Reserve Bank of India
07:29
Showing posts with label Bank news. Show all posts
Showing posts with label Bank news. Show all posts
Thursday, 11 July 2019
Saturday, 15 June 2019
Thursday, 13 June 2019
Thursday, 28 March 2019
Saturday, 24 November 2018
TamilNadu
16:52
Asian Development Bank and Indian Government Signed for Multitranche Finance to develop Climate-resilient Water Supply
Asian Development Bank and Indian Government Signed for Multitranche Finance to develop Climate-resilient Water Supply
About ADB
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
NEW DELHI, INDIA (16 November 2018) — The Asian Development Bank (ADB) and the Government of India today signed a $169 million loan as the first tranche of up to $500 million in multitranche financing to develop climate-resilient water supply, sewerage, and drainage infrastructure in at least 10 cities in the state of Tamil Nadu.
The signatories to the first tranche loan of the Tamil Nadu Urban Flagship Investment Program were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance, who signed for the Government of India; and ADB Country Director for India Mr. Kenichi Yokoyama, who signed for ADB.
“The state has faced recurring droughts and erratic monsoons in the recent past resulting in severe water scarcity and urban flooding. ADB’s support will help address these complex urban challenges through innovative and climate-resilient investment and deeper institutional support,” said Mr. Khare.
“The ADB program forms part of its support to the state’s Vision Tamil Nadu 2023 to provide universal access to water and sanitation and to develop world-class cities in high-performing industrial corridors,” said Mr. Yokoyama.
Though Tamil Nadu is the most urbanized of India’s large states, urban service levels remain low, with less than half of households served by piped water, only 42% of households are covered by a sewerage network, with 43% of sewage disposed directly into waterways untreated.
The program will develop climate-resilient sewerage collection and treatment and drainage systems in 10 cities, and install the country’s first solar-powered sewage treatment plant. Introduction of smart water management systems will help reduce non-revenue water and strengthen operational efficiency. Around 4 million people will benefit from piped water and sewerage connections and improved drainage. The program will boost institutional capacity, public awareness, and urban governance as part of a comprehensive approach for developing livable cities.
The first tranche loan will target the cities of Chennai, Coimbatore, Rajapalayam, Tiruchirappalli, Tirunelveli, and Vellore. A $2 million grant from the Asian Clean Energy Fund, established by the Government of Japan, will fund the solar energy pilot project. An ADB technical assistance grant of $1 million will accompany the program to support capacity building.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Source:ADB
Thursday, 19 July 2018
Reserve Bank of India
15:59
New Bank Note of Rs 100 and their Salient Features
New Bank Note of Rs 100 and their Salient Features
RBI to Issue New Design ₹ 100 Denomination Banknote
The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. Dimension of the banknote will be 66 mm × 142 mm.
All the banknotes in the denomination of ₹ 100/- issued by the Reserve Bank in the earlier series will continue to be legal tender.
As is normal, when a new design of banknote is introduced, printing and supply of these notes for distribution to public through the banking channel will gradually increase.
The image and salient features of ₹100 denomination banknotes in the Mahatma Gandhi (New) Series are as under:
ii. Salient Features
Obverse (Front)
1. See through register with denominational numeral 100
2. Latent image with denominational numeral 100
3. Denominational numeral १०० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’, ‘à¤ारत’, ‘India’ and ‘100’
6. Windowed security thread with inscriptions ‘à¤ारत’ and RBI with colour shift; Colour of the thread changes from green to blue when the note is tilted
7. Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right of Mahatma Gandhi portrait
8. Ashoka Pillar emblem on the right
9. Mahatma Gandhi portrait and electrotype (100) watermarks
10. Number panel with numerals in ascending font on the top left side and bottom right side
11. For visually impaired intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised triangular identification mark with micro-text 100, four angular bleed lines both on the right and left sides
Reverse (Back)
12. Year of printing of the note on the left
13. Swachh Bharat logo with slogan
14. Language panel
15. Motif of RANI KI VAV
16. Denominational numeral १०० in Devnagari
Source:Reserve Bank Of India
Sunday, 27 May 2018
Saturday, 19 May 2018
Saturday, 31 March 2018
PAN NUMBER
22:46
No Last date Yet for Aadhar Link with PAN,Bank Accounts
No Last date Yet for Aadhar Link with PAN,Bank Accounts
New Delhi, Mar 31 (UNI) Government has extended the dates for indefinite period for linking Aadhar and Permanent Account number (PAN) with bank accounts of account holders.
The notification issued on Saturday said, “Whereas the Hon’ble Supreme Court, vide its interim order dated 13th March, 2018 in the case of Justice KS Puttaswamy (Retd.) & Anr. V. Union of India, W.P. (Civil) 494/2012 etc. (Aadhaar Cases), has extended the last date for linking Aadhaar with existing bank accounts from 31.03.2018 till the final judgement of the case.
Tuesday, 13 March 2018
State Bank of India
21:35
Non-Maintenance of Minimum average balance with no penalty -State Bank Of India
Non-Maintenance of Minimum average balance with no penalty -State Bank Of India
SBI reduces penalty for non-maintenance of minimum average balance; here's how to calculate it
Can you remember life before debit cards? Neither can we! Unfortunately, all that swiping makes it easy to breach the minimum average balance requirement that some bank accounts insist on. If fact, banks make a pretty penny from our collective forgetfulness.
Take State Bank of India (SBI) for example. The country's largest lender had reintroduced the monthly average balance (MAB) charges last April after a gap of six years, charging up to Rs 100 as penalty. Over the following eight months, the bank netted nearly Rs 1,772 crore - 12 percent more than its profits for the second quarter of the current fiscal - from customers for non-maintenance of MAB. Other government banks that were already collecting amounts in excess of Rs 50 crore as penalty from customers for falling below their minimum average balance requirements included Punjab National Bank, Canara Bank and IDBI Bank. Meanwhile, private banks like ICICI and HDFC Bank impose a far-steeper fine of up to Rs 600.
Saturday, 27 January 2018
small finance banks
07:03
Small Finance Banks and Payment Banks to offer Atal Pension Yojana
Small Finance Banks and Payment Banks to offer Atal Pension Yojana
Small Finance Banks and Payment Banks to offer Atal Pension Yojana; To provide a boost to the outreach of subscribers under APY.
Atal Pension Yojana (APY) is a Government of India's Old Age Pension Scheme being implemented through all Banks across the country as per the mandate received from the Ministry of Finance and monitored periodically at PMO. The Prime Minister, Shri Narendra Modi had launched the Social Security Scheme on 9th May 2015 and dedicated the First Ever Guaranteed Pension Product to the people of the country.
Payments Banks and Small Finance Banks are a New Model of banks conceptualized by the Reserve Bank of India (RBI). 11 Payment Banks and 10 Small Finance Banks have received license from Reserve Bank of India to start banking operations in India. Small Finance Banks and Payment Banks are new age banks and given the strength of the bank, expertise and it reach, Small Finance Bank and Payment Bank can play a pivotal role in outreach of subscribers under APY.
To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Finance Banks will provide a boost to the outreach of subscribers under APY . Participation in APY not only builds a pensioned society but also adds sustainable fee income to Banks by way of attractive incentive for mobilizing APY @ Rs 120-150 for each Account.
In order to familiarize these Small Finance Banks and Payment Banks in Atal Pension Yojana (APY), the Pension Fund Regulatory and Development Authority (PFRDA) has conducted an Orientation Meeting on 15thJanuary 2018 in New Delhi for all the Small Finance Banks and Payment Banks and discussed the implementation of Scheme in these banks. All Small Finance Bank and Payment Bank have positively responded to the initiative undertaken by PFRDA and has committed towards the greater cause of building a pensioned India as per the vision of the Prime Minister of India, Shri Narendra Modi.
Currently the below mentioned Small Finance Banks and Payment Banks has started banking operations:
Small Finance Banks
- Ujjivan Small Finance Bank.
- Janalakshmi Small Finance Bank.
- Equitas Small Finance Bank.
- A U Small Finance Bank.
- Capital Small Finance Bank.
- ESAF Small Finance Bank.
- Utkarsh Small Finance Bank.
- Suryoday Small Finance Bank.
- Fincare Small Finance Bank.
- Paytm Payment Bank.
- Airtel Payment Bank.
- India Post Payment Bank.
- Fino Payment Bank.
As on 23rdJanuary 2018, there are more than 84 lacs subscribers registered under the APY Scheme with an asset base of more than Rs. 3,194 crore.
Source:PIBNEWS
Wednesday, 20 September 2017
Monday, 18 September 2017
State Bank of India
07:55
State Bank Of India reviewing minimum balance charges for savings accounts
State Bank Of India reviewing minimum balance charges for savings accounts
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST
State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from customers. In April this year, the country’s largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years. “We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision,” the banks managing director (national banking group) Rajnish Kumar told PTI.
“We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron.” As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract penalty of up to Rs 100 plus goods and services tax (GST). In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST. Kumar said the bank has over 40 crore savings bank accounts, which includes 13 crore of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. The bank has exempted BSBD and PMJDY accounts from maintaining the minimum balance requirement. Out of the 27 crore normal savings bank accounts, nearly 15-20 per cent are those where customers are not maintaining monthly average balance.
Source:Indian Express
Thursday, 14 September 2017
State Bank of India
07:57
State Bank OF India decisions on transaction charges, minimum balance will hurt customers: RBI staff body
State Bank OF India decisions on transaction charges, minimum balance will hurt customers: RBI staff body
THIRUVANANTHAPURAM,
SEPTEMBER 13:
The All India Reserve Bank Employees Association (AIRBEA) has requested the Reserve Bank Governor to invoke Section 35A of the Banking Regulation Act, 1949, to get State Bank of India (SBI) to mend its ways with crores of its customers.
The Act empowers the apex bank to give directions “to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors,” according to Samir Ghosh, general secretary, AIRBEA.
Recent decisions
Ghosh invited the Governor’s attention to recent business decisions of the country’s largest bank with a network of about 24,000 branches and more than 40 crore customers, of which 31 crore are savings a/c account holders.
- One of these decisions permitted the latter to deposit and withdraw cash only three times a month, free of charge. Beyond that, every transaction would invite a charge of ₹50 plus service tax.
- Secondly, failure to maintain a minimum balance amount in any account on a quarterly basis will attract a fine. For accounts held in metro branches, the balance required is ₹5,000.
If the amount falls below ₹3,750 (or 75 percent), the penalty is ₹100 plus service tax.
The charges and minimum account balance vary across metro, urban, semi-urban and rural areas.
Ghosh said that there are a large number of pension account holders in SBI, who draw meagre amounts. Maintaining a minimum balance as stipulated by SBI may not be possible for most.
A good number of students have also opened their accounts in SBI branches as do millions of recipients of various welfare and subsidy schemes.
SBI is reported to have confiscated about ₹235 crore from account holders during the first quarter, he said.
Source:The Business Line
Tuesday, 22 August 2017
Reserve Bank of India
07:56
INDIAN CURRENCY 500,2000 IDENTIFICATION CHECK LIST
INDIAN CURRENCY 500,2000 IDENTIFICATION CHECK LIST
 V. Rs.500 notes –
Mahatma Gandhi (New) Series |
||||
2016
|
66mm x150 mm
|
Mahatma Gandhi
portrait and electrotype (2000) watermarks
|
Issued in the Mahatma Gandhi (New)
Series, the new ₹ 500 banknotes are
different from the earlier specified bank note (SBN) series in colour, size,
theme, location of security features and design elements.
The colour of the note is stone grey.
The orientation and relative position
of the Mahatma Gandhi portrait has changed.
The banknote also has features
(intaglio printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed
lines, circle with ₹ 500 in the right,
and the identification mark) which enable the visually impaired person to
identify the denomination.
|
The new theme is the Indian heritage
site Red Fort with the Indian flag.
The year of printing “2016” and
Swachh Bharat logo is printed on the reverse.
The 15 language panel is towards the
centre.
|
 VI. Rs.2000/- notes
– Mahatma Gandhi (New) Series |
||||
2016
|
66mm x 166 mm
|
Mahatma Gandhi
portrait and electrotype (2000) watermarks.
|
Issued in the Mahatma Gandhi (New)
Series.
The base colour of the note is
magenta. The note has other designs, geometric patterns aligning with the
overall colour scheme, both at the obverse and reverse.
The salient features are :
1. See through register with
denominational numeral 2000
2. Latent image with denominational
numeral 2000
3. Denominational numeral २००० in Devnagari
4. Portrait of Mahatma Gandhi at the
centre
5. Micro letters ‘RBI’ and ‘2000’ on
the left side of the banknote
6. Windowed security thread with
inscriptions ‘à¤ारत’, RBI and 2000 on
banknotes with colour shift. Colour of the thread changes from green to blue
when the note is tilted
7. Guarantee Clause, Governor’s
signature with Promise Clause and RBI emblem towards right
8. Denominational numeral with Rupee
Symbol, ₹ 2000 in colour
changing ink (green to blue) on bottom right
9. Ashoka Pillar emblem on the right
Mahatma Gandhi portrait and electrotype (2000) watermarks
10. Number panel with numerals
growing from small to big on the top left side and bottom right side. For
visually impaired Intaglio or raised printing of Mahatma Gandhi portrait,
Ashoka Pillar emblem, bleed lines and identity mark
11. Horizontal rectangle with ₹ 2000 in raised print on the right
12. Seven angular bleed lines on left
and right side in raised print.
|
The salient features are :
1. Year of printing of the note on
the left
2. Swachh Bharat logo with slogan
3. Language panel towards the centre
4. Motif of Mangalayan depicting the
country’s first venture into interplanetary space.
5. Denominational numeral २००० in Devn
|
Source:RBI
Friday, 28 July 2017
central government
20:33
Ten public sector banks including Bank of India, IDBI Bank and Union Bank have submitted turnaround plans: Government
Ten public sector banks including Bank of India, IDBI Bank and Union Bank have submitted turnaround plans: Government
As many as 10 state-owned banks including Bank of India, IDBI Bank and Union Bank, have submitted their turnaround plans to the government, which is a pre-requisite for getting fund infusion, Parliament was informed today.
As many as 10 state-owned banks including Bank of India, IDBI Bank and Union Bank, have submitted their turnaround plans to the government, which is a pre-requisite for getting fund infusion, Parliament was informed today. Allahabad Bank, Andhra Bank, Central Bank of India, Dena Bank, UCO Bank, United Bank of India and Bank of Maharashtra are the other public sector lenders who have submitted their plans. Indian Overseas Bank is currently in the process of preparing its turnaround plan, said Minister of State for Finance Santosh Kumar Gangwar in a written reply in Rajya Sabha.
“It has been decided that any future capital infusion in these banks shall be subject to achievement of select agreed upon milestones as per turnaround plan on quarterly basis,” the minister said. A monitoring mechanism has been put in place, whereby quarterly performance of these banks would be monitored by SBI Capital Markets, who in turn would keep the Department of Financial Services informed about the same. “Banks that will not be able to deliver on the agreed upon turnaround plan for a period of two years will be identified as banks eligible for alternative recourse,” Gangwar added.
During recapitalisation exercise undertaken last fiscal, the government had decided that 25 per cent of the total capital requirement of banks (Rs 8,586 crore) will be allocated after achievement of benchmarks set up for select parameters. There are 21 public sector banks.
Source:Financial Express
Wednesday, 21 June 2017
wilful Defaulters
07:52
Bank Loan Defaulters Listed for Next Course of Action after Meeting
Bank Loan Defaulters Listed for Next Course of Action after Meeting
Bankers are meeting from Monday to finalise their next course of action on six of the 12 bad loan accounts after the Reserve Bank of India named the largest defaulters to face bankruptcy proceedings.
The first set of six troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), a banker said.
According to RBI, these 12 accounts owe Rs 2.5 trillion to the system, which constitute around 25% of gross bad loans.
“Beginning Monday, banks are meeting to discuss six of the 12 accounts named by the RBI before referring accounts to the National Company Law Tribunal (NCLT) by the end of this month,” a banker told PTI.
The other accounts named for bankruptcy action, according to bankers, include Lanco Infra (Rs 44,364.6 crore), Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore) Jypaee Infratech (Rs 9,635 crore) ABG Shipyard (Rs 6,953 crore) and Jyoti Structures with a defaulted loan of Rs 5,165 crore.
Last week, the RBI’s internal advisory committee (IAC) had sent the list of 12 accounts to bankers for immediate reference under the Insolvency and Bankruptcy Code (IBC). These 12 accounts are led by SBI (six of them), PNB, ICICI Bank, Union Bank, IDBI Bank and Corporation Bank, according to bankers.
Since these are large accounts and involve multiple banks, the lenders will try to take a common view on all administrative requirements before referring these accounts to the NCLT.
Another banker said “they will also decide on appointment of insolvency professional (IP) who will later decide on the resolution plan and submit it to the lenders for their consideration”.
While ABG Shipyard, Amtek Auto, Alok Industries, Bhushan Steel, Bhushan Power and Steel, Electrosteel Steels, Jaypee Infratech, Jyoti Structures and Monnet Ispat and Energy did not respond to e-mails sent to them, Era Infra and Lanco Infra could not be contacted.
When reached out for comment, Essar Steel spokesperson said, “We are not aware of any such development.”
These 12 accounts referred by the RBI have an exposure of more than Rs 5,000 crore each, with 60% or more classified as bad loans by banks as of March 2016.
Once a case is referred to the NCLT, there is a time line of 180 days to decide on a resolution plan. An additional 90 days can also be given. If a plan is not decided, then the company will go into liquidation.
Total NPAs of the banking system stand at over Rs 8 trillion of which Rs 6 trillion are with public sector banks. Last month, the government had cleared an ordinance to amend the Banking Regulation Act, giving the RBI more powers to direct banks to resolve bad loans.
Bankers, however, are worried about the haircut they may have to take if the accounts go into liquidation.
“It needs to be seen that what kind of haircut we will have to take. In case of liquidation, there will be a large haircut we will have to suffer,” said an executive director of a state-owned bank.
The internal advisory committee of the RBI had identified these 12 accounts after studying top 500 ones of the banking system.
Source:HIndustan Times
Tuesday, 13 June 2017
cash deposits
08:13
Nomination Facility
Nomination Facility
Have you signed Nomination Forms for your Bank Deposits? If not, ask for Nomination Forms when you go back to your bank next.
Why Nomination?
Banking Companies (Nomination) Rules 1985 permits banks to pay dues to nominees in the event of death of depositor(s) without asking for succession certificate or verifying claims of legal heirs. This simplifies settlement. Of course, as Trustee the nominee is accountable to legal heirs.
- Nomination facility available for bank deposits, safe deposit lockers, safe custody articles.
- There can be only one Nominee for a deposit account whether held singly or jointly.
- There can be two nominees for a jointly held locker.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
For more details approach your bank.
Source:IBA
Sunday, 11 June 2017
Reserve Bank of India
07:28
83% currency remonetised so far: RBI
83% currency remonetised so far: RBI
Mumbai: Mr B P Kanungo, Deputy Governor of the RBI, has verified that over 82.7 per cent of the currency has already been remonetised so far, which is around 108 per cent in volume terms. The Government of India had demonetised old Rs 500 (US$ 7.76) and Rs 1,000 (US$ 15.51) notes on November 9, 2016, scrapping around 87 per cent of the currency in circulation. Mr Kanungo further stated that it would be wrong to assume that there is any shortage of currency in the system as RBI is monitoring the situation on a regular basis and has made enough arrangements to replenish cash. There were 17,165 million pieces of Rs 500 (US$ 7.76) notes and 6,858 million pieces of Rs 1,000 (US$ 15.51) notes in circulation in the country before the announcement of demonetisation in the country.
Source:IBEF
