Many countries, including the US, follow the Monday-Friday working days for banks. Currently, bank branches in India are closed on second and fourth Saturdays every month.
Russian banks and companies who have trade surpluses with Indian lenders are using those rupee funds to invest in domestic government debt, the head of the Indian Banks' Association (IBA) said on Tuesday. Investments by Russian banks and companies in Indian government bonds underline challenges in converting rupees into roubles, which has hampered attempts to widen non-dollar
Banks have made a case for lowering fixed deposit (FD) tenure to three years for availing tax benefits, in line with mutual fund products like equity-linked savings scheme (ELSS). Currently, the tax break is available on 5-year tax-saving FD schemes. One can claim an income tax deduction by investing money in a five-year FD scheme under Section 80C of the Income Tax Act, 1961.
Banks have been advised to revise their staff accountability policies based on the broad guidelines and frame the procedures with approval of the respective boards.