Page-61 of RBI
RBI establishes Working Group to review Banking Ombudsman Scheme
Taking into consideration the suggestions by Committee on Customer Service in Banks (Damodaran Committee) relating to Banking Ombudsman Scheme 2006 and the Rajya Sabha Committee on Subordinate Legislation, Reserve Bank of India (RBI) has constituted a Working Group which will ..
Month: Current Affairs - January, 2013
Y.V. Reddy to be the chairman of 14th Finance Commission
The constitution of the 14th Finance Commission has been announced by the government. The Commission will have 5 members which will be headed by former RBI Governor Y.V. Reddy. The panel is to submit its report by October 31, 2014. ..
Month: Current Affairs - January, 2013
Category: Awards, Honours & Persons in News
Urjit Patel is the new deputy governor of RBI
Urjit Patel succeeded Subir Gokarn to become new deputy governor at the Reserve Bank of India. Patel is PhD in economics from the Yale University and a non-resident senior fellow at the Brookings Institution, a US-based think-tank. He will have ..
Month: Current Affairs - January, 2013
RBI proposes to tighten provisioning norms NBFCs just as with banks
As per latest draft guidelines proposed by the RBI, Non-banking financial companies (NBFC) would need its approval before making changes in their ownership control. As per the proposed guidelines which are based on the Usha Thorat Committee report:
Month: Current Affairs - December, 2012
RBI disallows banks to issue offline debit cards, tighten norms
The Reserve Bank of India (RBI) in its recent directives told the banks not to allow offline debit cards. As per the recent directives banks have been told to:
Month: Current Affairs - December, 2012
Deadline for new cheque standard (CTS-2010) extended to March 31, 2013
The RBI extended the deadline given to shift to new cheques (CTS-2010 Standard cheques), with advanced security and standardized features, to March 31, 2013. Earlier, it had set a December 31 deadline. What is Cheque Truncation? What are the Benefits ..
Month: Current Affairs - December, 2012
RBI eases KYC norms, no need of of introduction from an existing customer of the bank for opening of bank accounts
The RBI has eased the burden of producing multiple documents to open a bank account. It has said that banks can accept any of the documents such as Passport, PAN Card, Drivers’ Licence, Aadhaar letter, and NREGA Job Card as ..
Month: Current Affairs - December, 2012
Lok Sabha approves Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011
Lok Sabha approved Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 which seeks to change the system of debt recovery. The Bill seeks to convert any part of debt of a defaulting company into shares by ..
Month: Current Affairs - December, 2012
RBI sets up supervisory colleges for SBI, ICICI
The RBI has for the first time established the ‘Supervisory College’ for cross border supervision of State Bank of India (SBI) and ICICI Bank. What is the role of “Supervisory College”? The main role of the supervisory college, comprising local ..
Month: Current Affairs - December, 2012
RBI's inflation comfort zone need not be changed: Rangarajan
Prime Minister’s Economic Advisory Council (PMEAC) C. Rangarajan pined not to alter the RBI’s inflation comfort level from 4-5%. In 1998, Rangarajan had considered inflation rate at 6% to 7% as “acceptable level”. At that time, inflation level was as ..