Guidelines Financial News

Individuals were advised to deposit Rs 2000 bank note into a bank account or exchange it for a different denomination of banknote at any bank location. Deposits into bank accounts can be made normally, that is, without limits and in accordance with current directives and other relevant RBI guidelines. Also read:Rs 2,000 note withdrawn from circulation: If bank finds your note to be fake this is what will happen

Bank of Maharashtra failed to receive any firm bids for its loans of Asian Hotels (North), at the auction held on Tuesday, said people aware of the development. Asian Hotels (North) which operates the five-star property Hyatt Regency (Delhi). The bank had set a reserve price of Rs 330 crore as against the outstanding dues of Rs 324 crore, according to the auction notice posted on the bank’s website. The bank had received expressions of interest from a few asset reconstruction companies, but eventually, none gave a firm bid at the auction on September 26, the people cited above said. The company suffered a setback due to Covid-19, resulting in a cash crunch.

payment company Worldline, which works with banks to deploy Point-of-Sale (PoS) terminals at merchant outlets for card payments, is undertaking a major shift in its business strategy in India. The company is acquiring its own merchants as part of a broader strategy to compete with homegrown fintech startups such as Paytm, Pine Labs, Innoviti Payments, Mswipe and Razorpay-backed Ezetap. Worldline has deployed 500,000 payment terminals so far across India on behalf of banks.

Companies spend a lot of time making sure employees know the rules regarding cybersecurity. They cajole, they beg, they threaten. They make them take classes, sign forms, watch videos.

₹21,000 crore for FY22, but was dismissed by the Karnataka high court in May. However, following the central government's decision to levy a 28% tax on the sector, the Supreme Court halted the Karnataka HC's ruling on 6 September. Startups Dream11 and Games24x7 have since been slapped with nearly ₹60,000 crore in tax demands, and five additional startups may face combined GST demands of nearly ₹40,000 crore soon.

loans and guidelines on the management of intra-group transactions and exposures. An examination of a risk assessment report showed non-compliance with directions by SBI to the extent that the bank sanctioned a term loan to a corporation in lieu of or to substitute budgetary resources envisaged for certain projects without undertaking due diligence on the viability and bankability of the projects, the RBI said in a statement on Monday. The central bank further said that the repayment or servicing of the loan was made out of budgetary resources and failed to adhere to the intra-group exposure limit.

BENGALURU : Delays in completing real estate projects have somewhat declined, latest data shows. In achieving this, the implementation of the Real Estate (Regulation and Development) Act, 2016 or RERA has played a key role. Mint explains: Around 86% of residential projects (1,409 projects) launched between June 2017 and 2018-end, after the implementation of RERA in May 2017, are completed.

SBI and Indian Bank, for violation of various regulatory norms.

₹1.30 Crore (Rupees One Crore and Thirty Lakh only) on State Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

CREDAI-NCR firmly believes that prioritizing the interests and needs of home buyers is a collective responsibility that must be reflected in all aspects of the real estate sector. It aims to achieve this by ensuring transparency in all dealings, maintaining accountability among its members, and striving to meet the aspirations of every homebuyer, says Manoj Gaur, Chairman, CREDAI-NCR, and CMD, Gaurs Group.

Insolvency and Bankruptcy Code (IBC), PTI news reported. While presenting the Union Budget 2022-23, Finance Minister Nirmala Sitharaman said that the use of surety bonds as a substitute for bank guarantees will be made acceptable in government procurement. Surety bonds are third-party guarantees issued by the insurance companies on behalf of the applicant (i.e.

2.Depository receipts trade in the local market in which these are issued, and are denominated in local currency. 3.A company delivers equity shares to a bank that places the security in its custodian account in the domicile country.

LG Chem Ltd has entered a partnership with China's Huayou Group's subsidiary Youshan, it said on Sunday, to build a joint electric vehicle (EV) battery material plant in Morocco to diversify its portfolio. Huayou has joined the growing number of Chinese electric vehicle and battery companies seeking to expand overseas to get closer to their foreign clients and benefit from local incentives.

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By Chirag Nangia

debit or credit card cannot be used for any online or offline transactions without first enabling the said option (card controls) in the bank's transaction control system through net banking, mobile app, or at the branch. «These changes (card controls) were designed to enhance the security of card transactions and give users more control over how their cards are used. Under the new guidelines, card users can now choose whether to opt in or out of payment modes such as international transactions, online purchases, and contactless payments, set spending limits for different types of transactions, and decide whether they want to allow their cards to be used for domestic or international transactions,» says Sajish Pillai, MD & Head — Assets and Strategic Alliances, Consumer Banking Group, DBS Bank India.

Kerala Health Minister Veena George said no new positive case of Nipah was reported in the state on Friday and seven more samples were tested negative.

Arvind Kejriwal has provided special permission for the use of loudspeakers until midnight during Ramleela and Durga Puja celebrations, according to a statement from the Delhi Chief Minister's Office (CMO). The approval has been forwarded for Lieutenant Governor V. K.

Narendra Modi on Friday asked officials involved in the G20 Summit to document their experiences that, he said, may serve as guidelines for organising future events. The summit, under India's presidency, was held from September 9 to 10 at the Bharat Mandapam here. Addressing the officials, Modi lauded their contribution and the spirit with which they tackled challenges during the summit. «The credit for the success of the G20 Summit goes to all of you.

Big retailer EnergyAustralia is facing millions of dollars in potential fines after the corporate regulator alleged it failed to provide simple price information to customers so they could compare offers with other providers.

RBI) on Thursday issued draft guidelines on classification of wilful defaulters, expanding the definition of the term and mandating lenders to complete the process of identifying and tagging borrowers as wilful defaulters within six months of loans turning bad. Apart from various judgements by high courts and the Supreme Court, the regulator said it has received suggestions from banks and other stakeholders on the matter. The new draft provisions would apply to banks, non-banking financial companies (NBFCs) and all-India financial institutions like the Export-Import Bank of India (Exim Bank) and the National Bank for Agriculture and Rural Development (Nabard).