DA for Bank Employees from August 2018

DA for Bank Employees is expected to increase by 10 slabs from August 2018 to October 2018. Looking into the trend in CPI, this is based on assumption that CPI for the months of June 2018 will increase by 1 point from the level of May 2018 (289). It has increased from...

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Common portal for retail loans by Public Sector Banks

State-run banks are mulling a common portal where they could offer competitive and instant personal, housing and other retail loans based on the creditworthiness of the borrower. The government is expected to help the banks set up such a portal which at some later...

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Notice served through WhatsApp to a defaulter is valid

If a borrower has defaulted in repayment of loan or credit card and is avoiding service of notice by frequently changing his residence, notice can be served to him through WhatsApp and that will be a valid service. This has been ruled by Bombay High Court. One Rohidas...

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AIBOC urges Delhi High Court to quash RBI Circular

All India Bank Officers’ Confederation (AIBOC), the biggest union of banks has filed a writ petition in the Delhi High Court challenging the Reserve Bank of India’s (RBI’s) February 12 circular that bankruptcy proceedings to be initiated after a borrower defaults a...

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What is SIP? How does it work and Benefits of SIP

What is a Systematic Investment Plan? A Systematic Investment Plan or SIP is a smart and hassle free mode for investing money in mutual funds. SIP allows you to invest a certain pre-determined amount at a regular interval (weekly, monthly, quarterly, etc.). A SIP is a...

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Bank Strike for 2 Days in May (30-31 or 28-29?)

The United Forum of Bank Unions (UFBU) has proposed a 48 hours strike in Banks for early revision of salary of bankers. The IBA in a recent meeting made an absurd offer of 2% hike in bankers salary. The strike is proposed to begin 6 am on May 30 till 6 am on June 1....

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