Commercial Banks Current Affairs - 2020

Cabinet approves amendment to bring Cooperative Banks under RBI Regulation

On February 5, 2020, the Union Cabinet approved to bring regulation of cooperative banks under Reserve Bank of India. In order to achieve this, the Cabinet approved amendments to Banking regulation act. Highlights According to the amendment, the cooperative banks will now hold the regulatory requirements that have been set for scheduled commercial banks. With Read More…

RBI issues norms to set up Currency Chests

The Reserve Bank of India (RBI) has issued guidelines for banks to set up new currency chests. The guidelines include: Area of the strong room/ vault of at least 1,500 sq ft. For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft. The new chests should have Read More…

RBI defers adoption of Ind-AS by 1 year for banks

The Reserve Bank of India (RBI) has deferred adoption of Indian Accounting Standards (Ind AS) by commercial banks for year (till April 2019) due to unpreparedness of banks to migrate to the new accounting system. RBI has requested Government to amend Banking Regulation Act, 1949 as format of financial statements as prescribed under Schedule 3 Read More…