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RBI Sets Non Official Directors Appointment Norms in Banks

New Delhi (ABC Live): Non Official Directors Appointment Norms : The details of norms and procedure for appointment of Non-Official Directors (NODs) on the Boards of Public Sector Banks (PSBs)/Reserve Bank of India (RBI)/Financial Institutions (FIs)/Public Sector Insurance Companies (PSICs) are as follows: Non Official Directors Appointment Norms   Criteria of experience The following categories of persons will be considered for ... Read More »

Insolvency and Bankruptcy Board of India Regulations, 2016

New Delhi (ABC Live): The Insolvency and Bankruptcy Board of India (Board), in exercise of its powers conferred under Section 240 of the Insolvency and Bankruptcy Code, 2016 (Code), has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. These Regulations inter alia provide for the details of activities from issue of liquidation order under Section 33 ... Read More »

India Holds 1136794 Active Companies in 2016

New Delhi (ABC Live): Active Companies in 2016: The growth of Indian corporate sector in terms of number of active companies for the financial year 2013-14, 2014-15, 2015-16  and 2016-17( up to 30.11.2016) is as under: Number of active companies As on 31st March Number 2014 9,52,433 2015 10,22,011 2016 10,88,780   2016* 11,36,794 *As on 30.11.2016 The impact of corporate ... Read More »

Ministry of Corporate Affairs Takes Actions against NSEL, FTIL

New Delhi (ABC Live): Ministry of Corporate Affairs has taken following actions against NSEL and its promoters and the defaulting companies under various provisions of the Companies Act, 1956: (i)         Ordered inspection under section 209A of the Companies Act, 1956 of books of accounts and other records of NSEL, Financial Technologies (India) Limited (FTIL – now name changed to 63 ... Read More »

Government Committee to Review Digital Payments Framework

New Delhi (ABC Live): Digital Payments Framework :The Government of India Committee to review the framework related to Digital Payments In compliance to the decision taken by the Union Cabinet in its meeting held on 24th February 2016, the Government of India constituted a Committee on Digital Payments to review the payments system in the country and to recommend appropriate ... Read More »

RBI Asks CICs to Provide Free Full Credit Report

New Delhi (ABC Live):  Free Full Credit Report : Reserve Bank of India (RBI) has directed that with effect from January 1, 2017, all Credit Information Companies (CICs) shall provide, upon request and after due authentication of the requester, a Free Full Credit Report (FFCR) containing all the details that figure in a full credit report that is accessed by ... Read More »

DMIC-PITF Trust Turns NICDIT with Upgraded Mandate

New Delhi (ABC Live): NICDIT : The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF Trust) and its re-designation as National Industrial Corridor Development & Implementation Trust (NICDIT) for integrated development of Industrial Corridors with permission to utilize financial assistance already sanctioned and ... Read More »

Indian Banks Non-Performing Assets Reaches Rs 6,30,323 Crore

New Delhi (ABC Live): Indian Banks Non-Performing Assets : The details of Total Advances and Gross Non-Performing Assets (GNPA) including the Number of accounts and Amount Involved of Public Sector Banks (PSBs) as on September 30, 2016 are as under. (Rs. in Crore) Name of the Bank   TOTAL ADVANCES GROSS NPA No. of Accounts Amount No. of NPA Accounts ... Read More »

India Share in World Trade Shows No Progress

New Delhi (ABC Live): India Share in World Trade: India share in world trade remained same for last five years. India’s performance in World trade based on the WTO database which provides the data calendar year-wise is given as follows: India’s Trade Performance: Percentage Share in World Trade Years India’s Share in World Merchandise Exports India’s Share in World Commercial ... Read More »

Airtel Payments Bank Commences Its Working

Mumbai (ABC Live): Airtel Payments Bank : Airtel Payments Bank Limited has commenced its operations as a payments bank with effect from November 23, 2016. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. Airtel M Commerce Services Limited ... Read More »