On November 24, the RBI superseded the Mumbai-based Abhyudaya Cooperative Bank s Board citing material concerns related to poor corporate governance standards, the regulator said in a statement.
SCSS new rule: A Senior Citizen Savings Scheme (SCSS) pays quarterly interest to the depositors during its tenure of five years. On maturity, the deposited amount is paid back to the SCSS investor. The depositor has the option to extend the scheme by three years. What has changed? Earlier, an SCSS account holder could extend the maturity by only three years. Now, the beneficiary gets the chance to extend the SCSS account multiple times in a block of three years for unlimited times
The lender on November 17 opened five branches in Bengal. It plans to open five more branches in the state over the next few months. Of these three will be in Calcutta and one each in Asansol and Durgapur