commercial banks Current Affairs, GK & News

Why were six PSBs excluded from Schedule II of RBI act recently?

On September 30, 2020, the Reserve Bank of India excluded six public sector banks from the Second Schedule of RBI Act. This was done following their merger with other banks. These six banks are Oriental Bank of Commerce (OBC), Syndicate Bank, United Bank of India, Corporation Bank, Andhra Bank and Allahabad Bank. Highlights There were ..

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Cabinet approves amendment to bring Cooperative Banks under RBI Regulation

On February 5, 2020, the Union Cabinet approved to bring regulation of cooperative banks under Reserve Bank of India. In order to achieve this, the Cabinet approved amendments to Banking regulation act. Highlights According to the amendment, the cooperative banks will now hold the regulatory requirements that have been set for scheduled commercial banks. With ..

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RBI launches Single Window Portal for Customer Complaints

The Reserve Bank of India (RBI) has launched a single window portal, Complaint Management System for addressing customer complaints relating to banks and non-banking finance companies (NBFCs) through an online portal. Complaint Management System The Complaint Management System (CMS) is a software application of the RBI to facilitate RBI’s grievance redressal process. Complaints can be ..

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RBI to create Specialised Supervisory and Regulatory Cadre

The Reserve Bank of India has decided to create a specialised supervisory and regulatory cadre for strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies. Why the Specialised Cadre? There were criticisms against the central bank that the RBI was lax in the supervisory functions, especially in timely detection ..

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RBI issues norms to set up Currency Chests

The Reserve Bank of India (RBI) has issued guidelines for banks to set up new currency chests. The guidelines include: Area of the strong room/ vault of at least 1,500 sq ft. For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft. The new chests should have ..

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