The Central Board of Direct Taxes (CBDT) has notified on September 12, 2019, the ambitious E-assessment Scheme, 2019. The scheme is also called faceless or nameless assessment, for income-tax payers. With the launching of the scheme all your income tax returns (ITR) would be assessed and scrutinised in complete electronic mode without any human interface.…
The employees who assist senior management in promoting ethical policies, code of conduct and related policies within the organization are referred as ‘Ethics Ambassadors’. These ambassadors are appointed for full-time or may be taken on in addition to an employee’s day-to-day job. The ethics ambassadors have an important role to play in nurturing awareness and…
Updated on November 17, 2023 RBI increases risk weights on consumer credit exposure of banks, and NBFCs to 125% from 100%. Measures announced to contain the risk emanating from a sharp rise in unsecured loans – mostly personal loans and credit cards. It has been also decided to increase the risk weights on Credit Card…
Work ethic is a set of values an employee uses in his/her job based on the ideals of discipline and hard work. Work ethic encompasses moral principles like integrity, sense of responsibility, inherent ability, teamwork and cooperation. This involves a person’s attitude, behavior, respect, communication, and interaction and how he/she gets along with others. Workplace…
A conflict of interest arises when a person chooses personal gain over his duties to the employer or exploits his position for personal gain in some way. In banks, as a general rule, people of top management or Managers or employees should avoid conducting bank’s business with a relative or any other person or any…
Fair value accounting is the measurement of assets and liabilities of business on the basis of estimation of current market values. It means the assets can be sold or a liability settled in an orderly transaction to a third party under current market conditions. Therefore this method of accounting is also known as ‘mark to…
[This post elucidates about Employees Obligation to Bank/ Third Parties, Abuse of Official Position and Sexual Harassment], Banking ethics is a committed set of ethical standards and rules that should be followed in the activities of financial institutions and employees of the banking sector. Every employee of the Bank shall conform to and abide by…
[This post elucidates Values, Norms, Beliefs, Morality, Conflict, Integrity, Golden Rule, Dilemmas, and Decision-Making] Ethics is set of moral principles that guide a person’s behaviour and arrive at moral standards that regulate right and wrong conduct. The ethical principles are expressive about good habits that one should acquire, the duties that one should follow, or…
RBI has issued a circular, making it mandatory for banks to link all new floating rate retail loans like personal loan, housing loan, auto loans and floating rate loans to MSMEs to an external benchmark effective October 1, 2019. The circular dated September 4, 2019, permitted the banks to choose one of the several benchmarks…
Limited Companies do have ethical responsibility which is however not protected by limited liability of the Promoters and Directors from the consequences of their actions. The long term success or failure of a company’s reputation depends upon a company’s record and the perception of its ethics. The foundation of the ethics is none of the…