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Date:September17,2025.
Exposure Draft - Amendments to Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension
System) Regulations, 2015
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Unified Pension Scheme
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NPS for All Citizen Model
Read more
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Date:September 17,2025.
Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption of SGB 2019-20 Series-IV due on September 17, 2025
Excerpts:
The next due date of premature redemption of the above tranche shall be on September 17, 2025.
The redemption price for premature redemption due on September 17, 2025, shall be ₹11,003/-(Rupees Eleven Thousand and Three only) per unit of SGB
Read More
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Date:September 16,2025.
RBI issues the "Reserve Bank of India (Regulation of Payment Aggregators) Directions, 2025"
Excerpts:
The Directions entail, inter-alia, the following:
Rationalisation of the definition of various categories of PAs;
The authorisation process;
The process for carrying out due diligence of merchants by PAs;
Permissible operations in escrow accounts;
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Master Direction on Regulation of Payment Aggregator (PA)
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Bank Fixed Deposit Interest Rates-Public and Private Banks
Updated on September 11,2025
| Banks |
1 Year |
3 years |
5 years |
Max Interest | .
| Bank of Baroda |
6.50 |
6.50 |
6.40 |
6.60-444 days | .
| Bank of India |
6.25 |
6.25 |
6.00 |
6.60-777 days | .
| Canara Bank |
6.25 |
6.25 |
6.25 |
6.0-444 days | .
| Central Bank |
6.40 |
6.25 |
6.25 |
6.50-444 days | .
| Indian Bank |
6.10 |
6.25 |
6.00 |
6.90-444days | .
| Indian Overseas Bank |
6.60 |
6.20 |
6.20 |
6.75-444days | .
| Punjab National Bank |
6.25 |
6.40 |
6.25 |
6.60-390 days | .
| Punjab and Sind Bank |
6.00 |
6.00 |
6.10 |
6.70-444 days | .
| UCO Bank |
6.25 |
6.15 |
6.10 |
6.45-444 days | .
| Union Bank |
6.40 |
6.60 |
6.40 |
6.60-3 year | .
| State Bank of India |
6.25 |
6.30 |
6.05 |
6.60-444 days | .
| IDBI Bank. |
6.55 |
6.25 |
6.25 |
6.70-555 days | .
| HDFC Bank |
6.25 |
6.45 |
6.40 |
6.60-18 months | .
| ICICI Bank. |
6.25 |
6.60 |
6.60 |
6.60-2 yr 1 day | .
| Axis Bank |
6.25 |
6.60 |
6.60 |
6.60-18 months | .
| SCB Bank. |
6.60 |
6.50 |
6.25 |
6.60-1 year | .
| Deposit Interest Rates subject to change . |
| Confirm Interest Rates from respective banks . |
| Top |
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Date:September 06,2025.
Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption of SGB 2020-21 Series-VI
Excerpts:
The due date of premature redemption of the above tranche shall be on September 06, 2025 (September 07 and September 08 being holidays).
The redemption price for premature redemption due on September 06, 2025, (September 07 and September 08 being holidays) shall be ₹10,610/- (Rupees Ten Thousand Six Hundred Ten only)
Read More
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Date:September 04,2025.
Recommendations of the 56th Meeting of the GST Council held at New Delhi on September 03,2025
Excerpts:
Exemption of GST on all individual life insurance policies whether term life, ULIP or
endowment policies and reinsurance thereof
Exemption of GST on all individual health insurance policies (including family floater
policies and policies for senior citizens) and reinsurance thereof
Rationalisation of the current 4-tiered tax rate structure into a citizen-friendly ‘Simple
Tax’ - a 2 rate structure with a Standard Rate of 18% and a Merit Rate of 5%; a special
de-merit rate of 40% for a select few goods and services
Reduction of GST from 18% OR 12% to 5% on a host of common man items such as,
hair oil, toilet soap bars, shampoos, toothbrushes, toothpaste, Bicycles, Tableware,
kitchenware, other household articles, et al
Reduction of GST from 12% OR 18% to 5% on almost all of the food items such as
packaged namkeens, Bhujia, Sauces, Pasta, Instant Noodles, Chocolates, Coffee,
Preserved Meat, Cornflakes, Butter, Ghee, etc.
Read more on the Recommendations
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Date:August 22,2025.
Review of Monetary Policy Framework-
A Discussion Paper
Excerpts:
RBI Press Release dated August 21,2025.
The Central Government initially notified the inflation target
with the tolerance band on August 5, 2016, for the period 2016-2021.
In the first review conducted in March 2021, this target was retained for the subsequent five years till March 2026.
A second review of the target is now due by end-March 2026.
Read More
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Date:August 13,2025.
RBI guidelines ensure multilingual customer communication and a quicker grievance redressal by banks
Excerpts:
Reserve Bank of India (RBI) has, from time to time, emphasised that all customer-facing materials at the branches of Scheduled Commercial Banks must be made available in Hindi, English, and the concerned regional language.
Further, RBI reiterated that all communications to customers, should invariably be issued in a trilingual format-Hindi, English, and the regional language.
All Banks have a robust board approved grievance redressal mechanism in place to address complaints.
Further, the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021, provides a cost-free platform for redressal of complaints against RBI-regulated entities (REs) in matters relating to deficiency in service,
if the grievance is not redressed or reply is not given by the RE within the prescribed timeline.
Read More
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Date:August 12,2025.
Comprehensive reforms taken up to instill credit discipline in PSBs
Excerpts:
Measures like IBC, market-based stressed asset transfer, and EASE reforms drive NPA recovery and promote responsible lending
Initiatives implemented to improve credit flow to Micro, Small and Medium Enterprises (MSMEs)
UPI transactions grow from 92 crore in FY 2017-18 to 18,587 crore in FY 2024-25, with a CAGR of 114%
Posted On: 11 AUG 2025 4:23PM by PIB Delhi
Read the press release
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Date:August 09,2025.
Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption of SGB 2019-20 Series-IX and SGB 2020-21 Series-V due on August 11, 2025
Excerpts:
The next due date of premature redemption of the above tranches shall be on August 11, 2025.
The redemption price for premature redemption due on August 11, 2025, shall be ₹10,070/- (Rupees Ten Thousand Seventy only) per unit of SGB
Read More
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Date:August 08 ,2025.
RBI invites comments on Settlement of claims in respect of deceased depositors – Simplification of Procedure
Excerpts:
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated August 06, 2025 regarding the review of extant regulatory guidelines on settlement of claims in respect of deceased depositors, Reserve Bank has released today the draft circular in this regard.
Comments/ feedback by the stakeholders and members of public on the draft circular may be submitted through the respective link under the ‘Connect 2 Regulate’ Section available on the Reserve Bank’s website or alternatively through e-mail by August 27, 2025. Final circular shall be issued after considering the stakeholder/ public comments.
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settlement-of-claims-in-respect-of-deceased-customers-rbi-draft-circular.pdf
Settlement of claims in respect of deceased depositors – Simplification of procedure.pdf
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Date:Augus 06,2025.
Monetary Policy Statement, 2025-26 Resolution of the Monetary Policy Committee August 4 to 6, 2025
Excerpts:
The MPC voted to maintain the policy repo rate at 5.50 per cent.
Consequently, the standing deposit facility (SDF) rate under the liquidity adjustment facility (LAF) remains unchanged at 5.25 per cent
and the marginal standing facility (MSF) rate and the Bank Rate at 5.75 per cent.
This decision is in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
Policy Rates and Reserve Ratios:
Policy Repo Rate 5.50
Standing Deposit Facility Rate(SDFR) 5.25
Marginal Standing Facility Rate 5.75
Bank Rate 5.75
Fixed Reverse Repo Rate 3.35
Cash Reserve Ratio(CRR) 4.00
Statutory Liquidity Ratio(SLR) 18.00
Read More
What Repo rate,Bank Rate etc.
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Bank Fixed Deposit Interest Rates-Public and Private Banks
Updated on August 04,2025
| Banks |
1 Year |
3 years |
5 years |
Max Interest |
| Bank of Baroda |
6.50 |
6.50 |
6.40 |
6.60-444 days |
| Bank of India |
6.25 |
6.25 |
6.00 |
6.60-777 days |
| Canara Bank |
6.50 |
6.50 |
6.50 |
6.60-444 days |
| Central Bank |
6.60 |
6.50 |
6.50 |
6.70-444 days |
| Indian Bank |
6.10 |
6.25 |
6.00 |
6.90-444days |
| Indian Overseas Bank |
6.60 |
6.30 |
6.30 |
6.75-444days |
| Punjab National Bank |
6.40 |
6.40 |
6.50 |
6.65-390 days |
| Punjab and Sind Bank |
6.10 |
6.00 |
6.10 |
6.80-444 days |
| UCO Bank |
6.25 |
6.315 |
6.00 |
6.60-444 days |
| Union Bank |
6.60 |
6.60 |
6.40 |
6.60-1 year |
| State Bank of India |
6.25 |
6.30 |
6.05 |
6.45-2 year |
| IDBI Bank. |
6.55 |
6.25 |
6.25 |
6.75-555 days |
| HDFC Bank |
6.25 |
6.45 |
6.40 |
6.60-18 months |
| ICICI Bank. |
6.25 |
6.60 |
6.60 |
6.60-2 yr 1 day |
| Axis Bank |
6.25 |
6.60 |
6.60 |
6.60-18 months |
| SCB Bank. |
6.60 |
6.50 |
6.25 |
6.60-1 year |
| Deposit Interest Rates subject to change . |
| Confirm Interest Rates from respective banks . |
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Date:August 02,2025.
Income Tax-Deductions allowed from Income-FY 2025-26
Excerpts:
Against 'salaries'
Standard Deduction
(a) In case of normal tax regime - Rs. 50,000 or the amount of salary, whichever is lower;
(b) In case of new tax regime under section 115BAC(1A)(ii) - Up to Rs. 75,000 or the amount of salary, whichever is lower
Individual – Salaried Employee & Pensioners
Against 'income from house properties'
23(1), first proviso Taxes levied by local authority and borne by owner if paid in relevant previous year All assessees
24(a) Standard deduction [30% of the annual value (gross annual value less municipal taxes)] All assessees
24(b) Interest on borrowed capital (Rs. 30,000/Rs. 2,00,000, subject to specified conditions) All assessees
25A(2) Standard deduction of 30 per cent of arrears of rent or unrealised rent received All assessees
Against 'income from other sources'
A. Deductible items
57(i) Deduction from dividend income on account of interest expense, which shall not exceed 20% of the dividend income. All assessees
57(i) Any reasonable sum paid by way of commission or remuneration for the purpose of realising interest on securities All assessees
57(ia) Contributions to any provident fund or superannuation fund or any fund set up under Employees' State Insurance Act, 1948 or any other fund for welfare of employees, if the same are credited to employees' accounts in relevant funds before due date All assessees
57(ii) Repairs, insurance, and depreciation of building, plant and machinery and furniture Assessees engaged in business of letting out of machinery, plant and furniture and buildings on hire
57(iia)
In case of family pension, 331/3 per cent of such pension or Rs. 15,000, whichever is less
Note: the enhanced threshold of Rs. 25,000 shall be applicable if income-tax is computed under section 115BAC(1A)(ii).
Assessees in receipt of family pension on death of employee being member of assessee's family
57(iii) Any other expenditure (not being capital expenditure) expended wholly and exclusively for earning such income All assessees
57(iv) In case of interest received on compensation or on enhanced compensation referred to in section 145A(2), a deduction of 50 per cent of such income (subject to certain conditions)
Read Income Tax Department Circular
Some Important Sections
Note:Only some selected sections are given and for personal use only.
Most of the deductions are not allowed under New Tax Regime.
All Rules ,Regulations ,Eligibility and Limits are subject to change.
Before taking any decisions check up relevant rules or seek advice from tax consultant.
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Date:July 31,2025.
DA from August 2025 to October 2025 payable to Bank Employees.
Excerpts:
CPI-IW Index
(Base 2016=100).
1. April 2025 143.50
2. May 2025 144.00
3. June 2025 145.00
4. Average Index Current Quarter 144.16
5 Index above 123.03 points 21.13
6 Dearness Relief
for current Quarter(percentage) 21.13
7 Dearness Relief paid for previous Quarter(percentage) 19.97
8 Increase in Dearness Relief
for current Quarter(percentage) 1.16
Revised Salary and DA Chart -Payable from August 2025.
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Date:July 29,2025.
New Digital Credit Assessment Model for MSMEs leverages real-time digital data to fast-track loan approvals for MSMEs
Excerpts:
Revolutionizing MSME lending, the model enables faster, objective, and fully digital loan assessments, significantly reducing paperwork, processing time, and reliance on physical documentation.
Posted On: 28 JUL 2025 by PIB Delhi
Read More
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Date:July 29,2025.
Reserve Bank of India (Investment in AIF) Directions, 2025
Excerpts:
No RE(Regulated entities of the Reserve Bank)shall individually contribute more than 10 per cent of the corpus of an AIF Scheme.
Collective contribution by all REs in any AIF(Alternative Investment Funds) Scheme shall not be more than 20 per cent of the corpus of that scheme.
If a RE contributes more than five per cent of the corpus of an AIF Scheme, which also has downstream investment (excluding equity instruments) in a debtor company of the RE, then the RE shall be required to make 100 per cent provision to the extent of its proportionate investment in the debtor company through the AIF Scheme, subject to a maximum of the direct loan and/ or investment exposure of the RE to the debtor company.
Notwithstanding the provisions of paragraph 6(c), if a RE’s contribution is in the form of subordinated units, then it shall deduct the entire investment from its capital funds – proportionately from both Tier-1 and Tier-2 capital (wherever applicable).
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Date:July 25,2025.
Stand-Up India Scheme
Provides Financial and Institutional Aid to the marginalized; nearly Rs 29,000 crore amount sanctioned to SC/ST and Women Entrepreneurs since April 2022 till March 2025
Excerpts:
Apart from financial support, Scheme provides guidance, training and specific expertise viz; Skilling Centres, Mentorship support, Entrepreneurship Development Program Centres, District Industries Centre, among others to marginalized sections.
The Stand-up India Scheme was launched on 05 April, 2016.
The objective of the Stand-Up India Scheme :
Provide loans from Scheduled Commercial Banks (SCBs)
Quantum of Loan:Between Rs.10 lakh and
Rs.1 Crore
Beneficiary :At least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one woman
borrower per Bank branch
Purpose:Setting up a greenfield enterprise in manufacturing, services or trading
sector and also for activities allied to agriculture.
Read More
Guidelines
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Date:Juy 14,2025.
Lending Against Gold and Silver Collateral - Voluntary Pledge of Gold and Silver as Collateral for Agriculture and MSME Loans
Excerpts:
RBI clarified that loans against voluntary pledge of Gold and Silver as collateral by borrowers, sanctioned by the banks upto the collateral free limit, as covered under the Circular / Master Direction referred to in para 1 above, will not be construed as a violation of the above-mentioned guidelines as regards such collateral.
Read More
Read also"Credit Flow to Agriculture – Collateral free agricultural loans"
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Date:July 10,2025.
Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025
Excerpts:
Regulated Entities (REs) shall adhere to the following Directions regarding levy of pre-payment charges on all floating rate loans and advances:
(i) For all loans granted for purposes other than business to individuals, with or without co-obligant(s), an RE shall not levy pre-payment charges;
(ii) For all loans granted for business purpose to individuals and MSEs, with or without co-obligant(s):
(a) A commercial bank (excluding Small Finance bank, Regional Rural bank and Local Area bank), a Tier 4 Primary (Urban) Co-operative bank, an NBFC-UL, and an All India Financial Institution shall not levy any pre-payment charges.
(b) A Small Finance bank, a Regional Rural bank, a Tier 3 Primary (Urban) Co-operative bank, State Cooperative bank, Central Cooperative bank and an NBFC-ML shall not levy any pre-payment charges on loans with sanctioned amount/ limit up to ₹50 lakh.
(iii) The Directions at paragraphs 5(i) and 5(ii) above shall be applicable irrespective of the source of funds used for pre-payment of loans, either in part or in full, and without any minimum lock-in period.
(iv) Applicability of above Directions for dual/ special rate (combination of fixed and floating rate) loans will depend on whether the loan is on floating rate at the time of pre-payment.
6. In cases other than those mentioned at paragraphs 5(i) and 5(ii) above, pre-payment charges, if any, shall be as per the approved policy of the RE. However, in case of term loans, pre-payment charges, if levied by the RE, shall be based on the amount being prepaid. In case of cash credit/ overdraft facilities, pre-payment charges on closure of the facility before the due date shall be levied on an amount not exceeding the sanctioned limit.
7. In case of cash credit/ overdraft facilities, no pre-payment charges shall be applicable if the borrower intimates the RE of his/ her/ its intention not to renew the facility before the period as stipulated in the loan agreement, provided that the facility gets closed on the due date.
8. An RE shall not levy any charges where pre-payment is effected at the instance of the RE.
Read More
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Date:June ,2025.
Interes on Small Savings Schemes for the second quarter of
FY 2025-26 remains unchanged.
Excerpts:
The rates of interest on various Small Savings Schemes for the second quarter of
FY 2025-26 starting from 1st July, 2025 and ending on 30th September, 2025 shall remain unchanged from those notified for the first quarter (1st April, 2025 to 30th June, 2025) of FY 2025-26.
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Post Office Small Savings Interest Rates-FY 2025-26
| Scheme Name |
2025
Apr-Jun |
2025
Jul-Sep |
2025
Oct-Dec |
2026
Jan-Mar |
| Savings Deposit |
4.00 |
4.00 |
** |
** |
| 1 Year Time Deposit |
6.90 |
6.90 |
** |
** |
| 2 Year Time Deposit |
7.00 |
7.00 |
** |
** |
| 3 Year Time Deposit |
7.10 |
7.10 |
** |
** |
| 5 Year Time Deposit |
7.50 |
7.50 |
**** |
**** |
| 5 Year Recurring Deposit |
6.70 |
6.70 |
**** |
**** |
| 5yr Senior Citizen's Savings |
8.20 |
8.20 |
**** |
**** |
| 5yr Monthly Income Deposit |
7.40 |
7.40 |
**** |
**** |
| National Savings Certificate. |
7.70 |
7.70 |
**** |
**** |
| Public Provident Fund |
7.10 |
7.10 |
**** |
**** |
| Kisan Vikas Patra |
7.50 |
7.50 |
**** |
**** |
| Sukanya Samriddhi Account. |
8.20 |
8.20 |
**** |
**** |
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Date:June 29,2025.
Aadhaar Enabled Payment System – Due Diligence of AePS Touchpoint Operators
Excerpts:
Aadhaar Enabled Payment System (AePS) is a payment system operated by National Payment Corporation of India (NPCI) that facilitates interoperable transactions using Aadhaar enabled authentication. AePS plays a prominent role in enabling financial inclusion.
It has been decided to issue directions for streamlining the process for onboarding of AePS touchpoint operators and strengthening fraud risk management. Detailed instructions are placed in the Annex.
Read More
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Date:June 13,2025.
Updation/ Periodic Updation of KYC – Revised Instructions-RBI Notfication dated June 12,2025
Excerpts:
The Reserve Bank has observed a large pendency in periodic updation of KYC including in the accounts opened for credit of Direct Benefit Transfer (DBT)/ Electronic Benefit Transfer (EBT) under Government schemes to facilitate credit of DBTs and/ or scholarship amount (DBT/ EBT/ scholarship beneficiaries) and accounts opened under PMJDY.
The instructions regarding updation/ periodic updation of KYC have been amended with the intent, inter alia, to allow BCs to facilitate in the process of KYC updation
The banks are advised to organize camps and launch intensive campaigns including special camps, focusing on periodic updation of KYC
Read more
Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025
Excerpts:
The credit balance in any deposit account maintained with banks, which have not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more are required to be transferred by banks to DEA Fund maintained by the Reserve Bank of India. There is a need to enable Business Correspondents to facilitate updation of KYC.
In the extant instructions, the paragraph 6.1 is hereby substituted by the following, namely:
“6.1 A bank shall make available the facility of updation of KYC for activation of inoperative accounts and unclaimed deposits at all branches (including non-home branches).
Further, a bank shall endeavour to provide the facility of updation of KYC in such accounts and deposits through Video-Customer Identification Process (V-CIP).
The V-CIP related instructions under Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time) shall be adhered to by the bank.
Additionally, the services of an authorised Business Correspondent of the bank may be utilized for activation of inoperative accounts as prescribed in paragraph 38(a)(iia) of the above Master Direction.”.
Read More
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Date:May 25,2025.
RBI invites public comments on the draft circular on ‘Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025
RBI press relese
Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025
Excerpts:
“6.1 A bank shall make available the facility of updation of KYC for activation of inoperative accounts/ unclaimed deposits at all branches (including non-home branches) and through Video-Customer Identification Process (V-CIP) if requested by a account holder, subject to the facility of V-CIP being provided by the bank.
The V-CIP related instructions under Master Direction - Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time) shall be adhered to by the bank.
Additionally, an authorised Business Correspondent of the bank may be utilized for activation of inoperative accounts as prescribed in paragraph 38(a)(iia) of the above Master Direction.
RBI Press Releas dated May 20,2025
Master Direction - Know Your Customer (KYC) Direction, 2016-Updated on November 06,2024.
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Date:May 10,2025.
RBI issues Reserve Bank of India (Digital Lending) Directions, 2025
Excerpts:
Consolidated directions on the subject have been prepared and issued as the Reserve Bank of India (Digital Lending) Directions, 2025 today.
A draft circular on the aforesaid matter was issued on April 26, 2024, for public feedback. Basis the comments received, final instructions on the same are being issued as part of these Directions.
The instructions require REs to furnish the details of their DLAs through the Centralised Information Management System (CIMS) portal of the RBI. The portal shall be available to the REs for reporting on or before May 13, 2025 and REs shall have time till June 15, 2025 to upload the initial data.
RBI press release.
Reserve Bank of India (Digital Lending) Directions, 2025
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04.05.2025.
Post Office Small Savings Schemes-
Scheme details,how to open,minimum amount for opening,interest rates etc
PO Savings Account(SB)
PO Recurring Deposit Account(RD)
PO Time Deposit Account(TD)
PO Monthly Income Account(MIS)
PO Senior Citizens Savings Scheme Account(SCSS)
PO Public Provident Fund Account(PPF )
PO Sukanya Samriddhi Account(SSA)
PO Savings Certificates (VIIIth Issue) (NSC)
PO Kisan Vikas Patra(KVP)
PO Mahila Samman Savings Certificate
PM CARES for Children Scheme, 2021
Read more.
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Date:24.04.2025.
Migration to '.bank.in' domain-RBI Circular.
Excerpts:
Introduction of exclusive Internet Domain, ‘.bank.in’ for banks to combat the increased instances of fraud in digital payments
This initiative is aimed at strengthening the cybersecurity framework and enhancing public confidence in digital banking and payment systems.
It has been decided to operationalise the ‘. bank.in’ domain for banks through the Institute for Development and Research in Banking Technology (IDRBT),
IDRBT shall guide the banks on various aspects related to application process and migration to new domain.
All banks are advised to commence the migration of their existing domains to the ‘.bank.in’ domain and complete the process at the earliest and in any case, not later than October 31, 2025.
RBI Circular
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Date:22.05.2025.
Opening of and operation in deposit accounts of minors
Excerpts:
Minors of any age may be allowed to open and operate savings and term deposit accounts through his/ her natural or legal guardian.
Minors above such an age limit not less than 10 years and up may be allowed to open and operate savings/ term deposit accounts independently subject conditions prescribed.
On attaining the age of majority, fresh operating instructions and specimen signature of the account holder shall be obtained and kept on record.
The banks are free to offer additional banking facilities like internet banking, ATM/ debit cards, cheque book facility, etc., to the minor account holders subject to prescribed conditions.
The banks shall ensure that accounts of minors are not allowed to be overdrawn and that these always remain in credit balance.
Read RBI Circular
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR)
Excerpts:
As part of post Global Financial Crisis (GFC) reforms, Basel Committee on Banking Supervision (BCBS) had introduced Liquidity Coverage Ratio (LCR), which requires banks to maintain High Quality Liquid Assets (HQLAs) to meet 30 days net outgo under stressed conditions.
Further, banks1 are required to maintain LCR of 100 per cent with effect from January 1, 2019. In order to accommodate the burden on banks’ cash flows on account of the Covid19 pandemic, banks are permitted to maintain LCR as under:
From date of circular to September 30, 2020 - 80 per cent
Oct 1, 2020 to March 31, 2021 - 90 per cent
April 1, 2021 onwards - 100 per cent
Read RBI Circular.
Read What is SLR, CRR,Bank Rate etc
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Date:April 18,2025.
RBI issues draft Directions on the regulatory measures announced in SDRP
Excerpts:
Reserve Bank has released the draft Directions on the following subjects for comments.
Draft Reserve Bank of India (Securitisation of Stressed Assets) Directions, 2025
Draft Reserve Bank of India (Co-Lending Arrangements) Directions, 2025
Draft Reserve Bank of India (Lending Against Gold Collateral) Directions, 2025
Draft Reserve Bank of India (Non-Fund Based Credit Facilities) Directions, 2025
The comments on the draft Directions are invited from public/stakeholders till May 12, 2025. Comments/feedback may be submitted through the respective links under the ‘Connect 2 Regulate’ Section available on the RBI’s website or may alternatively be forwarded to:
The Chief General Manager
Credit Risk Group
Department of Regulation, Central Office
Reserve Bank of India, 12/13th Floor,
Shahid Bhagat Singh Marg,
Fort Mumbai – 400 001
Or by email
RBI Press Release: 2025-2026/69
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Date:April 17,2025.
Master Direction - Deposits and Accounts
Foreign Currency and other Accounts
read more.
Master Direction - Risk Management and Inter-Bank Dealings
read more
Date:April 10,2025.
Effect of Repo rate on loan EMI-what is your gain or loss due to change in repo rate.
RBI reduced Repo rate by 25 basis points.The revised Repo Rate is 6.00 %.
Normally Banks are expected to change their interest rates on loans.
Already some of the banks have reduced the interest rates on loans.
Check up with your banks the revised interest rates.Here is a simple calculator to know your Revised EMI , total interest you have to pay during the loan period.
Click for the Calculator.
Know more about Repo Rate ,Bank Rate ,CLR,SRR etc
Date: April 04,2025.
Master Circular - Guarantees and Co-acceptances
Excerpts:
As regards the purpose of the guarantee, as a general rule, the banks should confine themselves to the provision of financial guarantees and exercise due caution with regard to performance guarantee business.
2.1.2 As regards maturity, as a rule, banks should guarantee shorter maturities and leave longer maturities to be guaranteed by other institutions.
2.1.3 No bank guarantee should normally have a maturity of more than 10 years. However, where banks extend long term loans for periods longer than 10 years for various projects, it has been decided to allow banks to also issue guarantees for periods beyond 10 years. While issuing such guarantees, banks are advised to take into account the impact of very long duration guarantees on their Asset Liability Management. Further, banks may evolve a policy on issuance of guarantees beyond 10 years as considered appropriate with the approval of their Board of Directors.
2.1.4 Banks should, in general, refrain from issuing non-fund based facilities to/on behalf of constituents who do not enjoy credit facilities with them. However, banks are permitted to grant non-fund based facilities, including partial credit enhancement1, to those customers, who do not avail any fund based facility from any bank in India.
BG /LC may be issued by scheduled commercial banks to clients of co-operative banks against counter guarantee of the co-operative bank as permitted hitherto.
Precautions for issuing guarantees
Banks should adopt the following precautions while issuing guarantees on behalf of their customers.
(i) As a rule, banks should avoid giving unsecured guarantees in large amounts and for medium and long-term periods. They should avoid undue concentration of such unsecured guarantee commitments to particular groups of customers and/or trades.
(ii) Unsecured guarantees on account of any individual constituent should be limited to a reasonable proportion of the bank’s total unsecured guarantees. Guarantees on behalf of an individual should also bear a reasonable proportion to the constituent’s equity.
(iii) In exceptional cases, banks may give deferred payment guarantees on an unsecured basis for modest amounts to first class customers who have entered into deferred payment arrangements in consonance with Government policy.
(iv) Guarantees executed on behalf of any individual constituent, or a group of constituents, should be subject to the prescribed exposure norms.
(v) It is essential to realise that guarantees contain inherent risks and that it would not be in the bank’s interest or in the public interest, generally, to encourage parties to over-extend their commitments and embark upon enterprises solely relying on the easy availability of guarantee facilities.
Read RBI Circular.
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Date: April 04,2025.
Master Circular - Disbursement of Government Pension
by Agency Banks
Excerpts:
4. The pension paying banks will credit the pension amount in the accounts of the pensioners based on the instructions given by respective Pension Paying Authorities.
Refund of excess pension payment to Government
5. Whenever any excess/overpayment is detected, the entire amount thereof should be credited to the Government account in lump sum immediately, when the excess/overpayment is due to an error on the part of the agency bank. This action is independent of recovery from the pensioner. Agency banks are requested to seek guidance from respective Pension Sanctioning Authorities regarding the process to be followed for recovery of excess pension paid to the pensioners, if any.
6. If the excess/wrong payment to the pensioner is due to errors committed by the government, banks may take up the matter with the full particulars of the cases with respective Government Department for a quick resolution of the matter. However, this must be a time bound exercise and the government authority’s acknowledgement to this effect must be kept on the bank’s record. The banks may take up such cases with government departments without reference to the Reserve Bank of India.
Withdrawal of pension by old/ sick/ disabled/ incapacitated pensioners
7. In order to take care of problems/ difficulties faced by sick and disabled pensioners in withdrawal of pension / family pension from the banks, agency banks may categorize such pensioners as under:
Pensioner who is too ill to sign a cheque / unable to be physically present in the bank.
Pensioner who is not only unable to be physically present in the bank but also not even able to put his/her thumb impression on the cheque/ withdrawal form due to certain physical defect /incapacity.
8. With a view to enabling such old/sick/incapacitated pensioners to operate their accounts, banks may follow the procedure as under:
Wherever thumb or toe impression of the old/sick pensioner is obtained, it should be identified by two independent witnesses known to the bank, one of whom should be a responsible bank official.
Where the pensioner cannot even put his/her thumb/ toe impression and also would not be able to be physically present in the bank, a mark can be obtained on the cheque/withdrawal form, which should be identified by two independent witnesses, one of whom should be a responsible bank official.
The responsible bank official has to be from the same bank, preferably from the same branch, where the pensioner is having his/her pension account.
9. The pensioner may also be asked to indicate to the bank as to who would withdraw the pension amount from the bank on the basis of cheque/ withdrawal form as obtained above and that person should be identified by two independent witnesses. The person who would be actually drawing the money from the bank should be asked to furnish his signature to the bank.
10. Accordingly, the agency banks are requested to instruct their branches to display the instructions issued in this regard on their notice board so that sick and disabled pensioners could make full use of these facilities. Agency Banks are also advised to strictly implement the instructions issued by RBI regarding the facilities to be provided to the sick and disabled persons and sensitise staff members in the matter and to refer to the FAQs on pension disbursement hosted on our website (www.rbi.org.in) in case of any doubt.
Life Certificate- Issuance of Acknowledgement
13. There have been complaints that life certificates submitted over the counter of pension paying branches are misplaced causing delay in payment of monthly pensions. In order to alleviate the hardships faced by pensioners, agency banks were instructed to mandatorily issue duly signed acknowledgements. They were also advised to consider entering the receipt of life certificates in their CBS and issue a system generated acknowledgement which would serve the twin purpose of acknowledgement as well as real time updation of records. Banks may provide digital acknowledgments in respect of digital life certificates submitted by the pensioners.
Pension paying banks should compensate the pensioner for delay in crediting pension/ arrears thereof at a fixed interest rate of 8 per cent per annum for the delay.
When the agency bank is calculating pension, the branch should continue to be a point of referral for the pensioner lest he/she feels disenfranchised.
All branches having pension accounts should guide and assist the pensioners in all their dealings with the bank.
Suitable arrangements should be made to place the arithmetic and other details about pension calculations on the web, to be made available to the pensioners through the net or at the branches at periodic intervals, as may be deemed necessary and sufficient advertisement is made about such arrangements.
Read more.
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Date: April 02,2025.
Reserve Bank of India (Interest Rate on Deposits) Directions, 2025.
Excerpts:
5.1 There shall be a comprehensive policy on interest rates on deposits duly approved
by the Board of Directors or any committee of the Board to which powers have been
delegated.
5.2 The rates shall be uniform across all branches and for all customers and there
shall be no discrimination in the matter of interest paid on the deposits, between one
deposit and another of similar amount, accepted on the same date, at any of its offices.
5.3 Interest rates payable on deposits shall be strictly as per the schedule of interest
rates disclosed in advance.
5.4 The commercial banks shall maintain the bulk deposit interest rate card in their
Core Banking System to facilitate supervisory review.
5.5 The rates shall not be subject to negotiation between the depositors and the bank.
5.6 The interest rates offered shall be reasonable, consistent, transparent, and
available for supervisory review/ scrutiny as and when required.
5.7 All transactions, involving payment of interest on deposits shall be rounded off to
the nearest rupee for rupee deposits and to two decimal places for FCNR(B) deposits.
5.8 Deposits maturing on non-business working day for commercial banks.
5.8.1 If a term deposit is maturing for payment on a non-business working day, banks
shall pay interest at the originally contracted rate on the original principal deposit
amount for the non-business working day, intervening between the date of the maturity
of the specified term of the deposit and the date of payment of the proceeds of the
deposit on the succeeding working day.
5.8.2 In case of reinvestment deposits and recurring deposits, banks shall pay interest
for the intervening non-business working day on the maturity value.
5.9 Deposits maturing on a Sunday/ holiday/ non-business working day for cooperative banks.
5.9.1 If a term deposit is maturing for payment on a Sunday/ holiday/ non-business
working day, co-operative banks shall pay interest at the originally contracted rate on
the original principal deposit amount for the Sunday/ holiday/ non-business working
day, intervening between the date of the maturity of the specified term of the deposit
and the date of payment of the proceeds of the deposit on the succeeding working day.
7. Interest Rate on Domestic Savings Deposit
In addition to the conditions laid down in paragraph 5 of these Directions, interest on
domestic rupee savings deposit shall be subject to the following:
7.1 Interest on domestic rupee savings deposits shall be calculated on a daily product
basis as under:
7.1.1 A uniform interest rate shall be set on balance up to Rupees one lakh,
irrespective of the amount in the account within this limit.
7.1.2 Differential rates of interest may be provided for any end-of-day savings bank
balance exceeding Rupees one lakh.
8. Interest Rates on Domestic Term Deposits
8.1 In addition to the conditions laid down in paragraphs 5 of these Directions, interest
rates on term deposits shall vary only on account of one or more of the following
reasons:
8.1.1 Tenor of deposits
Banks shall have the freedom to determine the maturity/ tenor of the deposit subject
to the condition that minimum tenor of the deposit offered shall be seven days.
8.1.2 Size of deposits
Differential interest rate shall be offered only on bulk deposits.
Provided that differential interest shall not be applicable on deposit schemes framed
on the basis of the Bank Term Deposit Scheme, 2006.
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Provided also that differential interest shall not be applicable on deposits received
under the Capital Gains Accounts Scheme, 1988 by commercial banks.
8.2 Payment of interest on pre-mature withdrawal:
The interest rates applicable on term deposits withdrawn before the maturity date shall
be as under:
8.2.1 Interest shall be paid at the rate applicable to the amount and period for which
the deposit remained with the bank and not at the contracted rate.
8.2.2 No interest shall be paid, where premature withdrawal of deposits takes place
before completion of the minimum period specified in paragraph 8.1.1.
9. Payment of Additional Interest on Domestic Deposits
9.1 Banks shall, at their discretion, allow additional interest of one per cent per annum,
over and above the rate of interest mentioned in the schedule of interest rates on
savings or a term deposits of bank’s staff and their exclusive associations as well as
on deposits of Chairman, Chairman & Managing Director, Executive Director, or such
other Executives appointed for a fixed tenure and Managing Director who acts as Chief
Executive of Co-operative Bank drawing regular salary from the Co-operative Bank,
10. Interest on Overdue Domestic Deposits
10.1 The rate of interest to be paid on renewal of overdue term deposits shall be
subject to the stipulation contained in the paragraph 5 of these Directions.
10.2 If a Term Deposit (TD) matures and proceeds are unpaid, the amount left
unclaimed with the bank, shall attract rate of interest as applicable to savings account
or the contracted rate of interest on the matured TD, whichever is lower.
15.1 There shall be a comprehensive policy on penalties for premature withdrawal of
term deposits approved by the Board of Directors or any committee of the Board to
which powers have been delegated.
15.2 The components of penalty shall be clearly brought to the notice of the depositors
at the time of acceptance of deposits. If not, no penalty shall be levied.
Read here RBI Master Directions.
Top / Back to Home Page.
Date March 31,2025.
Inoperative Accounts /Unclaimed Deposits in Banks- Revised Instructions
Excerpts from RBI Circular dated January 01,2024.
A review was carried out in consultation with all stakeholders. Based on the review, it has been decided to issue comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be,
The revised instructions shall come into effect from April 1, 2024.
Definitions:
i. Bank induced transaction- Transactions in the account initiated by the bank as per its extant policy such as charges, fees, interest payments, penalties, taxes (an illustrative list is given in Annex I).
ii. Customer induced transaction- The transactions in account which are in the nature of:
a.A financial transaction initiated by or done at the behest of the account holder by the bank/ third party (an illustrative list is given in Annex I) or;
b.A non-financial transaction, or;
c.KYC updation done in face-to-face physical mode or through digital channels such as internet banking or mobile banking application of the bank.
iii. Financial transaction- A monetary transaction in the savings/ current account of the customer with the bank either by way of a credit or debit transaction.
iv. Inoperative Account- A savings/ current account shall be treated as inoperative, if there are no ‘customer induced transactions’ in the account for a period of over two years.
v. Non-financial transaction- An enquiry or request for any product/ service initiated by the account holder through any ATM or internet banking or mobile banking application of the bank or through Third Party Application Providers, which requires two-factor authentication (2FA) and leaves a trail for audit purposes or successful log-in to the internet banking/ mobile banking application. Illustratively, this includes transactions such as change in transaction limit, request for issue of cheque book/ credit card/ debit card, nomination facility, balance enquiry, etc.
vi. Unclaimed Deposits- The credit balance in any deposit account maintained with banks, which have not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more as mentioned in paragraph 3(iii) of the “Depositor Education and Awareness” (DEA) Fund Scheme, 2014.
vii. Unclaimed Deposit Reference Number (UDRN)- It is a unique number generated through Core Banking Solution (CBS) and assigned to each unclaimed account/ deposit transferred to DEA Fund of RBI. The number shall be such that the account holder or the bank branch where account is maintained, cannot be identified by any third party.
Banks shall undertake atleast an annual review in respect of accounts, where there is no customer induced transactions for more than a year
For the purpose of classifying an account as ‘inoperative’, only customer induced transactions and not bank induced transactions shall be considered.
There may be instances where the customer has given a mandate like Standing Instructions (SI)/ auto-renewal instructions and there are no other operations in the Savings /Current account or the Term Deposit. These transactions shall also be treated as customer induced transactions.
Treatment of accounts opened for credit of scholarship amount and credit of Direct Benefit Transfer under Government Schemes
The banks open zero balance accounts for beneficiaries of Central/State government schemes and for students who receive scholarship. Central and State governments have been expressing difficulty in crediting cheques/Direct Benefit Transfer/ Electronic Benefit Transfer/ scholarship amount in these accounts as they are also classified as inoperative due to non-operation for two years. The banks shall, based on the purpose of opening of the account, segregate the aforementioned accounts in their CBS, so that the stipulation of ‘inoperative’ account is not applicable to these accounts due to their non-operation for a period of more than two years.
Activation of Inoperative Accounts
The banks shall make available the facility of updation of KYC for activation of inoperative accounts/ unclaimed deposits at all branches (including non-home branches) and through Video-Customer Identification Process (V-CIP) if requested by the account holder, subject to the facility of V-CIP being provided by the bank.
1.List of Financial Transactions
ATM/ Cash withdrawal/deposit
RTGS / NEFT/ IMPS /UPI/ AePS/ ABPS Transactions
Internet Banking Transactions
Debit Card Transactions
Transfer of funds from / to the linked CBDC(e-Rupee) account
Cheque Clearing
Remittance of funds by way of demand drafts
Cash withdrawal by third party through cheque
Standing Instructions issued by the customer
NACH Debit / Credits
Term Deposit Interest / proceeds
Dividend on shares/Interest on Debentures or any other investment proceeds
Direct Benefit Transfer (DBT) credits
Refunds like refunds related to e-commerce payments, Income Tax Returns, etc.
National Electronic Toll Collection (NETC) debits
2.List of Bank Induced Transactions
All types of charges levied by banks including taxes deducted
Savings Bank account interests
Inoperative Accounts /Unclaimed Deposits in Banks- Revised Instructions
-January 2024
Inoperative Accounts / Unclaimed Deposits in banks December 2024
Master Direction - Know Your Customer (KYC) Direction, 2016
Updated November 2024.
UDGAM -Unclaimed Deposits-Gateway to Access inforMation
Top / Back to Home Page.
January 12,2025.
UDGAM
UDAM- refers to Unclaimed Deposits-Gateway to Access inforMation, which is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralised manner.
Excerpts from RBI Circular.
UDGAM refers to Unclaimed Deposits-Gateway to Access inforMation, which is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralised manner.
No. As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund of RBI. The list of these banks is available on home page of UDGAM (https://udgam.rbi.org.in/unclaimed-deposits/#/login) and in the RBI Press Release dated October 5, 2023. The remaining banks are in the process of getting on-boarded.
All unclaimed deposits/accounts that are part of Depositor Education and Awareness (DEA) Fund of RBI can be searched in UDGAM portal.
A user is required to register on the portal by providing his/her name and mobile number.
Individuals: For searching unclaimed deposits in individual category, a user has to provide inputs such as name of the account holder, name of the bank (one or more banks can be selected) and any one or more of the five inputs viz., Permanent Account Number (PAN), Driving License Number, Voter ID Number, Passport Number and Date of Birth of the account holder.
Non-Individuals: For searching unclaimed deposits in non-individual category, a user has to provide inputs such as name of the entity, name of the bank (one or more banks can be selected) and any one or more of the four inputs viz., Name of the authorised signatory, PAN, Corporate Identification Number (CIN) and Date of Incorporation.
Even if none of the above-mentioned information is available, the user can type the address of the account holder or the entity (as the case may be), in place of these inputs mentioned above for undertaking the search.
The UDGAM portal facilitates only (a) the search of unclaimed deposits/accounts across multiple banks at one place and (b) provides information on claim/settlement process of each bank (which will be available in the search result). The unclaimed deposits can be claimed only from the respective bank.
UDRN is a unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to Depositor Education and Awareness (DEA) Fund of RBI. This number is used so that the account holder or the bank branch where account is maintained, cannot be identified by any third party. The UDRN enables the bank branches to seamlessly settle claims received from the customers/depositors, who have made successful search in UDGAM portal. All the 30 banks on-boarded to the UDGAM portal have put in place necessary requirements to generate UDRN during the development of the portal.
Read more from RBI Circular.
Also read Depositor Education and Awareness (DEA) Fund Scheme, 2014.
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January 10,2025.
FAQs on the circular on 'Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans'
Excerpts:
The circular is applicable to all equated periodic instalment based personal loans only.
Communications to borrowers envisaged in the circular are:
(a) At the time of sanction:
Annualised rate of interest/ Annual Percentage Rate (APR), as applicable, shall be disclosed in the Key Fact Statement (KFS) and the loan agreement.
The possible impact of change in benchmark interest rate on the loan.
(b) During the tenure of the loan:
Subsequently, any increase in the EMI/tenor on account of the external benchmark rate shall be communicated; and
Quarterly statements shall be provided disclosing at the minimum, the principal and interest recovered till date, EMI amount, number of EMIs left and annualized rate of interest for the tenor of the loan.
Whenever there is a reset of interest rates Banks shall provide the following options to the borrowers:
Either enhancement in EMI or elongation of number of EMIs, keeping the EMI unchanged or a combination of both options;
Switch to fixed interest rate for the remaining portion of the loan; and
To prepay, either in part or in full, at any point during the residual tenor of the loan.
RBI-FAQ on reset of Floating Interest Rate on EMI based Personal Loans
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January 08,2025.
RBI Press Release
NOMINATION
A Comprehencive guide.
Bank Accounts,Locker Account and Safe Custody Accounts :
Salient features:
Nomination facilitates the Banks to pay the dues/ deliver the articles of the deceased depositor to nominees.
Nominee not required to submit succession certificate /or legal heir certificate.
Nomination is solely for the purpose of simplifying the procedure for settlement of claims of deceased depositor.
Nomination does not take away the rights of legal heirs.
The Right of successors / legal heirs prevails over Nominee & Joint Account Holder.
Nomination facility is available to accountholders operating.
- Current accounts.
- Savings bank accounts.
- Term deposit accounts.
- Safe deposit lockers.
- Safe custody of articles.
The Banking Regulation Act allows single or joint deposit holders to appoint a nominee for their deposit.
Such a nominee can also be appointed for items left in custody of a bank or for a locker hired from a bank.
The nominee can access the deposit, articles, or locker in case of death of the person who nominated him.
The The Banking Laws (Amendment) Bill, 2024 allows the appointment of up to four nominees for these purposes.
For deposits, such nominees can be appointed either successively or simultaneously
while for other purposes they can be appointed successively.
In case of simultaneous nominees, the nomination will be effective in a declared proportion.
For successive nomination, the nominee who has been named higher in the order of nomination will receive priority.
In case of minor's account, person lawfully entitled to act on behalf of the minor can make nomination.
A minor can be Nominated as "nominee".
A non - resident can be nominated as a nominee in a resident account.
Nomination is to be filed in the prescribed forms .
In Joint Accounts,all the joint Account holders must sign the Nomination Form
Thumb-impressions(s) in Nomination Form should be attested by two witnesses.
Signatures of the account holders in the nomination form need not be attested by witnesses.
Nominee need not sign the Nomination Form
Nomination can be changed or cancelled subsequently.
Nomination Forms to be used:
Nomination - Deposits DA-1
Cancellation of Nomination - Deposits DA-2
Variation of Nomination - Deposits DA-3
Nomination-Safety Locker Sole Hirer SL-1
Nomination-Safety Locker (Joint Hirers) SL-1A
Cancellation of Nomination-Safety Locker SL-2
Variation of Nomination-Safety Locker (Sole Hirer) SL-3
Variation of Nomination-Safety Locker (joint Hirers) SL-3A
Nomination-Safe Custody Articles SC-1
Cancellation of Nomination-Safe Custody Articles SC-2
Variation of Nomination-Safe Custody Articles SC-3
For details approach your banker.
1.Read Banking Laws Amendment Bill 2024 for change in nomination rules.
2.The Banking Companies (Nomination) Rules, 1985 - Clarifications.
3.Extension of Safe Deposit Locker / Safe CustodyArticle Facility and Access to Safe Deposit Lockers /Return of Safe Custody Articles by banks.
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Deposit Locker/Safe Custody Article Facility provided by the banks - Revised Instructions
Have you exercised your right to nominate for you Bank SB , Deposit and Locker Accounts ? If not do it immediately. If your accounts have a nominee it is easier for your nominee to claim and receive the funds remaining in your account or the articles kept in your locker.With minimum paper work banks will settle the claims. Without nominee , settlement of claim to the legal heirs may require submission of more documents like succession certificate, letter of administration or probate, etc. It will be prudent to add nominee to all your accounts with the bank to avoid complication in future .
Read More
Date:April 18, 2024.
Key Facts Statement (KFS) for Loans & Advances
Excerpts from RBI Circular:
It has been decided to harmonize the instructions on the subject. This is being done in order to enhance transparency and reduce information asymmetry on financial products being offered by different regulated entities, thereby empowering borrowers for making an informed financial decision. The harmonised instructions shall be applicable in cases of all retail and MSME term loan products extended by all regulated entities (REs). For the purpose of this circular, following terms have been defined:
(a) Key Facts of a loan agreement between an RE/a group of REs and a borrower are legally significant and deterministic facts that satisfy basic information required to assist the borrower in taking an informed financial decision.
(b) Key Facts Statement (KFS) is a statement of key facts of a loan agreement, in simple and easier to understand language, provided to the borrower in a standardised format.
(c) Annual Percentage Rate (APR) is the annual cost of credit to the borrower which includes interest rate and all other charges associated with the credit facility.
(d) Equated Periodic Instalment (EPI) is an equated or fixed amount of repayments, consisting of both the principal and interest components, to be paid by a borrower towards repayment of a loan at periodic intervals for a fixed number of such intervals; and which result in complete amortisation of the loan. EPIs at monthly intervals are called EMIs.
Read more.
You may read this also - Master Direction-Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
Regulation of Payment Aggregators (PAs)Draft Directions&
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Date: April 10, 2024.
IBA Model Education Loan Scheme
-For Pursuing Higher Education in India and Abroad. Are you interested in pursuing higher education ? Here is a circular issued by IBA on the subject giving details of Education Loan Scheme. Read to know your eligibilty ,quantum of loan ,repayment etc.
Read more.
Frequently Asked Questions on Education Loan Scheme.
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Date:April 01,2024.
Circular - Disbursement of Government Pension by Agency Banks
Excerpts:
Withdrawal of pension by old/ sick/ disabled/ incapacitated pensioners
In order to take care of problems/ difficulties faced by sick and disabled pensioners in withdrawal of pension / family pension from the banks, agency banks may categorize such pensioners as under:
1.Pensioner who is too ill to sign a cheque / unable to be physically present in the bank.
2.Pensioner who is not only unable to be physically present in the bank but also not even able to put his/her thumb impression on the cheque/ withdrawal form due to certain physical defect /incapacity.
With a view to enabling such old/sick/incapacitated pensioners to operate their accounts, banks may follow the procedure as under:
Wherever thumb or toe impression of the old/sick pensioner is obtained, it should be identified by two independent witnesses known to the bank, one of whom should be a responsible bank official.
Where the pensioner cannot even put his/her thumb/ toe impression and also would not be able to be physically present in the bank, a mark can be obtained on the cheque/withdrawal form, which should be identified by two independent witnesses, one of whom should be a responsible bank official.
Read more