In terms of Statement on Developmental and Regulatory Policies of February 6, 2020, the Reserve Bank of India announced that the special lending window with CRR exemption will be open from February 14 and incremental loans disbursed under this facility will have CRR exemption for the next five years. Accordingly, banks are allowed to deduct…
Reserve Bank on Wednesday (February 5, 2020) said that the statutory auditor’s certificate in respect of interest subvention claim may be submitted by June 30, 2020, and in the meantime settle claims based on internal/concurrent auditor certificate. As per earlier covenants, the interest subvention would be released only on the basis of claim duly certified…
Many surveys on the status of financial literacy in India reveal that about a staggering 76% of Indian adults do not understand basic financial concepts. These surveys confirm the financial literacy rate in India has been consistently poor as compared to the rest of the world. Financial Literacy Week is an initiative by RBI to…
In the sixth bi-monthly monetary policy statement announced on Thursday (dated 06.02.2020), MPC decided to keep the policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 percent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within…
Pursuant to an announcement made by the Finance Minister Mrs.Nirmala Sitharaman in the Lokasabha while placing budget for the year 2020-21, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of…
In the budget 2020-21, a new Section 115 BAC being introduced to income tax act whereby an individual and HUF can opt to pay tax as per new tax rates in case he/she is ready to forgo all exemptions and deductions. Individuals opting to pay tax under the new lower personal income tax regime will…
RBI on Friday (January 31, 2020) advised all the scheduled commercial banks, RRBs, Co-operative banks and authorised card payment networks that henceforth they may provide cash withdrawal facility at POS terminal with the approval of their Board. Hitherto banks are required to obtain one-time permission from Reserve Bank of India for offering the above facility…
The average index number for October 2019 2019 to December 2019 works out to 7479. Therefore Bank Pensioners would get 78 slabs to increase as dearness relief for the half-year February 2020 to July 2020. The following chart shows the rate of dearness relief applicable to bank pensioners who have retired on various dates. Retired…
In the Union budget 2020-21, Finance Minister Nirmala Sitharaman rejigs in personal tax rates, sops to lift real estate, an extension of LTCG threshold and removal of dividend distribution tax and improvement in spending on infrastructure and reduction in GST with respect of automobile. Individual tax slabs rejigged Those earning up to Rs 5 lakhs…
On the basis of CPI data announced by the Labour Bureau for the period of October 2019 to December 2019, the average index number works out to 7479 (base 1960=100) or 759 slabs for the above period. It means bank officers are entitled to 759 slabs (75.90%) or enhancement of 42 slabs (4.20%) dearness allowance…