification had set 31 D.....

Tags : Banknotes, old series, 2005, withdrawal

RBI dispels rumour on non-acceptance of scribbled-on currency(14.12.2015)

The Reserve Bank of India issued a clarificatory statement to dispel rumours in social media that banks will not accept currency notes which have been.....

Tags : Bank note, scribble, tender, rumour

General guidelines for implementation of e-payment of excise refund and rebate(12.01.2016)

The Central Board of Excise and Customs has prescribed procedure for e-payment of refund and rebate. The procedure is hoped to speed transfer of funds.....

Tags : Excise, e-payment, refund, rebate, authorised banks

Govt: Specified Notes Confiscated on or before 30.12.2016 Can be Deposited in Any RBI Branch(17.05.2017)

Govt has notified rules regarding deposit of Rs. 1000 and Rs. 500 Currency Notes confiscated on or before 30.12.2016 which makes it possible for enfor.....

Tags : Specified Bank Notes (Deposit of Confiscated Notes) Rules, 2017

Synchronising financial accounting year with calendar year(19.07.2016)

Union Minister of Finance, Aurn Jaitley, stated that a Committee to examine the desirability and feasibility of changing the financial year has been c.....

Tags : financial year, calendar year, nationalised banks, merger

Bombay HC Sets Aside Goods and Services Tax Authority's Order on Power to Attach Bank Accounts(23.01.2020)

Bombay High Court has quashed and set aside an order by the Directorate General of Goods and Services Tax Intelligence holding that the said order of .....

Tags : Bombay High Court, Power to Attach Bank Accounts

Securities Appellate Tribunal Grants Interim Relief to Axis Bank(16.01.2020)

Securities Appellate Tribunal has granted interim relief to Axis Bank in the Appeal seeking status quo on the Order passed by the Securities and Excha.....

Tags : Securities Appellate Tribunal, Axis Bank, Karvy Stock Broking Case

RBI Refuses to Extend Deadline for PPIs to Complete Customer Verification(27.02.2018)

Reserve Bank of India (RBI) has refused to extend the 28 February deadline for prepaid payment instruments (PPIs) such as mobile wallets to complete k.....

Tags : Reserve Bank of India, prepaid payment instruments, know-your-customer

Trend and Progress of Banking in India 2014-15 and Financial Stability Report December 2015(23.12.2015)

The Reserve Bank of India released its Report .....

Tags : Banking, indicators, 2015, december

CIC: Husband Not Entitled to Seek Information Regarding Bank Details & ITR of His Wife(25.01.2021)

Central Information Commission has said that a husband is not entitled to seek information regarding bank details & income tax returns of his wife und.....

Tags : Central Information Commission, Bank Details and ITR of Wife

RBI Issues New Guidelines for Banks to Fix Lending Rate(18.12.2015)

Reserve Bank of India (RBI) has issued new guidelines on how banks can calculate their lending rates in a bid to make them more closely based on marke.....

Tags : Reserve Bank of India , lending rates

RBI Simplifies Gold Monetisation Scheme(22.01.2016)

Reserve Bank of India (RBI) has simplified Gold Monetisation Scheme (GMS) for bulk depositors, in order to help temple boards to do so and also allowe.....

Tags : Reserve Bank of India , Gold Monetisation Scheme

Reserve Bank of India imposes monetary penalty on Syndicate Bank(05.02.2019)

The Reserve Bank of India (RBI) has imposed, by an order dated January 30, 2019, a monetary penalty of Rs. 10 million on Syndicate Bank (the bank) for.....

Tags : Penalty, Imposition, Syndicate Bank

ITAT, Mumbai: Interest on Investments in Co-operative Bank Eligible for Deduction(24.02.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that the interest income earned by a co-operative society on its investments held with a co-oper.....

Tags : Income Tax Appellate Tribunal, Interest on Investments in Co-operative Bank

Cancellation of licence to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune(02.11.2022)

1. The Reserve Bank of India, vide order No.DOR.MON.LC-04/12.22.218/2022-23 dated August 08, 2022, had cancelled the banking licence of Rupee Co-opera.....

Tags : Cancellation, licence, Banking business

Conduct of Government Business by Agency Banks - Payment of Agency Commission(13.08.2015)

The Reserve Bank of India issued a clarification on activities that do not come under the purview of agency bank business and are not eligible for pa.....

Tags : agency commission, government business, banks

Calcutta HC: Application to Set Aside Arbitral Award Cannot Be Put on Hold Due to Invocation of IBC(20.01.2020)

Calcutta High Court has stated that an application to set aside an arbitral award under the Arbitration and Conciliation Act, 1996 cannot be kept in a.....

Tags : Calcutta High Court, Set Aside of Arbitral Award, Insolvency and Bankruptcy Code Provisions

CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)

Delhi High Court has upheld supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said.....

Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC

Merits and the terms of contract are irrelevant for invoking of the bank guarantees(15.11.2017)

The Petitioner has filed present petition under Section 9 of the Arbitration and Conciliation (Amendment) Act, 2015 with a prayer that, Respondents be.....

Tags : Bank guarantee, Encashment

BANKING - SC Stays Bombay HC Order Directing Federal Bank to Pay Rs. 4 cr to Harshad Mehta's Wife(12.03.2019)

Supreme Court has stayed order of Bombay High Court that directed Federal Bank to pay Rs. 4 crore with 18 per cent interest from 1992 to the wife of l.....

Tags : Supreme Court, Federal Bank, Harshad Mehta

Distribution of Banknotes during November 10 to December 19, 2016(21.12.2016)

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs. 500 and Rs. 1000 denominations from the midnight of November 8.....

Tags : Bank Notes, Distribution

Gujarat HC: Spouse of Nationalised Banks Entitled for Inter-District Transfer Benefits(07.12.2016)

Gujarat High Court has held that a government employee, who is spouse of a nationalized bank employee, is entitled to inter-district transfer to place.....

Tags : Gujarat High Court, nationalized bank, employee, inter-district transfer

RBI releases Primary (Urban) Co-operative Banks' Outlook 2015-2016(29.12.2016)

The Reserve Bank of India today released the third volume of the annual publication titled 'Primary (Urban) Co-operative Banks' Outlook 2015-16'. The .....

Tags : Co-operative Banks, Urban, Publication, Release

RBI Employees are Not Central Government Servants: Madras HC(15.04.2019)

Madras High Court has held that employees of Reserve Bank of India cannot be called as Government employees and also observed that fact that Central G.....

Tags : Madras High Court, Reserve Bank of India

SCDRC Directs Bank to Pay 1L Compensation For Failure to Inform Loan Applicant of Rejection(02.05.2017)

State Consumer Disputes Redressal Commission, Maharashtra has held that failure to inform an applicant about rejection of his loan application constit.....

Tags : State Consumer Disputes Redressal Commission, Loan, Bank

Reserve Bank of India Penalizes HDFC Bank Rs 1 Crore for Failing Know Your Customer Norms(30.01.2020)

Reserve Bank of India has imposed a penalty of Rs 1 Crore on Housing Development Finance Corporation (HDFC) Bank for failing to comply with the Centra.....

Tags : Reserve Bank of India, HDFC, KYC Norms

Ker. HC: Can’t Invoke Writ Against Decisions of Lender/Banker Unless There is Compelling Reason(06.11.2023)

Kerala High Court has held that Court, in exercise of its jurisdiction under Article 226 cannot replace the wisdom of lender/banker in the process of .....

Tags : Kerala High Court, Lender/Banker, Writ Jurisdiction, Compelling Reason

RBI Implements ‘Positive Pay’ System for Cheque Transactions(31.12.2020)

Reserve Bank of India (RBI) has implemented ‘Positive Pay’ system for cheque transactions above Rs 50,000, to enhance security and reduce instances of.....

Tags : Reserve Bank of India, Positive Pay System

Supreme Court: Any Direction Issued by RBI Derived from Statutory Power is Binding(05.01.2022)

Supreme Court has stated that Reserve Bank of India (RBI) has wide supervisory powers over financial institutions like SIDBI, in furtherance of which,.....

Tags : Supreme Court, Reserve Bank of India, Supervisory Powers

Cancellation of licence to carry on banking business in India and, conversion of Urban Co-operative Bank into a Co-operative Society(10.08.2016)

Reserve Bank of India has cancelled the licence of Shri Yugprabhav Sahakari Bank Ltd., Vadodara (Gujarat) vide order dated June 29, 2016. In view of t.....

Tags : Licence, Cancellation, Banking business

Securities Appellate Tribunal Maintains Status Quo in Axis- Karvy Case(22.01.2020)

Securities Appellate Tribunal has extended its status quo order in the case of Axis Bank and Karvy Stock Broking till January 31.

Tags : Securities Appellate Tribunal, Axis Bank, Karvy Stock Broking Case

Reserve Bank of India Lifts Restrictions on Catholic Syrian Bank on Opening Branches(15.01.2020)

Reserve Bank of India has lifted a restriction that was imposed on the Catholic Syrian Bank for opening new branches, given the delayed initial public.....

Tags : Reserve Bank of India, Catholic Syrian Bank

Delhi HC Dismisses Challenge Against Prohibition on Chhath Puja at Yamuna River Banks(11.11.2021)

Delhi High Court has dismissed a petition challenging the Delhi Government's decision that prohibited devotees to perform Chhath Puja on the banks of .....

Tags : Delhi High Court, Prohibition on Chhath Puja at Yamuna River Banks

Supreme Court Bars Lenders from Making Claims in Arbitration Tribunals(25.01.2021)

Supreme Court has barred banks and financial institutions from making a claim in an arbitration tribunal to recover their money stating that holding t.....

Tags : Supreme Court, Claims of Banks and Financial Institutions

RBI Imposes Penalty on Equitas for Selling MF, Insurance Products Without Approval(09.03.2018)

Reserve Bank of India (RBI) has imposed a penalty of Rs 10 lakh on Equitas Small Finance Bank for distributing mutual fund (MF), insurance and wealth .....

Tags : Reserve Bank of India, Equitas Small Finance Bank

CCI Approves RBS India-Sanctum Wealth Acquisition Deal(30.12.2015)

Competition Commission of India (CCI) has approved acquisition of Royal Bank of Scotland (RBS) Group's India wealth management business by Sanctum Wea.....

Tags : Competition Commission of India , Royal Bank of Scotland , Sanctum Wealth

RBI to Banks: Allow Mobile Banking Registration at ATMs(18.12.2015)

Reserve Bank of India (RBI) has asked all National Financial Switch (NFS) member banks to make changes in ATM switches by March 2016 to help customers.....

Tags : Reserve Bank of India, National Financial Switch

RBI Nods to Hike Service Charge on Deposits by Non-Chest Branches(22.01.2016)

Reserve Bank of India (RBI) has said currency chest holding branches can raise service charges to be levied on cash deposited by non-chest bank branch.....

Tags : Reserve Bank of India, Non-Chest Branches

Karnataka High Court Restrains IDBI Bank Employees from Carrying Out Strike(28.03.2016)

Karnataka HC while passing order on the petition filed by the IDBI Bank’s management challenging the notices issued by United Platform of Bank Unions .....

Tags : Karnataka High Court, IDBI Bank

Delhi HC Grants Bail to Yes Bank's Former MD Rana Kapoor in Money Laundering Case(25.11.2022)

Delhi High Court has granted bail to Yes Bank co-founder Rana Kapoor in a money laundering case being probed by Enforcement Directorate with regard to.....

Tags : Delhi High Court, Bail, Yes Bank

India Signs Loan Agreement with the World Bank for USD 25.2 Million for Chhattisgarh Public Financial Management and Accountability Program(05.03.2019)

The Government of India, the State Government of Chhattisgarh and the World Bank signed here in New Delhi today a $25.2 Million Loan Agreement to supp.....

Tags : Loan Agreement, World bank, Signing of

RBI Tightens Norms for Banks Lending to Overseas Subsidiary of Indian Companies(04.01.2016)

Reserve Bank of India (RBI) has tightened norms for banks lending to overseas subsidiary of Indian companies by raising the provisions substantially a.....

Tags : Reserve Bank of India , subsidiary of Indian companies

Gujarat HC Seeks RBI’s Response over its Power to Ban DCCB Transactions & Restricts Withdrawal Limits(06.12.2016)

Gujarat High Court has asked Reserve Bank of India (RBI) whether it has powers to ban transactions at District Central Cooperative Banks (DCCB) or res.....

Tags : Gujarat High Court, demonetization, Co-Operative Banks

RBI Asks Banks to Extend loans to Women SHGs at 7 % Rate(22.01.2016)

Reserve Bank of India (RBI) has asked banks to provide loans up to Rs 3 lakh at 7 per cent interest rate to Women Self-Help Group (SHG) under the Nati.....

Tags : Reserve Bank of India, Women Self-Help Group

Diamond Dollar Account - Reporting Mechanism(23.03.2016)

The Reserve Bank of India has dispensed with quarterly and fortnightly statements previously submitted by banks giving details of the name and address.....

Tags : Diamond dollar, bank account, statement

Reserve Bank of India Rejects Request to Extend Jan 7 Deadline(08.01.2020)

Reserve Bank of India has rejected banks’ demand to extend the January 7 deadline to come up with resolution plans under Inter-Creditor Agreements on .....

Tags : Reserve Bank of India, Deadline

RBI Enhances Withdrawal Limits From ATMs From Rs. 4500 to Rs 10,000 Per Day(16.01.2017)

Reserve Bank of India (RBI) has enhanced limit on withdrawals from ATMs from current limit of Rs.4,500 to Rs.10,000 per day per card.

Tags : Reserve Bank of India, Withdrawal Limits, ATMs

RBI Says No Deadline for Resolving Complaints under Banking Ombudsman Scheme(23.12.2015)

Reserve Bank of India (RBI) has said that there is no time limit for resolution of complaints under Banking Ombudsman scheme, aimed at seeking redress.....

Tags : Reserve Bank of India, Ombudsman scheme

SC: RBI Must Disclose All Info About Banks Under RTI(17.12.2015)

Supreme Court has ruled that Reserve Bank of India (RBI) is bound in law to give information regarding private and public banks under the Right To Inf.....

Tags : Supreme Court, Right To Information , Reserve Bank of India

Composition and Ownership of Deposits with Scheduled Commercial Banks(11.01.2016)

The Reserve Bank of India released data related to the composition and ownership pattern of deposits with scheduled commercial banks as of March 31, 2.....

Tags : Scheduled banks, deposits, march 2015

SC: Can’t Draw Adverse Inference Against Plaintiff for Merely Not Producing Bank Passbook(10.01.2023)

Supreme Court has held that adverse inference cannot be drawn against a plaintiff in a suit for specific performance for not producing his passbook un.....

Tags : Supreme Court, Inference, Bank Passbook, Specific Performance

Insolvency and Bankruptcy Board of India Disqualifies Parties Barred from Liquidation Process(08.01.2020)

Insolvency and Bankruptcy Board of India has issued a notification whereby promoters or related parties disqualified from taking part in the insolvenc.....

Tags : Insolvency and Bankruptcy Board of India, Liquidation

SC: Adj. Authority Has Power to Recall Order Approving RP Which Isn’t Submitted As Per IBC(14.02.2024)

Supreme Court has held that National Company Law Tribunal has the power under Insolvency and Bankruptcy Code, 2016 (IBC) to recall its order approving.....

Tags : Supreme Court, NCLT, Resolution Plan, Insolvency and Bankruptcy Code

RBI Tightens Provisions for Yet to Fail CDR Accounts(12.01.2016)

Reserve Bank of India (RBI) has asked lenders to increase provisioning for accounts that may not have yet failed Corporate Debt Restructuring (CDR) bu.....

Tags : Reserve Bank of India, Corporate Debt Restructuring

RBI: Small Finance Banks Can Join Payment System(23.12.2015)

Reserve Bank of India (RBI) has said that entities who received in-principle approval for setting up payments banks and small finance banks can join a.....

Tags : Reserve Bank of India, payment system

Govt.: MUDRA Not to Regulate Micro Finance Institutions (MFIs)(18.01.2016)

Government has said that Reserve Bank of India would continue to regulate MFIs registered as Non-Banking Finance Companies (NBFCs) with central bank. .....

Tags : Government ,R eserve Bank of India , MFIs, MUDRA

RBI Increases Short-Term Borrowing Capacity of Central Government(21.04.2020)

Reserve Bank of India has increased the short-term borrowing capacity of the Central Government by over 65% to temper market fears that excessive borr.....

Tags : Reserve Bank of India, Short-Term Borrowings of Government

SC: PF Can’t be Withheld by Bank Without Proving Actual Loss Caused by Employee(09.11.2023)

Supreme Court has held that as per Punjab National Bank (Officers’) Service Regulations, 1979 bank could withhold the Provident Fund (PF) amount only .....

Tags : Supreme Court, Provident Fund, Punjab National Bank

Delhi HC Directs RBI, SBI to Maintain Status Quo on Reliance Accounts(07.01.2021)

Delhi High Court has directed Reserve Bank of India and State Bank of India to maintain status quo on the classification of Anil Ambani's Reliance Com.....

Tags : Delhi High Court, Reliance Bank Accounts

Lending and Deposit Rates of Scheduled Commercial Banks - January 2023(31.01.2023)

Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) for the month of Janua.....

Tags : Lending, Deposit Rates, Commercial Banks

RBI releases Discussion Paper on 'Governance in Commercial Banks in India'(11.06.2020)

1. The Reserve Bank of India today released on its website a Discussion Paper on 'Governance in Commercial Banks in India' for public comments.

Tags : Discussion Paper, Governance, Commercial Banks

PFRDA notifies amendments to Trustee Bank (TB) and Central Recordkeeping Agency (CRA) Regulations(22.02.2024)

The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordk.....

Tags : Amendments, Trustee Bank, Regulations

RBI Releases First Bi-Monthly Monetary Policy Statement, 2019-20(04.04.2019)

Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) has announced its resolution under first bi-monthly monetary policy statement for 2019-.....

Tags : Reserve Bank of India, RBI, First Bi-monthly Monetary Policy Statement, 2019-20

Madras HC Disposes of Plea Filed by Plea Challenging Election Notice by REPCO Bank(04.02.2022)

Madras High Court has disposed of a batch of writ petitions filed by candidates challenging the election notice issued by the returning officer of Rep.....

Tags : Madras High Court, Election Notice by REPCO Bank

Apex Court Directs Bank to Compensate School who Lost Money in Online Banking Fraud(20.12.2019)

Apex Court has directed a Bank to give compensation of Rs 25 Lakhs to a school whose money from the bank account was siphoned out by the miscreants. T.....

Tags : Apex Court, Online Banking

Calcutta High Court: Reserve Bank of India is 'State' Under Article 12(11.03.2021)

Calcutta High Court has held that the Reserve Bank of India (RBI) is "State" under Article 12 of the Constitution of India, 1949. The Court has furthe.....

Tags : Calcutta High Court, Reserve Bank of India

BANKING - SC Refuses to Stay Merger of Vijaya, Dena Banks with Bank of Baroda(29.03.2019)

Supreme Court has refused to stay amalgamation of three public sector lenders Vijaya Bank, Dena Bank and Bank of Baroda and dismissed applications fil.....

Tags : Supreme Court, Vijaya Bank, Dena Bank

#Economic Survey 2021-2022: Impact of Pandemic on Banking System(31.01.2022)

The banking system is well capitalized and the overhang of Non-Performing Assets seem to have structurally declined.

Tags : Economic Survey, Banking System

Bombay HC Seeks RBI’s Response Over Inconsistencies in Demonetization Directives to Co-operative Bank(22.11.2016)

Bombay HC, while observing that prima facie there were some inconsistencies in two circulars issued by Reserve Bank to District Co-Operative Banks on .....

Tags : Bombay HC, Reserve Bank, Co-Operative Banks, demonetisation

RBI to issue Rs. 5 Coins to commemorate "Golden Jubilee of Indo-Pak War 1965"(03.09.2015)

The Reserve Bank of India will put into circulation Rs. 5 coins to commemorate the Golden Jubilee of Indo-Pak war 1965. Existing coins in the denomina.....

Tags : Bank, coin, war, commemorate, denomination

Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 to Millath Co-operative Bank Limited(08.11.2021)

1. The Reserve Bank of India issued All Inclusive Directions to Millath Co-operative Bank Limited, Davangere, Karnataka under Section 35 A read with S.....

Tags : Directions, Banking Regulation Act

Declaration of dividends by banks(22.04.2021)

1. Please refer to our circular DOR.BP.BC.No.29/21.02.067/2020-21 dated December 4, 2020, and other associated circulars on the captioned subject.

Tags : Declaration, Dividends, Banks

COMPANY - NCLAT Slams RCom's Lender SBI over Rs. 37,000 Crore Asset Sale(12.03.2019)

National Company Law Appellate Tribunal has slammed lenders of Reliance Communications, State Bank of India, for painting a rosy picture of Anil Amban.....

Tags : NCLAT, State Bank of India, Reliance Communication

RBI Eases Bad Loan Classification Norms For Small Borrowers, Farmers(29.12.2016)

Reserve Bank of India (RBI) has relaxed norms for bad loan classification for small borrowers, including farmers, giving them additional 30 days to re.....

Tags : Reserve Bank of India, loan, repayment, Small Borrowers

RBI Eases Authentication Rules for Online Card Transactions(07.12.2016)

Reserve Bank of India (RBI) has removed two-factor authentication for online card transactions involving sums up to Rs2,000 in a move aimed at simplif.....

Tags : Reserve Bank of India, Online Card Transactions

Paytm Payments Bank Receives Final Approval From RBI(04.01.2017)

Reserve Bank of India (RBI) has given final approval to formally launch Paytm Payments Bank.

Tags : RBI, Paytm Payments Bank

Bom. HC: Public Sector Banks Not Empowered to Issue Look Out Circulars Against Loan Defaulters(27.04.2024)

Bombay High Court has observed that Public Sector Banks are not authorized to issue look out circulars against loan defaulters. The power exercised by.....

Tags : Bombay High Court, Public Sector Banks, Look Out Circulars, Article 14 of COI, Article 21 of COI

RBI Increases Investment Limit of FPIs(30.03.2016)

Reserve Bank of India (RBI) has increased investment limit of Foreign Portfolio Investors (FPIs) in central government bonds to Rs 2 lakh crore, from .....

Tags : Reserve Bank of India, Foreign Portfolio Investors

RBI grants "in-principle" approval to 11 Applicants for Payments Banks(19.08.2015)

The Reserve Bank of India granted "in-principle" approval to 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Ban.....

Tags : Rbi, payments banks, approved, guidelines

BANKING - Bombay HC Refuses Interim Relief to Kotak Mahindra Bank on Promoter Stake Issue(13.03.2019)

Bombay High Court has refused to grant any interim relief to Kotak Mahindra Bank on Reserve Bank of India’s direction to dilute promoter shareholding .....

Tags : Bombay High Court, Kotak Mahindra Bank, Reserve Bank of India

RBI Extends Note Exchange Deadline for NRI’s till June 30(02.01.2017)

Reserve Bank of India has said that Non-resident Indians (NRIs) can exchange old Rs 500 and Rs 1000 notes till June 30, 2017.

Tags : Reserve Bank of India, Rs. 500, Rs. 1000, Demonetisation

RBI Releases Fifth Bi-monthly Monetary Policy Statement, 2016-17; Kept Repo Rate Unchanged(07.12.2016)

Reserve Bank of India (RBI) has released Fifth Bi-monthly Monetary Policy Statement, 2016-17 wherein it has kept Repo rate unchanged at 6.25 percent, .....

Tags : Reserve Bank of India , Monetary Policy, Reverse Repo, Repo rate

All. HC: It’s an Obligation of Bank Officials to Fully Co-operate in Criminal Investigations(29.04.2024)

Allahabad High Court has observed that bank officials are expected to be law-abiding citizens who are under an obligation of law to cooperate in crimi.....

Tags : Allahabad High Court, Criminal Investigations, Bank Officials

RBI Extends E-Payment Deadline and Banking Hours(30.03.2016)

Reserve Bank of India (RBI) has issued instructions wherein it has been decided that all agency banks shall keep counters of their designated branches.....

Tags : Reserve Bank of India, E-Payment

No necessity for complaint to aver actual date of service of notice against dishonoured cheque(17.08.2015)

If the complaint contains the date of issuance of registered notice, merely not containing the date of receipt of information from the bank regarding .....

Tags : Banking, cheque, date of service, notice

Delhi HC: Employees and Officials Working in Banks Have Larger Responsibility of Ensuring Integrity(20.12.2021)

Delhi High Court has observed that the employees and officials working in banks have a larger responsibility of ensuring the integrity of the banking .....

Tags : Delhi High Court, Employees and Officials Working in Banks

RBI Issues Norms to Shore Up Governance Standards at Urban Cooperative Banks(02.01.2020)

Reserve Bank of India has released the final guidelines for setting up a board of management for such banks. According to the guidelines, UCBs, with d.....

Tags : RBI, Urban Cooperative Banks

RBI Issues 17 Master Directions Related to FEMA(05.01.2016)

Reserve Bank of India (RBI) has issued 17 Master Directions covering foreign exchange transactions on various regulatory issues in order to simplify .....

Tags : Reserve Bank of India, Master Directions

Delhi High Court Refuses To Issue Form ‘F’ To HDFC Bank Due To Default In Paying Central Sales Tax(17.11.2021)

In a major setback to the HDFC Bank, the Delhi High Court has refused to issue Form ‘F’ in respect of inter-state stock transfers due to default in pa.....

Tags : Delhi HC, HDFC Bank, Form F

RBI Widens Scope of Ombudsman Scheme, Mobile And Electronic Banking Brought Under Purview(26.06.2017)

Reserve Bank of India has widened scope of its Banking Ombudsman Scheme 2006, to include inter alia deficiencies arising out of sale of insurance/ mut.....

Tags : Reserve Bank of India, Banking Ombudsman Scheme 2006

Change in Bank Rates(08.02.2023)

1. Please refer to circular DOR.RET.REC.88/12.01.001/2022-23 dated December 07, 2022 on the captioned subject.

2. As announced in the Moneta.....

Tags : Change, Bank Rate, Monetary Policy

RBI Opens Rs 50kcr Flexible Liquidity Window to Aid MFs(28.04.2020)

Reserve Bank of India (RBI) has opened a Rs 50,000 Crores flexible liquidity window to help mutual funds cope with redemption pressure, tempering inve.....

Tags : Reserve Bank of India, Liquidity Window

Guidelines for Standalone PD participation in Exchange Traded Currency Futures(17.03.2016)

The Reserve Bank of India issued guidelines

Tags : Bank, primary dealers, currency, futures

Central Government declares the computer resources of Canara Bank to be protected systems(11.01.2023)

In exercise of the powers conferred by sub-sections (1) and (2) of section 70 of the Information Technology Act, 2000 (21 of 2000), the Central Govern.....

Tags : Computer resources, Core Banking Solution, protected systems

Reserve Bank Employees are Not Central Government Servants: Madras HC(15.04.2019)

Madras High Court has observed that the employees of Reserve Bank of India cannot be called as Government employees.

Tags : Supreme Court, Reserve Bank of India

RBI: Banks Cannot Refuse to Accept Scribbled, Coloured, Faded Bank Notes(01.05.2017)

Reserve Bank of India (RBI) has clarified by its notification dated 25th April 2017 that bank branches cannot refuse to accept scribbled/coloured/fade.....

Tags : Reserve Bank of India, Scribbled, Coloured, Faded Bank Notes

Centre Notifies Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021(29.01.2021)

Central Government has notified the Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021 which seeks to amend the Natio.....

Tags : Central Government, Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021

ITAT, Mumbai Denies Refund of Foreign Taxes Paid by Bank of India(12.03.2021)

Income Tax Appellate Tribunal (ITAT), Mumbai has denied in a recent order a refund in respect of foreign taxes aggregating to Rs 182.6 crore paid by B.....

Tags : Income Tax Appellate Tribunal, Bank of India

BANKING - CBI Court Convicts Ex Indian Bank CMD for Fraud(30.03.2019)

A Special CBI Court has convicted and sentenced former Indian Bank Chairman and Managing Director M Gopalakrishnan and 11 others to three years Rigoro.....

Tags : CBI Court, Ex Indian Bank CMD, M Gopalakrishnan

Chhattisgarh HC Restrains NTPC from Invoking Bank Guarantee Against Contracting Party(01.02.2022)

Chhattisgarh High Court has directed the National Thermal Power Corporation [NTPC] to try and amicably resolve a contractual dispute before proceeding.....

Tags : Chhattisgarh High Court, Bank Guarantee Against Contracting Party

RBI releases "Statistical Tables Relating to Banks in India: 2019-2020"(29.12.2020)

The Reserve Bank released its web publication entitled 'Statistical Tables Relating to Banks in India: 2019-20' covering the activities of scheduled c.....

Tags : Statistical Tables, Activities, Commercial banks

All. HC to State: Protect Ancient Temples in the Vicinity of Banke Bihari Temple(22.12.2022)

Allahabad High Court has directed Uttar Pradesh Government to protect the ancient temples situated in the vicinity of the Banke Bihari temple in Mathu.....

Tags : Allahabad High Court, Banke Bihari Temple, Revamp

SC Strikes Down RBI Circular on Defaulting Firms, Calls it Unconstitutional(02.04.2019)

Supreme Court has quashed a Reserve Bank of India circular of February 12, 2018, asking banks to classify a loan account as stressed if there was even.....

Tags : Supreme Court, Reserve Bank of India

#Union Budget 2022-2023: Post Office to Come Under Core Banking Systems(01.02.2022)

Finance Minister has said that 100% of 1.5 lakh Post Offices will come on Core banking systems to help farmers and senior citizens in rural areas. Go.....

Tags : Union Budget, Finance Minister, Core Banking Systems

Reserve Bank of India to Lift All Charges on Fund Transfers via RTGS and NEFT from July 1(12.06.2019)

Reserve Bank of India has said that it will lift all charges on fund transfer through popular RTGS and NEFT systems from July 1, 2019 and asked banks .....

Tags : Reserve Bank of India, NEFT, RTGS

RBI Allows Financial Institutions to Conduct Business in Indian National Rupee in IFSC(20.01.2020)

Reserve Bank of India has allowed the Financial Institutions to conduct businesses in Indian National Rupees in International Financial Services Centr.....

Tags : Reserve Bank of India, Financial Institutions, Business in Indian National Rupee

RBI Allows Use of OTP for Account Opening(09.12.2016)

To quicken the process of opening of bank account, Reserve Bank of India (RBI) has amended its know your customer (KYC) rules to allow banks to open n.....

Tags : RBI, Reserve Bank of India

Rajya Sabha Passes Insolvency and Bankruptcy Code Amendment Bill(03.01.2018)

Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which bars unscrupulous persons from misusing the provisions of the .....

Tags : Rajya Sabha, Insolvency, Bankruptcy

RBI Relaxes ECB Norms for Infrastructure Sector(31.03.2016)

Reserve Bank of India (RBI) has allowed all companies engaged in infrastructure sector to raise external commercial borrowings with a minimum maturity.....

Tags : Reserve Bank of India, ECB Norms

RBI Committee suggests Way Forward for UCBs(20.08.2015)

The Reserve Bank of India released the 'Report of the High Powered Committee on Urban Co-operative Banks'. Recommendations in the Report focus on busi.....

Tags : Rbi, urban co-operative, bank, report

Delhi HC: Not Bank’s Responsibility to Get Real Estate Project Completed(16.03.2023)

Delhi High Court while observing that banks can’t be loaded with responsibility of getting real estate projects completed, has held that it is for the.....

Tags : Delhi High Court, Real Estate, Bank

RBI Grants Approval for First Conversion from Urban Cooperative Bank to Small Finance Bank(07.01.2020)

Reserve Bank of India has granted ‘in-principle’ approval to Saharanpur-based, Shivalik Mercantile Cooperative Bank to convert from an Urban Cooperat.....

Tags : RBI, Small Finance Bank

SC Recalls Order for Promotion Quota in Banks(11.01.2016)

Supreme Court has recalled its direction to grant quota in promotions to SC/ST employees in higher grade posts in public sector banks, and left it to .....

Tags : Supreme Court, quota in promotions to SC/ST employees , public sector banks

RBI: Aadhaar is Not Mandatory for DBT Scheme(15.01.2016)

Reserve Bank of India (RBI) has said in a clarification on Direct Benefit Transfer (DBT) Scheme that use of Aadhaar cards and seeding of bank accounts.....

Tags : Reserve Bank of India, Direct Benefit Transfer, Aadhaar

SC: NBFC & Leasing Co. Not Liable to Pay Interest Tax on Installments Under Hire Purchase Agreement(05.01.2023)

Supreme Court has held that non-banking finance (NBFC) and leasing companies are not liable to pay tax on the interest component included in the hire-.....

Tags : Supreme Court, Non-Banking Finance, Hire Purchase Agreement

Delhi HC Stays Bank Guarantees' Invocation(21.04.2020)

Delhi High Court has passed an interim order restraining the invocation of bank guarantees, observing that the lockdown was prima facie in the nature .....

Tags : Delhi High Court, Bank Guarantees

Delhi HC Directs SIT to Complete Investigation in Plea Seeking Inquiry into Banking Fraud(18.03.2020)

Delhi High Court has directed the Special Investigation Team to conclude investigation into banking frauds as expeditiously as possible and in all cir.....

Tags : Delhi High Court, Banking Fraud Cases

Inclusion of "India Post Payments Bank Limited" in the Second Schedule of the Reserve Bank of India Act, 1934(03.07.2019)

We advise that the "India Post Payments Bank Limited" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notificatio.....

Tags : Post Payments, Bank, Inclusion

Provisioning on interbank exposure of Primary (Urban) Co-operative Banks (UCBs) under All Inclusive Directions(20.04.2020)

1. As you are aware, the imposition of All-inclusive Directions (AID) on an Urban Co-operative Bank (UCB), inter alia, restricts the bank from dischar.....

Tags : Provisioning, interbank exposure, UCBs

RBI Announces Cut in Repo Rate and Reverse Repo Rate(27.03.2020)

Reserve Bank of India (RBI) has announced a 75 basis points cut in repo rates, 90 basis points cut to 4% in reverse repo rate as a measure to counter .....

Tags : Reserve Bank of India, Cut in Repo Rate and Reverse Repo Rate

Delhi HC Seeks Response in Bail Plea Filed by Yes Bank Founder in Money Laundering Case(17.02.2022)

Delhi High Court has sought response of the Enforcement Directorate in the bail plea filed by Yes Bank founder Rana Kapoor in a money laundering case .....

Tags : Delhi High Court, Yes Bank Founder, Money Laundering Case

#GST: CBEC Notifies Aadhaar/ Bank Account Based Verification for Purpose of CGST Rules(21.06.2017)

Central Board of Excise and Customs (CBEC) has notified Aadhaar based Electronic Verification Code (EVC) or Bank account based One Time Password as mo.....

Tags : Goods and Services Tax, GST, CGST Rules, Aadhaar/ Bank Account

SC: SBI’s Application for Extension of Time for Furnishing Electoral Bonds Details Dismissed(11.03.2024)

Supreme Court has dismissed the State Bank of India’s (SBI) application that was filed for an extension of time for furnishing electoral bond details .....

Tags : Supreme Court, State Bank of India, Electoral Bonds, Extension of Time

Exemption of a Banking Company from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002(11.03.2020)

In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government hereby exempts a Ban.....

Tags : Exemption, Banking Company, Application, Provisions

Implementation of Indian Accounting Standards(23.06.2016)

RBI asked banks to submit Proforma Ind AS (Indian Accounting Standards) Financial Statements for half year ending 30 September 2016 by 30 November 201.....

Tags : ind as, banks, financial statements

Delhi HC Notices TATA, Docomo over RBI Application(02.12.2016)

Delhi High Court has asked NTT Docomo Inc. and Tata Sons Ltd to respond to a Reserve Bank of India (RBI) application seeking to be heard in a dispute .....

Tags : Delhi High Court, Docomo, Tata, Reserve Bank of India

NCDRC: Bank Liable for Fraudulent Online Transaction if Account Holder's Fault Not Proved(11.01.2021)

National Consumer Disputes Redressal Commission (NCDRC) has held that in case of fraudulent transactions leading to withdraw of money from a person's .....

Tags : National Consumer Disputes Redressal Commission, Fraudulent Online Banking Transaction

Calcutta HC Passes Injunction Order Restraining Activities on River Banks, Alluvial Landscapes Etc(20.04.2021)

Calcutta High Court has passed an order of an injunction restraining any activity on the lands which are river banks or alluvial landscapes or alluvia.....

Tags : Calcutta High Court, Activities on River Banks, Alluvial Landscapes Etc

Cabinet approves Interest Subvention to banks on Short-Term crop loan to farmers(14.06.2017)

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18......

Tags : Approval, Interest Subvention, Banks

Rajya Sabha Approves Insolvency and Bankruptcy Code (Amendment) Bill, 2020(13.03.2020)

Rajya Sabha has passed amendments to the insolvency law in the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 that will help ring-fence success.....

Tags : Parliament, Insolvency and Bankruptcy Code (Amendment) Bill, 2020

RBI Permits Start-Ups to Open Currency Account Abroad(24.06.2016)

Reserve Bank of India (RBI) has allowed startups with an overseas subsidiary to open foreign currency accounts abroad to credit foreign exchange earni.....

Tags : Reserve Bank of India, startups

Insolvency and Bankruptcy Code Kicks In With Effect From Today(01.12.2016)

Insolvency and Bankruptcy Code which aims to help quicker resolution of cases and unlock value of assets has become operational from today.

Tags : Insolvency and Bankruptcy Code

Electoral Bonds Data Uploaded on Election Commission of India’s Website(15.03.2024)

The Election Commission of India has uploaded on its website data related to electoral bonds that was supplied by the State Bank of India.

Tags : Election Commission of India, Electoral Bonds, State Bank of India

Prompt Corrective Action Framework - IDBI Bank Limited(10.03.2021)

The performance of IDBI Bank Limited, currently under the Prompt Corrective Action Framework (PCAF) of RBI, was reviewed by the Board for Financial Su.....

Tags : PCAF, IDBI Bank, Review

Madras High Court Orders Status Quo on Service Conditions of Migrant Bank Employees(13.04.2017)

Madras High Court has ordered status quo on service conditions linked to terminal benefits, pension and seniority of migrant employees of five banks w.....

Tags : Madras High Court , State Bank of India

Supreme Court Directs Centre to List Out Measures Taken to Ease Inconvenience of Rural People(05.12.2016)

Supreme Court has asked Centre to spell out measures taken to ease sufferings and inconvenience of people in rural areas, who are mostly dependent on .....

Tags : Supreme Court, demonetisation, Co-operative banks

RBI: No Foreign Exchange Act Action against Declarant for Disclosure Under Black Money Window(01.10.2015)

Reserve Bank of India (RBI) has said no action under FEMA will be taken against declarations under one-time black money compliance window. RBI has alr.....

Tags : Reserve Bank of India ,FEMA ,black money compliance window

Gujarat HC Dismisses PIL against Sudhir Mankad’s Appointment to RBI(26.07.2016)

Gujarat HC has junked PIL challenging appointment of ex-Chairman of Gujarat International Finance Tec-City (GIFT-City) Sudhir Mankad as a Non-Officiat.....

Tags : Gujarat HC, Sudhir Mankad , Reserve bank of India

NCLAT: 14 Days Timeline to Admit or Reject Case Under IBC a 'Mere Directive'(22.05.2017)

National Company Law Appellate Tribunal (NCLAT) has said that 14-day timeline for rejecting or admitting a case under Insolvency and Bankruptcy Code (.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code

Reserve Bank of India Issues Directions for Permitting Rupee Derivatives to be Traded in IFSCs(24.01.2020)

Reserve Bank of India has released directions under Section 45 W of the Reserve Bank of India Act, 1934 permitting Rupee derivatives to be traded in I.....

Tags : Reserve Bank of India, Trading of Rupee Derivatives in IFSCs

CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited(21.01.2021)

The Competition Commission of India (CCI) approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in .....

Tags : Acquisition, Approval, Bank

Delhi HC Temporarily Restrains 6 PSU Banks from Taking Coercive Action Against Company(29.04.2020)

Delhi High Court has temporarily injuncted 6 Public Sector Units banks from taking any coercive action against Eastman Auto Limited for defaults arisi.....

Tags : Delhi High Court, Coercive Action, PSU Banks

RBI Eases LCR Norm(25.03.2016)

Reserve Bank of India (RBI) has given bankers more flexibility in maintenance of Liquidity Coverage Ratio (LCR) under Basel III by tweaking certain no.....

Tags : Reserve Bank of India, Liquidity Coverage Ratio

Bombay HC: Administrator Could Not Have Taken Policy Decision After Reconstruction of Yes Bank(23.01.2023)

Bombay High Court has set aside Yes Bank’s decision to write of Additional Tier 1 bonds Rs. 8415 Crore value observing that the Reserve Bank of India .....

Tags : Bombay High Court, Yes Bank, Reserve Bank of India

Del. HC: Bank Customers Have No Way of Contacting Officials Who Send Emails(22.02.2023)

Delhi High Court while expressing concern over computer generated e-mails sent to customers without mention of contact details of officials under whos.....

Tags : Delhi High Court, Bank, Accountability

Risk Management and Inter-bank Dealings - Hedging of Foreign Exchange Risk-Date of Implementation(18.05.2020)

1. A reference is invited to the Directions on Hedging of Foreign Exchange Risk issued vide A.P. (DIR Series) Circular No. 29 dated April 7, 2020. The.....

Tags : Risk Management, Inter-bank Dealings, Directions

Meghalaya High Court: Indiscipline by Bankers Cannot be Overlooked(13.06.2019)

Meghalaya High Court has observed that indiscipline by bankers cannot be overlooked as they deal with public money. The Court held that "No organisati.....

Tags : Meghalaya High Court, Bankers

Insolvency And Bankruptcy Board Notifies Fast Track Insolvency Resolution Process(19.06.2017)

IBBI has notified IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 which provide process from initiation of ins.....

Tags : Insolvency and Bankruptcy Board of India, Fast Track, Insolvency Resolution Process

Gujarat HC Seeks Centre’s, RBI’s Response over DCCBs Note Exchange Ban(30.11.2016)

Gujarat High Court has sought replies from Centre and RBI on a petition challenging legality of their notifications banning District Central Co-Operat.....

Tags : Gujarat High Court, demonetization, Co-Operative Banks

Import-export payments facilitated by OPGSP(24.09.2015)

Reserve Bank of India has permitted AD Category-1 banks to offer the facility of repatriating import related remittances, in respect of import of good.....

Tags : Bank, import, remittance, online payment

Kerala HC: Right of Creditor to Have Bank Guarantee Invoked Only During Currency of Bank Guarantee(29.04.2021)

Kerala High Court has held that the right of a creditor to have the Bank Guarantee invoked is only during the currency of the Bank Guarantee and not d.....

Tags : Kerala High Court, Bank Guarantee

Unity Small Finance Bank Limited commences operations(01.11.2021)

Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a lic.....

Tags : Finance Bank, Operations, Commencement

Karnataka HC Stays Auction of Properties by Banks During 21-Day Lock Down Period(31.03.2020)

Karnataka High Court has stayed for three weeks the process of auction and e-auction of mortgaged properties, during the 21-day lock-down period, obse.....

Tags : Karnataka High Court, Auction of Properties by Banks

RBI Cancels Rs 9k crore T-bill Auction(28.01.2016)

Reserve Bank of India (RBI) has cancelled a Rs 9,000-crore auction of Government's 91-day Treasury Bills (T-bills) as it was not willing to accede to .....

Tags : Reserve Bank of India, T-bills

SC to RBI: Disclose Names of India's Biggest Loan Defaulters(17.02.2016)

SC has sought list of companies from Reserve Bank of India (RBI) who have defaulted in paying back loan to PSU banks and have contributed to massive l.....

Tags : SC, Reserve Bank of India

NCLAT Rules 'Dispute' As Defined in IBC is Illustrative and Not Exhaustive(25.05.2017)

National Company Law Appellate Tribunal has held that the term “dispute” as defined in Insolvency and Bankruptcy Code (S. 9) is illustrative and not e.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code

Bombay High Court: HDIL, its Promoters have to Repay Loan to PMC Bank(20.12.2019)

Bombay High Court has observed that HDIL and its promoters will have to repay their loan to crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank a.....

Tags : Bombay High Court, PMC Bank

Bombay HC: Goa State Cooperative Bank Ltd. is Not a 'State' Under Article 12(08.03.2021)

Bombay High Court has held that the Goa State Cooperative Bank Ltd. is not a 'State' nor does it fall within the ambit of 'any other authority' for th.....

Tags : Bombay High Court, Goa State Cooperative Bank Ltd.

CIVIL - SC Refuses to Stay Merger of Vijaya, Dena Banks with Bank of Baroda(29.03.2019)

Supreme Court has refused to stay amalgamation of three public sector lenders Vijaya Bank, Dena Bank and Bank of Baroda and dismissed applications fil.....

Tags : Supreme Court, Vijaya Bank, Dena Bank

Punjab and Maharashtra Co-operative Bank Ltd. branches to operate as Unity Small Finance Bank Ltd.(25.01.2022)

The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Ba.....

Tags : Branches, Operation, Unity Small Finance Bank Ltd.

Bombay High Court Rejects PMC Bank Depositors' Plea for Lifting Withdrawal Cap(06.12.2019)

Bombay High Court has rejected pleas of the depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank, seeking lifting of restriction.....

Tags : Bombay High Court, PMC Bank

Blast from the Past

Banks’ implied duty of secrecy to its customers(25.01.2016)

The United Kingdom Court of Appeal in 1923 determined that the duty of confidentiality owed by a bank to its clients was not absolute. Rather, it was .....

Tags : Banker, duty to confidentiality, qualifications

Kerala High Court Dismisses Plea Challenging Bank Merger(27.03.2017)

Kerala High Court has dismissed a batch of Public Interest Petitions challenging decision of State Bank of India (SBI) to acquire State Bank of Travan.....

Tags : Kerala High Court, State Bank of India

RBI Withdraws Banks' 25% Compensation(28.08.2015)

Reserve Bank of India (RBI) has withdrawn 25 per cent compensation to banks for detecting fake notes.

Tags : Reserve Bank of India,25 per cent compensation

RBI Amends Norms on Bank Frauds(19.04.2016)

Reserve Bank of India (RBI), while amending disclosure norms, has asked banks to disclose fraud cases and make provisions for them not exceeding four .....

Tags : Reserve Bank of India, Bank Frauds

NCLAT Widens Definition of “Dispute” to Resist an Action for Insolvency Under Bankruptcy Code(29.06.2017)

NCLAT has widened definition of 'dispute' u/s 8,9 of Insolvency and Bankruptcy Code to include, apart from existing suits and arbitrations, any other .....

Tags : NCLAT, Insolvency and Bankruptcy Code

RBI to CICs: Give FFCR to Individuals Once a year(02.09.2016)

Reserve Bank of India (RBI) has directed Credit Information Companies (CICs) to provide access to one Free Full Credit Report (FFCR), including credit.....

Tags : Reserve Bank of India, CICs, FFCR t

CIC: Records of Loans to Adani Groups Cannot be Disclosed under RTI(28.11.2016)

Central Information Commission (CIC) has held that records related to loans given to industries promoted by Gautam Adani cannot be disclosed as these .....

Tags : Central Information Commission, Gautam Adani , State Bank of India , Loans

Reserve Bank of India Revises Stressed Asset Norms(10.06.2019)

Reserve Bank of India (RBI) has issued a new prudential framework for resolution of stressed assets, effectively replacing its 12 February 2018 circul.....

Tags : Reserve Bank of India, Stressed Asset

India signs Financing Loan Agreement with the World Bank for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)(18.09.2018)

A Loan Agreement for IBRD Credit of US$74 million equivalent for the Uttarakhand Workforce Development Project (UKWDP) was signed with the World Bank .....

Tags : Loan Agreement, World Bank, Project (UKWDP)

Bombay HC Refuses to Hear Co-operative Banks Plea on Demonetization Issue(25.11.2016)

Bombay High Court has said that it cannot hear petitions filed by District Co-operative Banks on demonetization issue or grant any relief to them, and.....

Tags : Bombay High Court, Co-operative Banks, demonetization

Enforcement action in respect of statutory auditors of commercial banks(03.06.2019)

RBI vide its Press Release dated June 29, 2018 had put in place an enforcement action framework in respect of statutory auditors for the lapses in the.....

Tags : Statutory auditors, Commercial banks, Enforcement action

India Signs Loan Agreement with World Bank for US$ 119 Million for "Odisha Higher Education Programme for Excellence and Equity (OHEPEE) Project(07.11.2017)

A Financing Agreement for IBRD loan of US$ 119 million (equivalent) for the "Odisha Higher Education Programme for Excellence & Equity (OHEPEE) Projec.....

Tags : Loan Agreement, World Bank, Signing of

RBI Permits Banks to Offer More Services Via Offsite ATMs(15.01.2016)

Reserve Bank of India (RBI) has said that banks are now free to offer all their products and services through the ATM channels provided technology per.....

Tags : Reserve Bank of India, ATM

Delhi High Court Stays Lower Court Proceedings Against Bank Executives(27.05.2019)

Delhi High Court has stayed the lower court proceedings against Punjab National Bank its former Managing Director & CEO Usha Ananthasubramanian and 11.....

Tags : Delhi High Court, Bank

Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)

Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....

Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor

Exclusion of "DBS Bank Ltd" from the Second Schedule of the Reserve Bank of India Act, 1934(16.04.2019)

Consequent upon setting up of 'DBS Bank India Limited' as a Wholly Owned Subsidiary of 'DBS Bank Ltd', it has been decided to exclude 'DBS Bank Ltd' f.....

Tags : Enactment, Exclusion, DBS Bank

RBI Issues Operating Guidelines for Small Finance Banks and Payments Banks(07.10.2016)

Reserve Bank of India (RBI) has allowed payments banks and small finance banks to use digital banking to open bank accounts while streamlining their r.....

Tags : Reserve Bank of India, finance banks, payments banks, Guidelines

System for reporting banks’ associations discontinued(30.06.2016)

The Reserve Bank of India discontinued the Quarterly Reporting System - foreign branches/subsidiaries/joint ventures/associates of Indian Banks , with.....

Tags : quarterly reporting system, foreign branches, associations, indian banks

Delhi HC Asks RBI to Submit its Latest Circular on FDI Policy(27.01.2016)

While hearing a public interest litigation seeking a thorough investigation against all firms that have received FDI, Delhi High Court has sought a re.....

Tags : Delhi High Court, Reserve Bank of India, FDI policy

Reserve Bank of India to Allow Exchange of Rs 4500 in Old Notes in Nepal(27.03.2017)

Reserve Bank of India (RBI) will allow exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national.

Tags : Reserve Bank of India, Demonetisation

RBI to Banks: Provide Loans to Women SHGs at 7%(26.08.2016)

Reserve Bank of India (RBI) has asked banks to provide loans to women self-help groups (SHGs) at 7 per cent per annum, as per the government's revised.....

Tags : Reserve Bank of India, self-help groups

Delhi HC Allows Interim Reoccupation to Debtor of Property Securitized by Bank(13.04.2020)

Delhi High Court has allowed a family to reoccupy a floor of the property, which was securitized by IIFL Home Finance Limited under Section 14 of Secu.....

Tags : Delhi High Court, Reoccupation to Debtor of Property Securitized by Bank

Delhi HC Seeks Centre's Response over RBI's Circular on E-Retail(22.04.2016)

Dellhi HC has sought Centre's response on petition challenging a circular by Reserve Bank of India (RBI), as per which retail trading in any form thro.....

Tags : Dellhi HC , Reserve Bank of India

SEBI Eases Norms on Consolidated Numbers for Banks, Insurance Companies(13.05.2020)

Securities and Exchange Board of India (SEBI) has exempted banks and insurance companies from publishing consolidated financial results for the June q.....

Tags : Securities and Exchange Board of India, Banks, Insurance Companies

RBI Bans Investments in ‘Non-cooperative Countries’(27.01.2017)

Reserve Bank of India (RBI) has prohibited Indian entities from making direct investments in any entity located in 'non co-operative countries and ter.....

Tags : Reserve Bank of India, Non-cooperative Countries, investments

RBI Permits Lending Institutions to Allow 3-Month Moratorium on Term Loans(27.03.2020)

Reserve Bank of India has announced that all commercial banks and non-banking financial companies are permitted to allow 3-month moratorium on the pay.....

Tags : Reserve Bank of India, 3-Month Moratorium on Term Loans

RBI releases names of applicants under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks in the Private Sector(15.04.2021)

The Reserve Bank of India today released the names of applicants under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Bank.....

Tags : Licensing, Universal Banks, Small Finance Banks

RBI Notifies Rates for Small Saving Schemes for Q2(08.07.2016)

Reserve Bank of India (RBI) has notified the interest rates for different small savings schemes for the quarter ending September. The interest rates h.....

Tags : Reserve Bank of India, RBI, small savings schemes

Karnataka HC: Illegal to Impose Condition of Furnishing Bank Guarantee While Granting Bail(12.07.2024)

Karnataka High Court while hearing an application on modification of bail condition, has restated that it is illegal to impose a bail condition on the.....

Tags : Karnataka High Court, Bail Condition, Bank Guarantee

Disclosure of bank’s business dissuades “window-dressing”, in public interest(28.06.2016)

“Any action that results in dissuading commercial entities from indulging in practices such as window-dressing would be in larger public interest”, th.....

Tags : rti, exemption, bank, business mix, public interest

IBBI Notifies Inspection And Investigation Regulations(19.06.2017)

Insolvency and Bankruptcy Board of India has notified Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 which .....

Tags : Inspection And Investigation Regulations, Insolvency and Bankruptcy Board of India

Hyderabad HC Questions Centre’s Policy over Role of Cooperative Banks in Demonetization Drive(30.11.2016)

Hyderabad High Court has questioned Centre as to why it was not taking into confidence Cooperative Banks in its fight against black money.

Tags : Hyderabad HC, Cooperative Banks , Demonetization

RBI Orders Concurrent Auditors to Submit Reports on Non-Performing Loans Directly to Banks(25.09.2015)

Reserve Bank of India (RBI) has directed concurrent auditors of commercial banks to submit their review of non-performing loans directly to the banks .....

Tags : Reserve Bank of India,concurrent auditors of commercial banks

Kerala High Court Upholds Ordinances Merging District Cooperative Banks(29.04.2021)

Kerala High Court has upheld Ordinances amending the Kerala Cooperative Society Act, 1969 to merge District Cooperative Banks in the state with the Ke.....

Tags : Kerala High Court, Ordinances Merging District Cooperative Banks

Rajya Sabha Passes Insolvency and Bankruptcy Code (Amendment) Bill, 2019(30.07.2019)

Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019. This Bill if passed will , ease the process of corporate restructuri.....

Tags : Rajya Sabha, Insolvency and Bankruptcy Code (Amendment) Bill, 2019

Cancellation of banking licence of Adoor Co-operative Urban Bank Ltd., Adoor, Kerala(25.04.2023)

Reserve Bank of India (RBI) is satisfied to notify The Adoor Co-operative Urban Bank Ltd., Adoor, Kerala as a non-banking Institution under Section 36.....

Tags : Banking licence, Cancellation, Notification

CRIMINAL - CBI Court Convicts Ex Indian Bank CMD for Fraud(30.03.2019)

A Special CBI Court has convicted and sentenced former Indian Bank Chairman and Managing Director M Gopalakrishnan and 11 others to three years Rigoro.....

Tags : CBI Court, Ex Indian Bank CMD, M Gopalakrishnan

#Union Budget 2022-2023: Finance Minister Informs on Central Bank Digital Currency(01.02.2022)

Finance Minister has stated that the introduction of a central bank digital currency will give boost to digital economy leading to cheaper currency ma.....

Tags : Union Budget, Finance Minister, Central Bank Digital Currency

IBC Will Override Provisions of Other Enactments Inconsistent With It : Supreme Court(16.08.2018)

Supreme Court has observed that Insolvency and Bankruptcy Code (IBC) will override anything inconsistent contained in any other enactment, including t.....

Tags : Supreme Court, Insolvency, Bankruptcy

CIC Directs RBI To Appoint Nodal CPIO(14.06.2017)

Central Information Commission (CIC) has directed Reserve Bank of India to appoint a Nodal Central Public Information Officer (CPIO), in addition to c.....

Tags : Central Information Commission, Reserve Bank of India

Withdrawal of Specified Banknotes : Cash requirements of pensioners and Armed Forces Personnel(24.11.2016)

In view of the withdrawal of legal tender character of the Specified Banknotes (SBN) demand for cash is expected from Government officials and pension.....

Tags : Demand, Bank notes, Government officials

RBI Permits Banks to Convert Stressed Loans into Standard, Conditions Apply(25.09.2015)

RBI has said that it would permit banks to convert status of their "stressed" loans to a company into "standard" ones if entity is sold to a new major.....

Tags : RBI,Banks

Provisioning pertaining to Fraud Accounts(18.04.2016)

Reserve Bank of India notified amendments to provisions in respect of Fraud Accounts. Banks making good amounts upon detection of fraud can adjust fin.....

Tags : fraud accounts, banks, adjustment, profit and loss

Delhi HC: RBI's Intention is to Maintain Status Quo on Account Classification as on March 1(15.04.2020)

Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank in light of the morato.....

Tags : Delhi High Court, Reserve Bank of India, Status Quo on Account Classification

Bombay HC: No Bar on Court Exercising Jurisdiction Even When Application U/S 7 of IBC is Filed(27.04.2022)

Bombay High Court has ruled that since application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is filed, which is pending for consider.....

Tags : Bombay High Court, Section 7, Insolvency and Bankruptcy Code, 2016, Section 11, Arbitration and Conciliation Act, 1996

RBI Keeps Repo Rate Unchanged at 6%, Raises Inflation Forecast for Next Two Quarters(06.12.2017)

Reserve Bank of India (RBI) has kept repo rate unchanged at 6 percent. The inflation forecast for the next two quarters has been increased from 4.2 - .....

Tags : Reserve Bank of India

Reserve Bank of India imposes monetary penalty on South Indian Bank Limited(19.06.2019)

The Reserve Bank of India (RBI) has imposed, by order dated June 13, 2019, monetary penalty of Rs.1 million on South Indian Bank Limited (the bank) fo.....

Tags : Monetary penalty, Imposition, South Indian Bank Limited

RBI Sets Rupee Reference Rate against US Dollar and Euro(08.07.2016)

Reserve Bank of India (RBI) has fixed reference rate of the rupee at 67.4972 against the US dollar and 74.8274 for the euro.

Tags : Reserve Bank of India, RBI, reference rate

NCLAT Upholds Dismissal of Petition Filed During Prohibited Period(24.05.2022)

National Company Law Appellate Tribunal while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process cannot be initiated over .....

Tags : National Company Law Appellate Tribunal, Corporate Insolvency Resolution Process, Insolvency and Bankruptcy

National GIS-Enabled Land Bank System(23.09.2020)

Government has integrated Industrial Information System (IIS) portal with the GIS System of six States in first phase to provide updates on land avail.....

Tags : GIS-Enabled, Bank System, Industrial land

Centre Notifies Regulations for Liquidation Process Under New Bankruptcy Code(19.12.2016)

Central Government has notified rules by which companies can go through liquidation under Insolvency and Bankruptcy Code (IBC), 2016.

Tags : Central Government, liquidation, Insolvency and Bankruptcy Code (IBC), 2016

Bombay HC Dismisses Yes Bank Petition Against Zee Promoters(20.08.2020)

Bombay High Court has rejected a Yes Bank Petition that sought to prevent Zee Entertainment Enterprises from selling shares and disposing of assets, s.....

Tags : Bombay High Court, Yes Bank

Delhi HC Restores 'Status Quo Ante' for Loan Classified as NPA by Yes Bank(08.04.2020)

Delhi High Court has held that YES Bank should not have classified a loan account as Non-Performing Asset (NPA) when a delay in payment of installment.....

Tags : Delhi High Court, Loan Classified as NPA by Yes Bank

SARFAESI Act is applicable to Cooperative Banks(05.05.2020)

In present case, the question relates to the scope of the legislative field covered by Entry 45 of List I viz. ‘Banking’ and Entry 32 of List II of th.....

Tags : SARFAESI Act, Co-operative banks, Applicability

India Signs Financing Agreement with World Bank for US$ 48 Million for "Nagaland Health Project"(16.01.2017)

A financing agreement for IDA credit of US$ 48 million (equivalent) for the 'Nagaland Health Project' was signed with the World Bank here today. The F.....

Tags : World Bank, Financing, Health project, Nagaland

Specified Bank Notes (Cessation of Liabilities) Bill, 2017 Receives President Assent(01.03.2017)

Specified Bank Notes (Cessation of Liabilities) Bill, 2017 that provides for cessation of liabilities on specified bank notes has received assent fr.....

Tags : Specified Bank Notes (Cessation of Liabilities) Bill, 2017

Reserve Bank of India Keeps Lending Rate Unchanged in the Bi-Monthly Monetary Policy(06.08.2020)

Reserve Bank of India has come out with the Bi-Monthly Monetary Policy whereby the key lending rate has remained unchanged. The Committee has kept rep.....

Tags : Reserve Bank of India, Bi-Monthly Monetary Policy

Bank Lending and Loan Quality: The Case of India(14.12.2016)

The Reserve Bank of India today placed on its website a Working Paper titled 'Bank Lending and Loan Quality: The Case of India' under the Reserve Bank.....

Tags : Bank Lending, Loan Quality, Working paper

DGFT: Importer Not Required to Furnish Quarterly Returns for Import of Water-Mark Bank Note Paper(14.07.2021)

Director-General of Foreign Trade (DGFT) has notified that the importer is no longer required to furnish quarterly returns for import of Water-mark Ba.....

Tags : Director General of Foreign Trade, Import of Water-Mark Bank Note Paper

RBI: Fixed Rate Loans up to 3 Years to be Based on Marginal Cost(30.03.2016)

Reserve Bank of India (RBI) has asked banks to price fixed rate loans of up to three years based on their marginal cost of fund from April 1.

Tags : Reserve Bank of India, Fixed Rate Loans

SC: Sessions Judge has Power to Issue Process Against Accused in Offences Under IBC, 2016(22.04.2024)

SC while upholding issuance of process by sessions judge in an offence committed under Insolvency and Bankruptcy Code, 2016 (IBC), has observed that S.....

Tags : Supreme Court, Insolvency and Bankruptcy Code, Sessions Judge

RBI Clears 11 Payments Banks(20.08.2015)

Reserve Bank of India (RBI) has given 'in principle' clearance to 11 entities to set up 'payments banks'. These entities include department of posts, .....

Tags : Reserve Bank of India, Payments Banks

Madras HC Directs I-T Dept to Attach Bank Accounts of Actor Tadimalla Gautami(24.03.2022)

Madras High Court has directed Income Tax (I-T) department to lift its order attaching six bank accounts of actor Tadimalla Gautami after she pays 25%.....

Tags : Madras High Court, Bank Accounts of Actor Tadimalla Gautami

IT dues payable in advance at authorised bank branches(16.05.2016)

Advance income tax can be paid at authorised banks instead of just with the Reserve Bank of India. Of the 29 banks authorised to acceptance tax remitt.....

Tags : Income tax, advance, authorised banks

Oversight of Government Business in Agency Banks(07.04.2016)

The Reserve Bank of India put in place a new system of oversight of government business conducted with agency banks. The new enlarged review will now .....

Tags : Government business, agency bank, inspection

Supreme Court Upholds Validity of Insolvency & Bankruptcy Code(28.01.2019)

Supreme Court has upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.

Tags : Supreme Court, Insolvency & Bankruptcy Code

SC Issues Notice on Swamy's Plea for Probing RBI Official in Bank Scams(18.10.2022)

Supreme Court has agreed to examine BJP leader Dr Subramanian Swamy's plea seeking a probe into the alleged role of Reserve Bank of India (RBI) offici.....

Tags : Supreme Court, probe, Reserve Bank of India, banking scams

Calcutta High Court Asks Reserve Bank of India to Act Against Bank of Baroda(17.02.2020)

Calcutta High Court has asked the Reserve Bank of India to consider “appropriate steps” against the Bank of Baroda, including cancelling its banking l.....

Tags : Calcutta High Court, Reserve Bank of India, Bank of Baroda

RBI Eases FDI Norms to Boost Start-Ups(03.02.2016)

Reserve Bank of India (RBI) has relaxed several rules including Foreign Direct Investment (FDI) norms to boost start-up activity in the country.

Tags : Reserve Bank of India, Foreign Direct Investment , Start-Ups

Pay IT dues in advance at RBI or authorised bank branches(15.02.2016)

The Reserve Bank of India has authorized twenty nine agency banks to accept payments of income tax. The move hopes to reduce the heavy rush for remitt.....

Tags : Income tax, payment, agency banks, march

RBI Revises Guidelines on Rationalization of Branch Authorization Policy(29.05.2017)

Reserve Bank of India (RBI) has liberalised Branch Authorization Policy and has also widened role of bank boards, making them responsible for complyin.....

Tags : Reserve Bank of India, Branch Authorization Policy

IBBI Exempts Lockdown Period from Time Line of Activity in Relation to Liquidation Process(20.04.2020)

Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government shall not be counted for the purpose.....

Tags : Insolvency and Bankruptcy Board of India, Time Line of Liquidation Process

Madras HC: Asian Paints to Furnish Bank Guarantee for GST Department to Release Detained Goods(02.05.2022)

Madras High Court has directed the Goods and Services Tax department to discharge the detained goods on furnishing of the bank guarantee by Asian Pain.....

Tags : Madras High Court, Goods and Services Tax, bank guarantee, Asian Paints

SEBI Fines ICICI Bank, Compliance Officer Rs 12 lakh for Disclosure Lapses(13.09.2019)

SEBI has levied a total fine of Rs 12 lakh on ICICI Bank Ltd and its compliance officer for disclosure lapses, including delayed disclosure of binding.....

Tags : SEBI, ICICI Bank

Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)

National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....

Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code

Officers of private bank punishable under POCA(23.02.2016)

Officers of a private bank, specifically its Chairman, Directors and other Officers are ‘public servants’ who can be prosecuted under the Prevention o.....

Tags : Prevention of corruption, bankers, public duty

UBS AG no longer a banking company(19.05.2016)

The Reserve Bank of India notified USB AG, the Swiss multinational financial services firm, to have ceased being a ‘banking company’ under the Banking.....

Tags : Ubs, swiss, banking company, banking act

Banks now able to authorise establishment of branch office of foreign entities(12.04.2016)

The Reserve Bank of India has empowered AD Cat-I Banks to grant approvals for establishment of Branch Offices, Liaison Offices and Projects Offices in.....

Tags : Foreign entity, branch office, bank

Manager of Nationalized Bank Though a Public Servant Can't Claim Protection U/S 197 CrPC: SC(01.05.2019)

Supreme Court has observed that a public servant working in a nationalized bank cannot claim benefit of Sanction under Section 197 of the Criminal Pro.....

Tags : Supreme Court, Nationalized Bank, Section197 CrPC

RBI Relaxes Reporting Requirement of NEFT Transactions(18.03.2016)

Reserve Bank of India (RBI) has said it is discontinuing provision where banks had to submit data pertaining to NEFT (National Electronic Fund Transfe.....

Tags : Reserve Bank of India, NEFT Transactions

Export Data Processing and Monitoring System expanded(26.05.2016)

The Export Data Processing and Monitoring System has been expanded with modules that will now include information on handling of shipping bills for ca.....

Tags : edpms, exporters, caution, monitoring, banks

Barabanki District Court Acquits Former AMU Scholar Gulzar Wani in Sabarmati Express Blast Case(22.05.2017)

Barabanki District Court has acquitted two accused in Sabarmati Express Blast Case of 2000.

Tags : Barabanki District Court, Sabarmati Express Blast Case

RBI Imposes Penalty on 3 Banks in Forex Scam(26.07.2016)

Reserve Bank of India (RBI) has imposed penalties of Rs.5 crore on Bank of Baroda, Rs.3 crore on Punjab National Bank and Rs.2 crore on HDFC Bank, in .....

Tags : Reserve Bank of India, Forex Scam

Reserve Bank of India Raises Investment Cap for FPIs in Corporate and Government Debt Instruments(24.01.2020)

Reserve Bank of India has raised the investment limit for foreign portfolio investors in Government and Corporate Bonds, in a bid to bring in more for.....

Tags : Reserve Bank of India, Investment Cap for Foreign Portfolio Investors

Insolvency and Bankruptcy Board of India (IBBI): Unclaimed Dividend to Go to IBBI Account(17.01.2020)

Insolvency and Bankruptcy Board of India has notified an amendment to the Voluntary Liquidation Process Regulation, 2017, whereby all unclaimed divide.....

Tags : Insolvency and Bankruptcy Board of India, Amendment in Voluntary Liquidation Process Regulation, 2017

SAT Refuses Relief to Axis Bank in Karvy Case, Asks it to Approach SEBI(18.12.2019)

Securities Appellate Tribunal has refused relief to Axis Bank in the Karvy case. The private lender had approached the Tribunal seeking the shares ple.....

Tags : SAT, Axis Bank

Kar. HC: Banks Do Not Have the Power of Retaining Passport or OCI Card of Accused as Security(17.01.2024)

Karnataka High Court has held that banks do not have the authority to withhold the passport or OCI cards of an accused, even if, the accused has surre.....

Tags : Karnataka High Court, Passport, Banks

Parliament passes ‘National Bank for Financing Infrastructure and Development Bill, 2021’(23.03.2021)

Parliament passes “National Bank for Financing Infrastructure and Development Bill, 2021” (NBFID Bill) to establish a National Bank for Financing Infr.....

Tags : National bank, Financial Infrastructure, Bill

RBI to assist cooperative banks in uptake of Core Banking(13.04.2016)

To ensure implementation of Core Banking System in Urban Cooperative Banks, the Reserve Bank of India will dole out Rs. 4 lakh to each to cover initia.....

Tags : Cooperative banks, core banking

Award Scheme For Outstanding Writings In The Field Of Banking Hindi Declaration Of Result For The Year 2015-16(17.04.2017)

Reserve Bank of India had invited entries under the captioned scheme vide press release dated 14 July 2016. On evaluation of the entries received, it .....

Tags : Scheme, Award, Banking hindi

Manager of Nationalized Bank Though a Public Servant Can't Claim Protection U/S 197 CrPC: SC(01.05.2019)

Supreme Court has observed that a public servant working in a nationalized bank cannot claim benefit of Sanction under Section 197 of the Criminal Pro.....

Tags : Supreme Court, Nationalized Bank, Section197 CrPC

Government: Bank Deposits Before April 01, 2016 Can be Declared Under PMGKY(19.01.2017)

Govt has clarified that deposits in bank accounts made before 1 April 2016 can also be declared under Pradhan Mantri Garib Kalyan Yojana (PMGKY), the .....

Tags : Bank Deposits, Pradhan Mantri Garib Kalyan Yojana, income disclosure scheme

National Company Law Tribunal effective 1 June 2016(01.06.2016)

The Central Government constituted the National Company Law Tribunal and Appellate Tribunal for hearing matters arising under the Companies Act and th.....

Tags : companies act, bankruptcy code, company law tribunal

RBI Operationalise CFR(22.01.2016)

Reserve Bank of India (RBI), in order to minimize frauds, has operationalised a Central Fraud Registry (CFR) with effect from January 20.

Tags : Reserve Bank of India, Central Fraud Registry

RBI Releases First Bi-monthly Monetary Policy Statement, 2016-17(05.04.2016)

Reserve Bank of India (RBI) has released First Bi-monthly Monetary Policy Statement, 2016-17, lowered key interest rates by 25 basis points to 6.5 per.....

Tags : Reserve Bank of India , First Bi-monthly Monetary Policy Statement, 2016-17

Others

Guidelines for selection of MD and CEO in public sector banks approved(20.08.2015)

The guidelines on selection of Managing Directors and Chief Executive Officers in public sector banks, other than the five large public sector banks, .....

Tags : Bank, management, selection, board

Issue of Rs. 10 Denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Das, Governor(20.05.2019)

The Reserve Bank of India will shortly issue Rs. 10 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Da.....

Tags : Issue, Rs. 10 Denomination, Banknotes

SC: SARFAESI Act Applicable to Cooperative Banks(06.05.2020)

Supreme Court has held that the co-operative banks under the State legislation and multi-State co-operative banks are 'banks' under Section 2(1)(c) of.....

Tags : Supreme Court, Cooperative Banks

PMGKD Scheme Amended to Exclude Co-operative Banks From Accepting Deposits(23.01.2017)

Central Government has amended Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 to exclude Co-operative Banks from accepting deposits under P.....

Tags : Pradhan Mantri Garib Kalyan Deposit Scheme, Co-operative Banks

Govt: Aadhaar Mandatory for Opening Bank Accounts, Transactions Over Rs. 50,000(19.06.2017)

Government, through a notification amending a prevention of money laundering law, has made it mandatory to provide Aadhaar to open a bank account and .....

Tags : Government, Bank Accounts

CESTAT, New Delhi: Banking Services are Related to Collection of Export Proceeds(05.03.2020)

Customs Excise and Service Tax Appellate Tribunal, New Delhi has held that banking services are related to the collection of export proceeds and has a.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Banking Services

RBI Relaxes Stressed Asset Restructuring Rules for Banks(14.06.2016)

Reserve Bank of India (RBI) has relaxed guidelines for restructuring of large stressed assets by lenders in a move that would allow the banks to more .....

Tags : Reserve Bank of India , Asset Restructuring Rules

RBI Capped Withdrawal From Jan Dhan Accounts to Rs. 10000 Per Month(30.11.2016)

Reserve Bank of India (RBI) has issued a notification saying that Jan Dhan Account Holders will be allowed to withdraw only Rs 10,000 a month, as a te.....

Tags : Reserve Bank of India, Jan Dhan Account, money laundering, withdraw

RBI Cut Repo Rate by 50 bps(29.09.2015)

Reserve Bank of India (RBI) has cut its repo rate by 50 basis points to 6.75%, while keeping the Cash Reserve Ratio (CRR) unchanged at 4%. This was fo.....

Tags : Reserve Bank of India, Repo Rate

NCLAT: No Bar in Pendency of Execution Proceedings u/s 9 IBC(07.04.2022)

National Company Law Appellate Tribunal has observed that the pendency of an execution petition does not bar the operational creditor from filing a pe.....

Tags : National Company Law Appellate Tribunal, execution petition, Section 9 of the Insolvency and Bankruptcy Code, 2016

Insolvency Proceedings Initiated Against Himalayan Mineral Water by NCLT(11.06.2024)

National Company Law Tribunal (NCLT) on a plea by Jammu and Kashmir Bank has ordered initiation of insolvency proceedings against Himalayan Mineral Wa.....

Tags : NCLT, Jammu and Kashmir Bank, Himalayan Mineral Water

Reserve Bank of India Eases Norms for No-Frills Accounts(11.06.2019)

Reserve Bank of India has eased the norms for the Basic Savings Bank Deposit (BSBD) accounts popularly known as no-frills accounts by allowing banks t.....

Tags : Reserve Bank of India, No-Frills Accounts

SC: Practice of Seeking Pre-Deposit of Bank Guarantee for Grant of Bail is Unsustainable(26.04.2023)

Supreme Court has held that the practice whereby pre-condition of furnishing bank guarantee is imposed on the accused by the Trial Court and the High .....

Tags : Supreme Court, Bank Guarantee, Bail, Unsustainable

RBI launches Survey on International Trade in Banking Services (ITBS): 2019-20(24.09.2020)

The Reserve Bank of India has launched the 2019-20 round of its annual Survey on International Trade in Banking Services (ITBS).

The survey,.....

Tags : Survey, International Trade, Banking Services

RBI Issues Draft Norms for Account Aggregators(04.03.2016)

Reserve Bank of India (RBI) has issued draft guidelines for setting up of Non-Banking Finance Companies (NBFC) that would act as account aggregators a.....

Tags : Reserve Bank of India , Non-Banking Finance Companies

SC: Before Classifying A/Cs as Fraud, Banks Must Give Borrowers Opportunity of Hearing(27.03.2023)

Supreme Court has held that principles of audi alteram partem, howsoever short, have to be applied before declaring a party as 'a fraudulent borrower'.....

Tags : Supreme Court, Audi Alteram Partem, Fraud, Bank

Extending value-added services through ATMs(23.03.2016)

The Reserve Bank of India has permitted Primary (Urban) Co-operative Banks and State Co-operative Banks to offer all their products and services throu.....

Tags : Atm, value added services, co-operative bank

Madras High Court: Can’t Freeze Bank Account Under UAPA in Absence of Central Government’s Order(01.04.2024)

Madras High Court has held that authorities cannot freeze the bank account of Tamil Nadu Development Foundation Trust under the Unlawful Activities Pr.....

Tags : Madras High Court, Section 7(1) of UAPA, Bank Account

Madras HC: Notice to Accused Not Necessary for Freezing Bank Account Under Section 102 CrPC(21.03.2022)

Madras High Court has dismissed a plea made by the wife of controversial PUBG gamer Madan seeking the defreezing of her bank account at Axis Bank Limi.....

Tags : Madras High Court, Freezing Bank Account

RBI Eases Norms on FDI in CICs(20.05.2016)

Reserve Bank of India (RBI) has eased norms around Foreign Direct Investment (FDI) in credit information companies (CICs) in India.

Tags : Reserve Bank of India, FDI

RBI Issues Guidelines on PSLCs(08.04.2016)

Reserve Bank of India (RBI), has released guidelines for Priority Sector Lending Certificates (PSLCs), where banks can buy and sell instruments to man.....

Tags : Reserve Bank of India, Priority Sector Lending Certificates

Changes in RTGS time window(01.09.2015)

The Reserve Bank of India notified that RTGS will not be operated on second and fourth Saturdays, but would operate for the full day on working Saturd.....

Tags : Rtgs, bank, timings, window, transfer

SC: Anti-Graft Act Covers All Pvt. Bank Staff Too(24.02.2016)

SC, in a move to expand scope of the Prevention of Corruption Act, has brought all private bank employees within the ambit of the anti-graft law, whic.....

Tags : SC, anti-graft law, Pvt. Bank

Tamil Nadu Health System Reform Program, Signing of $287 Million World Bank loan to improve healthcare in the State of Tamil Nadu(04.06.2019)

The Government of India, Government of Tamil Nadu (GoTN) and the World Bank signed here today in New Delhi a $287 Million Loan Agreement for the Tamil.....

Tags : Reform Program, World Bank, Loan, Healthcare

NCLAT, Delhi: Quantum of Debt Not to be Decided At Stage of Admission of S. 7 IBC Application(18.04.2022)

National Company Law Appellate Tribunal, Delhi has observed that the quantum of debt is not to be considered at the stage of admission of a petition u.....

Tags : National Company Law Appellate Tribunal, Section 7 of the Insolvency and Bankruptcy Code, 2016, admission

Involvement of bank officials in money laundering during post monetization(07.02.2017)

Enforcement Directorate has intimated that bank employees have been found indulging in money laundering and other unfair practices during the phase of.....

Tags : Bank officials, money laundering, Investigation

RBI Permits Companies to Raise $750 mn through Rupee Bonds(30.09.2015)

Reserve Bank of India (RBI) has permitted companies to raise up to $750 million from overseas markets under automatic route, through rupee-denominated.....

Tags : Reserve Bank of India ,companies

NCLAT Delhi: Resolution Professional Cannot Decide Eligibility Under Section 29A IBC(07.04.2022)

National Company Law Appellate Tribunal has observed that the Resolution Professional is not required to take a decision in regard to the ineligibili.....

Tags : National Company Law Appellate Tribunal, Resolution Professional, Section 29A of the Insolvency & Bankruptcy Code, 2016, Resolution Applicant

Bombay HC: Account Holder Not Liable For Unauthorized Transactions Due To Third Party Breach(17.06.2024)

Bom. HC while directing Bank of Baroda to refund Rs. 76,90,017 to a company who lost the amount in a cyber fraud involving unauthorized electronic ban.....

Tags : Bombay High Court, OTP, Bank of Baroda

Calcutta HC Restrains Special Audit of Bank Headed by BJP MLA Suvendu Adhikari(19.07.2021)

Calcutta High Court has held that the West Bengal government's Co-operative Department shall not conduct a special audit of the Contai Cooperative Ban.....

Tags : Calcutta High Court, Special Audit of Bank Headed by BJP MLA Suvendu Adhikari

NCLT: Proceedings u/s 138 NI Act Have Nothing To Do With Insolvency Application Under I&B Code(28.07.2017)

National Company Law Tribunal has ruled that disclosure of fact of initiation of proceedings u/s 138 of Negotiable Instruments Act in not necessary wh.....

Tags : National Company Law Tribunal, Insolvency and Bankruptcy Code

Delhi HC Seeks Response on Plea Challenging Provisions of Recovery of Debts and Bankruptcy Act, 1993(13.09.2021)

Delhi High Court has sought response of the Centre on a plea challenging provisions of Recovery of Debts and Bankruptcy Act, 1993 regarding appointmen.....

Tags : Delhi High Court, Provisions of Recovery of Debts and Bankruptcy Act, 1993

Delhi High Court Orders Stay on DRT Proceedings Against Yes Bank Over Dish TV shares(27.12.2021)

Delhi High Court has ordered a stay on proceedings against Yes Bank by the Debt Recovery Tribunal, Jaipur (DRT) in a petition filed by Essel Group aff.....

Tags : Delhi High Court, DRT Proceedings Against Yes Bank Over Dish TV shares

Bankruptcy, Insolvency Related Work To be Done By Department of Economic Affairs(07.01.2016)

The work relating to bankruptcy and insolvency has been taken out from the domain of Law Ministry and put under Department of Economic Affairs, a step.....

Tags : bankruptcy and insolvency , Department of Economic Affairs, Law Ministry

Yes Bank Case: Bombay HC Discharges DHFL(18.11.2021)

Bombay HC has discharged Dewan Housing Finance Corporation Ltd. (DHFL) and dropped the proceedings against it in a case of cheating and corruption reg.....

Tags : Bombay HC, Dewan Housing Finance Corporation Ltd., Yes Bank

Delhi HC Asks Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property(26.06.2017)

Delhi High Court has directed bank to compensate petitioner for trauma and humiliation caused due to wrongful attachment of his property because of ba.....

Tags : Delhi High Court, Canara Bank

Del HC: Invoking Penalty Proc. Based on NFAC’s Own Failure to Lodge Claim Can’t be Sustained by them(19.04.2024)

Delhi High Court has held that invocation of penalty proceedings that are based on the National Faceless Assessment Centre’s (NFAC) own failure to lod.....

Tags : Delhi High Court, Penalty Proceedings, NFAC, Insolvency and Bankruptcy Code

Chhattisgarh HC: Bank Can be Restrained from Enforcement of Unconditional Bank Guarantee(25.01.2022)

Chhattisgarh High Court has held that the bank can be restrained from enforcement of unconditional and absolute performance bank guarantee by interim .....

Tags : Chhattisgarh High Court, Unconditional Bank Guarantee

Ker HC: Unilateral Action of Bank of Withholding Title Document After Loan is Repaid is Illegal(20.03.2023)

Kerala High Court has held that merely because the property was transferred by the petitioner during the subsistence of the mortgage, Bank is not enti.....

Tags : Kerala High Court, Bank, Loan, Security Documents

Bom. HC: Banks to Show Evidence to Borrowers Before Invoking Circular on Wilful Default(27.03.2024)

Bombay High Court has held that commercial banks need to show the evidence to defaulting borrowers before invoking the master circular on wilful defau.....

Tags : Bombay High Court, Wilful Default, Commercial Banks

Delhi HC Directs SBI to Open FCRA Accounts of NGOs Within 10 Days of Receiving Centre's Approval(24.05.2021)

Delhi High Court has directed the State Bank of India (SBI) to ensure that applications for opening the Foreign Contribution (Regulation) Act, 2010 (F.....

Tags : Delhi High Court, State Bank of India, FCRA Accounts

RBI’s Nod to FPIs to Invest in Unlisted Debt Securities(17.05.2016)

Reserve Bank of India (RBI) has allowed Foreign Portfolio Investors (FPIs) to invest in unlisted debt securities as well as in securitised debt instru.....

Tags : Reserve Bank of India , Foreign Portfolio Investors

Banking Regulation Ordinance, 2017: RBI Gets Power to Initiate Insolvency Process Against Defaulters(05.05.2017)

President Pranab Mukherjee has approved Banking Regulation (Amendment) Ordinance, 2017 which gives power to Reserve Bank of India to initiate insolven.....

Tags : President Pranab Mukherjee, Banking Regulation (Amendment) Ordinance, 2017

RBI to Banks: Pay Interest on Savings Account Every Quarter(16.03.2016)

Reserve Bank of India (RBI) has asked banks to pay interest on their customers’ savings accounts on a quarterly basis or shorter duration.

Tags : Reserve Bank of India, savings accounts

Delhi HC Rejects PIL Challenging Notifications Permitting Exchange of Rs. 2000 Notes Without ID Proof(29.05.2023)

Delhi High Court has dismissed public interest litigation (PIL) challenging Reserve Bank of India (RBI) and State Bank of India's (SBI) notifications .....

Tags : Delhi High Court,Reserve Bank of India, State Bank of India

RBI: Retail Investors can Access G-Sec Market(29.07.2016)

Reserve Bank of India (RBI) has said that retail investors can access Government Securities (G-Sec) market, in a seamless manner from August 16.

Tags : Reserve Bank of India, G-Sec, retail investors

Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - The Laxmi Co-operative Bank Ltd., Solapur - Extension of Period(11.05.2022)

The Reserve Bank of India, in the public interest, had issued directions to The Laxmi Co-operative Bank Ltd., Solapur, Maharashtra in exercise of powe.....

Tags : Direction, Provision, Bank

Supreme Court: Insolvency and Bankruptcy Code Prevails Over State Laws(04.09.2017)

Supreme Court has ruled that the Insolvency and Bankruptcy Code, 2016 (Code), being a central statute, will prevail over the state laws that are repug.....

Tags : Supreme Court, Insolvency and Bankruptcy Code

Sebi Exempts 3 PSBs From Takeover Code Obligations(30.09.2015)

Securities and Exchange Board of India (Sebi) has exempted Centre from discloser of takeover code obligations for its investment in Dena Bank, Bank of.....

Tags : Securities and Exchange Board of India,Dena Bank, Bank of India, Corporation Bank.

NCLT, Bengaluru Dismisses Insolvency Petition Against Café Coffee Day(07.04.2022)

National Company Law Tribunal, Bengaluru has dismissed the insolvency petition filed against the parent company of Cafe Coffee Day namely Coffee Day G.....

Tags : National Company Law Tribunal, parent company, Cafe Coffee Day, Coffee Day Global Limited, Cooperative Rabobank U.A

Bombay HC: No Interference with Unconditional Bank Guarantee Except When Fraud Established(20.08.2021)

Bombay High Court has observed that there can be no interference with an unconditional bank guarantee except when fraud is established or apprehension.....

Tags : Bombay High Court, Unconditional Bank Guarantee

NCLT, Chennai: No Conflict Among Prohibition of Benami Property Transaction Act and IBC, 2016(06.05.2022)

National Company Law Tribunal, Chennai has ruled that there is no conflict between the Prohibition of Benami Property Transaction Act, 1988 and the In.....

Tags : National Company Law Tribunal, Prohibition of Benami Property Transaction Act, 1988, Insolvency and Bankruptcy Code, 2016, attachment of property

SC: Principle of Mutuality not Applicable to Income from Deposits in Member Banks(21.08.2023)

Supreme Court has held that if any income is earned by the Clubs through deposits made by clubs in banks that are members of the club, such income wou.....

Tags : Supreme Court, Principle of Mutuality, Clubs, Banks

RBI Shortlists 10 Micro Lenders to Set Up Small Banks(17.09.2015)

RBI has shortlisted 10 micro lenders to set up small banks to advance loans primarily to unbanked, small businesses , farmers, micro industries, small.....

Tags : RBI ,small banks

Top Pvt Banks Slap Charges on Cash Transactions, Caps Free Transactions(02.03.2017)

Banks including HDFC, ICICI, Axis began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transac.....

Tags : Banks, Cash Transactions

SC Stays NCLAT Order That Said Limitation Act Doesn’t Apply To Proceedings Under IBC(11.01.2018)

Supreme Court has stayed the order of the National Company Law Appellate Tribunal which said the provisions of the Limitation Act were not applicable .....

Tags : Supreme Court, Insolvency and Bankruptcy Code

RBI Relaxes Norms in Cheque Dishonour Cases(05.08.2016)

Reserve Bank of India (RBI) has relaxed norms in cheque dishonour cases of Rs 1 crore and above.

Tags : Reserve Bank of India , Cheque Dishonour Cases

Withdrawal of Rs. 2000 Denomination Banknotes - Status(03.07.2023)

The Reserve Bank of India had announced the withdrawal of ₹ 2000 banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The t.....

Tags : Withdrawal, Banknotes, Status

Press Release regarding draft regulations under FEMA and directions to Authorised Dealer banks(02.07.2024)

Over the years, the Reserve Bank has been progressively liberalising policies governing foreign exchange transactions, under FEMA, 1999. In continuati.....

Tags : FEMA, Reserve Bank

RBI Issues Review of Instructions on Interest on Overdue Domestic Deposits(06.07.2021)

Reserve Bank of India (RBI) has issued the review of instructions on Interest on overdue domestic deposits. The RBI has directed Banks to refer to dir.....

Tags : Reserve Bank of India, Interest on Overdue Domestic Deposits

Annual Conference of Banking Ombudsmen 2017 - July 25, 2017(31.07.2017)

The Annual Conference of Banking Ombudsmen was held at Mumbai on July 25, 2017. Shri S S Mundra, Deputy Governor, Reserve Bank of India (RBI) inaugura.....

Tags : Conference, Banking, Ombudsmen

NCLAT: Single WhatsApp Message Sent Long Ago Can't Become Foundation to Reject Petition U/S 9 of IBC(07.07.2025)

National Company Law Appellate Tribunal has held that a single WhatsApp message sent long ago, without any reference to any specific invoice or the am.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9

ITAT, Bangalore: No Rationale in Making Additions to Income on Violation of RBI Notifications(11.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that there is no rationale in the action of the Assessing Officer of making additions to income .....

Tags : Income Tax Appellate Tribunal, rationale, Assessing Officer, assesse, Section 68 of the Income Tax Act, 1961, Reserve Bank of India

SC Sets Aside Bail Condition to Furnish Bank Guarantee(14.06.2023)

Supreme Court has set aside a bail condition imposed by High Court to furnish Bank Guarantee worth Rs. 2 Crore by the accused and modified the same by.....

Tags : Supreme Court, Bank Guarantee, Bail Bond

Delhi HC: Weak Financial Condition of Party Cannot be Sole Ground to Deposit Security/Bank Guarantee(09.05.2022)

Delhi High Court has ruled that the weak financial condition of a party cannot be the only ground to direct the party to deposit a security or bank gu.....

Tags : Delhi High Court, bank guarantee, arbitration

ITAT, Mumbai: Interest Income Earned by HSBC Bank Not Eligible to Tax(14.07.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that interest income of Rs 1,498 crore earned by HSBC Bank during the assessment year 2015-16 f.....

Tags : Income Tax Appellate Tribunal, HSBC Bank

NCLAT: Section 43(1) of IBC applicable when Corporate Debtor has given a preference in transaction(09.12.2024)

National Company Law Appellate Tribunal (NCLAT) has observed that the condition precedent for attracting Section 43(1) of Insolvency and Bankruptcy Co.....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016

RBI Relaxes Norms on Loans to CEOs, Directors of Banks(17.09.2015)

RBI has said that loans granted to CEO and Whole Time Director of banks for purchasing car, personal computer, furniture, constructing/acquiring house.....

Tags : RBI, Loans to CEOs, Directors of Banks

SC: Bank Employees App. Under SC Quota Entitled to Retain Post After their Caste is De-scheduled(29.08.2024)

SC has held that person who joined service of a Nationalized Bank/GOI undertaking based on a certificate that identified him/her as belonging to SC/ST.....

Tags : Supreme Court, SC Quota, Nationalized Bank

Gujarat HC Set Aside Provisional Attachment of Bank Accounts of Person Accused of Tax Evasion(03.11.2020)

Gujarat High Court has quashed the order for provisional attachment of the five bank accounts of a person accused of tax evasion under Section 74(1) o.....

Tags : Gujarat High Court, Provisional Attachment of Bank Accounts

Reserve Bank of India imposes monetary penalty on Indian Bank(20.11.2019)

The Reserve Bank of India (RBI) has imposed, by order dated November 18, 2019, monetary penalty of Rupees One crore on Indian Bank (the bank) for non-.....

Tags : Penalty, Imposition, Indian Bank

RBI clarifies: No change in existing Currency and Banknotes(06.06.2022)

There are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by rep.....

Tags : No change, Currency, Banknotes

PMLA Appellate Authority: IBC Prevails Over Prevention of Money Laundering Act(24.09.2019)

In an important decision, the Appellate Authority of the Prevention of Money Laundering Act, 2002 has upheld the prevalence of the Insolvency and Bank.....

Tags : Appellate Authority of the Prevention of Money Laundering Act, 2002, Insolvency and Bankruptcy Code, PMLA

RBI Maintains Status Quo, Keeps REPO Rate Unchanged at 6.25%(07.06.2017)

Reserve Bank of India (RBI) has held on to policy rate at 6.25 percent in its monetary policy review on June 7, 2017, the second bi-monthly review for.....

Tags : Reserve Bank of India, REPO Rate

Draft guidelines for ‘on tap’ licencing of universal banks(05.05.2016)

The Reserve Bank of India took a major step towards replacing its ‘stop and go’ policy for licensing universal with a more ‘continuous’ process by

Tags : Universal bank, licence, continuous process

Bombay HC: IBC Proceedings Don't Bar Criminal Case under NI Act Against Directors(07.10.2025)

Bombay High Court has held that prior initiation of Insolvency and Bankruptcy Code (IBC) proceedings does not bar criminal prosecution of directors un.....

Tags : Insolvency and Bankruptcy Code, Negotiable Instruments Act, Directors

Reserve Bank Cuts Key Lending Rates by 0.35%(07.08.2019)

Reserve Bank of India's Monetary Policy Committee (MPC) has cut key interest rate for the fourth consecutive time by 35 basis points or 0.35 per cent .....

Tags : Reserve Bank, Lending Rates

Reserve Bank of India imposes monetary penalty on DCB Bank Limited(28.10.2020)

The Reserve Bank of India (RBI) has, by an order dated October 28, 2020, imposed a monetary penalty of Rs. 22 lakh (Rupees Twenty Two lakh only) on DC.....

Tags : Penalty, Imposition, DCB Bank Limited

RBI issues Directions to the City Co-operative Bank Ltd., Mumbai, Maharashtra(18.04.2018)

The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018) has placed The City Co-operative Bank Ltd., Mumbai.....

Tags : Direction, Issuance, Bank

RBI Hikes Repo Rate by 25 bps to 6.5%(01.08.2018)

Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) has raised repo rate by 25 basis points (bps) to 6.5%.

Tags : Reserve Bank of India, Repo Rate

NCLAT: Initiation Of CIRP Not A Pre-Requisite To Initiate IRP Against The Personal Guarantor(28.01.2022)

NCLAT has held that initiation of Corporate Insolvency Resolution Process is not a pre-requisite to initiate Insolvency Resolution Process (IRP) again.....

Tags : Insolvency and Bankruptcy Code, NCLAT, Corporate Insolvency Resolution Process

Government of India and World Bank signs $500 Million Additional Financing for Pradhan Mantri Gram Sadak Yojana Rural Roads Project(31.05.2018)

The Government of India and the World Bank today signed a $500 million loan agreement to provide additional financing for the Pradhan Mantri Gram Sada.....

Tags : Roads Project, Financing, World Bank

Bombay HC Directs to Break Bank Lockers to Unveil Demonetised Notes(05.12.2016)

Bombay High Court has appointed a court receiver to break open two bank lockers belonging to estate of the late classical singer and Sangeet Natak Aca.....

Tags : Bombay High Court, bank lockers , demonetised notes

Delhi HC Allows RBI to Intervene in Tata-NTT Docomo Case(06.10.2016)

Delhi HC has allowed the Reserve Bank of India (RBI) to file an intervention application in the enforcement proceedings initiated by NTT Docomo to rea.....

Tags : Delhi HC, Reserve Bank of India, Tata-NTT Docomo

RBI Relaxes Rules for ECBs(01.07.2016)

Reserve Bank of India (RBI) has said eased rules for External Commercial Borrowings (ECBs) and said that Indian companies will need to submit for appr.....

Tags : Reserve Bank of India, ECBs

HP HC Upholds Guidelines by NABARD Regarding Appointment of Auditors for Cooperative Banks(26.06.2023)

Himachal Pradesh High Court has upheld guidelines issued by NABARD regarding the appointment of statutory auditors for Cooperative Banks and observed .....

Tags : Himachal Pradesh High Court, Guidelines, NABARD, Cooperative Banks

SC Sets Aside Allahabad HC Order Refusing To Entertain YES Bank's Plea(25.01.2023)

Supreme Court has set aside the Allahabad High Court order refusing to entertain the Yes Bank plea challenging police investigation into an FIR lodged.....

Tags : Supreme Court, Allahabad High Court, Yes Bank, Essel Group

RBI Slashes Key Rate 40 Basis Points to New All-Time Low(25.05.2020)

Reserve Bank of India has cut key interest rates by 40 basis points to a new low of 4%, citing an assessment of Gross Domestic Product contraction in .....

Tags : Reserve Bank of India, Interest Rates

RBI Issues Guidelines for Voluntary Surrender of Licence by PSOs(13.05.2016)

Reserve Bank of India (RBI) has issued guidelines for voluntary surrender of licence by Payment System Operators (PSOs) under Payment & Settlements Sy.....

Tags : Reserve Bank of India , PSOs

Delhi HC Issues Restraining Orders on Bank Strike(12.07.2016)

Delhi HC has issued interim orders restraining staff and officers associations from going on strike against proposed merger of associate banks with St.....

Tags : Delhi HC, State Bank of India

Ker. HC: Acts Done by Bank Officials While Taking Possession are Protected Under SARFAESI Act(25.05.2023)

Kerala High Court while observing that action taken by the officials of the bank under the SARFAESI Act is neither unquestionable nor treated as sacro.....

Tags : Kerala High Court, Bank Officials, SARFAESI, Prosecution

RBI Imposes Rs 27-Crore Penalty on 13 Banks for FEMA Violations(28.07.2016)

Reserve Bank of India (RBI) has penalized 13 banks and slapped a fine of Rs 27 crore for violation of Foreign Exchange Management Act (FEMA) provision.....

Tags : Reserve Bank of India , FEMA, banks

NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)

National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9

SEBI Imposes Fine on Axis Bank for Failure to Make Disclosures(25.03.2022)

Securities and Exchange Board of India has imposed a fine of Rs. 5 lakh on Axis Bank for failing to make requisite disclosures under the merchant bank.....

Tags : Securities and Exchange Board of India, Axis Bank

RBI regional offices entrusted UCB fraud monitoring and reporting duties(19.05.2016)

The Reserve Bank of India notified a revised fraud monitoring and reporting mechanism for Primary (Urban) Co-operative Banks.

Under the new.....

Tags : Co-operative bank, fraud, reporting, monitoring

Portal for trading Priority Sector Lending Certificates(07.04.2016)

The Reserve Bank of India issued instructions on trading of Priority Sector Lending Certificates – to facilitate a trading platform via its Core Banki.....

Tags : Pslc, trading, ekuber, core banking

NCLT Orders Insolvency Proceedings Against Karur KCP Packkagings(30.04.2019)

National Company Law Tribunal (NCLT) has ordered insolvency process against Tamil Nadu-based publicly-listed packaging company Karur KCP Packkagings o.....

Tags : NCLT, KCP Packkagings, Karur Vysya Bank

RBI Permits Banks to Adjust Excess Pension(18.03.2016)

Reserve Bank of India (RBI) has allowed banks to adjust excess or wrongful payments to pensioners with their accounts. In case the entire amount could.....

Tags : Reserve Bank of India , Pension

RBI: SDR Norms Applicable to NBFCs Too(27.05.2016)

Reserve Bank of India (RBI) has said that modifications made to Strategic Debt Restructuring (SDR) mechanism by RBI in February this year will now be .....

Tags : Reserve Bank of India, NBFCs, SDR

RBI Penalizes Fourteen Banks for Non-Compliance with Provisions on Lending to Non-bank Lenders(08.07.2021)

Reserve Bank of India has penalised fourteen banks including State Bank of India, Bank of Baroda, IndusInd Bank and Bandhan Bank for non-compliance wi.....

Tags : Reserve Bank of India, Non-Compliance with Provisions on Lending to Non-bank Lenders

RBI Boosts Affordable Housing(09.10.2015)

Reserve Bank of India (RBI) has said that banks could provide home loans up to 90% for properties that cost up to Rs 30 lakh, giving a boost to low-co.....

Tags : Reserve Bank of India,banks

Delhi High Court Issues Notice in Plea Challenging IBC Ordinance(30.07.2020)

Delhi High Court has issued notice to the Ministry of Law and Justice and Insolvency and Bankruptcy Board of India in a plea challenging the validity .....

Tags : Delhi High Court, Insolvency and Bankruptcy Code Ordinance, 2020

RBI Allows NRIs to Access ETCS Market(03.02.2017)

Reserve Bank of India (RBI) has allowed NRIs access to Exchange Traded Currency Derivatives (ETCD) market to hedge currency risk arising out of their .....

Tags : Reserve Bank of India, Exchange Traded Currency Derivatives

SC Allows Caretaker Trust to Operate Bank Accounts Towards Philanthropic Causes(22.10.2020)

Supreme Court has allowed the Maharawal Khewaji Trust that manages the Rs 20,000 Crores worth property of the last ruler of the erstwhile princely sta.....

Tags : Supreme Court, Operation of Bank Accounts

RBI Permits 100% FDI in Regulated Financial Services(21.10.2016)

Reserve Bank of India (RBI) has permitted 100 % foreign direct investment in 'Other Financial Services' carried out by NBFCs, a move which will help a.....

Tags : Reserve Bank of India, 100% FDI , Regulated Financial Services

Bombay High Court Restricts Canara Bank from Taking Possession of Worli Bungalow(09.10.2019)

Bombay High Court has restricted Canara Bank from taking over a bungalow in Worli locality of Mumbai from one of its borrowers and guarantor of a loan.....

Tags : Bombay High Court, Canara Bank

Bombay HC Slams RBI For Not Exchanging Old Notes in Deceased’s Locker(03.02.2017)

Bombay High Court came down heavily on Reserve Bank of India (RBI) for not complying with its order to change demonetised currency notes totalling Rs .....

Tags : Bombay High Court , Reserve Bank of India

Amendment to exemption on certain taxable services from service tax under Section 66B of the Finance Act, 1994(21.10.2015)

The Central Government has made amendment to a Notification granting exemption on certain taxable services from whole of service tax leviable under Se.....

Tags : Pmjdy, rural, bank, correspondent, exempt, service tax

RBI Allows NRIs to Investment in National Pension Schemes(30.10.2015)

Reserve Bank of India (RBI) has allowed Non-Resident Indians (NRIs) to subscribe to pension scheme, which is governed, administered by Pension Fund Re.....

Tags : Reserve Bank of India, Non-Resident Indians, National Pension Schemes

RBI Cancels License of 56 NBFCs(07.12.2015)

Reserve Bank of India (RBI) has cancelled a bulk of Non-Banking Financial Companies (NBFCs) Licence, for either violating regulatory norms or surrende.....

Tags : Reserve Bank of India , Non-Banking Financial Companies

RBI Signs MOU on Information Exchange With Bank of Zambia(16.02.2017)

Reserve Bank of India has inked an information exchange pact with Bank of Zambia aimed at forging greater cooperation.

Tags : Reserve Bank of India, Bank of Zambia

NCLAT: DRT Recovery Time Counts under Limitation Act Section 14(08.10.2025)

NCLAT ruled that Section 14 of the Limitation Act does not apply to creditors who started recovery proceedings before the Debt Recovery Tribunal under.....

Tags : Recovery of Debt and Bankruptcy Act, Limitation, Debt Recovery Tribunal

Kerala HC: Bank Account Can be Attached under Section 281B of IT Act(29.01.2025)

Ker. HC has observed that the mere fact that Bank account is not explicitly provided under Section 281B of the IT Act, 1961 unlike the GST Act, 2017 w.....

Tags : Kerala High Court, Bank Account, Section 281B

RBI Revises Norms for 'When issued' Security(11.12.2015)

Reserve Bank of India (RBI) in order to encourage trading in ‘When Issued’ transactions in government securities, has allowed banks to take short posi.....

Tags : Reserve Bank of India , ‘When Issued’ transactions

NCLAT: If Credit Facility Agreement is Unstamped, Petition U/S Section 7 is Maintainable(29.04.2022)

National Company Law Appellate Tribunal has observed that if a credit facility agreement is unstamped, then petition under Section 7 of the Insolvency.....

Tags : National Company Law Appellate Tribunal, credit facility, Section 7, Insolvency and Bankruptcy Code, 2016

SAT Sets Aside Rs 3 Lakh Penalty on Central Bank of India(10.09.2019)

Securities Appellate Tribunal (SAT) has set aside a penalty of Rs 3 lakh levied by markets regulator Securities and Exchange Board of India(SEBI) on C.....

Tags : SAT, Central Bank of India

Financial Service Providers Outside Purview of Insolvency and Bankruptcy Code: NCLAT(24.10.2018)

National Company Law Appellate Tribunal has held that financial service providers such as non-banking financial companies are outside the purview of t.....

Tags : NCLAT, Financial Service Providers, Insolvency and Bankruptcy Code

RBI Revises SDR Norms(26.02.2016)

Reserve Bank of India (RBI) has asked banks going in for Strategic Debt Restructuring (SDR) scheme to make sufficient provisions to the tune of 15 per.....

Tags : Reserve Bank of India , Strategic Debt Restructuring

Allahabad HC: Non-Reporting of Seizure of Bank Account to Magistrate Doesn't Make Seizure Illegal(06.06.2022)

Allahabad High Court has observed that non-reporting of the seizure of a bank account, seized by police under Section 102 Code of Criminal Procedure, .....

Tags : Allahabad High Court, bank account, Illegal

Law to check scams in Banks(18.12.2018)

The Government has initiated formulation of laws to secure prudential banking and help effect a culture of credit discipline, including, inter alia, i.....

Tags : Scams, Banks, Law

RBI extends validity of the Directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh(07.09.2016)

The Reserve Bank of India (RBI) has extended the Directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow for a further period of si.....

Tags : Extension, Direction, Mercantile Co-operative Bank

RBI Increases Withdrawal Limit from PMC Bank to Rs 50,000(06.11.2019)

Reserve Bank of India has enhanced the withdrawal limit of PMC Bank depositors to Rs 50,000 from the previous cap of Rs 40,000. RBI further said that .....

Tags : RBI, PMC Bank

Finance Ministry Clarifies that Members of Queer Community Can Open Joint Bank Accounts(30.08.2024)

Ministry of Finance has issued a notification clarifying that members of the queer community can open a joint bank account and can also nominate their.....

Tags : Ministry of Finance, Queer Community, Joint Bank Accounts

RBI Extends Debt, Currency Trading Hours from November 9(03.11.2020)

Reserve Bank of India has announced phased restoration of trading hours for various debt as well as currency market from 9th November, 2020.

Tags : Reserve Bank of India, Restoration of Trading hours

Lakshmi Vilas Bank Ltd branches to operate as DBS Bank India Ltd. branches from November 27, 2020(25.11.2020)

The Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation .....

Tags : Lakshmi Vilas Bank, Scheme, Amalgamation

Inclusion of "Capital Small Finance Bank Limited" in the Second Schedule to the Reserve Bank of India Act, 1934(16.02.2017)

We advise that the "Capital Small Finance Bank Limited" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notificat.....

Tags : Inclusion, Bank, Second Schedule, Act

RBI Allows Bank to Offer Lower Rate on Matured Fixed Deposits(06.07.2021)

Reserve Bank of India has allowed banks to offer the lower of either the savings deposit rate or fixed deposit rate on matured Fixed Deposits in a bid.....

Tags : Reserve Bank of India, Rate on Matured Fixed Deposits

RBI Notifies Increase in FPI Holding Limits(07.10.2015)

Reserve Bank of India (RBI) has notified that Foreign Portfolio Investors (FPI) would be able to hold up to R1.66 lakh crore worth of government secur.....

Tags : Reserve Bank of India ,Foreign Portfolio Investors

Delhi HC Upholds Extradition of NRI to United States in Bank Fraud Conspiracy Case(10.08.2017)

Delhi High Court has upheld order of extradition of an NRI to United States in a case alleging bank fraud conspiracy.

Tags : Delhi High Court, Bank Fraud Conspiracy

SC: “Healthcare Services” in Service Tax Exemption Notification Includes Stem Cell Banking Services(17.07.2025)

Supreme Court has observed that “Healthcare Services” exempted from service tax as per the notifications issued by the Ministry of Finance shall inclu.....

Tags : Supreme Court, Healthcare Services, Stem Cell Banking

RBI Directs Banks to Report Cyber Crimes within 6 Hours(03.02.2017)

RBI, while asking banks to report any cyber security incident within two to six hours of its happening, has warned lenders that any delay in reporting.....

Tags : Reserve Bank of India, cyber security

RBI Raises Withdrawal Limit to Rs. 40,000 for PMC Bank Account Holders(15.10.2019)

Reserve Bank of India has raised withdrawal limit for account holders of the stressed Punjab and Maharashtra Co-Operative Bank to Rs. 40,000 from ear.....

Tags : RBI, PMC Bank

Reserve Bank Asks to Replace 17.5 Lakh Debit Cards(20.10.2016)

Reserve Bank of India (RBI) has asked banks to replace debit cards whose security is suspected to have been compromised after being used in some Autom.....

Tags : Reserve Bank of India, Automated Teller Machines

SC: NCLT Has to Admit Section 7 Petition if Debt is Due(15.05.2023)

Supreme Court while observing that even non¬-payment of a part of debt when it becomes due and payable will amount to default on part of a Corporate D.....

Tags : Supreme Court, Corporate Debtor, Insolvency and Bankruptcy Code

Delhi HC Issues Notice in Plea Seeking Direction to PMC Bank to Allow Withdrawals(21.07.2020)

Delhi High Court has issued notice in a plea seeking a direction to be issued to the Punjab & Maharashtra Cooperative Bank to allow its depositors to .....

Tags : Delhi High Court, Punjab & Maharashtra Cooperative Bank

NCLAT: Threshold of Rs.1 Crore Is Required for Initiation of CIRP(12.05.2022)

National Company Law Appellate Tribunal (NCLAT) has ruled that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy .....

Tags : National Company Law Appellate Tribunal, Section 7, Insolvency and Bankruptcy Code, 2016, threshold, One Crore

NCLAT Upholds Canara Bank’s Claims for Loans Advanced to CD on behalf of Homebuyers(14.01.2025)

NCLAT New Delhi bench has upheld the claims of Canara Bank for loans advanced to the corporate debtor (CD) on behalf of the Homebuyers for the reason .....

Tags : NCLAT New Delhi, Canara Bank, Corporate Debtor

#RBI Monetary Policy: Repo Rate, Reverse Repo Cut by 25 bps(02.08.2017)

Reserve Bank of India (RBI) has reduced its repo rate by 25 bps to 6% and the reverse repo rate by 25 bps to 5.75%.

Tags : Reserve Bank of India, Monetary Policy

RBI Hikes Key Rate By 0.50% To Pre-Pandemic Levels(05.08.2022)

Reserve Bank of India (RBI) has increased its key lending rates by 50 basis points to pre-pandemic levels of 5.40 per cent in an attempt to control th.....

Tags : Reserve Bank of India, Lending Rates, Inflation

RBI Says ‘Banks Can Accept Coloured Notes’ Appeals to Avoid Dirtying Them(10.03.2017)

Reserve Bank of India has clarified that banks can accept colour-stained notes amid messages circulating on WhatsApp that public sector banks have bee.....

Tags : Reserve Bank of India, Coloured Notes

J&K&L HC: No Previous Sanction Required to Prosecute Bank Officials Regarding IPC/RPC Offences(17.05.2022)

Jammu and Kashmir and Ladakh High Court has observed that there is no need to obtain the previous sanction to prosecute bank officials in connection w.....

Tags : Jammu and Kashmir and Ladakh High Court, bank, Indian Penal Code, 1860, Ranbir Penal Code, 1932

Reserve Bank of India imposes monetary penalty on SBM Bank (India) Ltd(16.10.2019)

The Reserve Bank of India (RBI) has, by an order dated October 15, 2019, imposed a monetary penalty of Rs. 3 crore on SBM Bank (India) Ltd. for non-co.....

Tags : Penalty, Imposition, SBM Bank

RBI Cancels Sahara's NBFC Licence for Flouting Know-Your-Customer Norms(15.09.2015)

Reserve Bank of India (RBI) has cancelled licence of Sahara India Financial Corporation Ltd (SIFCL), Sahara group’s Non-Banking Financial Co.(NBFC), e.....

Tags : Reserve Bank of India , Sahara

Delhi HC Directs RBI to Reconsider Jindal Steel and Power Ltd Application(07.12.2020)

Delhi High Court has remanded to the Reserve Bank of India, an application by Jindal Steel and Power Ltd (JSPL) to transmit $300 million to its wholly.....

Tags : Delhi High Court, Reserve Bank of India, Jindal Steel and Power Ltd

RBI: Now Withdraw Rs 50,000/Week From Your Saving Accounts(21.02.2017)

Reserve Bank of India (RBI) has enhanced withdrawal limit on saving accounts from February 20, 2017 to Rs 50,000 per week.

Tags : Reserve Bank of India, withdrawal limit

Timeframe for implementation of Ind AS for scheduled commercial banks(11.02.2016)

The Reserve Bank of India notified scheduled commercial banks are required to comply with Indian Accounting Standards (Ind AS) for accounting periods .....

Tags : Indian accounting standards, commercial banks, implementation

Revised Guidelines for the Financial Inclusion Fund(15.10.2015)

In light of the merging of the Financial Inclusion Fund and the Financial Inclusion Technology Fund to form the FIF as it exists today, the Reserve Ba.....

Tags : Bank, financial inclusion guidelines, fund

Supreme Court Rejects Plea of Axis Bank Against Release of Arbitral Award Money to Daiichi(14.12.2018)

Supreme Court has refused to entertain an Axis Bank plea opposing release of Rs 9.39 crore, which is part of Rs 3,500 crore awarded by a Singapore tri.....

Tags : Supreme Court, Axis Bank, Daiichi Sankyo

Lok Sabha Passes Bankruptcy Bill(06.05.2016)

Lok Sabha has passed the Insolvency and Bankruptcy code 2016 with all the amendments proposed by the joint committee of Parliament being accepted by t.....

Tags : Lok Sabha , Bankruptcy Bill

Allahabad HC Fines SBI ?1 Lakh for Delay in Deciding Compassionate Appointment Claim(30.09.2025)

Allahabad High Court imposed a ?1 lakh cost on the State Bank of India for failing to decide a compassionate appointment application for five years, t.....

Tags : Compassionate Appointment, State Bank of India, Claim

IBBI Amends its Regulations on Information Utilities(20.06.2022)

Insolvency and Bankruptcy Board of India (IBBI) has introduced second round of amendments to the Insolvency and Bankruptcy Board of India (Information.....

Tags : Insolvency and Bankruptcy Board of India, Amendments

RBI Releases Draft MDR Norms(17.02.2017)

Reserve Bank of India (RBI) has released draft norms for revamping Merchant Discount Rate (MDR), with an aim to make it more cost effective and appeal.....

Tags : Reserve Bank of India, Merchant Discount Rate

NCLAT: ED Cannot Keep Attached Assets After Resolution Plan Approval(16.10.2025)

NCLAT held that asset attachments by the Enforcement Directorate under Prevention of Money Laundering Act (PMLA) cease once a resolution plan is appro.....

Tags : Enforcement Directorate, Prevention of Money Laundering Act, Insolvency and Bankruptcy Code

RBI Issues Revised Guidelines for FIF(16.10.2015)

Reserve Bank of India (RBI) has issued revised guidelines for scope of activities and objectives of its Financial Inclusion Fund (FIF). The corpus of .....

Tags : Reserve Bank of India, FIF

RBI Allows Banks to Raise Funds Via Masala Bonds(04.11.2016)

Reserve Bank of India (RBI) has allowed banks to issue Rupee-Denominated Bonds, or Masala Bonds, in overseas market to shore up their capital base as .....

Tags : Reserve Bank of India , Masala Bonds

RBI Grants NBFCs More Power to Change Ownership in Stressed Firms(30.10.2015)

Reserve Bank of India (RBI) has allowed Non-Banking Finance Companies (NBFCs) to upgrade credit facilities extended to borrowing entities whose owners.....

Tags : Reserve Bank of India, Non-Banking Finance Companies

RBI Permits Indian Subsidiaries of MNCs to Hedge Forex Exposure(07.11.2016)

Reserve Bank of India (RBI) has allowed Indian subsidiaries of multinational companies to hedge their foreign currency exposure through derivatives, O.....

Tags : Reserve Bank of India, Indian subsidiaries, foreign currency

Gujarat High Court: Order of Attachment of Bank Account is Prima Facie without Authority of Law(08.11.2019)

Gujarat High Court has observed that the order of attachment of bank account is prima facie without the authority of law and the order of blocking of .....

Tags : Gujarat High Court, Bank Account

Reserve Bank of India Lifts All Limit on Cash Withdrawals(14.03.2017)

Reserve Bank of India has lifted all limits on cash withdrawals from banks and ATMs.

Tags : Reserve Bank of India, cash withdrawals

RBI Eases NBFC Loan Restructuring Norms(31.07.2015)

Reserve Bank of India (RBI) has permitted non-bank lenders to retain the 'standard asset' tag on a restructured loan for an extended period if an infr.....

Tags : Reserve Bank of India

SC: Appeal Under IBC is Valid Only if it is Initiated Within 30 days From Date of Order(17.05.2022)

Supreme Court has ruled that an appeal under the Insolvency and Bankruptcy Code, 2016 (IBC) is only acceptable if it is filed within 30 days from the .....

Tags : Supreme Court, Insolvency and Bankruptcy Code, 2016, 30 days, National Company Law Tribunal

MP HC: Charge of Bank on Leasehold Plot Mortgaged as Security Towards Loan to Have Priority(05.11.2020)

Madhya Pradesh High Court has held that a charge of Bank on the leasehold plot mortgaged as security towards loan will have priority over other charge.....

Tags : Madhya Pradesh High Court, Charge of Bank on Leasehold Plot

RBI ends barter trade between India and Myanmar(05.11.2015)

The Reserve Bank of India has called an end to barter trade at the Indo-Myanmar Border, permissible since 2000. Noting that with a sufficiently divers.....

Tags : Myanmar, barter, end, trade, bank, 2015

SAT Upholds SEBI Order Imposing Fine on Former YES Bank CEO, Rana Kapoor(22.06.2021)

Securities Appellate Tribunal has upheld the order by the Securities and Exchange Board of India imposing fine of Rs. 1 Crore on former YES Bank CEO, .....

Tags : Securities Appellate Tribunal, Former YES Bank CEO, Rana Kapoor

RBI Turns Net Seller of Foreign Currency in August(13.10.2015)

Reserve Bank of India (RBI) for the first time in the past one year has turned net sellers of foreign currency in August to help arrest the slide in t.....

Tags : Reserve Bank of India (RBI),Foreign Currency

Madras HC Directs Indian Bank to Return to Channai Port Trust Amount Following Fraudulent Transaction(25.08.2021)

Madras High Court has directed Indian Bank, Koyambedu branch, to return to Chennai Port Trust (CPT) Rs. 55.19 crore out of Rs. 100.57 crore that had g.....

Tags : Madras High Court, Indian Bank

RBI Issues Revised Guidelines For Commercial Papers(03.02.2017)

Reserve Bank of India (RBI) has issued revised guidelines for commercial papers, including mandating that the issuer must disclose end-use of such fun.....

Tags : Reserve Bank of India, commercial papers

Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies(05.09.2017)

Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 compan.....

Tags : Bank accounts, Companies, 'Struck off'

#Major Changes Implementing From Today: RBI’s New Credit and Debit Card Rules(01.10.2020)

Reserve Bank of India (RBI) has issued new guidelines which will become effective from 1st October, 2020 to secure debit and credit cards, whereby car.....

Tags : Reserve Bank of India, Credit and Debit Card Rules

RBI Imposes Restrictions on Mastercard from On-Boarding New Customers in India from July 22(15.07.2021)

Reserve Bank of India (RBI) while taking supervisory action on Mastercard Asia / Pacific Pte. Ltd. has imposed the restrictions on Mastercard from On-.....

Tags : Reserve Bank of India, Restrictions on Mastercard from On-Boarding New Customers

SC Notices RBI, FM Over Plea For Exchange of Old Notes Found in Dead Parents’ Bank Locker(24.07.2017)

Supreme Court has issued notice to RBI and Finance Ministry on a fresh plea seeking permission to deposit Rs 60 lakh in old notes which were lying in .....

Tags : Supreme Court, Demonetised Notes, Reserve Bank of India

Supreme Court Denies Bank Peon Job for Overqualified Candidate(04.11.2020)

Supreme Court has upheld the cancellation of the candidature of a candidate by Punjab National Bank on the ground that he was overqualified for the po.....

Tags : Supreme Court, Bank Peon Job

ITAT, Mumbai: Data Processing Cost Paid by KBC Bank Branch to Head Office Isn’t Royalty(04.12.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has upheld the order passed by CIT(A) holding that the Data Processing Cost paid by the KBC Bank Branch t.....

Tags : Income Tax Appellate Tribunal, KBC Bank Branch

Cabinet approves acquisition of subsidiary banks of State Bank of India(15.02.2017)

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the acquisition by the State Bank of India of its subsidiary banks na.....

Tags : Acquisition, Subsidiary banks, Approval

Internet Banking Facility for Customers of Cooperative Banks(05.11.2015)

The Reserve Bank of India has allowed State Cooperative Banks and District Central Cooperative Banks to provide Internet Banking facilities to their c.....

Tags : Internet banking, cooperative, guidelines

Sectoral Deployment of Bank Credit - August 2023(28.09.2023)

Data on sectoral deployment of bank credit for the month of August 20231 collected from 40 select scheduled commercial banks, accounting for about 93 .....

Tags : Sectoral Deployment, Bank Credit, Highlights

Government Banks on New PSU Norms for Higher Non-tax Revenue(09.06.2016)

Centre has released new guidelines on capital restructuring of state-owned companies, which will make them more accountable on matters of dividends, b.....

Tags : Government Banks, PSU Norms

Issue of Rs. 10 banknotes with improved security features(09.03.2017)

The Reserve Bank of India will shortly issue Rs. 10 denomination banknotes in the Mahatma Gandhi Series-2005 with inset letter 'L' in both the number .....

Tags : Bank Notes, Issuance, Security

Section 23 of the Banking Regulation Act, 1949 - Relaxations in Branch Authorisation Policy.(06.08.2015)

In order to allow banks greater operational freedom, the Reserve Bank of India reviewed instructions regarding merger, closure, shifting, part shiftin.....

Tags : bank, branch, opening, policy

SC Declares Noida As Operational Creditor Under IBC(18.05.2022)

Supreme Court has ruled that the NOIDA is an operational creditor under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

Tags : Supreme Court, NOIDA, Insolvency and Bankruptcy Code, 2016, creditor

Bank Employee Working in its Legal Branch Ineligible to Become Judge: Gujarat HC(30.04.2019)

Gujarat High Court has dismissed a plea of a 'banker' who aspired to become a judicial officer and observed that a bank employee, could not be treated.....

Tags : Gujarat High Court, Bank Employee, Judge

RBI Revises Rules for Resolution of Stressed MSME Loans(18.03.2016)

Reserve Bank of India (RBI) has revised rules pertaining to revival of advances to small businesses and asked lenders to form district-level committee.....

Tags : Reserve Bank of India , MSME

Supreme Court Notices Centre Over RBI's Refusal to Exchange Demonetised Notes(06.03.2017)

Supreme Court has issued a notice to Central Government on a plea challenging Reserve Bank of India’s (RBI) refusal to accept Rs 500 and Rs 1,000 note.....

Tags : Supreme Court, Demonetised Notes, Reserve Bank of India

NCLAT: Salary Incrementation is Valid by Employment Agreement or Board Resolution(16.05.2022)

National Company Law Appellate Tribunal, (NCLAT) has observed that salary incrementation is valid only by an employment agreement or board resolution .....

Tags : National Company Law Appellate Tribunal, Insolvency and Bankruptcy Code, 2016, Section 9

First Time Dispute in Reply of Demand Notice Doesn't Constitute Pre Existing Dispute Under IBC: NCLAT(30.11.2018)

National Company Law Appellate Tribunal has held that a dispute raised for the first time in reply to demand notice or in response to Adjudicating Aut.....

Tags : NCLAT, Insolvency and Bankruptcy Code

SC: Consumer Complaint Against Bank Maintainable Over Dispute on Encashment of FD(23.08.2022)

Supreme Court has held that consumer complaint in a dispute regarding premature encashment of Joint Fixed Deposit by bank in contravention of terms an.....

Tags : Supreme Court, Consumer Complaint, Bank

India Signs Financing Agreement with World Bank for US$ 63 Million for Tejaswini(28.02.2017)

A Financing Agreement for IDA credit of US$ 63 million (equivalent) for the "Tejaswini" Socio-Economic Empowerment of Adolescent Girls and Young Women.....

Tags : Empowerment, Adolescent Girls, Agreement, World bank

Reserve Bank of India imposes monetary penalty on FINO Payments Bank Limited(05.11.2018)

The Reserve Bank of India (RBI) has, on October 31, 2018, imposed a monetary penalty of Rs. 10 million on FINO Payments Bank Limited (the bank) for co.....

Tags : Penalty, Imposition, Bank Limited

Central Government hereby declare that the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 shall not apply to Kotak Mahindra Bank Limited(01.10.2019)

In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949, the Central Government, on the recommendatio.....

Tags : Provisions, Non applicability, Kotak Mahindra Bank

RBI: No Restrictions on ATM Withdrawals From Feb 01(31.01.2017)

Reserve Bank of India (RBI) has said that limits on ATM withdrawals will further be eased from February 1 and curbs on branch withdrawals from current.....

Tags : Reserve Bank of India, ATM Withdrawals

RBI signs MoU on "Supervisory Cooperation and Exchange of Supervisory Information" with the Central Bank of UAE(19.10.2015)

Reserve Bank of India signed a Memorandum of Understanding with the Central Bank of UAE. The agreement is hoped to increase supervisory co-operation b.....

Tags : Rbi, central bank, uae, cooperation

RBI Permits Custodians or Banks to Short-Sell in Govt. Bond Market(30.10.2015)

Reserve Bank of India (RBI) has permitted custodians or banks to short-sell in Government Bond Market with primary members or individual bank customer.....

Tags : Reserve Bank of India, Government Bond Market, Custodians , Banks

RBI Revises Priority Sector Lending Norms for RRBs(04.12.2015)

Reserve Bank of India (RBI) has revised the priority sector lending target for Regional Rural Banks (RRBs) to 75% of total outstanding loans from 60% .....

Tags : Reserve Bank of India, Regional Rural Banks

Notification regarding specified bank to mean a banking company which is a scheduled bank and has been appointed as an agent under Section 45 of Reserve Bank of India Act, 1934(02.09.2021)

In exercise of the powers conferred by clause (a) of Explanation to section 194P of the Income-tax Act, 1961 (43 of 1961), the Central Government here.....

Tags : Specified bank, Banking company, Notification

CIVIL - Kerala HC Directs District Collectors to be Present in Proceedings Regarding Formation of Kerala Bank(06.03.2019)

Kerala High Court has directed seven District Collectors to be present in person during meeting to be held at district banks concerning finalising the.....

Tags : Kerala High Court, Kerala Bank

Non-applicability of the provisions of section 31 read with clause (t) of section 56 of Banking Regulation Act, 1949 to primary co-operative banks till 31st December, 2020(29.09.2020)

In exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government, on the .....

Tags : Non-applicability, Provisions, Co-operative banks

RBI Stop to Barter Trade on Indo-Myanmar Border(06.11.2015)

Reserve Bank of India (RBI) has decided to officially stop barter system, which is trading of goods without exchange of money, at Indo-Myanmar border......

Tags : Reserve Bank of India , Barter Trade , Indo-Myanmar Border

NCLAT: CIRP Against Real Estate Company to Affect the Only Project Concerned(13.02.2020)

National Company Law Appellate Tribunal has held that an insolvency process against a real estate company will impact only the project concerned and n.....

Tags : National Company Law Appellate Tribunal, Appointment of Ex- Bankers

Delhi HC Issues Notice on Plea Challenging Coercive Action Proposed by YES Bank(02.04.2020)

Delhi High Court has issued notice to YES Bank Limited in a plea challenging the email sent by YES Bank, wherein the bank has proposed to take coerciv.....

Tags : Delhi High Court, YES Bank

RBI Mandates Online Filing of FDI Forms from February 8(02.02.2016)

Reserve Bank of India (RBI) has asked banks to file forms related to Foreign Direct Investment (FDI) only online on the e-Biz portal from February 8.

Tags : Reserve Bank of India , Foreign Direct Investment

RBI Revises Norms for NBFC Factor Firms(19.02.2016)

Reserve Bank of India (RBI) has came out with clarifications for NBFC factor companies to remove any possible regulatory arbitrage with banks that pro.....

Tags : Reserve Bank of India , NBFC factor companies

RBI Issues Norms for Partial Credit Enhancement to Corporate Bonds(29.05.2017)

Reserve Bank of India has issued norms for Partial Credit Enhancement to Corporate Bonds making it mandatory for corporate bonds to have rating by a m.....

Tags : Reserve Bank of India, Partial Credit Enhancement

RBI: 90-Day NPA Norm Shall Exclude Moratorium Period for Standard Accounts as on March 1(17.04.2020)

Reserve Bank of India has announced that the moratorium permitted by it on 27th March, 2020 due to COVID-19 situation can be excluded from the 90-day .....

Tags : Reserve Bank of India, Moratorium Period for Standard Accounts

India Post Payments Bank Limited commences operations(30.01.2017)

India Post Payments Bank Limited has commenced operations as a payments bank with effect from January 30, 2017. The Reserve Bank has issued a licence .....

Tags : Payments bank, Operation, Commencement

Delhi High Court: Bank Guarantee Can Be Stopped Only on Fraud(16.11.2015)

Delhi High Court has held that invocation of a bank guarantee can be stopped only if it is proved that there was fraud or irretrievable injury or inju.....

Tags : Delhi High Court , Bank Guarantee

Delhi HC Seeks ICICI’s Response on Plea Alleging Lack of Accessibility Standards for PWDs(02.07.2025)

Delhi High Court has sought response from ICICI Bank Limited in a plea alleging lack of accessibility standards for persons with disabilities (PWDs) i.....

Tags : Delhi High Court, ICICI Bank Limited, Digital Banking Services

Supreme Court Stays Bombay High Court Order Directing Sale of HDIL Assets to Repay Dues of PMC Bank(10.02.2020)

Supreme Court has stayed the Bombay High Court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure repayment .....

Tags : Supreme Court, PMC Bank

SC Denies Bail to Yes Bank Founder Rana Kapoor in PMLA Case(07.08.2023)

Supreme Court while observing that while the period undergone by accused is substantial, but this is a case that rocked the entire banking system, has.....

Tags : Supreme Court, Yes Bank, Bail, PMLA

Limitation Act Applicable to Applications Filed Under Sec 7 and 9 of IBC from Inception of Code: SC(12.10.2018)

Supreme Court has held that the Limitation Act is applicable to applications filed under Sections 7 and 9 of Insolvency and Bankruptcy Code From the i.....

Tags : Supreme Court, Insolvency and Bankruptcy Code

SC: Courts Should Refrain from Interfering With Invocation of Bank Guarantee Except in Cases of Fraud(08.05.2025)

Supreme Court has observed that it is well established that Courts should refrain from interfering with the invocation of a bank guarantee except in c.....

Tags : Supreme Court, Bank Guarantee, Fraud

RBI Revises Norms For Action Against Weak Banks(14.04.2017)

Reserve Bank of India (RBI) has tightened rules that trigger regulatory action on lenders when they fall short of capital or exceed bad loan limits.

Tags : Reserve Bank of India, Weak Banks

Karnataka High Court Summons Vijay Mallya in Contempt Case(05.12.2016)

Karnataka High Court has ordered Businessman Vijay Mallya to appear before Court on 19 January for charges to be framed in a contempt case filed by pu.....

Tags : Karnataka High Court, Vijay Mallya, State Bank of India

RBI Eases MFI Norms to Provide Cheaper Loans to SCs Below Double Poverty Line(05.10.2015)

Reserve Bank of India (RBI) has eased micro finance norm of maximum 4 % variance in interest rates for small loans offered to Scheduled Castes (SCs ).....

Tags : Reserve Bank of India , SC

National Bank for Agriculture and Rural Development is allowed to perform Aadhaar authentication(15.06.2023)

1.In pursuance of sub-clause (ii) of clause (b) of sub-section (4) of section 4 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Be.....

Tags : National Bank, Aadhaar authentication, Agricultural loan

ITAT: Father Can’t be Taxed for Cash Deposit in Bank Account Opened in The Name of Major Son(25.07.2022)

Income Tax Appellate Tribunal (ITAT), Pune Bench while deleting an addition for cash deposit, has held that the clubbing of income under the provision.....

Tags : ITAT, Minor Children, Income-Tax, Bank Account

RBI Withdraws CDR, SDR, S4A, JLF Schemes to Restructure Bad Loans(13.02.2018)

Reserve Bank of India has scrapped Corporate Debt Restructuring, Sustainable Structuring of Stressed Assets, Strategic Debt Restructuring, & Flexible .....

Tags : Reserve Bank of India, Insolvency

RBI Rejects EC Request to Enhance Withdrawal Limits For Poll Candidates(30.01.2017)

Reserve Bank of India (RBI) has rejected request of Election Commission (EC) to enhance weekly cash-withdrawal limit, imposed after demonetisation, fo.....

Tags : Reserve Bank of India, Election Commission

RBI Junks Govt.’s Proposal for 100% FDI in Banks(26.10.2015)

Reserve Bank of India (RBI) has junked proposal from Government to allow up to 100% Foreign Direct Investment (FDI) in banks, which may come as a damp.....

Tags : RBI , 100% FDI in Banks

RBI Relaxes ECB Norms for Accessing Foreign Loans(01.12.2015)

Reserve Bank of India (RBI) has unveiled a revised External Commercial Borrowing (ECB) policy, entailing, among other things, a more liberal approach.....

Tags : Reserve Bank of India, External Commercial Borrowing

Bombay HC Refuses to Stay RBI Deadline to Kotak Mahindra Bank to Dilute Promoter Stake(18.12.2018)

Bombay High Court has refused to stay the Reserve Bank of India’s deadline of December 31 for dilution of promoter stake in Kotak Mahindra Bank.

Tags : Bombay High Court, Kotak Mahindra Bank

SC: Can’t Prosecute Directors to DBS Bank for Acts of Lakshmi Vilas Bank Before Amalgamation(12.09.2023)

Supreme Court has held that DBS Bank and its directors cannot be held criminally liable for actions attributed to directors of Lakshmi Vilas Bank befo.....

Tags : Supreme Court, DBS Bank, Lakshmi Vilas Bank, Amalgamation, Criminal Liability

RBI Clears Way for Mergers and Acquisitions in Banking Industry(20.11.2015)

Reserve Bank of India (RBI) has said that it permit promoters/investors to own more than 10% if applicant meets certain conditions including if `it is.....

Tags : Reserve Bank of India, Mergers and Acquisitions in Banking Industry

RBI to issue of Rs. 100 banknotes with inset letter 'L'(20.04.2016)

The Reserve Bank of India continued its trend of “ascending size of numerals” on bank notes with changes to Rs. 100 currency notes. The notes will be .....

Tags : rbi, banknotes, 100

SC: Bank Officers Dealing in Public Money to be Vigilant(09.02.2021)

Supreme Court has said bank officers dealing in public money need to be vigilant and any deviation from the procedural guidelines for disbursing loans.....

Tags : Supreme Court, Bank Officers Dealing in Public Money

Supreme Court Hints at Directing CBI Probe into Builder-Banks Nexus(06.03.2025)

Supreme Court has hinted at directing a CBI probe into a builder-banks nexus and expressed that some real estate companies and banks which sanction lo.....