Banks are required to have at least 2 Whole Time Directors on Board: RBI
On 25-10-2023, the Reserve Bank of India (‘RBI’) directed all the Private Sector Banks and Wholly Owned Subsidiaries of Foreign Banks to
RBI
RBI extends last date of exchange of Rs. 2000 banknotes until 7-10-2023
On 30-9-2023, the Reserve Bank of India (‘RBI’) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes
Banking the Unbanked: BNPL as a Tool for Financial Inclusion in India and the Barriers in Achieving it
by Hrishikesh Reddy Kothwal*
RBI issues Master Directions on Classification, Valuation and Operation of Investment Portfolio of Commercial Banks excluding RRBs
On 12-9-2023, the Reserve Bank of India (‘RBI’) notified the Classification, Valuation and Operation of Investment Portfolio of Commercial Banks, Directions, 2023
RBI asks lenders to maintain additional daily balance to keep liquidity tight
On 8-9-2023, the Reserve Bank of India (‘RBI’) decides to discontinue the Incremental Cash Reserve Ration (‘I-CRR’) in a phased manner and
‘Google Pay is a mere third-party app provider, no authorization required from RBI’; Delhi HC dismisses PIL to cease Google Pay’s operations
“A third-party app such as Google Pay obtains approval from National Payments Corporation of India (‘NPCI’) for operating on the UPI platform and RBI has issued the Certificate of Authorisation to the NPCI to operate various retail payment systems in India including UPI.”
Delhi High Court dismisses PIL seeking quashing of RBI notification regarding withdrawal of 2000 banknotes from circulation
Delhi High Court observed that the decision is not to demonetize Rs. 2000 bank notes but only a direction to the banks to desist from issuing Rs. 2000 denomination notes to its customers and to ensure that no withdrawal of Rs. 2000 denomination notes is allowed from the banks holding currency chest.
Selection of Auditors for Cooperative banks: Himachal Pradesh High Court upholds NABARD’s guidelines
Himachal Pradesh High Court said that to assist the respective State Governments to choose the right persons to conduct statutory audits, the NABARD had issued the impugned letter prescribing broad guidelines
Loan settled but account frozen for outstanding amount; NCDRC directs HSBC to pay compensation of Rs 15 lakhs for deficiency in services
NCDRC held the HSBC officials negligent and deficient in service entitling the complainants to compensation for unwarranted humiliation, embarrassment and loss of reputation.
RBI imposes penalty of Rs. 30 Lakhs on Axis Bank Ltd. for wrongly levying penal charges on its credit card holders on account of late payment
On 23-6-2023, the Reserve Bank of India (‘RBI’) imposed a penalty of Rs. 30 lakhs on Axis Bank Ltd. for non-compliance with
Whether prior approval of RBI is required by an Asset Reconstruction Company for participating as Co-Resolution Applicant under IBC? NCLAT Answers
NCLAT observed that the principal objective of the IBC is ‘revival of the Corporate Debtor and Resolution’ and therefore “Liquidation ought to be the last resort, keeping in view the scope and spirit of the Code.”
‘PIL must be used as an effective weapon in armory of law for delivering social justice to the citizens’; Orissa HC dismisses petition challenging Rs. 2000 Notes Exchange
A publicity interest litigation should be nipped in the bud so that valuable time of the Court is saved which can be effectively utilized in reducing huge pendency of cases.
Not demonetisation but withdrawal of Rs. 2000 denomination banknotes from circulation; Delhi High Court dismisses PIL seeking RBI notification arbitrary
Delhi High Court noted that the present decision of the Government to dispense with Rs. 2000 denomination banknotes is not a decision towards demonetisation.
Banks, Financial Institutions using recovery agents to forcibly seize vehicles over non-payment of loan is illegal: Patna High Court
The right to recovery of the Banks and Financial Institutions if pitted against the constitutional right of life of a person to live with dignity and not to be deprived of without following the established procedure of law, the constitutional rights of the person shall prevail.
Who is liable for unauthorised transactions via prepaid payment instruments? Madras High Court answers
Madras High Court said that the RBI guidelines are issued not as a formality, but the entities subjected to the RBI regulations should comply with the conditions of the master circular in its true letter and spirit
RBI withdraws Rs. 2000 banknotes from circulation
RBI has directed to deposit the Rs. 2000 denomination banknotes in the bank accounts and/ or exchange them into banknotes of other denominations at any bank branch
Landmark Judgments on Banking Laws by the SC and HC’s in 2022 (RDDB, SARFAESI, RBI, BRA Enactments) Part II
by Siddharth R. Gupta† and Prakriti††
Cite as: 2023 SCC OnLine Blog Exp 29
Procedures for empanelment of lawyers in Banks not in compliance with Constitutional mandate; Madras HC directs Nationalised Banks to reform their system of selection
Madras High Court said that whether it is contractual employment, temporary engagements or otherwise, the procedure to be adopted by Banks must be transparent and in compliance with the mandates of the Constitution.
Explained| Supreme Court’s judgment on classifying borrower’s accounts ‘fraudulent’ by Lender Banks vis-a-vis Audi Alteram Partem
‘Audi alteram partem application cannot be impliedly excluded under the Master Directions on Frauds.’
RBI imposes monetary penalty of Rs. 6.77 crores on Mahindra & Mahindra Financial Services Ltd.
On 6-4-2023, the Reserve Bank of India (‘RBI’) imposed monetary penalty of Rs. 6.77 crores on Mahindra & Mahindra Financial Services Ltd.,