ED has filed prosecution complaint against Deep Ram Thakur & his associates under the provisions of PMLA, 2002, Press Release 25.10.2021

Enforcement Directorate has filed prosecution complaint against Deep Ram Thakur & his associates under the provisions of Prevention of Money Laundering Act, 2002. ED initiated money laundering investigation on the basis of FIR registered by the Himachal Pradesh Police, Shimla under NDPS Act,1985. Investigation by ED revealed that Deep Ram Thakur & Others were indulgedContinue reading “ED has filed prosecution complaint against Deep Ram Thakur & his associates under the provisions of PMLA, 2002, Press Release 25.10.2021”

Sovereign Gold Bond Scheme – Procedural Guidelines – Consolidated (RBI Notification RBI/2021-2022/114 dated 22 Oct 2021)

RBI/2021-2022/114IDMD.CDD.1100/14.04.050/2021-22 October 22, 2021 All Scheduled Commercial Banks (Excluding RRBs)Designated Post OfficesStock Holding Corporation of India Ltd. (SHCIL)BSE & NSEDepositoriesClearing Corporation of India Limited Dear Sir/Madam, Sovereign Gold Bond Scheme of the Government of India (GoI) – Procedural Guidelines – Consolidated The Sovereign Gold Bond (SGB) Scheme was first launched by Government of India (GOI) onContinue reading “Sovereign Gold Bond Scheme – Procedural Guidelines – Consolidated (RBI Notification RBI/2021-2022/114 dated 22 Oct 2021)”

Judiciary updates (Finance) – 15 Oct 2021

Sec 138 NI Act: Complaint comes to an end Once Accused & Complainant Enter into a Settlement Agreement: SCGimpex Private Limited Vs Manoj Goel (Supreme Court of India) Sec 138 NI Act- Complainant to prove the existence of a debt V.P. Zacharia Vs State of Kerala (Kerala High Court)  Section 138 NI Act Directors responsibleContinue reading “Judiciary updates (Finance) – 15 Oct 2021”

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: Nirmala Sitharaman FM says Long Term Future of Indian Banking would be driven by digital processes; Asks IBA to carry out nation-wide digitized mapping of bank branches Sitharaman commends banks for smooth amalgamationPosted Date:- Sep 26, 2021 : Mumbai,Continue reading “India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy”

FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)

What isNational Asset Reconstruction Company Limited (NARCL)? Who has set it up? NARCL has been incorporated under the Companies Act and has applied to Reserve Bank of India for license as an Asset Reconstruction Company (ARC). NARCL has been set up by banks to aggregate and consolidate stressed assets for their subsequent resolution. PSBs willContinue reading “FAQs regarding Central Government guarantee to back Security Receipts issued by NARCL for acquiring of stressed loan assets (MOF Press Release dated 16 Sept 2021)”

Measures taken to facilitate digital banking

Measures taken to facilitate digital banking Nearly 72% of financial transactions of PSBs done through digital channels Active customers doubled on digital channels from 3.4 crore in FY 2019-20 to 7.6 crore in FY 2020-21 Financial transactions undertaken through home and mobile channels increased from 29% in FY 2018-19 to 76% in FY 2020-21 TheContinue reading “Measures taken to facilitate digital banking”

India’s forex reserves position comfortable for import cover of more than 18 months & provide cushion against unforeseen external shocks

India’s foreign exchange reserves position is comfortable in terms of import cover of more than 18 months and provides cushion against unforeseen external shocks.  This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Weather the reserve funds are adequate toContinue reading “India’s forex reserves position comfortable for import cover of more than 18 months & provide cushion against unforeseen external shocks”

Comprehensive measures taken to curb incidence of frauds in Banks

As per the information received from RBI, the number of cases of frauds of Rs 500 crore and above reported by Public Sector Banks/ Indian Banks (Except Foreign Banks) / Select Financial Institutions are 79 cases in 2019-20, 73 cases in 2020-21 and 13 cases in 2021-22 (up to 30th June 2021). This was statedContinue reading “Comprehensive measures taken to curb incidence of frauds in Banks”