Unified Pension Scheme introduced for Central Government employees
Amid the growing demand for the rollback of the Old Pension Scheme, the Union Cabinet, on Saturday approved the Unified Pension Scheme (UPS) for central government employees which is expected to impact 23 lakh employees, aimed at providing financial security and stability for government workers post-retirement. The scheme will come into effect on April 1,…
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RBI guidelines on Levying of Service Charges
Service charges are intended to cover the cost of services provided by the bank. As per RBI guidelines, for basic charges rendered to individuals, banks will levy charges ad valorem subject to a cap. RBI working group recommended service charges shall be fixed on a principle that fixing lower rates for individuals as compared to…
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Government Business Overview
Many commercial Banks more particularly all public sector banks deal with various Government business products and services. They cater the services for departmentalized Ministerial Accounts of Central Government, and State Governments including Online Tax collection, State government tax collection, Sub-Treasury Transactions of the State Governments, E-Stamping of State Government Stamp Duty collections, National Pension Scheme,…
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Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate Scheme was launched by the Department of Economic Affairs, Ministry of Finance to provide financial security to every girl and woman in India. The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification issued on June 27, 2023, permitted all Public Sector Banks and eligible Private Sector Banks…
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View: Electronic Benefits Transfer (EBT) or Direct Benefit Transfer (DBT) Scheme
Electronic Benefits Transfer (EBT) is a system that allows eligible citizens to receive benefits from programs like the Supplemental Nutrition Assistance Program (SNAP) and Cash Assistance. EBT cards function similarly to debit cards, with recipients receiving an allotted amount each month based on their household size and income. The beneficiary recipients can make purchases from…
Explained: Mail Transfer and Telegraphic Transfer
Mail transfer and telegraphic transfer (TT) are used to send money to accounts of the customers of the same bank from one place to another. Though increasingly convenient earlier; mail transfers and Telegraphic transfers are slowly getting outdated because of their slow processing periods. Now, customers have instant banking solutions like anywhere banking (AWB) of…
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