With effect from September 1, 2019, Banks are required to frame Board approved policy / operational guidelines in respect of certain changes in Basic Savings Bank Deposit (BSBD) Accounts in the interest of better customer service. RBI on August 2, 2019, asked Banks to offer the following basic minimum facilities in the BSBD Account, free…
A government requires money for its spending which includes normal government expenditures, capital expenditures on public works, relief expenditures, and subsidies of various types, transfer payments and social security benefits etc. Imposing tax on public for the above spending is major source of its revenue. Beside Taxation, government collects money through fiscal surplus of previous…
The contractionary monetary policy is the opposite of the expansionary monetary policy. It is used to fight inflation which involves decreasing the money supply to increase the cost of borrowing which in turn decreases GDP and dampens inflation. Once the Central Bank of the country (In India RBI) puts too much liquidity into the banking…
The most well-known and frequently tracked metric used for measuring the economic growth of a country is the gross domestic product (GDP). The Gross Domestic Product measures the value of goods and services produced by a nation both for domestic sale and exports. However, GDP does not include imports for measurement, as imports are not…
Reserve Bank of India on Friday (August 02, 2019) reminded all the commercial banks that they are not permitted to charge foreclosure charges / pre-payment penalties on home loans / all floating rate term loans sanctioned to individual borrowers. The above norm of prohibiting banks charging foreclosure charges/pre-payment penalties on floating rate loan is already…
As per existing External Commercial Borrowings policy norms, ECB proceeds could not be utilized by the borrowers for the following purposes. (i) Working capital purposes, (ii) General corporate purposes, (iii)Repayment of Rupee loans except when the ECB is availed from foreign equity holder for a minimum average maturity period of 5 years.(iv) On-lending for above…
The average index number for April 2019 to June 2019 works out to 7172. Therefore Bank Pensioners would get 70 slabs to increase as dearness relief for the half-year August 2019 – February 2020. The following chart shows the rate of dearness relief applicable to bank pensioners who have retired on various dates. The percentage…
As per the announcement of the Labour Bureau of the Government today (31.07.2019), the average index numbers for April 2019 to June 2019 works out to 7167. It means bank staff will get 36 slabs increase in DA for the ensuing quarter July 2019 to October 2019.The following chart shows the rate of dearness relief…
Banks’ staff will get 36 slabs to increase in dearness allowance (DA) for the ensuing quarter: August 2019 to October 2019. It means revised DA for sub-staff will be at 68.10% for the quarter from August 2019 to October 2019 over the previous quarter. Revised Old increase Stage Basic Spl.All. Total 68.10% 64.50% 3.60%…
On the basis of CPI data announced by the Labour Bureau for the month of April 2019 to June 2019, the confirmed DA for the ensuing quarter August 2019 to October 2019 will be at the rate of 68.10%. It means bank officers will get 36 slabs increase over previous quarter. Stage Basic_pay Spl.Pay…