The Reserve Bank of India (RBI) on Monday (26.08.2019) announced modalities for providing 2 per cent interest subsidy on short-term loans of up to Rs 2 lakh for farmers engaged in fisheries and animal husbandry through Kisan Credit Card (KCC). With this interest subvention, such farmers will get short-term loan of up to Rs 2…
Updated on December 20, 2023 The card issuer shall provide a complete list of merchants for whom it can provide tokenisation services. The cardholders shall select the merchants with whom he/she wishes to maintain tokens. (Alternatively – “The cardholder can make his selection from the list ). It is now proposed to introduce CoF token…
The Central Board of Direct Taxes (CBDT) has clarified that small start-ups with turnover up to Rs.25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’). The central board further clarified that it does not recognise the ₹100crore turnover definition of a small…
Effective from September 1, 2019, your credit card, debit card, prepaid payment instruments or e-wallets can be used to give standing instructions for recurring transactions of merchant payments. The Reserve Bank of India notified on August 21, 2019 that the card holders can provide e-mandate on cards for simple/automatic recurring transactions to the merchants. No…
The Reserve Bank of India decided to extend timings of RTGS from August 26, 2019. With effect from August 26, 2019 the RTGS system is available for customer transactions from 7:00 are to 6:00 pm and for inter-bank transactions from 7:00 am to 7:45 pm. The IDL Reversal timing fixed between 7:45 pm -8.00 pm…
A revised Model Educational Loan Scheme (2015) for Pursuing Higher Education in India & abroad was formulated by IBA and circulated to member banks for adaption and implementations vide IBA circular no. CIR/RB-ELS/6 dated 17th August 2015. The scheme provides broad guidelines to the banks for operationalizing the educational loan scheme and the implementing bank…
On the subject of the use of Aadhaar to facilitate delivery of social welfare benefits by direct credit to the bank accounts, Reserve Bank of India vide its circular RBI/2015-16/289/FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 dated January 14, 2016 had clarified that the use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and…
Reserve Bank of India on Wednesday (14th August 2019) in its notification to all Scheduled Commercial Banks including Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Small Finance Banks, Payment Banks, White Label ATM Operators clarified that banks should not count failed transactions at ATMs due to technical reasons and…
Savings Bank (SB) accounts are opened in the bank mainly for saving purposes. Customers cannot open an SB account for business purposes. Let us find out who is eligible and who is not eligible to open SB accounts. The following entities are eligible to open SB accounts in a bank:- (i) SB Accounts…
The Aadhaar Act is defined as “an identification number issued to an individual by Unique Identification Authority of India (UIDAI) on receipt of the demographic information and biometric information as per the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.” In terms of above act every resident…