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Post Punjab National Bank (PNB) Fraud the Reserve Bank of India (RBI) has banned the use of letters of undertaking (LoUs) and letters of comfort (LoCs). RBI has issued the fresh directives on issuance of LoUs and LoCs for Banks in India. Banning of instruments may raise the cost of imports by up to half a percentage […]
The finance ministry under Enhanced Access and Service Excellence (EASE) programme has directed all state-run banks to publish the names and photographs of all wilful defaulters on their websites. Earlier, The government has asked all state-run banks to examine non-performing loans of more than Rs 50 crore for any sign of fraud. What is RBI’s New […]
Aadhaar not mandatory for opening bank accounts or linking with mobile SIM registration or other related services which includes issuance of tatkal passport services. However, apex court has kept the Aadhaar mandatory for Social Security Schemes and DBT. The apex court ruled that the deadlines for linking to the Unique Identification number stand extended till […]
Supreme court of India has extended the validity of linking Aadhaar with Bank accounts & other services to indefinitely. Meanwhile the apex court has also made Aadhaar mandatory for all the subsidies & benefits under section 7 of constitution. Here is the list of Social Schemes where Aadhaar is mandatory to verify the claim of the […]
Post Punjab National Bank Fraud – Reserve Bank of India (RBI) has started the auditing of all the public sector banks for issuance of LoU’s and trande finance business activities. The RBI audit will look after the exisitng process and following of extant guidelines by Foreign Exchange branches of PSB’s. It is believed that majority […]
Reserve Bank of India (RBI) has imposed Rs 5 crore penalty on Airtel Payments Bank for non violation of Know Your Customer (KYC) norms. Earlier based on the media reports RBI had enquired the payment bank between November 20 and 22, 2017and found that bank had opened customer accounts without a clear/specific consent of the customers. […]
The last date for linking Aadhaar number with all the investments including bank account may be extended beyond 31st March 2018. The central government has intended in the Supreme Court. The Central Government said in the court that since some more time would be needed to conclude the prolonged hearing in the Aadhaar case, the government […]
ICRA report on probable PSB’s under PCA – Recall of Rs 157-bn AT-1 bonds may lead five Public Sector Banks under Reserve Bank of India’s (RBI’s) Prompt Corrective Action Plan (PCA). These five public sector banks are Canara Bank, Punjab National Bank, Union Bank of India, Andhra Bank and Punjab & Sind bank. Earlier, With losses during […]
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