Banking Updates

 N ew District in the State of Assam Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility RBI/2022-23/157 FIDD.CO.LBS.BC.No.14/02.08.001/2022-23 December 20, 2022 The Chairman / Managing Director & Chief Executive Officer Lead Banks Concerned Madam/ Dear Sir, Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility The Government of Assam vide Gazette Notification No.GAG(B) 491/2019/107 dated January 12, 2021 had notified formation of a new district in the state of Assam. It has been decided to assign the lead bank responsibility for the new district as under: Sr No Newly Created District Erstwhile District Sub-Division under newly created district Lead Bank Responsibility assigned to District Working Code allotted to new district 1 Bajali Barpeta Existing Bajali sub-division of the district of Barpeta UCO Bank 01O (to be read as numeral zero, numeral one, alphabet O) 2. Further, the District Working Code of the ne

உலகில் மீண்டும் கரோன.   (Corona) புது தில்லி, டிச. 21 : சீனா, அமெ ரிக்கா உள்ளிட்ட நாடுகளில் கரோனா பரவல் திடீரென வேக மெடுத்துள்ள நிலையில், முகக்க வசம் அணிவது தடுப்பூசி செலுத் திக்கொள்வது உள்ளிட்ட தடுப்பு ஊர் கட்டாயம் பின் பற்ற வேண்டும் என்று மக்களை மத்திய அரசு எச்சரித்துள்ளது. இந்தியாவில் நிலவும் கரோனா சூழல் தொடர்பாக பல்வேறு துறை அதிகாரிகள் மற்றும் வல் லுநர்களுடன் மத்திய சுகாதாரத் துறை அமைச்சர் மன்சுக் மாண் டவியா தில்லியில் புதன்கிழமை நடத்திய ஆய்வுக் கூட்டத்தைத் தொடர்ந்து, இந்த எச்சரிக்கை விடுக்கப்பட்டது; மேலும், நாட்டில் கரோனா பரவல் கண் காணிப்பை வலுப்படுத்த அதிகா ரிகளுக்கு அமைச்சர் உத்தரவிட் டுள்ளார். சீனா உள்ளிட்ட நாடுகளில்... சீனா, ஜப்பான், அமெரிக்கா, தென்கொரியா, பிரேசில் உள் ளிட்ட நாடுகளில் கரோனா பர வல் மீண்டும் வேகமெடுத்துள் ளது. இதையடுத்து, இந்தியா வில் கரோனா நிலவரம் தொடர் விமானப் பய பான ஆய்வுக் கூட்டம், சுகாதார அமைச்சர் மன்சுக் மாண்டவியா தலைமையில் புதன்கிழமை நடை பெற்றது.   சுகாதாரம், மருந்து உற்பத்தி, உயிரி - தொழில்நுட்பம், ஆயுஷ் ஆகிய துறைகளின் செயலர்கள், இந்திய மருத்துவ ஆராய்ச்ச

Elon Musk Will Quit As Twitter CEO "As Soon As I Find Someone Foolish..." "I will resign as CEO as soon as I find someone foolish enough to take the job!", Elon Musk wrote on twitter. Official tweet Should I step down as head of Twitter? I will abide by the results of this poll. — Elon Musk (@elonmusk) December 18, 2022 Musk's $44 billion takeover of Twitter in October has been marked by chaos and controversy, with some investors questioning if he is too distracted to also properly run his electric vehicle automaker Tesla Inc , in which he is personally involved in production and engineering. This is the first time Musk has mentioned stepping down as chief of the social media platform, after Twitter users voted for him to resign in a poll, which the billionaire launched on Sunday evening. In the poll, 57.5% of around 17.5 million people voted "yes." Musk had said on Sunday he would abide by the results. He has not provided a time frame for when he wil

China Covid variant reaches India: 4 cases of BF.7 reported so far; 10 points So far, the country has reported four cases, with two detected in Gujarat and one case in Odisha. In Gujarat, two new cases of BF.7 have been detected in Vadodara and Ahmedabad. Covid variant BF.7, which has been responsible for the Covid surge being reported in China, has reached India. So far, the country has reported four cases, with three detected in Gujarat and one case in Odisha. In Gujarat, three cases of BF.7 have been detected in Vadodara and Ahmedabad. A 61-year-old woman living in the Sabhanpura area of Vadodara has tested positive for the new variant, which is behind the massive surge in China. Here are ten things to know about this Omicron sub-variant - The Gujarat Health Department on Wednesday said that two patients infected with BF.7 and BF 12 variants of Omicron were reported in July-October-November-2022. The department said these patients were treated in home isolation and have fully recove

Omicron BF.7: Cases of highly infectious strain rise in India; experts on symptoms, precautions and fresh wave . Three cases of BF.7 strain, that is driving the current wave of Covid infections in China, have been detected in India so far.  Will it cause a fresh wave in India?  What are its symptoms?  Know from experts. Omicron variant is known to spread very fast and has a shorter incubation period. It has been reported that it will infect 60% of people in China in the coming three months. (Pixabay) Three cases of Omicron BF.7 strain, that is driving the current wave of Covid infections in China, have been detected in India so far. The first case of the highly infectious strain with greater transmissibility was detected in Gujarat earlier in October. With 2 in Gujarat and 1 in Odisha, the number of Omicron BF.7 cases in India now stand at 3. While this hasn't really created a big panic so far, the new Omicron variant is known to spread very fast and has a shorter incubation period

What is Share Buyback/Repurchase ? Share or stock buyback is the practice where companies decide to purchase their own share from their existing shareholders either through a tender offer or through an open market. In such a situation, the price of concerning shares is higher than the prevailing market price. When companies decide to opt for the open market mechanism to repurchase shares, they can do so through the secondary market. On the other hand, those who choose the tender offer can avail the same by submitting or tendering a portion of their shares within a given period. Alternatively, it can be looked at as a means to reward existing shareholders other than offering timely dividends. However, company owners may have several reasons for repurchasing their stocks. Individuals should make a point to find out the underlying causes to make the most of such decisions and also to benefit from them accordingly. Reasons for Share Buyback? There may be several reasons why a company opts

SEBI DOESN’T WANT PETER TO PAY PAUL’S TAX IN BUYBACKS Calling the current taxation rules problematic with respect to buyback of shares by companies, SEBI said it is working with the finance ministry to address the issue. Right now Peter pays for Paul’s tax. So that is not a very good idea,” said SEBI chief Madhabi Puri Buch.  Currently, buybacks of shares are allowed under two routes: tender route and open market route. In the first instance, the company invites shareholders to sell the shares to it at a fixed price for a fixed period of time when the tender is open. In this case, not all shareholders may want to sell their holdings back to the company.  However, present rules mandate that the company that offers to buy back its shares shoulders the tax liability which eats into the value of shareholders choosing not to tender the shares. Essentially, shareholders cough up taxes for not participating in a transaction. SEBI has proposed to phase out the stock exchange route for buybacks

RBI Imposes Monetary Penalty on the following Banks (Part 6) The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, district Ahmedabad (Gujarat) The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, district Ahmedabad (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agre

RBI Imposes Monetary Penalty on the following Banks (Part 5) The Bodeli Urban Co-operative Bank Ltd., Bodeli, Dist. Chhota Udepur (Gujarat) The Reserve Bank of India (RBI) has, by an order dated December 16, 2022, imposed a monetary penalty of ₹2.25 Lakh (Rupees Two Lakh Twenty Five Thousand only) on The Bodeli Urban Co-operative Bank Ltd., Bodeli, Dist. Chhota Udepur (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’ and ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in reg

RBI Imposes Monetary Penalty on the following Banks (Part 4) The Halol Mercantile Co-operative Bank Ltd., Halol, Dist. Panchmahal (Gujarat) (Part 4) The Reserve Bank of India (RBI) has, by an order dated December 16, 2022, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Halol Mercantile Co-operative Bank Ltd., Halol, Dist. Panchmahal (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agre

RBI Imposes Monetary Penalty on the following Banks (Part 3) Nagarik Sahakari Bank Ltd., Babra, district Amreli (Gujarat) The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Nagarik Sahakari Bank Ltd., Babra, district Amreli (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) © read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customer

  RBI Imposes Monetary Penalty on the following Banks (Part 2) The Bechraji Nagarik Sahakari Bank Ltd., Bechraji, district Mehsana (Gujarat) The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹50,000/- (Rupees fifty thousand only) on The Bechraji Nagarik Sahakari Bank Ltd., Bechraji, district Mehsana (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) © read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement en

RBI Imposes Monetary Penalty on the following Banks (Part 1) Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, district Vadodara (Gujarat) The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹50,000/- (Rupees fifty thousand only) on Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, district Vadodara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) © read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or ag

SBI PO Exam Analysis 19 December 2022- Good Attempts Section Shift 01 Shift 02 Shift 03 Shift   04 English Language 18-22 17-23 18-20 19-21 Quantitative Aptitude 12-14 12-18 16-19 15-18 Reasoning Ability 23-26 22-25 24-27 25-27 Overall Good Attempts 55-59 51-59 53-60 55-60 Reasoning Topics Shift 01 Shift 02 Shift 03 Shift 04 Puzzle 10 18 15 14 Seating Arrangements 15 8 10 10 Syllogism 3 3 3 3 Blood Relation 3 3 3 3 Inequalities 3 - - 3 Miscellaneous 3 3