RBI to ensure mega bank mergers are nondisruptive Das

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first_imgMumbai: The Reserve Bank is in discussions with the government to ensure that the mega bank merger process is carried out in a non-disruptive, governor Shatikanta Das said Friday. The critical issue is to ensure that the process of transition following the merger should be in the most non- disruptive manner, he said. Last month, the government had announced creation of four large state-run banks by merging ten of them. The will take down the number of total state-owned banks to 12 from the 19 this April. Also Read – Commercial vehicle sales to remain subdued in current fiscal: Icra “This is an issue which is also being discussed between the government and the RBI so as to ensure that the entire process of transition is non-disruptive,” Das said at an India Today event. The governor said the transition has to be non- disruptive in terms of credit disbursements, loan repayments, loan collections and all other functions of banking should not be affected. Of the 10 banks getting merged, only a few of them have so far recieved the board mandate and none of them have moved the RBI seeking approvals.last_img read more

CBDT to hold highlevel review of IT eassessment system before rollout

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first_imgNew Delhi: The Central Board of Direct Taxes (CBDT) will on Thursday conduct a pan-India review of the ambitious e-assessment system for income-tax payers before rolling it out next month. The CBDT, which frames policy for the Income-tax department, had last week set up the National e-assessment Centre (NeAC) in Delhi as part of the Centre’s plan to launch faceless and nameless assessment for income-tax payers. Officials said the high-level review will be conducted through video conferencing by CBDT Chairman P C Mody along with other members of the board from here. Also Read – Commercial vehicle sales to remain subdued in current fiscal: IcraRegional chiefs of the Income-Tax department in Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Pune, Hyderabad and Ahmedabad and officials of NeAC will discuss issues related to successful implementation of the scheme and potential challenges during the review, they said. The meeting will take stock of deployment of required computer systems, Internet and other hardware, and software facilities for assessing officers, officials said. The NeAC will have 16 officials and will be headed by a Principal Chief Commissioner of Income-tax (PCCIT). It will be an independent office for e-assessment. The NeAC will serve notices to assessees specifying the issues for selection of their case for assessment and after a response is received from them within 15 days, the centre will allocate the case to an assessing officer using an automated system, a government notification had earlier said.last_img read more