Articles related to Banking Knowledge.
There were rumors in the public that new currency notes of denominations of Rs.500 and Rs.200 having something scribbled on them are not legal tender. Various incidence of branches of some banks not accepting, if there is scribbling on currency notes, have also come into light. You may imagine a Read more…
Salient Features of Clean Note Policy by RBI: Do away with stapling of note packets Introduce banding the packets with paper/polythene bands so that the life of the currency notes is increased. The objective of the Reserve Bank’s Clean Note Policy is to give the citizens good quality currency notes Read more…
1. Who are behind the Bharat QR code MasterCard, American Express, National Payment Corporation of India (NPCI) and Visa have collaborated to promote acceptance of the Bharat QR payment method. 2.How to generate QR code for receiving payment You can generate QR code for receiving payment from BHIM app. See Read more…
The latest initiative to promote digital transaction, Bharat QR Code platform has been launched for making payment directly through bank without using physical debit or credit card at merchant outlets. MasterCard, American Express, National Payment Corporation of India (NPCI) and Visa have collaborated to promote the Bharat QR payment method. Read more…
On 31st December 2016, Prime Minister announced that coverage under Credit Guarantee Scheme will be increased to Rs.2 crores. Till now, the coverage under CGTMSE is Rs.1 crores under which Micro, Small and Medium Enterprises can get collateral free loans. CGTMSE (Trust) has now issued circular on 9th January 2017 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…
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…
Difference between Consortium Banking and Multiple Banking is explained in this article What is Consortium Banking or lending under Consortium arrangement? Under consortium banking arrangement, more than one bank provides finance to a single borrower but chose one of the lender (having highest share) as consortium leader. Regular meetings are Read more…
There are some sectors of the economy, which may face difficulty in getting timely and adequate credit. To facilitate these sectors easy and timely credit, Reserve Bank of India (RBI) has directed banks to provide a specified portion of their lending should be priority sector lending, i.e., lending to few Read more…