FEDAI has issued guidelines regarding joint holding in NRO accounts with residents. The guidelines have been issued by FEDAI based on clarifications sought from RBI. The FEDAI guidelines are given as under: Joint holding with residents Reference para 7 of Read more…
RBI has issued fresh FAQs on Know Your Customer (KYC) guidelines. (Updated up to September 02, 2016) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines.) Q1. What is KYC? Why is Read more…
Is TDS eating up your salary and you feel that you get less in hand salary? You would be already aware about the various tax saving instruments (like Deductions Section 80C, 80D or deduction of housing loan interest) but do you know Read more…
Here is the comparison of MCLR (Marginal Cost based Lending Rates) rates of all the major banks in India. These MCLR Rates are updated from time to time. Lowest MCLR is of State Bank of India. MCLR Rate is the Read more…
Reserve Bank of India on September 1, 2016 issued notification and letter to Credit Information Companies (CIC) to provide one free Credit Information Report (CIR) in a year (January to December). CIBIL (Credit Information Bureau of India Limited) is the leading CIC and Read more…
Bank union have decided to join the strike called by trade unions on 2nd September to protest against anti-people policies of the Modi government and labour reforms. All-India Bank Employees Association (AIBEA) General Secretary C H Venkatchalam said “There have been increasing Read more…
RBI is exploring the possibility of interest free banking in India to improve financial inclusion. According to Annual Report released by RBI: “Some sections of the Indian society have remained financially excluded for religious reasons that preclude them from using Read more…
Next time you walk in to ATM for cash withdrawal, the ATM Machine may offer you a personal loan. With the help of technology for data analysis, Banks are now pre approving small value personal loans, which can be disbursed through ATM Read more…
National Payments Corporation of India (NPCI) announced on 25th August that the Unified Payments Interface (UPI) has been made operational for customers of 21 banks. NPCI said that the details of the service shall be available on the respective bank’s website. UPI application of Read more…
Sovereign Gold Bond Scheme, 2016; and Sovereign Gold Bond Scheme 2016 – Series II were announced by the Government of India vide notifications dated January 14, 2016 and March 04, 2016, respectively. In terms of Para 17 of the Scheme, Read more…