Professional Documents
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Banking: An Introduction:
It may be noted that the Section 21A of the BR Act provides that the rate of
interest charged by a bank shall not be reopened by any court on the ground that
the rate of interest charged is excessive.
A bank's BPLR is the interest rate to be charged to its best clients; that is, clients
with the lowest credit risk.
Banks utilize the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (SARFAESI) as an effective tool for
NPA recovery.
At Present SLR is 25%.
The Bank Rate is determined by the RBI from time to time. It is the rate at which
the RBI lends to the banks, and should not be confused with the repo rate, which
is the lending rate the RBI uses in the daily repo (repurchase) markets.
RTGS: Real Time Gross Settlement
NEFT: National Electronic Fund Transfer introduced in Nov’2009
PFRDA: Pension Fund Regulatory and Development Authority
February 2006, RBI set up the Banking Codes and Standards Board of India
(BCSBI)
The Banking Ombudsman Scheme was introduced under Section 35 A of the
Banking Regulation Act (BR Act), 1949 with effect from 1995.
BCSBI: Banking Codes and Standard Board of India
Some Facts: