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A pilot project has been launched in Panchmahal and Banaskantha districts of Gujarat to expand the reach and capacity of rural cooperative banks. Bank accounts of all the members of cooperative societies are being opened in the District Central Cooperative Banks and Rupay Kisan Credit Cards are being distributed. The success of this model will be replicated in all districts to increase the footprint of rural cooperative banks. The pilot project has led to an increase in the flow of funds and number of transactions through Rupay Kisan Credit Cards.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QwEsrvD
CBDT has released the new ITR forms - ITR-1 and ITR-4 - for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY 2024-25 with the last date of July 31, 2024, unless extended.
Small banks face challenges in appointing new CEOs due to financial constraints, salary and banking experience constraints set by RBI. North East Small Finance Bank and Kerala-based Dhanlaxmi Bank are struggling to find suitable candidates. Equitas Small Finance Bank's founder P N Vasudevan accepted the board's request to continue leading the company after an unsuccessful CEO search. RBI guidelines discourage disproportionate salaries in relation to profits, making it difficult for small banks to attract top-tier candidates.
The Reserve Bank of India (RBI) will no longer have a director on the board of RBL Bank as the central bank-appointed additional director completes his two-year term. The absence of an RBI director on the board is seen as a positive sign, indicating confidence in the stability of RBL Bank. RBI chief general manager Yogesh Dayal, appointed in December 2021 during a period of uncertainty, concluded his two-year term on the board. Subsequently, in July 2022, R Subramaniakumar was appointed as the managing director and CEO of RBL Bank for a three-year term, with the approval of the RBI.
Green shoots in the investment cycle are becoming visible due to government spending in the infrastructure sector, according to Shanti Ekambaram, the whole-time director of Kotak Mahindra Bank. The government's focus on infrastructure development has created opportunities for private sector capital expenditure. The RBI has tightened norms for unsecured consumer credit, urging caution in the financial sector. Last month, the RBI revised norms for risk weights on certain consumer loans, increasing the capital buffer required for unsecured personal loans and potentially impacting banks' capital adequacy ratio.
