Over 32 lacs debit cards issued by Axis Bank, SBI, HDFC Bank, ICICI Bank and Yes Bank have been compromised after being used in some automated teller machines (ATMs). Reserve Bank of India (RBI) has asked all the banks to replace those debit cards whose security has been compromised. The Read more…
Definition of MSME [Micro, Small & Medium Enterprises] as per The Micro, Small & Medium Enterprises Development Act 2006. An enterprise is micro Enterprise if investment in plant and machinery does not exceed Rs.25 lacs if engaged in manufacturing or production of goods AND investment in equipment does not exceed Read more…
We have explained below what is primary security and what is collateral security and how these are different. Also Read: What is mortgage and types of mortgages What is primary security? In simple terms, Primary Security is that asset which is created out of the finance provided by lender. Read more…
Pre-shipment Finance or Packing credit is a type of credit facility (loan), available for exporters. The advance is provided for financing the purchase of raw material, processing, manufacturing or packing of goods required before shipment of goods and for meeting working capital expenses for rendering of services. You may like Read more…
DA for Bank employees is revised every quarter, which increases or decreases based on the CPI (Consumer Price Index. Consumer Price Index is released by Ministry of Labour, Govt. of India on monthly basis ). Here is how to calculated DA for bank employees: Step 1 : Collect the month Read more…
A.P. (DIR Series) Circular No. 05 October 06, 2016 Import Data Processing and Monitoring System (IDPMS) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.65 dated April 28, 2016 read with Section 5 of the Foreign Exchange Management Act 1999 (42 of Read more…
Credit Guarantee Fund for Micro Units (CGFMU) was notified by Govt. on 18th April 2016 and has been made effective retrospectively for loans sanctioned with effect from 8th April 2015. CGFMU or in simple terms Guarantee Fund for Mudra Loans is managed by NCGTC (National Credit Guarantee Trustee Company Limited). The Read more…
Operating Guidelines for Payments Banks have been issued by RBI on 6th October 2016. Gist of operating guidelines is given below: Bank deposits – PBs can accept only savings and current deposits. The aggregate limit per customer shall not exceed ₹100,000. PBs will not be permitted to lend to any person Read more…
Interest on PPF has been reduced by 0.10% w.e.f. 1st October 2016 from 8.10% to 8.00%. Besides PFF, rate of Interest on small saving schemes have been decreased by 10 basis points for the third quarter of FY 2016-17 i.e., 1st October 2016 to 31st December 2016. You may like: When will Read more…
Advances to individuals As per RBI guidelines, Banks may grant advances against the security of shares, debentures or bonds to individuals subject to the following conditions: (i) Purpose of the Loan : Loan against shares, debentures and bonds may be granted to individuals to meet contingencies and personal needs or for Read more…