Agreement on Bank Retirees group medical insurance policy between UFBU and IBA
There was a round of discussions between UFBU and IBA held on July 19, 2023, mainly to discuss group medical insurance policy for retirees among other things. In view of the increasing cost of premiums payable by retired employees/officers, the need has arisen to review the scheme as applicable to the retired employees and officers…
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Shortly all banks will issue mobility-enabled cards with NFC functions.
As per a news item in the Economic Times of India, the government has asked banks to ensure that all new cards and reissues of old cards have the National Common Mobility Card (NCMC) as a default option with contactless or near-field function facilities. National Common Mobility Card is an inter-operable transport card conceived by…
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What is Currency Chest and Currency note delivery system?
Currency chests are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on March 31, 2021, there were 3054 currency chests. Besides these, there are around 3,746 bank branches that act as small coin depots to stock small coins.…
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GST council announces many Changes in GST tax rates
The 50th GST Council Meeting concluded on Tuesday and witnessed significant recommendations regarding changes in GST tax rates, simplification of compliance processes, and measures to facilitate trade. A 28% GST rate has been levied on the full value of gaming, horse racing, and casinos which comes as a drawback to online gaming companies. The tax…
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Banks were asked to be extra careful and vigilant in view of the adverse global developments
The Governor of the Reserve Bank of India Mr. Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 11, 2023, in Mumbai. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with a few senior officials…
Central notifies GSTN to exchange information with ED, FIU under PML Act
The Centre on Saturday (July 7) issued a notification to include the Goods and Services Tax Network (GSTN) under the ambit of the Prevention of Money Laundering Act (PMLA). The above notification was issued under Section 66 of the PMLA. The disclosure of information provided will facilitate sharing of information between the GSTN, Enforcement Directorate,…
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