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Are banks bypassing RBI guidelines by redeeming FDs on holidays without holiday interest? Understand the issue, legal position and depositor rights.
The Banking Laws (Amendment) Act, 2025 promises more options for depositors with new nomination rules.
The Banking Laws (Amendment) Bill 2024 proposes significant changes to bank deposit nominations, introducing successive and simultaneous nominations.
Why are major financial market regulators ignoring statute/s, while pushing new products/policies, and exotic ideas, overlooking serious systemic, legal risks to the market segment/s they regulate?
Banks will not easily give up this debit card stream of revenue generation unless the RBI comes with an iron hand. Such ATM cards will be useful mainly to the senior citizen class, risk-averse and/or less technology savvy class of the bank customers.
The Supreme Court of India's directions on hiring safe deposit lockers- - new locker agreement/s-confusion on stamping- many aspects the locker customers of banks need to know.
RBI's directions on Card's network portability - ambiguity. What needs to be done to ensure card users get the desired benefits?
In this article, I have attempted to highlight a few related aspects like recklessness at Integrated Ombudsman's office.
Neither RBI on its own can direct, a partial or total freeze of Re-KYC due (non-compliant) bank account nor it can delegate such authority to any bank/branch to impose such a freeze. RBI has formally confirmed that the directions it had given in Sept 2014 were applicable before the amendment on 20th April 2018.
In this write-up, I have used the terminology retail, institutional deposit as has been used in the Scheme of amalgamation of PMC Bank with Unity Small Finance Bank (USFB) as published in the gazette of India notwithstanding it is a ridiculous and misleading terminology not consistent with provisions of DICGC or any existing law.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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