The Negotiable Instruments (Amendment) Bill, 2015 notified; Focus on clarifying the jurisdiction related issues for filing cases for offence committed under Section 138 of the Act

Bank Accounts, Investment and Savings

The Negotiable Instruments (Amendment) Bill, 2015 was passed by the Parliament in the recently concluded Winter Session of the Parliament. The Negotiable Instruments (Amendment) Act, 2015 received the assent of the President on the 26th December, 2015 and has been published in the Gazette of India, Extraordinary on 29th December, 2015. The provisions of the…

Instructions/Guidelines issued from Department of Financial Services in view of Severe Floods in Tamilnadu

Bank Accounts, Misc. Items

In view of the severe floods in the State of Tamil Nadu, Department  of Financial Services  had issued the following guidelines to be followed by Banks and other Financial Institutions.It is  imperative that all steps be taken to extend every possible facilitation to the affected people who are insured persons/nominees and may have been injured/lost…

Finance Minister Shri Arun Jaitley Reviews the Financial Performance of Public Sector Banks (PSBS); asks the CEOs of PSBs to clean-up their Balance Sheet at the Earliest

Bank Accounts, Misc. Items

The Union Finance Minister Shri Arun Jaitley said that the Public Sector Banks (PSBs) have made great contribution in rebuilding the economy of the country. However, the Finance Minister asked the bankers to get rid of their past scars of Non Performing Assets (NPAs) and clean-up their balance sheet at the earliest .The Finance Minister…

RBI Allowed Internet Banking Facility for Customers of Regional Rural Banks

Bank Accounts, RBI Notifications/ Circulars/ Press Release

RBI/2015-16/242DBR.RRB.BC.No. 59/31.01.001/2015-16 November 19, 2015 All Regional Rural Banks Dear Sir/Madam, Internet Banking Facility for Customers of Regional Rural Banks Presently, Regional Rural Banks (RRBs) are not permitted to provide internet banking facilities to their customers. With a view to enhancing customer service and taking into account demand for such services, it has been decided…

Another Milestone achieved under Pradhan Mantri Jan Dhan Yojana (PMJDY) – Deposits in accounts now exceed Rs.25,000 crore; accounts having balances in them now exceed 60%

Bank Accounts, Govt. Schemes

Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have now exceeded Rs. 25,000 crore which has come to the banks as low cost deposits. The accounts that can be opened under PMJDY are Basic Savings Bank Deposit Accounts (BSBDA) which can be with zero balance as per Reserve Bank of India…