Tides of 5.07.2015

 1.  RBI asks banks to use information from CRILC to open current account : With a view to improve credit discipline and reduce NPA level, the Reserve Bank today asked lenders to make use of credit information available with Central Repository of Information on Large Credits (CRILC) for opening of current accounts.  
Banks are advised to make use of the information available with CRILC and not limit their due diligence to seeking NOC from the bank with whom the customer is supposed to be enjoying the credit facilities as per his declaration, it said in a notification.

2.   RBI may give payment bank licence to postal department in August:

 Ravi Shankar Prasad, Union Minister Ravi Shankar Prasad today said he expects Reserve Bank of India (RBI) to grant payment licence to the proposed Post Bank of India by August.
This will enable the network of 1,54,000 post offices (including 1,30,000 rural post offices) to offer banking services to the masses in the country.
"We expect RBI to give payment bank licence to post (department) in August," Minister of Communications and IT Prasad said.

3.   In last one year, the Department of Post (DoP) has networked 27,215 post offices into one national unit through computers.  The DoP, which has applied for a payment bank licence, has a hybrid model in mind to operate Post Bank of India. As per RBI guidelines, payment banks would offer a limited range of products such as demand deposits and remittances. They will not be allowed to undertake lending activities.