RBI Revises Guidelines on Inactive Accounts and Unclaimed Deposits in Banks
Banks to conduct an annual review for accounts that have had no customer transactions for over a year.
February 6, 2024
Banks to conduct an annual review for accounts that have had no customer transactions for over a year.
The Master Directions bring about a significant shift in the risk management practices of banks for both domestic and international borrowers.
The RBI has reviewed and revised the instructions regarding bulk deposits for Urban Co-operative Banks (UCBs).
The Master Direction on KYC dated Feb 25, 2016, and subsequent amendments, requires REs to conduct Customer Due Diligence, following the process outlined in the directive.
The RBI has recently made amendments to the Credit and Investment concentration norms on 15 January, 2024.
RBI has issued guidelines for the appointment or re-appointment of Statutory Auditors (SAs) of State and Central Co-operative Banks.
The RBI issued guidelines on Exposure Norm and Statutory/Other Restrictions for UCBs vide circular RBI/2023-24/114,DoR.CRE.REC.71/07.10.002/2023-24.
Certified copies of specimen signatures stored by the Bank on its documents can be evidence of genuineness of the signature on the cheque.
Banks cannot arbitrarily charge high varying interest rates without proper justification and due intimation to and consent of the borrower.
IRDAI has proposed to do away with the requirement of obtaining prior approval for the listing of shares of insurers on stock exchanges.
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