The Stand-Up India Scheme is launched by Government of India to generate the profitable employment to hitherto underserved segment of our society. The scheme provides bank loans between 10 lakh and 100 lakh to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting…
(Depositors, like Senior Citizen Karta of HUF, NRE/NRO account of own staff of the bank, employees who are retired on compulsory retirement from the bank or in consequence of disciplinary action, Casual employees of the bank, employees’ federations etc. are not eligible for additional interest meant for staff. However, senior citizens, spouse of deceased staff/deceased retired…
Loans must be made available to illiterate customers as are offered to other customers. Their inability to read the contents of document and execution thereof should not be a criterion for sanctioning/denying a loan. As far as execution of documents there is no distinction under law, between a literate and illiterate person. Therefore, the requirements…
Cash management refers to a broad area of finance involving the collection, handling, and usage of cash. Issuance and distribution of cash is one of the important functions of Reserve Bank of India. The RBI has agency arrangements mainly with scheduled commercial banks, under which a currency chest is managed. Bank notes and coins are…
[This article explains on grading of borrowers who have a short credit history, how the credit score is calculated, factors considered for calculation of scores, the important aspects to see in the CIR] The loan applicant’s credit scores work as the first impression for any lender. Normally, the lender would evaluate other details of the…
On the basis of CPI data announced by the Government for the month of Janaury 2016 to March 2016, the DA payable for Bank employees and officers for the months of May 2016 to July 2016 is reduced by 7 slabs at a rate of 0.10% per slab. The DA for the quarter Febraury 2016…
[This post answers many questions like ‘What is a PSL certificate?’, ‘Who needs PSLCs?’, ‘How the limit for issuance of each category of PSLC is decided?’ ‘How the PSLC transactions are computed for the determination of PSL target/sub-targets?’, ‘Is there any expiry date for PSLCs?’, ‘Whether the loan assets or risks of loan defaults are…
A revenue Stamp can be explained as a receipt given by the Government in the form of small adhesive stamp in lieu of separate document stating that the tax/fee has been paid to the Government. The receipt for above certain amount shall be mandatorily acknowledged by the receiver affixing and cancelling the revenue stamp. Under…
The non-judicial stamp papers, in the form of engraved, embossed or franked on papers have been used to pay the stamp duty under Indian Stamp Act 1899. Nowadays maximum usage of stamp papers is in the form of e-stamping in lieu of prevalent engraved stamp papers, embossed stamp papers and franked stamp papers. The e-stamping…
(The article gives the insight of important points to be borne in mind at the time of execution of loan documents with a to z check-list.) The system of obtaining proper documents as per sanction terms is called documentation. Without the proper documents, it is hard to create a legally enforceable charge for the security offered.…