Corporate Updates – 26-11-2014


The Securities and Exchange Board of India (SEBI) has established its Local Office at Shimla under the administrative control of its Northern Regional Office at New Delhi. The Local Office so established shall look after the regulatory aspects of investor protection, facilitating redressal of investor grievances, financial and investor education and such other functions as may be assigned from time to time, and its role and responsibility shall extend to the areas falling under the territorial jurisdiction of the State of Himachal Pradesh.


RBI has reviewed the policy to Levy of penal charges on non-maintenance of minimum balances in savings bank accounts. On the recommendations of Damodaran Committee on customer service in banks which, inter-alia, recommended that ‘banks should inform the customer immediately on the balance in the account breaching minimum balance and the applicable penal charges for not maintaining the balance by SMS/Email/letter. Further, the penal charges levied should be in proportion to the shortfall observed ’it has been decided that while levying charges for non-maintenance of minimum balance in savings bank account, banks shall adhere to the additional guidelines which shall come into effect from April 1, 2015.

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