What is Letter of Credit?

A letter of credit is issued (opened) bank a Bank on the request of his buyer customer in favour of seller, which is an undertaking by the bank to make payment to the seller if fulfills his obligations. The process of Letter of Credit is described in the following...

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What is working Capital?

Working Capital is a financial indicator of operational liquidity of a business organization. Working Capital is the short term assets to cover the short term liabilities of the organization. Working Capital is calculated as Current Assets – Current Liabilities, also...

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All Finacle 10 Commands

Finacle 10 or Finacle X is the latest buzz in Banking Industry. Some Banks have already migrated to Finacle 10 whereas some are under implementation. Finacle 10 is the upgraded version of the flagship product of Infosys, which is being worldwide bank various banks. If...

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Gratuity increase for bankers – Lok Sabha passes the bill

Lok Sabha today passed the amendment in Payment of Gratuity Act to increase the Gratuity ceiling to Rs.20 lacs. The existing limit for gratuity was Rs.10 lacs. After implementation of seventh pay commission, gratuity ceiling was increased from Rs.10 lacs to Rs.20 lacs...

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Passport Details must for more than 50 Crore loan

Finance Ministry on Saturday said passport details will be made mandatory for loans of more than Rs.50 crore from state run banks. Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the...

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RBI imposes Rs.5 Crore Penalty on Airtel Payment Bank

The Reserve Bank of India (RBI) has imposed penalty of ₹ 5 crores on Airtel Payments Bank Limited for contravening the ‘Operating Guidelines for Payments Banks’ and directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise...

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