Minors over 10 years can operate bank accounts: RBI

Minors can operate bank accounts: RBI RBI has allowed banks to offer additional facilities as internet banking ,ATM,debit card and cheque book to a minor account holder. Banks should not allow a minors account to be overdrawn and that these accounts should always remain  in credit. RBI has given the leeway to banks to fix the minimum age at which they will allow minors to operate saving bank accounts independently . In a separate...

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FINANCE MINISTER ASKS PSB CHIEFS TO INCREASE USAGE OF SARFAESI LAW TO RECVOER BAD LOANS:

FINANCE MINISTER ASKS PSB CHIEFS TO INCREASE USAGE OF SARFAESI LAW TO RECVOER BAD LOANS: The finance ministry has asked public sector banks to increase the usage of Sarfaesi Act provisions to quickly recover bad loans. it also wants PSBs to adopt the latest sophisticated risk management tools to effectively measure risks in lending and price loans accordingly so that there is an improvement in the asset quality .These were measures suggested by the new Financial Services Secretary Mr.G.S.Sandhu to the PSB Chiefs. This development comes...

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MANAGEMENT AND GOVERNANCE ISSUE IN PUBLIC SECTOR BANK

MANAGEMENT AND GOVERNANCE ISSUE IN PUBLIC SECTOR BANK: Reserve bank of India and government over bad loans at public sector banks have led to a bitter exchange of notes between the banking regulator and the finance ministry that controls state run lenders. Bad loans at state run banks have gone up at a brisk pace ,unlike their private sector banks. The RBI says this was because of reckless lending to corporate and allegation that has not gone...

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