SC extends deadline for linking Aadhaar to mobile, bank accounts till judgment
De-jargoned: The penalty for not maintaining average monthly balance
PNB detects $1.8 billion worth of fraudulent transactions in Mumbai branch
No proposal of public sector banks merger under consideration: Govt
No charges on debit card transactions up to Rs 2,000: Finance Ministry
Senior citizen loses Rs 10 lakh to hackers, court orders bank to refund amount
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- RBI Circular dated 01.03.2018 – Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs)
- RBI Circular dated 01.03.2018 – Review of Currency Distribution & Exchange Scheme (CDES)
- RBI Circular dated 01.03.2018 – Priority Sector Lending – Targets and Classification >>> RBI Circulars
□ The amended definition of the expression “NPA” under Section 2(1)(o) of the SARFAESI Act is constitutionally valid. – SC Judgment dated 28.01.2015 – Keshavlal Khemchand and Sons Pvt. Ltd. Vs. Union of India & Others >>> Supreme Court Judgements
Aadhaar case: The Supreme Court is hearing petitions challenging Constitutional validity of the Aadhaar Act. This extension, however, will not apply to availing services and subsidies under section 7 of Act.
March 13, 2018
The Supreme Court on Tuesday extended the deadline for linking Aadhaar to one’s bank account, mobile phone, and other financial services till it passes its judgment in the matter. The top court is hearing petitions challenging Constitutional validity of the Aadhaar Act. This extension, however, will not apply to availing services and subsidies under section 7 of Act. In December last year, the top court had extended till March 31 the deadline for mandatory linking of Aadhaar with various services and welfare schemes. …
Most banks impose a penalty on their customers for not maintaining the stipulated amount of minimum balance in their savings accounts. The State Bank of India has announced it is reducing the quantum of this penalty
Mar 13 2018
If you have been upset about the charges imposed by public-sector banks for various reasons including non-maintenance of minimum balance, there is some relief. The country’s largest lender State Bank of India (SBI) has announced reduction of these charges from 1 April 2018. However, the minimum amount to be maintained in the account remains the same. With SBI taking this step, it can be expected that other banks would follow too. …
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Feb 14, 2018
MUMBAI: State-run Punjab National Bank said on Wednesday it had detected some “fraudulent and unauthorised” transactions worth about $1.8 billion (more than Rs 11,500 crore) at one of its branches in Mumbai.
The bank said in a regulatory filing the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.” …
Jan 2, 2018
NEW DELHI: Union minister Shiv Pratap Shukla on Tuesday said no proposal regarding merger of Public Sector Banks (PSBs) is under consideration of the government.
However, the government has put in place an approval framework for proposals to amalgamate nationalised banks, the Minister of State for Finance said in a written reply to Rajya Sabha. …
Jan 1, 2018
NEW DELHI: Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000 from today onwards.
Last month, Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions. …
More: RBI Circular dated 21.12.2017 – Prompt implementation of Governments’ instructions by agency banks >>> RBI Circulars
Dec 25, 2017
BENGALURU: An elderly Bengalurean who fell prey to hackers and lost Rs 10 lakh from his Axis Bank account was at his wit’s end when the bank refused to help him track the fraud. Finally, it took a city consumer court to cite an RBI mandate and come to the senior citizen’s rescue. On December 16, the court ordered the bank to fully refund the lost amount and also pay for the complainant’s court expenses. …
Dec 15, 2017
NEW DELHI: Supreme Court today extended the Aadhaar linking deadline to March 31, 2018.
The Centre had yesterday offered to extend the deadline from December 31, 2017
The apex court is hearing a host of petitions challenging the Constitutional validity of the Aadhaar Act.
Yesterday, a five-judge Constitution bench headed by Chief Justice Dipak Misra said the final hearing on the petitions challenging the Aadhaar scheme itself would commence from January 17 next year. …
Dec 14, 2017
NEW DELHI: The government on Wednesday extended the deadline for linking bank account with Aadhaar.
“It has been decided by the Government to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whichever is later, as the date of submission of Aadhaar number & PAN or Form 60 by the clients to the reporting entity,” a tweet by the Ministry of Finance said. …
Dec 13, 2017
NEW DELHI: Prime Minister Narendra Modi on Wednesday accused the Congress-led UPA government and big industry for the banking sector crisis, even as he demanded to know if institutions like FICCI had raised their voice against the wrong-doings of the previous regime.
“When some in the government pressured the banks to give loans to a select few industrialists, where were organisations like FICCI then? Everybody knew what was happening was wrong,” PM Modi said in his address at FICCI’s 90th Annual General meeting in New Delhi. …
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