EPFO raises death insurance relief to Rs.7 lakh to the family of employees under the EDLI scheme

The Employees’ Deposit Linked Insurance Scheme (EDLI) is an insurance cover provided by the Employees’ Provident Fund Organization (EPFO). The government of India has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976 to help the employees particularly keeping in mind the private-sector employees who may not enjoy any social security benefits as normally…

What is Rupee Drawing Arrangement (RDA)?

Above and beyond, normal channels of remittance to India from cross-borders(abroad), there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) which are the most common arrangements under which the remittances are received into our country. Rupee Drawing Arrangement (RDA) is a way of transferring…

Do you know how ISO 20022 gained supremacy over SWIFT messages?

ISO 20022 (pronounced ‘ISO twenty-oh-twenty-two’) or Universal financial industry message scheme (also called” UNIFI”) is a global standard for exchanging electronic messages between financial institutions. The ISO 20022 standard covers financial information transferred between financial institutions that include payment transactions, securities trading, and settlement information, credit as well as debit card transactions, Foreign Exchange transactions,…

RBI amends Master Direction on KYC norms

RBI on Tuesday amended the MD on KYC to further leverage the Video-based Customer Identification Process (V-CIP) and to simplify and rationalise the process of periodic updating of KYC. Banks and other regulated entities have to undertake Customer Due Diligence (CDD) while dealing with the customers as per the process laid out in Master Direction…

These 14 Types of Bank Audits you need to know

The audit is classified into many different types and levels of assurance according to the objectives, scopes, purposes, and procedures of how auditing is performed. The financial statement auditing is done normally in accordance with International Standards on Auditing (ISA) as well as other local auditing standards. An operational audit involves checking the efficiency of…