Reserve Bank of India Act Current Affairs, GK & News
The Reserve Bank of India (RBI) allowed, on September 23, 2021, lenders to sell loans that are tagged as fraud to the asset reconstruction companies (ARCs). Key facts This permission by RBI potentially paves the way for focussed recovery efforts on loans worth trillions of rupees. As per RBI’s annual report, banks have reported frauds ..
Category: Economy & Banking Current Affairs - 2022
The Banking Regulation (Amendment) Bill, 2020 which is an amendment to the Banking Regulations act 1949, was passed in Parliament. The Bill replaces the Banking Regulation (Amendment) Ordinance, 2020 that was promulgated on June 26, 2020. key provisions of the Bill The Bill provides power to RBI so as to initiate scheme for reconstruction or amalgamation ..
Prior to RBI, all the functions of a central bank were being done by Imperial Bank of India. Imperial Bank of India was established in 1921 via the Imperial Bank of India Act, 1920 which amalgamated three Presidency Banks into one strong bank. This bank was directed to open 100 branches in next 5 years ..