On 8th November, 2016, PM Modi suddenly announced scrapping of 500 and 100 notes and entrusted the responsibility to bankers. To curb corruption. To stop terrorist funding. To unearth Black money. Responsibility was shouldered on Bankers. As they have done always created history in implementing various schemes launched by Prime Read more…
The Government of India announced the “Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS)”. This Scheme is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. The terms and conditions of thePradhan Mantri Garib Kalyan Deposit Scheme are as under: Eligibility for Deposits — Read more…
Fed up with standing in Bank Queues? Wouldn’t it be great if you visit the branch only when it is your turn? Now, you can get a token for bank services before visiting Bank Branch. State Bank of India, the largest Bank in India has made this possible through a mobile Read more…
RBI has relaxed norms for making online transactions through Cards. So you are not required to authenticate your transaction on uber/ paytm or other online sites upto Rs.2000 once you have given prior permission. Although Banks are required to take consent of customers and leave it to customer, whether they want Read more…
After the announcement of demonetization by PM Modi, need for going cashless and digital has increased. Today, there are various methods available for transacting cashless such as Credit/ Debit Cards, e-wallets, Prepaid Cards, UPI app besides the traditional banking methods, cheque/ DD/ NEFT/ RTGS etc. One of the option is Read more…
With the withdrawal of the legal tender status of ₹ 500 and ₹ 1,000 denomination bank notes (Specified Bank Notes – SBNs) from November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. RBI has Read more…
According to media reports, State Bank of India and Punjab National Bank are exploring possibilities to move out from 11th Bipartite Settlement. SBI and PNB are exploring to move to performance linked variable pay structure. SBI is looking to give stock option plans to its employees to retain talent. Punjab Read more…
Guarantee cover for manufacturing and service Mudra Units is available under CGFMU as well as CGTMSE eligible. So, from where to obtain guarantee cover for such Mudra Units? CGTMSE of CGFMU? Credit Guarantee Trust for Micro & Small Enterprises (CGTMSE) has issued circular (117/2016-17) regarding modifications due to introduction of Read more…
Limitation period for recovery of Debt in India is governed by the Limitation Act, 1963. The Limitation Act, 1963 specifies certain prescribed period within which any suit appeal or application can be made. A banker is allowed to take legal action by filing a suit, prefer an appeal and apply Read more…
1. Why is this scheme? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have Read more…