Category: Banking Sector

The document has been formalized based on inputs from various stakeholders and it envisages to achieve its objective through a five-pillared strategic approach GUARD.

The amendment has made the procedure for application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without …

Read More "The Income-tax (21st Amendment) Rules, 2020"

The issue of the final Separate Audit Report (SAR) in English with Audit Certificate to Insolvency and Bankruptcy Board of India shall be 31st October and the submission of the annual report and audited accounts …

Read More "IBBI publishes the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020."

These Directions shall apply to all Rupee IRD transactions entered into from the date the Directions come into effect. Existing Directions will continue to be applicable to Rupee IRD transactions undertaken in accordance with the …

Read More "RBI Publishes Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2020."

To ensure the completeness and integrity of the automated asset classification (classification of advances/investments as NPA/NPI and their upgradation), provisioning calculation, and income recognition processes, banks are advised to put in place/upgrade their systems to …

Read More "RBI to automate income recognition Asset Classification & Provisioning processes in banks."

Banks are now required to upload five returns focusing on the steps taken by banks with regard to Anti-Money Laundering and Counter Financing of Terrorism.

The revised guidelines have been framed to address regional disparities in the flow of priority sector credit and higher weightage have been assigned to incremental priority sector credit in ‘identified districts’ where priority sector credit …

Read More "RBI issues revised priority sector lending guidelines."

The Reserve Bank will conduct term repo operations for an aggregate amount of ₹100,000 crore at floating rates in the middle of September to assuage pressures on the market on account of advance tax outflows.

The Amendment Regulation states that a corporate person must appoint an insolvency professional as liquidator. Such liquidator may be replaced with another insolvency professional as liquidator. However, this replacement must be made through an appointment …

Read More "IBBI notifies the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020"

CBDT has directed banks to refund the charges collected on or after January 1, 2020, on transactions carried out through electronic modes and not to impose charges on any future transactions carried through electronic mode.