The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers. The RBI said it has reviewed the 'Deposit Locker/Safe Custody Article Facility provided by the banks' after taking into consideration various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks' Association (IBA).
Both the exchanges advised their trading members to exercise additional due diligence while trading in illiquid stocks either on own account or on behalf of their clients.
With the latest relaxation on withdrawal, more than 84 per cent of the depositors of the bank will be able to withdraw their entire account balance, the RBI said.
In second class AC, third class AC and chair car, tea to cost Rs 20, up by Rs 5, breakfast Rs 105, up by Rs 8, lunch and dinner Rs 185, up by Rs 10.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
The Wipro board has also approved a Rs 10,500 crore buyback plan under which it will buy back up to 32.3 crore shares at Rs 325 apiece.
Bharatiya Janata Party leaders Sarbananda Sonowal, Jyotiraditya Scindia and Narayan Rane, all of whom are being seen as probables for induction as ministers in the Modi government, arrived in the national capital on Tuesday amid indications that the Union Council of Ministers is likely to be expanded on Wednesday.
Australia also won last year's Twenty20 World Cup for the first time under Langer but there have been reports of player discontent over his coaching style.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
British nationals arriving in India, irrespective of their vaccination status, will have to undergo 10 days of mandatory quarantine from October 4 as part of the reciprocal actions initiated by the government following the vaccine certification row between the two countries.
'Where is the board's accountability in this whole transaction? The members of the earlier board who participated in approving and defending these acquisition are still in the current board,' the whistleblower said in a mail sent to US SEC and Sebi.
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
Local trains will be allowed to operate with 50 per cent capacity till 7 pm, while all shopping malls and markets will be allowed to remain open till 10 pm but with half their capacities, he said.
Rukh may be lit like a YouTube Short Film, and may have its share of other technical problems, but there's something disturbingly original about director Atanu Mukherjee's vision, Sreehari Nair feels.
Karvy group's commodity broking arm, too, is facing a liquidity crisis because of some issues related to NCDEX, said people in the know.
The prime minister may go for new faces with an eye on grooming younger leaders while also factoring in caste and regional balances
Advait Chandan decodes Aamir Khan.
On October 24, the NSE sought clarification from the IT major on the whistleblowers' allegations and why the company had not disclosed the same to the exchanges.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
"Is it possible for women to trek kilometers through the forest path and stand amongst the packed crowd?"
As a multi-agency probe into the NSE case gathers pace, the grant of preferential server and data access to select brokers and their suspected misuse are being investigated threadbare to unveil all quid pro quo arrangements in a highly-sophisticated scheme that worked like a cricket betting scandal, officials said on Monday. While the bourse has said it has taken several steps over the years to strengthen its technology infrastructure, including as per regulatory orders, the officials said certain fresh disclosures call for a detailed probe into whether a select group of individuals in high positions had banded together to make illicit gains by facilitating the preferential trading slots, beginning over a decade ago. Even a split-second faster access is said to result in huge gains for a trader.
With the above relaxation, more than 70 per cent of the depositors of the bank will be able to withdraw their entire account balance, the central bank said as most of its account holders have an average balance of just about Rs 10,000.
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Keep your mobile number and e-mail updated. When you receive the weekly report on cash holdings, check to ensure there is no discrepancy between the amount you have kept with the broker and what the latter has reported, advises Sanjay Kumar Singh.
The ministry's year-end review is silent on the continued occupation by Chinese troops of territory that India has always claimed and patrolled.
The group, headed by former RBI deputy governor H R Khan, has also pitched for liberalised investment cap, review of prohibited sectors for foreign investment for FPIs, permitting FPIs for off-market transactions and review of restriction on sovereign wealth funds for investment in corporate debt securities.
Public banks may have a tough time in 2015 as they had to write off Rs 1 trillion.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
The regulator said if the variable pay is up to 200 per cent of the fixed pay, at least 50 per cent of it should be in non-cash, and if the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
The additional cash will now give the Centre more headroom for stimulating the economy.
Taking advantage of the RBI's different accounting year, the Centre had started demanding an interim dividend till the time the latter's final balance sheet is prepared (usually in August). To address this anomaly, an expert committee led by former RBI governor Bimal Jalan had recommended aligning the RBI's financial year with that of the government.
The BCCI has told the teams to leave for UAE not before August 20 though some of the teams, including CSK, wanted to leave early.
Companies such as Tata Sons and Bharti Telecom, which are unlisted but have listed subsidiaries, may soon have to file periodic financial statements with the registrar of companies under the new provision of the Companies Act. The provision requires greater financial disclosures by a certain category of unlisted companies.
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
For the first time since its founder admitted to falsifying the company's accounts, Satyam Computer will come out with its financials for fiscal years 2008-09 and 2009-10 on September 29.
In the past few years, banks have been reducing the spread of retail loans for new customers while keeping the base rate unchanged.
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