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Bank safe deposit locker rules changing from 1 January 2022

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Bank safe deposit locker rules changing from 1 January 2022

The Reserve Bank of India (RBI) issued revised instructions on the management of lockers to all banks in accordance with an order of the Supreme Court in August. The revised directive will take effect on January 1, 2022

The Reserve Bank of India stated that it is recommended that banks formulate their own policy/operation guidelines approved by the board of directors in consideration of the revised instructions. “The revised directive will take effect on January 1, 2022 (unless otherwise specified) and will apply to new and old safe deposit boxes and bank storage facilities.”

In order to facilitate customers to make an informed choice, the bank should allocate lockers in the core banking system or any other compliance with RBI and ensure the transparency of locker allocation.

The central bank stated that if the lockers cannot be allocated, the bank should confirm receipt of all applications for the allocation of lockers and provide customers with a waiting list number.

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In February, Supreme Court Justices Mohan M Shatanagoudar and Vineet Saran asked the Reserve Bank of India to formulate uniform rules for the management of lockers for all banks within six months.

The Supreme Court has stated that opening lockers without following legal procedures will be interpreted as a serious negligence by the bank, adding that banks should not be free to impose unilateral and unfair terms on consumers.

For the sake of clarity, the Reserve Bank of India may also issue appropriate rules regarding the bank’s liability for any loss or damage to the contents of the lockers.

“In our opinion, the current regulations are inadequate and confusing. Each bank follows its own set of procedures,” the court said.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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