Meaning of Spread/Mark up in Bank loan rates
In banks, the markup is the value added to the cost of funds used for lending as Spread or mark-up broadly: profit. Banks are free to decide the mark-up or spread over the cost of funds. As per RBI guidelines, banks shall adopt the following broad components of spread: (i) Business strategy: The component shall…
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The due date for filing income tax returns for AY 2021-22 and also for the report of audits extended
The Central Board of Direct Taxes (CBDT) on Tuesday extended the due date for filing income tax returns for the assessment year 2021-22 till March 15, 2022, and also extended the due date for other compliances of the report of audits for 2020-21 till 15 February 2022. The notification No 01/2022 dated 11.01.2022 said that…
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Subscription for Sovereign Gold Bonds open from today
The issue of the IX series of the Sovereign Gold Bonds (SGBs) scheme 2021-22 is open for subscription from January 10, 2022 – January 14, 2022.The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the…
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RBI releases ‘Framework for facilitating small value digital payments in offline mode’
To push digital transactions in rural and semi-urban areas, the Reserve Bank of India (RBI) on Monday issued a framework allowing offline payments up to Rs.200 per transaction, subject to an overall limit of Rs 2,000 until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The new…
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SBI, ICICI, and HDFC banks are too big to fail: RBI
The Reserve Bank of India today announced that State Bank of India, HDFC Bank, and ICICI Bank will remain as Domestic Systemically Important Banks (D-SIBs) and therefore will have to maintain additional common equity tier 1 (CET1) capital ratios in the same manner prescribed in 2020. SIBs are considered as banks that are ‘too big…
Latest Small Savings/Post Office Interest Rates January – March 2022
The government has decided to keep the interest rates for small savings schemes unchanged for January 2022 to March 2022 quarter, the seventh in a row. The last revision in small savings rates was for April-June 2020. This was announced by the finance ministry via a circular dated 31, December 2021. Thus, the interest in…
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