Banking Updates

RBI Cancelled 12 cooperative bank's licence The Reserve Bank of India (RBI) has cancelled the licenses of 12 crisis-ridden cooperative banks in 2022 and imposed penalties around 110 times on wrongdoers, according to a Moneycontrol analysis. The banks whose permits have been cancelled by the RBI include Independence Cooperative Bank Limited, Mantha Urban Cooperative Bank Ltd, People’s Cooperative Bank Limited, Mudhol Cooperative Bank Limited, Millath Cooperative Bank Limited and others. This was in line with the trends seen in previous years. The central bank has been clamping down on errant cooperative banks in the last few years. Cooperative banks, which have played a critical role in extending banking services in the villages, have been confronting a range of issues, including dual regulation, weak finances and interference by local politicians. Among these banks, urban cooperative banks (UCBs), which are fewer in number than rural cooperative banks but bigger in scale, have seen

ரிசர்வ் வங்கி அதிரடி உத்தரவு லாக்கர் அறையின் நுழைவு மற்றும் வெளியேறும் பகுதிகள் மற்றும் பொதுவான பகுதிகளில் உள்ள சிசிடிவி கேமரா பதிவுகளை கட்டாயம் சேமித்து வைத்திருக்க வேண்டும். வங்கி லாக்கர் பயன்படுத்துவர்கள் ஒப்பந்தத்தில் கையெழுத்திட வேண்டும் என ரிசர்வ் வங்கி அறிவுறுத்தியுள்ளது. இதற்கான புதிய வழிகாட்டுதல்கள் ஜனவரி 1-ம் தேதி அமலுக்கு வருகிறது. குறைந்தபட்சம் 180 நாட்கள் லாக்கர் அறையின் நுழைவு மற்றும் வெளியேறும் பகுதிகள் மற்றும் பொதுவான பகுதிகளில் உள்ள சிசிடிவி கேமரா பதிவுகளை கட்டாயம் சேமித்து வைத்திருக்க வேண்டும் என வங்கிகளுக்கு ரிசர்வ் வங்கி அறிவுறுத்தியுள்ளது. புதிய விதிமுறைப்படி வங்கியின் கவனக்குறைவால் பாதுகாப்பு பெட்டகத்தில் உள்ள பொருட்களுக்கு ஏற்படும் இழப்புக்கு வங்கிகளே பொறுப்பேற்க வேண்டும். லாக்கரில் சட்டத்திற்கு புறம்பான பொருட்கள் அல்லது அபாயகரமான சாதனங்களை வைக்கக் கூடாது என்பதை வாடிக்கையாளர்கள் உடனான ஒப்பந்த பத்திரத்தில் வங்கிகள் சேர்க்க வேண்டும் என்று கேட்டுக் கொள்ளப்பட்டுள்ளது. லாக்கர் வாடிக்கையாளர்களிடம் 3 ஆண்டுகளுக்கான முன் வைப்புத் தொகையை வங்கிகள் பெற்றுக் கொள்ளலாம் என்றும்

RBI’s Revised Bank Locker Rules The Reserve Bank of India’s revised bank locker rules will come to effect from January 1, 2023. What are the revised bank locker rules? The revised bank locker rules were released by the RBI on August 2021. All the existing locker depositors are required to provide proof of eligibility to access renewed locker arrangements. Some of the key features of the new rules are: Model Locker Agreement Lenders are directed to use the Indian Banks’ Association (IBA)-drafted model locker agreement, which was created as per the Supreme Court orders and guidelines. The banks are required to ensure that there is no “unfair terms and conditions” in their locker agreements. The terms of the agreement must not be more “onerous than required in ordinary course of business” to safeguard the bank’s interests. CCTV Cameras in Safe Deposit Areas The banks are required to install CCTV camera at entry and exit points of the strong room and the common areas of operation. The guid

  Pradhan Mantri Suraksha Bima Yojana Details An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.  Premium Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme.   Coverage Duration The cover shall be for the one-year period stretching from 1st June to 31st May However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank  Accident cover assurance termination  The accident cover of the member shall terminate / be restricted accordingly on any of the following events: On attaining age 70 years (age nearer birthday). Closure of account with the Bank or insufficiency of balance to keep the insurance in force. In case a member is covered through more than one account and premium is

  Pradhan Mantri Jan Arogya Yojana Details PMJAY is a health insurance scheme for low-income Families of rural and urban areas. The scheme aims to provide affordable health care facilities to the Poor.  Key Features of PM-JAY PM-JAY is the world’s largest health insurance/ assurance scheme fully financed by the government. It provides a cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization across public and private empanelled hospitals in India. Over 10.74 crore poor and vulnerable entitled families (approximately 50 crore beneficiaries) are eligible for these benefits. PM-JAY provides cashless access to health care services for the beneficiary at the point of service, that is, the hospital. PM-JAY envisions to help mitigate catastrophic expenditure on medical treatment which pushes nearly 6 crore Indians into poverty each year. It covers up to 3 days of pre-hospitalization and 15 days post-hospitalization expenses such as diagnostics and medicines.

  Good Governance Day: Celebrating Atal Bihari Vajpayee, who changed the way India governed      Every year on December 25, India celebrates Good Governance Day or Sushasan Diwas. The day was established in 2014 to honour former Prime Minister Atal Bihari Vajpayee on his birthday. Under Vajpayee's visionary leadership, efforts to improve governance began to show up in the lives of the people. Why do we celebrate Good Governance Day?       The purpose of the day is to inform citizens about the government's responsibilities and duties. Good Governance Day is observed to promote the welfare and advancement of the people. The day attempts to ensure a highly effective and accountable government for the country's citizens. It also aims to bring citizens closer to the government and to make them active participants in the process of good governance. On December 23, 2014, India's highest civilian award, the Bharat Ratna, was bestowed upon Atal Bihari Vajpayee and Pandit Madan M

  Pradhan Mantri Suraksha Bima Yojana Details An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. Premium  Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment on or before 1st June of each annual coverage period under the scheme. Coverage Duration The cover shall be for the one-year period stretching from 1st June to 31st May However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit of premium by Bank Accident cover assurance termination The accident cover of the member shall terminate / be restricted accordingly on any of the following events: On attaining age 70 years (age nearer birth day). Closure of account with the Bank or insufficiency of balance to keep the insurance in force. In case a member is covered through more than one account and premium is rec

  Pradhan Mantri Jeevan Jyoti Bima Yojana      PMJJBY is an insurance scheme by Ministry of Finance, offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks / Post office for this purpose. All individual account holders of participating banks/ Post office in the age group of 18 to 50 years are entitled to join. Aadhaar is the primary KYC for the bank / Post office account. REVISED RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA  YOJANA  (w.e.f. 1.6.2022) 1. Details of the scheme: PMJJBY is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessar

  What is Basel III? The Basel III accord is a set of financial reforms that was developed by the Basel Committee on Banking Supervision (BCBS), with the aim of strengthening regulation, supervision, and risk management within the banking industry. Due to the impact of the 2008 Global Financial Crisis on banks, Basel III was introduced to improve the banks’ ability to handle shocks from financial stress and to strengthen their transparency and disclosure. Basel III builds on the previous accords, Basel I and II, and is part of a continuous process to enhance regulation in the banking industry. The accord aims to prevent banks from hurting the economy by taking more risks than they can handle. The Basel Committee The BCBS was established in 1974 by the central bank governors of the Group of Ten (G10) countries, as a response to disruptions in financial markets. The committee was set up as a forum where member countries can deliberate on banking supervisory matters. BCBS is responsible f