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 ..
Month: Current Affairs - October, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: commercial banks • Cooperative Banks • Regional Rural Banks • Scheduled Banks • Urban cooperative banks
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 ..
Month: Current Affairs - February, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: Bad Loans • cabinet approval • commercial banks • Non Performing Assets (NPA) • PMC banks • RBI
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 ..
Topics: commercial banks • Complaint Management System • Consumer Education and Protection Cell • grievance redressal process • NBFC • Non-Banking Financial Companies • Ombudsman • RBI • Reserve Bank of India • Urban cooperative banks
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 ..
Topics: asset quality • commercial banks • Credit rating agencies • ICICI Bank loan issue • IL&FS defaults • liquidity issues in the NBFC • Non-Banking Financial Companies • Punjab National Bank fraud • RBI • Reserve Bank of India • Urban cooperative banks
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 ..
Month: Current Affairs - April, 2019
Category: Economy & Banking Current Affairs - 2022
Topics: Chest Balance Limit • co-operative Banks • commercial banks • currency chests • RBI • Regional Rural Banks • Reserve Bank of India
RBI defers adoption of Ind-AS by 1 year for banks
The Reserve Bank of India (RBI) has deferred adoption of Indian Accounting Standards (Ind AS) by commercial banks for year (till April 2019) due to unpreparedness of banks to migrate to the new accounting system. RBI has requested Government to amend Banking Regulation Act, 1949 as format of financial statements as prescribed under Schedule 3 ..
Month: Current Affairs - April, 2018
Topics: Banking • Business • commercial banks • Economy • Ind AS • Indian Accounting Standards • RBI