July 11, 2024

Regulated Entities (RE) must periodically ensure compliance with the RBI’s Circulars and Directives. A streamlined compliance process and thorough internal compliance monitoring are essential. The RBI Circular on 31 January 2024 provided a five-month deadline for a new directive for using technology to have a dashboard in place.  how banks and NBFCs can seamlessly integrate robust monitoring tools and mechanisms for a single dashboard by June 30, 2024. The financial sector is the backbone of any economy, and ensuring its stability and integrity is of paramount importance. As the custodian of the Indian financial system, the Reserve Bank of India (RBI) plays a crucial role in maintaining this stability through comprehensive regulations and oversight. The recent RBI directive (RBI/2023-24/117) dated 31 January 2024 emphasizes the critical importance of compliance for regulatory entities (REs) in India’s financial landscape. This directive aims to strengthen the regulatory framework, enhance financial stability, and protect consumer interests by ensuring REs adhere to established norms. By boosting investor confidence and aligning with global standards, the directive facilitates a trustworthy financial and regulatory environment conducive to innovation and growth, ultimately reinforcing the integrity and resilience of the Indian financial system. What does the RBI Circular 117/2023-24 say The RBI circular RBI/2023-24/117, dated 31 January 2024, directs RE to adopt and implement tools/mechanisms for monitoring all applicable compliances. It advocates that RE deploy a single/unified dashboard for better internal compliance monitoring. The Circular would apply based on the size and complexity of its operations. The tool/mechanism should do the following: Bring all stakeholders on one platform, showing all compliances in one place. Create a workflow for identifying, assessing, monitoring, and managing compliance requirements.  Escalate all non-compliances to the right stakeholder. Have a unified dashboard view for senior management on the compliance position of the regulated entity. Applicability of the RBI Circular 117 Small Finance Banks (SFB) Payments Banks Non-Banking Financial Companies (NBFC) (ML and UL) Housing Finance Companies Scheduled Commercial Banks (SCB) Primary (Urban) Co-operative Banks (Tier III and IV) Credit Information Companies All India Financial Institutions Deadline to comply with the RBI Circular 117 The time limit to comply with the RBI Circular is June 30, 2024. REs are advised to thoroughly review and update their internal compliance monitoring and tracking processes, making necessary adjustments to the existing systems or implementing new systems by June 30, 2024. The importance of compliance Compliance plays a pivotal role in ensuring the stability and trust of the financial system. It safeguards the interests of stakeholders, including customers, investors, and the broader economy. Non-compliance can expose REs to significant risks, such as reputational damage, legal liabilities, financial penalties, and potential regulatory sanctions. Moreover, in an era of heightened scrutiny and public accountability, adhering to regulatory requirements is essential for maintaining the credibility and sustainability of financial institutions. What is Internal Compliance Monitoring? Internal compliance monitoring is the act of continuously assessing within the RE whether it is complying with the regulatory requirements, including internal policies and specific industry standards. Its goal is to help enterprises achieve consistent regulatory compliance and avoid non-compliance. Internal monitoring of compliance assures that your team follows company policies and procedures. While internal auditing ensures that the necessary controls are in place, it’s through monitoring that one can determine whether or not staff are following those controls in their daily activities. This helps enterprises guard against liability, data breaches, and costly penalties. FAQs What is the RBI’s Single Dashboard Circular? The RBI’s Single Dashboard Circular is a regulatory directive aimed at streamlining the internal compliance monitoring of banks and Non-Banking Financial Companies (NBFCs). It mandates the implementation of a unified dashboard to oversee and manage compliance activities effectively. What is the purpose of the Single Dashboard? The Single Dashboard aims to enhance the efficiency and effectiveness of compliance monitoring within banks and NBFCs. It provides a centralized platform for tracking compliance activities, identifying potential issues, and ensuring timely resolution.

Business restructuring is a comprehensive process be it financial or technological or market or organisational. There are various modes by way of which it can take place such as re-organisation of capita, compromise/arrangement, merger/amalgamation, demerger, acquisition/takeover, slump sale, strategic alliance and such other similar modes. The primary motive behind undertaking any such rearrangement would be to prosper both in size and profits. The corporate restructuring process can be either be by any of the much traversed gradual way or a much faster way of selling off the business undertaking. Here it is important to note that the sale can happen in two ways, one is an entity sale and the other is an asset sale. The type of sale is determine which items of the business shall form part of the ownership transfer. A buyer is benefited from an asset sale by availing the depreciation benefits early and avoiding acquiring the former company’s liabilities. However, from a seller’s perspective an entity sale is preferable so as to pay taxes at a low long-term capital gain rate, as compared to the higher ordinary income tax rate applicable on asset sales. Re-organizing the business whether financial, technological, organizational by way of merger, amalgamation, arrangement, compromise, demerger, acquisition, takeover, strategic alliance or slump sale is a complicated and a lengthy process. Business Transfer Agreement Business Transfer Agreement is an agreement executed by and amongst the transferor and the transferee company to by way of executing a slump sale where every asset and the liability of one or more units transferred, sold, leased or assigned to any other for the lump sum consideration. This type of agreement provides ownership of other businesses. As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Purpose behind restructuring of business through Slump Sale is as follows:- Growth & betterment of the business Reaching out to the better profits. Reorganizing through slump sale attracts stamp duty only on immovable properties. The transferor has to pay a certain amount of capital gain arising from such transfer. Elements Which Requires Deep Understanding Before Executing Business Transfer Agreement Sale of any part of the undertaking Transferring the undertaking on a going concern basis Payment for such transfer should be in lump sum consideration Transfer assets & liabilities of that undertaking which will be transferred Importance of Business Transfer Agreements It helps in improving the business performance post-integration. It helps in facilitating the strategic investments. It helps in availing of tax and the regulatory advantages associated with the business. It helps in improving the focus on core areas and also helps in optimizing operational synergies Contents of Business Transfer Agreement Schedule of the Assets Schedule of the Liabilities Detail of the creditors List of the contracts List of the employees Lump-sum consideration involved Details of the total intellectual property Name of the parties Address of the parties Pending suits and cases under authority, if any Closing date Modes of Execution of Business Transfer Agreement Agreement to sell: It is only the way in which respective business undertaking is to be sold shall be laid down. The agreement executed itself does not result in  transfer of the undertaking on immediate basis, rather it is an underlying agreement whereby the intent of parties is laid down giving effect to an intended slump sale and the actual sale is carried out by diverse agreements/documents. Therefore, it only remains as an indication of the intention, effectuated by the subsequent binding documents. Deed of conveyance: It is the agreement or the Deed which leads to the sale of the business undertaking and the payment of consideration received for the undertaking. In this type of document, parties agrees to transfer the said undertaking and actually effects the transfer of undertaking. FAQs Does Agreement to sale means transfer of undertaking? No, Agreement to sell doesn’t mean the transfer of undertaking, it is merely an instrument where the intention of parties is laid down and parties mutually decide to reach a certain decision of purchase or sale of undertaking. What are legal and stamp duty implications? Business Transfer Agreement becomes legally binding when it is printed on judicial stamp paper or an e-stamp paper which is to be signed by both the Transferor(Vendor) and the Transferee(Purchaser), and has been dated. The value of the stamp paper depends state to state in which it will be executed. Each state in India has different provisions in respect of the amount of stamp duty to be paid.

Small Scale Industries (SSIs) are entities that are involved in the manufacturing, production, and services of products on a micro or small scale. The maximum investment in machinery, plants, and industries by Small Scale Industries cannot exceed Rs. 1 crore. Small Scale enterprises must come under the guidelines of the Government of India.  Small Scale Industries (SSI) are industries that manufacture, produce and render services on a small or micro scale level. In India, several SSIs exists in various fields such as handicrafts, toys, weaving, pickle making, food products, etc. These industries make a one-time investment in machinery, plant, and equipment, but it does not exceed Rs.10 crore and annual turnover does not exceed Rs.50 crore.Earlier industries that manufactured goods and provided services on a small scale or micro-scale basis were granted Small Scale Industries (SSI) registration by the Ministry of Small Scale Industries. However, after the government passed the MSME (Micro, Small and Medium Enterprises) Act in 2006, the small and micro-scale industries came under the MSME Act.  On 9 May 2007, subsequent to the amendment of the Government of India (Allocation of Business) Rules, 1961, the Ministry of Small Scale Industries and the Ministry of Agro and Rural Industries were merged to form the Ministry of Micro, Small and Medium Enterprises. Thus, the SSIs are included under the Ministry of MSME.  Currently, the SSIs are classified as small or micro-scale industries based on the turnover and investment limits provided under the MSME Act and they need to obtain MSME registration. The government provides many benefits to the small scale industries having MSME registration at present. Enterprise Registration under Small Scale Industry (SSI) The small scale industries are generally comprised of those industries which manufacture, produce and render services with the help of small machines and less manpower. These enterprises must fall under the guidelines, set by the Government of India. The SSI’s are the lifeline of the economy, especially in developing countries like India. These industries are generally labour-intensive, and hence they play an important role in the creation of employment. SSI’s are a crucial sector of the economy both from a financial and social point of view, as they help with the per capita income and resource utilisation in the economy. Ministry of Micro, Small, and Medium Enterprises (MSMEs) with the help of the Ministry of Small Scale Industries facilitates the registration process for Small Scale Industries. It is essential to obtain SSI registration to avail benefits of numerous government schemes, subsidies, and incentives. SSI registration form is available online for the applicant to fill and submit to get the registration number. According to the Ministry of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, MSMEs are classified into two types: 1. Manufacturing Enterprise2. Service Enterprise Characteristics of SSI Ownership- SSI’s generally are under single ownership. So it can either be a sole proprietorship or sometimes a partnership firm. Management- Generally, both the management and the control is with the owner/owners. Hence the owner is actively involved in the day-to-day activities of the business. Labor Intensive- SSI’s dependence on technology is pretty limited. Hence they tend to use labour and manpower for their production activities. Flexibility- SSI’s are more adaptable to their changing business environment. So in case of amendments or unexpected developments, they are flexible enough to adapt and carry on, unlike large industries. Limited Reach- Small scale industries have a restricted zone of operations. Hence, they can meet their local and regional demand. Resources Utilisation- They use local and readily available resources which helps the economy fully utilise natural resources with minimum wastage. Benefits of SSI Registration Loans at low or concessional interest rates SSIs can avail various tax rebates, after SSI registration SSI units are granted carry forward of credit for Minimum Alternate Tax (MAT) for up to 15 years Only SSIs are allowed to have access to certain government tenders Acquiring government licenses and certifications becomes easier once a unit receives a permanent registration As many concessions and rebates are available, therefore the cost of setting up of industry reduces SSI Registration Eligibility Criteria SSI registration can be obtained by both manufacturing units and service rendering enterprises. However, the registration eligibility criteria differ for SSI units in manufacturing and SSI units in service rendering as follows: SSI registration can be obtained for manufacturing units if the investment in plant and machinery (excluding land & buildings) is within any of the following levels: Micro Enterprises: Investment of up to Rs.25 lakhs in plant and machinery Small Enterprises: Investment of up to Rs.5 crores in plant and machinery Medium Enterprises: Investment of up to Rs.10 crores in plant and machinery SSI registration can be obtained for service rendering units if the investment in equipment (excluding land & buildings) is within any of the following levels: Micro Enterprises: Investment of up to Rs.10 lakhs in equipment Small Enterprises: Investment of up to Rs.2 crores in equipment Medium Enterprises: Investment of up to Rs.5 crores in equipment Pre-requisites for Establishing SSI Decision on the Ownership – An entrepreneur wishing to establish an SSI must first decide on the ownership structure of the SSI. The SSI can be established as a sole proprietorship firm, partnership or company. Product Selection -Next, entrepreneurs must decide whether the SSI will venture into manufacturing or provide service, the product/product range that needs to be manufactured and the quantity of production of products or the service that will be provided. Location – The location must be selected where the unit is to be established. The size of the plot, exact site, covered and open area must be decided. Once the location is finalised, the SSI unit should be established in that location and the business operation can start. The location of the established unit will be the registered address/primary address of the SSI unit. Registration – After the unit is established at the decided location, the SSI must obtain the Shop and Establishment Act registration, company registration, or partnership firm registration, as applicable. Once the registration is obtained, the establishment can start its business. SSI Registration-

With industrialisation, the increase in the number of products has made identification a tedious task, and hence there was a need for devising a system that would help in easy identification. And therefore in the year 1970, George J Laurer invented the system of the Universal Bar Code in the USA.  Barcode is a machine-readable image that is characterised by parallel lines varying in width and spacing between them and digits. Barcode is used to encode product details such as product numbers, serial numbers and batch numbers instantly.  It is used for product identification and used widely in supermarkets, clothing stores, malls, etc. and has inherent benefits like the elimination of errors, cost-effectiveness, time-saving and ease of managing inventory. This global identification system assists all the parties in the supply chain like manufacturers, logistics and wholesalers to identify the products easily. What is Barcode? Barcodes are vertical lines representation that can be scanned electronically to fetch the product details faster. Barcode is used to encode the product details instantly such as product numbers, serial numbers, and batch numbers. A barcode on product plays a vital role in the supply chain, enabling all participant like Manufacturers, transporter, wholesaler to identify products easily. In addition to that, a barcode on products plays a vital role in a supply chain, supermarkets, transportation, hospitals, and fast-moving retails chains. EAN-13 is the most commonly used type of barcode that has 13 numeric digits. UPC-A barcode is a superset of 12 numeric digits. How Do Businesses Use Barcodes? Inventory database – Large departmental stores with thousands of products manage their inventory through the barcode system. All the phases of the product cycle from manufacture to sale are tracked through the code. Asset tracking – All businesses today hold a large chunk of IT assets, and hence the barcode system is used for tagging and tracking the assets in the asset software. Tracking returns – The barcode system can be used for tracking returns, especially so in the online shopping world. Barcodes can also be attached to invoices so as to ease the tracking of payments from customers. Types of Barcode GS1 EAN/UPC Family Barcodes GS1 EAN/UPC Family of barcodes are instantly-recognisable barcodes that are printed on virtually every consumer product in the world. They are the longest-established and most widely-used of all GS1 barcodes. GS1 DataBar Family Barcodes DataBar barcodes are often used to label fresh foods. These barcodes can hold information like an item’s batch number or expiry date, in addition to other attributes used at the point-of-sale such the item weight. GS1 1D Barcodes GS1-128 and ITF-14 are highly versatile 1D barcodes that enable items to track through global supply chains. The GS1-128 barcode can carry any of the GS1 ID keys, plus information like serial numbers, expiration dates and more. The ITF-14 barcode can only hold the Global Trade Item Number (GTIN) and is suitable for printing on corrugated materials. GS1 2D Barcodes Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. A single 2D barcode can hold a significant amount of information and may remain legible even when printed at a small size or etched onto a product. A wide range of industries2D barcodes, from manufacturing and warehousing to logistics and healthcare Documents For Barcode Registration Letter requesting allotment of barcode PAN card of the entity Copy of audited balance sheet GST/VAT registration certificate Certificate of incorporation/partnership deed Memorandum of Association/Articles of Association Copy of cancelled cheque Process For Obtaining Barcode Registration The steps involved are: Step 1 – Fill the application Step 2 – Upload all the relevant documents Step 3 – Choose the type and number of barcodes required Step 4 – Confirm all the details Step 5- Pay the applicable fees Step 6- Track the status Advantages of Barcode Reduces error – Since the information on the barcode is all automated, the chances of errors are reduced since there is no manual intervention in the form of data entry. Cost-effective and convenient – Barcodes are easy to obtain, cost-effective, and convenient to print, and it can also be customised. Detailed information – Barcodes have the information related to the product like product numbers, serial numbers, batch numbers, and hence ensures the genuineness of the products. Optimised inventory – The movement of the products becomes smooth due to all information of the products being captured in the barcode and makes the movement through the supply chain hassle-free. Time saving – Registering a barcode saves a lot of time. Using a barcode reader, the code can be scanned, and the details can be obtained. Accurate and faster billing – The information linked to the barcode is all automated and accurate and helps in good and efficient decision making. Unique and global identification – The barcoding system facilitates unique identification that is globally recognised, and hence there will be no two products that will have the same code. FAQs What is a barcode and why is it needed? A barcode is a visual representation of data used for automatic identification and tracking of products. It is essential for inventory management, sales tracking, and logistics. Do I need different barcodes for different products? Yes, each unique product (or variant) typically requires its own unique barcode. This ensures accurate tracking and inventory management.

The marriage certificate serves as an official document confirming the union of two individuals in marriage. In India, marriages can be legally registered under either the Hindu Marriage Act of 1955 or the Special Marriage Act of 1954. Irrespective of the type of marriage, the issuance of a marriage certificate is mandated, serving as tangible proof of the marital status of the couple. In 2006, the Supreme Court of India ruled that registering marriages is essential to protect the rights of women.   Consequently, obtaining a marriage certificate post-marriage holds numerous advantages. This article delves into the Marriage Certificate India, highlighting its significance, eligibility criteria, the requisite documents, and the detailed application process. Please also note that to procure a marriage certificate, the groom must be above 21 years of age, while the bride must be above 18 years of age. What is a Marriage Certificate? After getting married, a couple can get a marriage certificate, which is a legal document. The officiant issues the marriage certificate, and once the legal process is over, the couple receives the licence. Documents Needed for Marriage Registration Jointly signed application form by both parties, i.e., the groom and the bride. Proof of birth for both parties, such as a matriculation certificate, birth certificate, or passport. The male partner should be at least 21 years old, and the female partner should be at least 18 years old, as per the Hindu Marriage Act, 1955, and the Special Marriage Act, 1954. Residential proof for both parties, which may include an Election Voter ID, PAN Card, Aadhar Card, Ration Card, or electricity bill. If the marriage occurred in a religious institution, a certificate from the institution confirming the marriage’s solemnisation. Payment of Rs. 100 for registration under the Hindu Marriage Act, 1955, and Rs. 150 for registration under the Special Marriage Act, 1954, to be made to the district cashier. A receipt of this payment must be attached to the application form. Two passport-size photographs of both parties, along with a marriage photograph if the marriage has already been solemnised. Wedding invitation card if the marriage has been solemnised. Affirmation from both parties confirming that they are not related in a manner prohibited by the Special Marriage Act, 1954 or the Hindu Marriage Act, 1955. If either party is a divorcee, an attested copy of the divorce decree must be provided with the application form. If either party is a widow or widower, the death certificate of the deceased spouse should be attached to the application form. An affidavit detailing the place, date, and time of the marriage, as well as the marital status and nationality of both parties, must be attached to the application form. Two witnesses from each side must be present at the sub-registrar’s office during the meeting. If the marriage has been solemnised, two witnesses who attended the wedding must also be present at the sub-registrar’s office during the meeting. Step by step procedure to register a marriage in India A marriage certificate is a document that declares two people married legally. Marriages in India are to be registered under the Hindu Marriage act, 1955 or the Special Marriage Act, 1954. In the year 2006, the Honorable Supreme Court made it mandatory in India to get a marriage registered to legalize it. Though most of the people know that it is a compulsion to get the marriage registered in India, they lack the knowledge of the marriage registration process and end up in either paying too much to an agent or getting too much troubled. Here is the online and offline procedure on how to register marriage online in India: Online registration for a marriage certificate Just like the other essential things available online in India these days, marriage registration online is also an option. Online registration is more preferred options because it saves time and troubles less, one does not have to stand in long queues and, especially in this era of social distancing. It skips one’s multiple meetings with the marriage registrar. Here are the steps on how to register marriage online. Open the government’s official website of the home state applicant belong to Browse the website and find the form for marriage registration online on the site Fill the personal details of both the parties of the marriage, as asked in the form Submit the form once it is filled Once the form is filled, marriage registrar will summon the applicant for a particular date and time. It is compulsory to present at the office of the marriage registrar on time with all the documents that are mentioned in the article below. Also, two witnesses from each side should be present at the time of the marriage at the marriage registrar office. It is noteworthy that the date and time of the marriage given by the marriage registrar for a marriage under the Hindu Marriage act, 1955 is approximately 15-30 days after submission of the form. Furthermore, in the case of the Special Marriage Act,1954, it is approximately 60 days. Offline registration for a marriage certificate Here’s the marriage registration process done in offline in India Under the Hindu Marriage Act, 1955 As discussed, marriages in India can be registered under either the Hindu Marriage Act, 1955 or Special Marriage Act, 1954. Irrespective of their religion, it is applicable to all citizens of India. The parties applying for a registration of marriage in India are only eligible, only if they are either Hindus, Sikhs, Jains or Buddhists. Also, if the marriage is already solemnized, the couple can apply for registration. One has to visit the office of the sub-registrar under whose jurisdiction, the marriage was solemnized. It can be done at the sub-registrar’s office, under whose jurisdiction; one of the partners is residing for more than six months. According to the customs and rituals of either of the party, a Hindu marriage can be solemnized. Under the Special Marriage Act, 1954 Irrespective of their religion, all the citizens of India can get their marriage registered under the Special Marriage Act, 1954. Under this

Punjab National Bank (PNB) is perhaps one of India’s oldest banks. The bank was initially established in Lahore, Pakistan and was founded by a number of leaders from the Swadeshi Movement. Over a 100 years later, the bank has established itself as a multinational financial and banking institution. The bank offers its customers a number of financial products and services that cater to almost every demographic. One of the many products that the bank offers its customers is the current account. A current account is a type of bank account that has been developed keeping in mind the nature of transactions for individuals who primarily carry out business activities. Current accounts permit account holders with the benefit of carrying out a large number of withdrawals and deposit transactions on a daily basis. PNB offers its customers 2 variants of the current account, one of which is the Smart Banking Current Account. The Smart Banking Current Account comes with a host of features and benefits that cater specifically to the needs of the account holder. The current account comes in 4 variants: PNB Silver, PNB Gold, PNB Diamond, and PNB Platinum.  Features and Benefits The Smart Banking Current Account offered by PNB can be opened with an initial deposit of Rs.5,000. The minimum quarterly average balance to be maintained in this account differs depending on the variant of the account. The minimum quarterly average balance to be maintained for each of the accounts are as follows: PNB Silver: Rs.1 lakh PNB Gold: Rs.2 lakh PNB Diamond: Rs.5 lakh PNB Platinum: Rs.10 lakh Much like the difference in the amount to be maintained as the minimum quarterly average balance, the penalty fee for non-maintenance of the minimum balance also differs. The non-maintenance charges for each variant of the account are as follows: PNB Silver: < Rs.1 lakh Rural and Semi-urban branches: Rs.500 per quarter Urban and metro branches–Below Rs.1 lakh but above Rs.10,000: Rs.500 Below Rs.10,000: Rs.1,000 PNB Gold: Rs.1,000 PNB Diamond: Rs.2,000 PNB Platinum: Rs.4,000 Accounts that opt for the bank’s Sweep-in and Sweep-out facilities are required to maintain a minimum balance of Rs.10 lakh The sweep-in and sweep-out facilities can only be carried out in multiples of Rs.50,000. The tenor of the term deposit ranges from 15 days to 91 days and is swept in on the 5th and 20th day of each month. In cases where these days fall on holidays, the amount will be swept in the next working day. An account holder who opts out of the sweep-in facility before 15 days will not have interest paid to them. The bank offers its RTGS and NEFT transfers free of charge to the account holders. Each variant of the Smart Banking Current Account receives a stipulated number of cheque leaves free of charge each quarter. The number of cheque leaves provided for the accounts are as follows: PNB Silver: 100 PNB Gold: 200 PNB Diamond: 300 PNB Platinum: 600 Similarly, the concessions and charges on cash deposits made to the accounts differ based on each variant and they are as follows: PNB Silver: Upto Rs.2 lakh can be deposited at the bank branch free of charge every day. Deposits made above this amount come with additional transaction fees. PNB Gold: Upto Rs.5 lakh can be deposited to the account each day. A certain fee is applicable for charges made above this limit. PNB Diamond: Upto Rs.5 lakh cash deposits can be made to the account every day. Transactional fees are applicable for deposits above the limit mentioned. PNB Platinum: Upto Rs.10 lakh in cash deposits can be made free of charge on a daily basis. Amounts above Rs.10 lakh attract a transactional fee. Cash withdrawal transactions made at the bank where the account is held do not attract any charges. Doorstep banking facilities are provided free of charge to individuals who hold the Gold, Diamond, and Platinum account. The sweep-in facility is not mandatory and the account holder can choose to opt out of the service. Corporates, proprietors, partners, and individuals can obtain a credit card against their Smart Banking Current Account after maintaining the standards expected of the account consistently for a period of 3 months. If the account holders operate their account in accordance with the rules set by PNB, account holders can avail instant credit of outstation cheques at any point regardless of the number cheques issued. Types of Current Account PNB Smart Banking Current Account This account is considered to be the most desirable current account rendering several features and privileges to the account holders. The account offers many banking needs for business with or without Sweep-in and Sweep-out facility. The Smart Banking Current Account has four different variants such as PNB Silver, PNB Gold, PNB Diamond and PNB Platinum. The Particulars The Variants PNB Silver PNB Gold PNB Diamond PNB Platinum The Minimum Quarterly Average Balance (QAB) 1,00,000 2,00,000   5,00,000   10,00,000 Initial Deposit 5,000 For Non Maintenance of QAB Charges (per quarter) Rural/Semi-Urban Branchesbelow Rs. 1 Lakh,  Rs. 500 1000 2000 4000 Urban/Metro Branches Below Rs.1 lakh but greater or equal to Rs. 10,000 Rs 500 Below Rs. 10,000 Rs 1000 The minimum amount required for Sweep-in and Sweep-out facility Rs. 10,00,000 Sweep-in and Sweep-out in multiples of 50,000 The Tenor of Term Deposit that is applicable at the card rate For 15 to 91 days. The amounts will be swept out on 5th and 20th of every month. RTGS/NEFT charges Free Free Cheque Leaves (per quarter)   100 200 300 600 The Concessions for  Cash Deposit Charges- Base Branch For Rs. 2 Lakh per day it is free after which there are charges Up to Rs. 5 Lakh per day free after which there are charges Up to Rs. 5 Lakh per day free after which there are charges Up to Rs. 10 Lakh per day free after which there are charges Local/ Outstation Non-base Branch For Rs. 50,000 per day free thereafter applicable charges For Rs. 1 Lakh per

Information about the dates for bank holidays in India can be very helpful in planning your visits to the bank as well as other financial transactions. Here is a comprehensive list of bank holidays in India in 2024 that will help to streamline your bank-related visits and transactions.  India has different types of banks, from the Central Bank (also known as the Reserve Bank of India or the RBI) to commercial banks, cooperative banks, Regional Rural Banks (RRB), Small Finance Banks (SMB), Local Area Banks (LAB), etc.  All these banks follow a schedule of national and government holidays set by the RBI but also have regional holidays depending on the state in which the branches are located. Apart from this, banks are also closed on all the second and fourth Saturdays every month.  Bank holidays vary from state to state. However, all banks remain closed on the second and fourth saturdays of each month. All banks also observe three national holidays, i.e., Republic Day (January 26), Independence Day (August 15) and Gandhi Jayanti (October 2). Additionally, banks remain closed on local festivals. Bank Holidays 2024 Date Day Holiday 1 January 2024  Monday New Year’s Day 12 January 2024  Friday Birthday of Swami Vivekananda 13 January 2024  Second Saturday Bank Holiday 15 January 2024  Monday Makara Sankaranthi / Pongal 17 January 2024  Wednesday Guru Gobind Singh Ji Birthday 26 January 2024  Friday Republic Day 27 January 2024  Fourth Saturday Bank Holiday 10 February 2024  Saturday/Second Saturday Losar 14 February 2024  Wednesday Basant Panchami 15 February 2024  Thursday Birthday of Md. Hazrat Ali/Lui-Ngai-Ni 24 February 2024  Saturday/Fourth Saturday Guru Ravidas Ji Birthday 25 February 2024  Sunday Thaipusam 8 March 2024  Friday Mahashivratri 9 March 2024  Second Saturday Bank Holiday 23 March 2024  Fourth Saturday Bank Holiday 25 March 2024  Monday Holi 29 March 2024  Friday Good Friday 1 April 2024  Monday Annual Closing of Bank Accounts 5 April 2024  Friday  Babu Jagjivan Ram’s Birthday 8 April 2024  Monday  Id-ul-Fitr/Ugadi 9 April 2024  Tuesday  Chaitra Sukladi/Gudi Padwa/Ugadi/Cheti Chand 13 April 2024  Second Saturday  Bank Holiday 14 April 2024  Sunday  Tamil New Year 21 April 2024  Sunday  Mahavir Jayanti  27 April 2024  Fourth Saturday  Bank Holiday  7 May 2024  Tuesday  Birthday of Guru Rabindranath Tagore  11 May 2024  Second Saturday  Bank Holiday  23 May 2024  Thursday  Budha Purnima  25 May 2024  Fourth Saturday  Bank Holiday  8 June 2024  Second Saturday  Bank Holiday  10 June 2024  Monday  Martyrdom Day of Sri Guru Arjun Dev ji  15 June 2024  Saturday  YMA Day  17 June 2024  Monday Id-ul-Zuha (Bakrid)  22 June 2024  Fourth Saturday  Bank Holiday  8 July 2024  Monday  Rath Yatra  13 July 2024  Second Saturday  Bank Holiday  17 July 2024  Wednesday  Muharram  27 July 2024  Fourth Saturday  Bank Holiday  10 August 2024  Second Saturday  Bank Holiday  15 August 2024  Thursday  Independence Day  19 August 2024  Monday  Raksha Bandhan  24 August 2024  Fourth Saturday  Bank Holiday  26 August 2024  Monday  Janmashtami (Vaishnva)  5 September 2024  Thursday  Tithi of Srimanta Sankardeva  7 September 2024  Saturday  Vinayagar Chaturthi  14 September 2024  Second Saturday  Bank Holiday  15 September 2024  Sunday  Thiruvonam  16 September 2024  Monday  Milad-un-Nabi or Id-e-Milad (Birthday of Prophet Mohammad)  28 September 2024  Fourth Saturday  Bank Holiday  1 October 2024  Tuesday  Half-Yearly Closing of Bank Accounts  2 October 2024  Wednesday  Mahatma Gandhi’s Birthday  11 October 2024  Friday  Ayudha Puja / Saraswathi Puja  12 October 2024  Second Saturday  Bank Holiday / Vijayadashami  26 October 2024  Fourth Saturday  Bank Holiday  31 October 2024  Thursday  Diwali (Deepavali)  1 November 2024  Friday  Laxmi Puja, Kannada Rajyotsava  2 November 2024  Saturday  Govardhan Puja  7 November 2024  Thursday  Chhath Puja  9 November 2024  Second Saturday  Bank Holiday  15 November 2024  Friday  Guru Nanak’s Birthday  18 November 2024  Monday  Kanakadasa Jayanthi  23 November 2024  Fourth Saturday  Bank Holiday  3 December 2024  Saturday  Feast of St. Francis Xavier  14 December 2024  Second Saturday  Bank Holiday  25 December 2024  Wednesday  Christmas Day  28 December 2024  Fourth Saturday  Bank Holiday  31 December 2024  Tuesday  New Year’s Eve  FAQs On which days are the banks in India closed? Banks in India are closed on national holidays, regional state holidays, and on the second and fourth Saturdays of every month. Is New Year’s Day a public holiday for all banks in India? No, New Year’s Day is not a public holiday for all banks in India.