Labour ministry notifies provident fund contribution towards EPF & EPS scheme

The labour ministry on Friday notified the special scheme wherein the government will deposit the employer’s and employee’s contribution in the Employee Provident Fund (EPF) and Employee’s Pension Scheme (EPS) for three months to tide over the impact of COVID-19 on small establishments.  Under Gareeb Kalyan Yojana scheme, the central government will grant relief in…

Cabinet promulgates ordinance to reduce the salaries and pensions of Members of Parliament (MPs)

Due to the outbreak of pandemic COVID 19 virus, the Union cabinet promulgated an ordinance to reduce the salaries, allowances, and pensions of Members of Parliament (MPs) by 30 percent for one year. According to news, Union Minister Prakash Javdekar communicated the cabinet decision in a press release. According to Mr.Javdekar’s announcement, the Cabinet also…

It is now obligatory for Banks to offer doorstep banking services to Senior Citizens and Differently Abled Persons

Today (March 31, 2020) Reserve Bank of India advised the banks to make determined efforts while offering certain basic banking services to senior citizens of more than 70 years of age and differently-abled persons. RBI had advised in this regard to the banks to implement doorstep banking services on a pan India basis for Senior…

COVID 19: How does lockdown impact banking services in India?

In light of the spreading disease – COVID-19 – and government orders, banks across the country are working at reduced capacities, providing only essential services. Only essential basic services allowed: Effective from Monday, March 23, 2020, only basic essential services like cash deposit and withdrawal, cheque clearances, remittances,, and government transactions are undertaken by the…