Bank / Bank Audit

NFRA introduces audit quality inspections

(NFRA) has published its audit quality inspection guidelines  as a step towards  further  improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to the functioning of independent audit regulators, world-wide. The International Forum for Independent …

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Measures taken by the Government to protect the interest of investors/account holders in the bank

A number of steps are being taken by the Government to protect the interests of the investors/account holders in the bank. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today. The Minister further stated that the Deposit Insurance and …

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BANK GUARANTEE- CORPORATE FUNDING TOOL

BANK GUARANTEE Bank guarantees are part of non-fund-based credit facilities provided by the bank to the customers. Bank issue bank guarantee on behalf of his client as a commitment to third party assuring her/him to honour the claim against the guarantee in the event of the non-performance by the bank’s customer. Banks issue different types …

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Except SBI, all government banks will be private! Know latest updates

The government is moving fast regarding privatization in the country. The government is soon going to privatize two public sector banks, the preparation of which is almost complete. Bids have also started for many companies. If sources are to be believed, privatization may start by September this year. On the other hand, government employees are …

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Bank Alert: Banks Will Be Closed For 12 Days in June 2022

Bank Holiday List June 2022: These holidays include Sundays/ second and fourth Saturdays. However, let us tell you that during these holidays the online services of banks will continue, that is, you will be able to do your banking related work sitting at home. Let us inform here that bank holidays can also differ from one …

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ATM Cash Withdrawal: Now Soon You Will Be Able To Withdraw Money From ATM Without Card

RBI has issued a circular on May 19, 2022, directing all banks to start the facility of withdrawing money without card soon. This facility will be available 24 hours a day. In fact, in the meeting of the MPC held on April 8, 2022, this facility was announced by the Reserve Bank. The RBI governor …

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RBI board reviews the economic situation, approves giving dividend of Rs 30,307 crore to the central government

RBI: The RBI board has decided to transfer a surplus amount of Rs 30,307 crore to the central government for 2021-22. Under the chairmanship of RBI Governor Shaktikanta Das, the Central Board of Directors of RBI met in Mumbai. In the meeting, the current economic situation, from global domestic challenges to the impact of geopolitical …

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SBI Not Issued ‘No Due Certificate’ To Farmer For 31 Paise Outstanding, High Court Said Harassment

State Bank of India has been strongly reprimanded by the Gujarat High Court. Actually, this matter is related to the land deal of a farmer. The bank did not issue a ‘No Due Certificate’ (No Dues Certificate) to this farmer as only 31 paise remained outstanding.  The court expressed displeasure in this way The court of Justice …

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Don’t Act Like Raju And Don’t Become Victim Of Fraud: RBI

RBI has recently released a comic book namely “Raju & The Forty Thieves” to give message to people that don’t become victim of fraud. RBI has exposed modus operandi of financial fraudsters in this book. Raju is the character of these stories. One who comes easily to talk. Because of this he often has to …

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Bank Opening Time: Bank opening time has changed from today, customers will benefit, know how

Bank Opening Time: From today, banks will open from 9 am. In such a situation, customers will get one hour extra time to avail banking facilities in the bank. Bank Opening Time: A big news has come out for crores of bank customers across the country including Mumbai. There has been a big change in …

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UCO BANK

Applications invited from qualified Chartered/Cost Accountant or a firm of Chartered/Cost Accountants for empanelment as stock & Book Debts auditors

UCO BankHonours Your Trust Date : 06.04.2022 ZO/MUM/CRM/004/ 2022-23 NOTICE FOR EMPANELMENT OF STOCK AUDITORS FOR BRANCHES UNDER MUMBAI ZONE Applications in prescribed format are invited from qualified Chartered/Cost Accountant or a firm of Chartered/Cost Accountants registered with Institute of Chartered Accountants of India/Institute of cost Accountants of India for empanelment as stock & Book …

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RBI May Increase Repo Rate By 0.25 Percent From June, Preparing For Change in Liberal Stance

The Reserve Bank of India may increase the repo rate by half a percent in the coming two monetary policy reviews. It may increase by 25 basis points in June and 25 basis points in August. The effort of the central bank is to reduce the rate of inflation, due to which it will have …

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Cardless Cash Withdrawal To Be Available At All Banks

Taking note of the increasing cases of frauds while withdrawing money through ATMs, the Reserve Bank has taken a major decision. Under this, the facility of cardless cash withdrawal with the help of UPI will now be available on all banks. The RBI Governor said that through this facility, the cases of frauds that occur …

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RBI Imposes Ban On This Co-Operative Bank

The Reserve Bank of India has announced to impose a number of restrictions on Shushruti Soudhaar Sahakara Bank Regularity based in Bengaluru. In a statement issued by the RBI in this regard, it has been said that the bank can no longer give loans or accept deposits without its approval. These restrictions will remain in …

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RBI MoneTary Policy: Monetary Policy Review Meeting Began On 6th April

The two-day monetary policy review meeting of the Reserve Bank of India (RBI) has started from Wednesday. This meeting is headed by the central bank governor Shaktikanta and its results will be announced on April 8. If experts are to be believed, this time also the Reserve Bank can keep the policy interest rates unchanged.  …

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Trustee Units Of SBI, IDBI And Axis Under Siege, CCI Starts Investigation

The Competition Commission of India (CCI) is initiating an investigation into the trustee units of State Bank of India (SBI), Axis Bank and IDBI Bank. The investigation is being done following allegations of suspected collusion over fees. This is likely to spark a legal battle in the coming days. As per the rules, debt-raising companies …

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RBI Imposes Fine On Three Co-Operative Banks

RBI Imposes Fine On Three Co-Operative Banks

The Reserve Bank of India has taken action against three co-operative banks for non-compliance with the rules. The banks which have been penalized include Phaltan-based Yashwant Co-Operative Bank Ltd., Kokan Mercantile Co-operative Bank Ltd., Samta Co-operative Development Bank Ltd. According to the statement, RBI has taken action against these banks for non-compliance. It was informed …

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Big News: HDFC Will Merge With HDFC Bank, 41 Percent Stake Will Be Acquired

Big News: HDFC Will Merge With HDFC Bank, 41 Percent Stake Will Be Acquired

Housing Development Finance Corporation (HDFC) is going to be merged with HDFC Bank and its preparations have been completed. It was officially announced on Monday. Chairman Deepak Parekh said that after this transformational merger, HDFC will have 41 per cent stake in the bank. Process to be completed by 2024 HDFC said on April 4 that its …

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Alert: This Big Change is Happening in Punjab National Bank From Today

Alert: This Big Change is Happening in Punjab National Bank From Today

Cheque payment verification will be mandatory It is worth noting that since this rule applicable in PNB, it will be compulsorily verified at the time of issuance of cheque for payment. Without verification the cheque will not be passed under any circumstances. That is, this cheque will be returned without verification. Let us inform that …

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Banking Frauds Of 100 Crores Daily in India: RBI Claims

Banking Frauds Of 100 Crores Daily in India: RBI Claims

The country has lost Rs 100 crore everyday in the last seven years due to bank frauds. However, this loss amount is declining year after year. According to RBI, 83 per cent of banking fraud cases in the country are in just five states. Maharashtra tops it with 50 per cent, while Delhi is in …

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This Big Change To Happen in Axis Bank

This Big Change To Happen in Axis Bank

For customers who have salary or savings account in Axis Bank, new rules are being implemented from April 1, 2022. The bank has increased the limit of minimum balance in savings account from 10 thousand to 12 thousand rupees. According to the information given on the website of AXIS Bank, the bank has also changed …

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RBI Released Format Of Geo Tagging Of PoS Machines

RBI Released Format Of Geo Tagging Of PoS Machines

The Reserve Bank of India (RBI) on Friday released the format for geo-tagging of payment system touch points to co-monitor the availability of payment accepting infrastructure. According to the news of PTI, Geo-tagging refers to marking the geographical location (latitude and longitude) of the payment touch point on the part of the shopkeeper to receive …

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Bank Alert: Banks Will Be Closed For 4 Consecutive Days

Bank Alert: Banks Will Be Closed For 4 Consecutive Days

Banks across the country will remain closed for the next four days from Saturday due to the strike of various employees union in protest against other government decisions including privatization of banks. Various employees’ unions have called for a two-day strike on March 28-29. At the same time, the banks will be closed on 26 …

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Application Form For Empanelment of Concurrent Auditors/Revenue Auditors (Chartered Accountant)

Application Form For Empanelment of Concurrent Auditors/Revenue Auditors(Chartered Accountant) NOTIFICATION FOR CHARTERED ACCOUNTANT BANK OF MAHARASHTRA invites applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empaneled as Concurrent Auditors/Revenue Auditors of the Bank for specified branches for FY 2022-23. Following are the terms and …

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