The Union Cabinet is planning to implement the high allowance for the central government employees most probably from February 2017 as per the recommendations made in 7th pay commission. The Confederation of Central Government Employees and Workers observed the advisory on the basis of Reserve Bank of India‘s statements. RBI governor DrUrijit Patel stated during a press conference that the …

The government has on Wednesday asked all banks and post offices to report to the Income Tax Department of all deposits above Rs 2.5 lakh in savings accounts, as well as deposits exceeding  Rs 12.5 lakh in current accounts, made during the 50-day window till December the 30th  for depositing demonetised high-value notes. Banks and post offices now have to file a relevant statement …

In a probe to curb the black money policy as well as banishing the old notes at a massive level, Reserve Bank of India has issued a new circular to all the leading banks and financial institutions regarding the ban on the deposit of old notes in the existing small saving accounts which are mainly possessed by the students. The …

In a recent report from ANI, the cabinet has declared that account holders of current/cash/credit/overdraft accounts, which is active from the past 3 months can withdraw as much as Rs. 50,000 cash per week. The enhanced limitation will help the customer have time for withdrawal thus not lining up in queue leaving their daily chores at hold. However, the following benefit is …

The Apex court has taken an austere decision by asking (Supreme Court of India) Reserve Bank of India (RBI) to reveal the names of 57 people who are in debt and has to repay almost Rs. 85,000 Crore. According to a report by International Business Times the confidential list of debtors has to clear almost an amount of Rs. 500 …

In a recent event, recharge facilitator, as well as e-commerce company Paytm, is diverting its focus towards newly introduced service Payment Banks which might hold an Aadhar-based client authentication system so as to upgrade its digital wallet thus converting the future of bank transactions completely electronic. The respective measures will help the customers or say, its Payment Bank account holders …

Bank of Baroda faced a heavy tax penalty amounting Rs. 5 crore in charge of foreign exchange scam case by Reserve Bank of India. The charges as discussed are weaknesses and failures in internal control mechanism in the context of anti-money laundering case provisions, monitoring of transactions, timely reporting to foreign investigations unit as well as assigning of unique customer …

It’s time we bid adieu to an articulate speaker as well as a contrarian one of the best RBI governor’s till date, Raghuram Rajan. The man of uniqueness gave us some of the best messages regarding ways of exponential growth, reformed economics and so on. India has witnessed governors come and leave but with Raghuram, the talk stays unfinished. What …

Ind-Ra as in India Ratings and Research held up expectations regarding RBI to maintain status quo on the Repo Rate, Reverse Repo rate, as well as Marginal Standing Facility rate so as to close at 6.5%, 6.0% and 7.0% respectively. The financial institutions have upgraded lending money process so as to keep Cash Reserve Ratio (CRR) at 4% in line. …

State Bank of India’s net profit for the end of quarter or Q4 has sloped down by 66% closing at Rs. 1,264 crores due to providing bad loan reference. A differentiation of 143% in total fall-out was the final call for the government owned bank in the market this FY. The net income held at 15,291 crores INR in the …

Reserve Bank of India has taken an initiative regarding series of principles in context of Charter of Customer Rights. The norms will help in protecting the Bank customers by implying 5 basic principles. These are: 1) Right To Fair Treatment ; 2) Right To Transparent, Fair & Honest Dealing ; 3) Right To Suitability ; 4) Right To Privacy ; …

Reserve Bank of India issued an appropriate set of guidelines for shareholders in private sector banks by differentiating two segments which include natural persons and legal entities. The new guidelines will help both the entities’ shareholder section meet the extradition capital appear under Base III regulations and thus, channelise the limits of owners. Just as to bring under categories, the …