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 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. 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 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 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 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 Read more…
Nine candidates have been recommended by Bank Board Bureau for the post of Executive Directors in public sector banks. Following are the candidates identified and recommended by the BBB: A K Pradhan M K Bhattacharya S Hari Sanker A C 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 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 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 Read more…