Bankers wage revision meeting held on Aug 29, 2019 Outcome: IBA did not agree to its earlier offer on wage revision, but proposed to discuss Performance Linked Pay (PLP) by forming a sub-committee. The UFBU constituents decided to on September 11, 2019 to deliberate on this issue. Source: AIBEA/NCBE/NOBW/BEFI
The Central Board of the Reserve Bank of India (RBI) on August 26, 2019 approved to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). What consists…
The share capitals of a company are of two types namely Equity Shares and Preference Shares. Equity shares are non-refundable to shareholders during the lifetime of the company. Unlike preference shares, there will be no fixed rate of dividend to be paid to the equity shareholders and this rate may vary from year to year.…
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…