Amendments to Reserve Bank of India (Note Refund) Rules, 2009

The Central Government has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009. The amended rules called “the Reserve Bank of India (Note Refund) Amendment Rules, 2018” are effective from Gazette notification date September 6, 2018. The amendment to rules would help the public to exchange mutilated notes in Mahatma Gandhi (New)…

Present banking sector crisis should not become an alibi for privatization of public sector banks: Parliamentary Standing Committee

The Parliamentary Standing Committee on Finance in its report dated September 5, 2018 on banking sector, made various suggestions to the RBI to resurrect the bleeding public sector banks, which include relaxation in capital adequacy rules to free up excess capital, easing of the Prompt Corrective Action (PCA) framework, separate treatment of NPAs due to…

Bank Clerical Staff DA (Aug-Oct 2018)

12 slabs increase in DA for Aug 2018 – Oct 2018 and CPI for June 2019 is 291 (6596.68) as per the announcement of Labour Bureau today (31.07.2018). With the above, the average CPI for April, May & June 2018 is 6588. AVG CPI: (6573.85+6596.68+ 6642.33/3=. 19812.86/3=6604.28-4440=2164.28/4=541 slabs @ 0.10%=54.10% So Confirmed Increase in DA…

Swaps in ATMs

  In terms of recommendations of Shri.D.K.Mohanty Committee on Currency Movement(CCM), RBI advised all the banks to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment. The above decision was taken by the Central Bank in order to mitigate risks involved in open cash replenishment/top up. RBI…

Budget 2018 highlights

Tax proposals for Salaried Class: No change in income slabs for salaried class. Health and education cess has been increased to 4 per cent Standard deduction of Rs. 40,000 for salaried employees in lieu of transport and medical expenses Education cess: 3% to 4% Surcharge of 10 % on income above Rs 50 lakh but…