Claim procedure on death of the depositors of Small Savings Schemes like SB, RD, TD, MIS, etc. To make the process of claiming money from the various post office small savings schemes such as Post Office Monthly Income Scheme (PO-MIS), Post Office Recurring Deposit, Term Deposits, and claim procedures of Public Provident Fund (PPF), National…
The “Prime Minister’s New 15-Point Programme for the Welfare of Minorities” is the revised guidelines of the earlier programme on Credit facilities to the minority community. The objective of the new programme is to ensure that the benefits of various government schemes for the underprivileged reach the disadvantaged sections of the minority communities which are…
Edited and republished on April 1,2021 Last evening, in a massive blow to middle-class depositors, on the last day of the financial year, the government had announced a huge cut in interest rates of small savings scheme such as PPF, NSC and other post office deposits up to110 basis point for the first quarter of…
The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…
May be all of us know the meaning of a nominee of the life insurance policy. Nominees of insurance policies are merely designated trustees acting as receivers of insurance proceeds on behalf of the policyholder’s legal heirs. In the other words, while the insurance company has to hand over the death benefit to the nominee,…
Today, the Governor of RBI Shri Shaktikanta Das, in his address at the India Economic Conclave 2021 organized by the Times Network in New Delhi. “Today, the Governor of RBI Shri Shaktikanta Das, in an address at the India Economic Conclave 2021 organized by the Times Network in New Delhi and chosen to speak about…
Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…
The Supreme Court on Tuesday has pronounced its judgment on a batch of pleas related to the six-month loan moratorium period, stating that it cannot allow waiver of complete interest and extension of the moratorium. The judgment was delivered by a Bench of Justices Ashok Bhushan, R Subhash Reddy, and MR Shah in a batch…
The Ministry of Finance, Department of Financial Services Government of India in its letter dated 17th July 2012 had advised all the public sector banks that “No PSB can issue any LC or BG after 01.08.2012 except through SFMS system”. Further, the department has advised that the IFN 760 COY Bank Guarantee Message and IFN…
IFSC is a short form for Indian Financial System Code. Usually, this code can be found on the passbook and the cheque leaves provided by the bank. IFSC Code is significant to transfer funds online between banks in India. It enables instant fund transfer through modes such as NEFT/ RTGS and IMPS, thus providing safety…