Do you know this? Excess Interest collected by the banks by rounding off the applicable interest cannot be retained by the banks
The Hon’ble Supreme Court in its Judgment dated April 16, 2004, has ordered that excess interest collected by the banks from the borrowers through rounding off the applicable interest rate should be recovered from the banks and credited to a Trust to be created for the benefit of disadvantaged people. In the same judgment, the…
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Govt. approves 8.15% interest rate on Employees’ Provident Fund for FY23
Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952, to credit interest @8.15% for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952,”. Last…
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Interview tips for jobs and promotions
An interview is a two-way communication process between a candidate and the interviewers. The objectives of an interview are to assess the candidate’s personality competencies such as attitudes, morals, enthusiasm, respect for others, friendliness, the level of acquired knowledge or information, etc., which cannot be assessed through a written test. The rationale behind conducting an…
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DICGC asks deposit insured banks to display logo and QR code on online portals and websites
Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all banks to prominently display its logo and QR code on their websites and Internet banking portals by August 31 with a view to creating awareness about the deposit insurance scheme. “With a view to enhancing the awareness about deposit insurance in a focused and sustained…
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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…
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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