Which of the following is governed by the provision of section 42 of the Reserve Bank of India Act 1949?
As per the amendment, sub-section (1) of Section 42 of the RBI Act, 1934 was amended enabling the Reserve Bank, having regard to the needs of securing monetary stability in the country, to prescribe CRR for scheduled banks without any floor or ceiling rate.
What is DBOD?
Department of Banking Operations & Development (DBOD) is a department of the Reserve Bank of India (RBI) entrusted with the responsibility of the supervision, control and development of the commercial bank system in India.
What is governed by the provision of section 42 of the Reserve Bank of India Act, 1934?
Under section 42(1) of Reserve Bank of India Act, 1934, all Scheduled Banks are required to maintain with Reserve Bank of India a Cash Reserve Ratio (CRR) of 4% of Net Demand and Time Liabilities (NDTL).
Under which Act does RBI issue directives to banks?
Banking Regulation Act, 1949
Reserve Bank of India is authorized to issue directives to banks under Section 21 of Banking Regulation Act, 1949 in the interest of depositors, members of public or banking policy.
Who can withdraw joint FD?
Generally, for premature withdrawal of a jointly held FD, banks require the depositor to produce signatures of all the joint account holders despite the FD having mode of operation as ‘either or survivor’ or ‘anyone or survivor’ or ‘former or survivor’.
What is either and Survivor?
Either (Or) Survivor – This is the most common form of joint account. Only two individuals can operate the account i.e., primary account holder and secondary account holder. The final balance and interest (if any) will be paid to the survivor on death of anyone of the account holders.
What is Second Schedule of RBI?
The six banks were Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank. All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks.
Which of the following conditions must be fulfilled before a bank is included in the Second Schedule to the Reserve Bank of India Act?
Scheduled banks are banks that are listed in the 2nd schedule of the Reserve Bank of India Act, 1934. The bank’s paid-up capital and raised funds must be at least Rs5 lakh to qualify as a scheduled bank.
Who appoints Deputy Governor of RBI?
T Rabi Sankar
The Appointments Committee of the Cabinet has approved the appointment of T Rabi Sankar, Executive Director, RBI, as Deputy Governor of Reserve Bank of India (RBI) for a period of three years. He succeeds B P Kanungo, who retired on April 2.
What is Section 42 of the RBI Act 1934?
As per the amendment, sub-section (1) of Section 42 of the RBI Act, 1934 was amended enabling the Reserve Bank, having regard to the needs of securing monetary stability in the country, to prescribe CRR for scheduled banks without any floor or ceiling rate. Accordingly, with effect from April 1, 2007,…
What are liabilities of a bank under RBI Act?
As defined under Section 42 of the RBI Act, 1934, liabilities of a bank may be towards the banking system or towards others in the form of demand and time deposits or borrowings or other miscellaneous items of liabilities.
What is the time limit for filing form’a’under RBI Act?
Under Section 42 (2) of the RBI Act, 1934, all SCBs are required to submit to Reserve Bank a provisional Return in Form ‘A’ within 7 days from the expiry of the relevant fortnight which is used for preparing press communiqué. The final Form ‘A’ Return is required to be submitted to RBI within 20 days from expiry of the relevant fortnight.
When did the Reserve Bank of India Act come into force?
The RBI Act, 1934 was amended by Parliament in June 2006 and the Reserve Bank of India (Amendment) Bill, 2006 came into force with effect from April 1, 2007.