Taxation
In Mumbai, 926 bank branches to accept advance income tax payments

RBI said as many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai for the December quarter

Mumbai: To avoid long queues in front of the central bank counters, arrangements have been made at the Reserve Bank of India (RBI) and 926 branches of public and private sector banks in Mumbai and Navi Mumbai to receive advance tax for the December quarter, reports PTI.

 

"As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses," RBI said in a statement today.

 

Long queues and inconveniences can be avoided at the Reserve Bank of India counters if the assesses in Mumbai and Navi Mumbai utilise the services being made available at various designated branches of banks and deposit their income tax dues well in advance of the last date, it added.

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OBC hikes FD rates on select maturities by up to 0.5%

OBC said term deposits of maturity 91-179 days will earn an interest rate of 8% from existing 7.5%

 
New Delhi: State-owned Oriental Bank of Commerce (OBC) has hiked interest rates for its fixed deposit (FD) by up to 0.5% on the select maturities, reports PTI.
 
The new rates would be effective from Wednesday, OBC said in a statement.
 
Term deposits of maturity 91-179 days will earn an interest rate of 8% from existing 7.5%, it said.
 
At the same time, interest rate on fixed deposits of Rs15 lakh but less than Rs1 crore of the same maturity period has been raised by 0.25%. The new rate would be 8.25%.
 

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RBI sets up supervisory bodies for SBI and ICICI Bank

The central bank hopes that these college will become a key tool of consolidated supervision particularly considering the ever expanding footprint of Indian banks abroad

 
Mumbai: The Reserve Bank of India (RBI) has set up two supervisory bodies for State Bank of India (SBI) and ICICI Bank to ensure compliance of global prudential norms and reduce supervisory overlap, reports PTI.
 
"The objective of establishing supervisory college is to deal with supervisory issues revolving around these banks and establish a cooperation mechanism for cross-border supervision," RBI said in a statement.
 
Supervisory colleges have evolved the world over as an important component of effective supervisory oversight of an international banking group, it said.
 
This mechanism was developed with the aim of reducing supervisory overlap and filling in supervisory gaps for better supervisory co-operation enunciated in Basel II Framework, it said.
 
The concept, it said, was enunciated in the Basel Committee for Banking Supervision (BCBS) October 2010 Document, "Good Practice Principles on Supervisory Colleges".
 
Though India does not have any Systemically Important Banks (SIBs), with a view to benchmarking India with the best practices across the globe and in its capacity as the home country supervisor, the RBI decided to establish a supervisory college each for SBI and ICICI Bank. This is because both banks have vast expanse of overseas operations spreading across many supervisory jurisdictions.
 
For SBI there are nine host country supervisors. These are, Bangladesh Bank, Central Bank of Bahrain, National Bank of Belgium, Dubai Financial Services Authority, Financial Services Authority (London), Federal Financial Services Authority (BaFin), Bank of Mauritius, Nepal Rastra Bank and Monetary Authority of Singapore.
 
At the same time, ICICI Bank has seven host country supervisors including Central Bank of Bahrain, National Bank of Belgium, Financial Services Authority (London), Bank of Russia and Monetary Authority of Singapore.
 
RBI Deputy Deputy Governor KC Chakrabarty hoped the college, being a process and not a one-time forum, will become a key tool of consolidated supervision particularly considering the ever expanding footprint of Indian banks abroad.
 

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