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Citizens’ Charter Bill introduced in House
New Delhi, December 20: Even as the government is mulling and deliberating the contours of the proposed Lokpal Bill, it took the first step in this direction by introducing the…
Banks agree to ease norms for customers
Mumbai, December 18: In a move that will cheer millions of small borrowers, banks have agreed to abolish penalties for prepayment of home loans taken on floating rates of interest….
RBI advises Banks to accept PPF deposit upto Rs 1 lakh a year, at 8.6% Rate of Interest
The RBI vide its notification dated 5th December, 2011 advised the banks to make note of undernoted amendments in Public Provident Fund (PPF) scheme, 1968 w.e.f. 01-12-2011. i) The annual…
SBI Launches Unfixed Deposit for short term liquidity
On one hand banks are increasing their Interest rates on Saving Bank Deposit accounts on account of deregulation of SB interest rates by RBI. On the other hand State Bank…
Dhanlaxmi Bank, Federal Bank and State Bank of Bikaner & Jaipur revises Base Rates, BPLRs upwards in Nov. 2011
Following the increase in Repo Rate and Reverse Repo Rate by 25 BPS by RBI, in its Second Quarter Review of Monetary Policy 2011-12 on 25th October 2011, the undernoted…
RBI restricts Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques to 3 months now
In India, as per general practices, cheques/ Drafts/ Pay Orders or Banker’s Cheques etc. are valid for 6 (six) months from the date of issue as these are treated as stale after this period…
Penalties for dishonour of electronic funds transfer instructions at par with dishonour of cheques due to insufficiency of funds
Section 138 of Negotiable Instrument Act, 1881 provides punishment of two years and twice the amount of cheque, or both for dishonour of cheque due to insufficiency of funds in…
Banks to issue Demand Drafts of Rs.20,000/- and above with Account Payee Crossing
The RBI in its notification dated 4th November, 2011 advised all scheduled commercial banks to ensure that demand drafts of Rs. 20,000/- and above are issued invariably with “Account Payee”…
RBI Deregulated Saving Bank Deposit Interest Rates
The Reserve Bank of India deregulated Savings Bank Deposit interest rate with immediate effect in the Second Quarter Review of Monetary Policy announced on October 25, 2011. Banks are now…