Overnight MIBID/MIBOR benchmark will be revised from July 22, 2015

The Reserve Bank of India announced today (02/07/2015) that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark will be revised from July 22, 2015. The newly constituted entity ‘The Financial Bench Marks India Pvt. Ltd (FBIL)’ is also stated that it is taking over the administration of the benchmark, replacing the…

FDI in India Clarification

The Indian companies receiving Foreign Direct Invests (FDI) are subject to Regulations framed under FEMA Act 1999. FDI in India can be made through two routes 1.Automatic route where no prioror approval required from authorities. 2.Approval route where the company receiving FDI requires prior approval of the Foreign Investment Promotion Board (FIPB). Pursuant to the…

Bank Officers’ latest salary revision updates

X BPS/ Jt. Notes between IBA and Officers associations: Cost Sheet/ Distribution sheet signed on 20th May 2015 with regard to allocation of Pay slip Component of officers are as follows: Sc-I- 23700-980×7-30560-1145×2-32850-1310×10-45950 Sc-II- 31750-1145×1-32850-1310×12-48570-1460×2-51490 Sc-III- 42020-1310×5-48570-1460×6-57330 Sc-IV- 50030-1460×4-55870-1650×2-59170 plus one stagnation Sc-V- 59170-1650×2-62470-1800×2-66070 Sc-VI- 68680-1960×4-76520 Sc-VII- 76520-2120×4-85000 2. Dearness Allowance (Effective from1.11.2012) Dearness Allowance…