The interest rates for small savings schemes for the quarter July 2016 to September 2016 kept unchanged, as per announcement of the Government (finance ministry). Accordingly, the interest rates for the investments in the small savings schemes remain the same as in the previous quarter. The details of the interest rate applicable on various small saving…
In a leading move to the consolidation of struggling public sector banks, Union Cabinet today (15th Jun 2016) has approved take over of State Bank of Bikaner and Jaipur, State Bank of Hyderabad , State Bank of Mysore and State Bank of Travancore by State Bank of India. The Government sources said that the above move is…
RBI in its Second Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 06.06.2016 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL);…
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…
In terms of Government announcement on February 2016, the interest rate on small savings schemes will be notified on quarterly basis hereafter, instead of earlier system of announcing for every year. Accordingly the Government h,as announced the interest rates for the following small savings schemes (for the quarter April 2016 to June 2016) wich are…
The salaried class in India had a lot of expectation from the budget 2016 in respect of IT exemption limit. But no changes have been made to existing tax slabs. However, a small relief is provided by increasing maximum tax relief from Rs.2000/- to maximum Rs.5000/-under section 87(a) to individuals whose income is less than…
RBI today (February 23, 2016) announced the extension of SAARC Currency Swap Arrangement till November 14, 2017. The RBI press release said that the above decision was taken in order to promote financial stability and economic cooperation within the SAARC region. The swap framework provides a backstop line of funding for the SAARC member countries…
On the basis of CPI data announced by the Government for the month of October, November & December 2015, as tabled below, the Dearness Allowance (DA) payable for the period of February’16 to April ‘16 is an increase of 28 DA Slabs at a rate of 0.10% per slab. DA for bank employees and officers…
RBI on its communique dated February 11,2016 informed that the date for exchanging the pre-2005 banknotes is extended up to June 30,2016. Since these banknotes will be withdrawn from the circulation the members of public were requested by the Apex bank to exchange such notes at identified bank branches or issue branches of RBI. Banks…
RBI in its communiqué dated Febraury 4, 2016 has advised that with effect from April 1, 2016, the structure of RTGS service charges levied on member banks as well customers of banks. In the new structure, the monthly membership fee to Scheduled Commercial bank will be Rs.5000 + service tax. The processing charges per outward transaction will…