Latest edit: May 26, 2020: LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme (for detail read PMVVY modified 2020) with an assured rate of return of 7.40% per annum. The new scheme opens from May 26, 2020, up till March 31, 2023, The ‘Pradhan Mantri Vaya Vandana Yojana ’ has been launched by…
Atal Pension Yojana (APY) was launched on 9th May 2015. The Savings Bank account holder in the age group of 18 to 40 years in any bank or post office is eligible to subscribe at Atal Pension Yojana (APY). The subscriber has to make monthly contributions of the defined amount until he or she is…
State Bank of India, country’s largest lender announced the cut the interest rate on savings bank (SB) deposits up to Rs.1 lakh to 3.25 per cent from 3.50 per cent effective from November 1, 2019. The bank has also announced a reduction in interest rates on term deposits across select maturities. This has created panic…
With a view to expanding and deepening the digital payments ecosystem, on Monday, October 7, 2019, directed all state level bankers’ committees to find out one district each on a pilot basis to expand digital payments ecosystem. The development comes after the Statement on Developmental and Regulatory Policies announced by RBI on October 4, 2019,…
RBI in its Statement on Developmental and Regulatory Policies, on Friday, October 4, 2019, announced that the scope of non-interest bearing Special Non-resident Rupee (SNRR) Account being enhanced. The statement said that in consultation with the Government, it is decided by RBI to permit persons resident outside India to open SNRR accounts, facilitating Rupee denominated…
Reserve Bank of India, in the Statement on Developmental and Regulatory Policies announced on Friday October 4, 2019, announced that it would take steps to develop offshore Rupee Market based on the recommendation of Task Force on Offshore Rupee Markets. The Task Force chaired by Smt. Usha Thorat had recommended several important measures to develop…
RBI in its Statement on Developmental and Regulatory Policies announced, on Friday, October 4, 2019, raising the household income limit for borrowers of NBFC-MFIs from the current level of ₹ 1.00 lakh for rural areas and ₹ 1.60 lakh for urban/semi-urban areas to ₹ 1.25 lakh and ₹ 2.00 lakh, respectively. The Y.H.Malegam sub-committee of…
Today October 4, 2019, RBI decided to cut interest rate by 25 basis points. With this cut RBI reduced Repo rate for the fifth time in a row. While releasing the fifth Bi-Monthly Monetary Policy Rates for 2019-20 the MPC said that the rate is reduced on the basis of an assessment of the current…
The Government of India has announced issuance of the Sovereign Gold Bond Scheme 2019-20 Series in tranches starting from tranche series V to tranche series X every tranche which will be indicated on the Bond issued to the investor. Calendar of Issuance is as under: S. No. Tranche Date ofSubscription Date of Issuance 1…
The Reserve Bank of India, in consultation with the Government of India, issues Sovereign Gold Bonds from time to time in tranches. These bonds are a substitute for holding physical gold. Each of those tranches will be kept open for a specified period for investors to buy through banks, Stock Holding Corporation of India Limited…
