RBI relaxes prudential norms on Income Recognition, Asset Classification

•  The Reserve Bank of India (RBI) on 21 November 2016 relaxed the prudential norms on income recognition, asset classification and provisions pertaining to advances.
• Regulated entities (REs), such as banks and non-banking finance companies (NBFCs), are allowed an additional 60 days for repayment of loans

Union Government constitutes committee to assess the status of demonetisation drive

• The Union Finance Ministry has constituted a committee comprising Additional Secretaries, Joint Secretaries and Directors to know status of implementation of demonetisation drive.
• The teams will be constituted by the Department of Personnel Training and concerned officers. The teams shall visit the States or UTs allocated to them for at least 2 days.

India and Switzerland sign bank information sharing deal

•  Switzerland on Tuesday agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.
• The exchange will begin from September 2019. The data will be shared annually.