Banking Regulation Act

Timelines
PMC Bank crisis: RBI raises withdrawal limit to Rs. 50,000

05 Nov 2019

PMC Bank crisis: RBI raises withdrawal limit to Rs. 50,000

The withdrawal limit for account holders of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank has been raised to Rs. 50,000, the Reserve Bank of India (RBI) said in a press release on Tuesday.

PMC Bank: SC dismisses petition to end cash withdrawal restrictions

18 Oct 2019

PMC Bank: SC dismisses petition to end cash withdrawal restrictions

On Friday, the Supreme Court refused to hear a petition filed on behalf of account holders in the Punjab and Maharashtra Co-operative (PMC) Bank seeking the lifting of restrictions on cash withdrawals.

RBI: Rs. 11,302 crore lying unclaimed with 64 banks

18 Mar 2018

RBI: Rs. 11,302 crore lying unclaimed with 64 banks

Data from the Reserve Bank of India (RBI) has revealed that a whopping Rs. 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks - both public and private.

RBI fines Axis Rs. 3cr, IOB Rs. 2cr for violations

06 Mar 2018

RBI fines Axis Rs. 3cr, IOB Rs. 2cr for violations

The RBI has levied Rs. 3cr fine on Axis Bank and Rs. 2cr penalty on Indian Overseas Bank (IOB) for various violations.

UIDAI has no jurisdiction over banks: IBA protests directives

21 Oct 2017

UIDAI has no jurisdiction over banks: IBA protests directives

According to sources, the Indian Banks' Association (IBA) has written to the RBI, IT Ministry and finance ministry questioning whether the UIDAI has the power to issue directives to banks under the Aadhaar Act.

3 years of Modi - how has business landscape changed?

26 May 2017

3 years of Modi - how has business landscape changed?

As NDA government is now on the mature end of its tenure, it's not only India which is watching its every move but the entire world is.

President approves Ordinance to amend Banking Regulation Act

05 May 2017

President approves Ordinance to amend Banking Regulation Act

President Pranab Mukherjee has given his approval for the ordinance that seeks to amend the Banking Regulation Act. The amendments seek to resolve the non-performing assets crisis.

Cabinet ordinance gives RBI much-needed boost to tackle defaulters

04 May 2017

Cabinet ordinance gives RBI much-needed boost to tackle defaulters

A much-needed ordinance is on the verge of being passed, which would enable the RBI to tighten its grip on loan defaulters by making an amendment to the Banking Regulation Act.

90% demonetized notes returned, Modi defends move

28 Dec 2016

90% demonetized notes returned, Modi defends move

Sources said that over 90% of the demonetized notes have been returned to banks; PM Modi defended the demonetization scheme, saying the move destroyed "terrorism, drug mafia, human trafficking and underworld."

Printing of 500-rupee notes increases threefold

24 Dec 2016

Printing of 500-rupee notes increases threefold

500-rupee notes printed daily at the Currency Note Press (CNP) in Nashik saw a threefold increase as steps are being taken to meet shortage of newly introduced currency.

RBI's stocked currency will last beyond December: Jaitley

20 Dec 2016

RBI's stocked currency will last beyond December: Jaitley

According to Finance Minister Arun Jaitley, the Reserve Bank of India was fully prepared to face currency shortages post demonetization; it has enough currency to last "far beyond 30th December."

Demonetization: Centre, RBI spar over SBS accounts freeze

12 Dec 2016

Demonetization: Centre, RBI spar over SBS accounts freeze

Rajnath Singh slammed the RBI for freezing 52,000 accounts in the State Bank of Sikkim calling it a roadblock to the implementation of demonetization; RBI contends that SBS is not covered under the Banking Regulation Act.

RBI cuts validity of old Rs.500 notes

01 Dec 2016

RBI cuts validity of old Rs.500 notes

The RBI in a sudden move has reduced the validity of old Rs.500 notes to be used in petrol pumps and to buy airline tickets.

Demonetization reaches half-way mark, cash-crunch still on

30 Nov 2016

Demonetization reaches half-way mark, cash-crunch still on

RBI data revealed that so far Rs.8.44 trillion in old notes has been exchanged at banks, against an estimate of Rs.16 trillion in old notes in circulation.

Declare unaccounted cash for 50% Income Tax

27 Nov 2016

Declare unaccounted cash for 50% Income Tax

Sources said the government may be in the process of amending the IT Act to be able to penalize individuals depositing unaccounted money in their accounts.