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…
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…
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…
Reserve Bank of India, on 29th September, 2016 directed banks and financial institutions to publish photographs of only wilful defaulters in the newspapers. RBI directed that photographs of other defaulters, who have not been declared as wilful defaulters are not to be published by banks and financial institutions. You may Read more…
Increase in Dearness Allowance for Bank Employees for November 2016 to January 2017 is 2.30%. [See Actual DA for November 2016 to February 2017 to see scale wise Chart of DA and calculations] This article was updated on 30.09.2016 Expected increase in Dearness Allowance for Bank Employees for November 2016 to Read more…
Income Tax Return (ITR) is the first thing banks asks for after KYC documents for any type of loan. The borrower submits copies of Income Tax Returns to the bank, which he has filed online. As a banker, specially on credit desk, due diligence is very important for processing any Read more…
PAN or Permanent Account Number although primarily issued for Income Tax purpose but is necessary for many transactions and occasions. PAN is required by bankers at the time of loan application (and also for various transaction). What if someone lost PAN Card and do not remember his or her PAN Read more…
KYC is an important process in Banks and one of the important document submitted by customer is PAN (Permanent Account Number). It is important to verify the authenticity of PAN submitted by the customer to establish identity of the customer and also for further tax purposes. Some of the banks have established Read more…
KYC or “Know your customer” is a regulatory and legal requirement. KYC is important to prevent identity theft, financial fraud, money laundering and terrorist financing. Every Bank has framed a KYC policy by incorporating the directions of RBI such as Customer Acceptance Policy, Customer Identification Procedures, Monitoring of Transactions and Risk management. The Read more…