Development Credit Bank is DCB Bank Ltd

 The name of "Development Credit Bank Limited" has been changed to "DCB Bank Limited" in the Second Schedule to the Reserve Bank of India Act, 1934 w.e.f. October 24, 2013 vide Notification DBOD.PSBD No. 10131/16.01.132/2013-14 dated November 25, 2013 and published in the Gazette of India (Part III Section 4) dated December 28, 2013.

NRIs as joint holders in Resident Bank Accounts

Reserve Bank of India vide its publication dated 9th January 2014 has liberalised facility to add NRI (Non-Resident Indian) close relative to be joint holder on "either or suvivor basis" in respect of all types of Resident Bank accounts (like SB / FD etc) . The guidlines are as follows:

Reserve Bank has received representations that for operational convenience the Non-Resident Indians (NRIs), as defined in Regulation 2(vi) of FEMA Notification No.5 dated May 3, 2000, may be permitted to operate such accounts on "Either or Survivor" basis. Accordingly, on a review, it has been decided that AD banks may include an NRI close relative (relatives as defined in Section 6 of the Companies Act, 1956) in existing / new resident bank accounts as joint holder with the resident account holder on "Either or Survivor" basis subject to the following conditions:

a) Such account will be treated as resident bank account for all purposes and all regulations applicable to a resident bank account shall be applicable.

b) Cheques, instruments, remittances, cash, card or any other proceeds belonging to the NRI close relative shall not be eligible for credit to this account.

c) The NRI close relative shall operate such account only for and on behalf of the resident for domestic payment and not for creating any beneficial interest for himself.

d) Where the NRI close relative becomes a joint holder with more than one resident in such account, such NRI close relative should be the close relative of all the resident bank account holders.

 

CERSAI to expand the scope of cover

Banks and lending institutions may soon be required to file with a central registry all information on loans sanctioned for gold jewellery, plant and machinery, corporate brands and logos. A legal working group set up by CERSAI and International Finance Corporation, under the chairmanship of M. R. Umarji, Chief Legal Advisor, Indian Banks’ Association, has recommended that the scope of CERSAI be expanded to cover movable assets, tangibles and intangibles. CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India), a state-owned entity, currently operates a central registry with which information on all equitable mortgages is filed by lending institutions.

Shikar Dhawan to be Brand Ambassador for Canara Bank

Canara Bank has roped in Mr. Shikar Dhawan, Cricketer to be its Brand Ambassador. The tenure of the deal is one or two years and the size of deal is expected to be Rs.1.25 cr.