Government reverses yesterday’s order regarding huge cut on interest rates of small savings schemes from April.
Edited and republished on April 1,2021 Last evening, in a massive blow to middle-class depositors, on the last day of the financial year, the government had announced a huge cut in interest rates of small savings scheme such as PPF, NSC and other post office deposits up to110 basis point for the first quarter of…
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RBI extends the timeline for processing recurring online transactions.
The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…
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Who is a beneficial nominee for an insurance policy?
May be all of us know the meaning of a nominee of the life insurance policy. Nominees of insurance policies are merely designated trustees acting as receivers of insurance proceeds on behalf of the policyholder’s legal heirs. In the other words, while the insurance company has to hand over the death benefit to the nominee,…
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RBI foresees four distinct sets of banks over the next decade: Shri Shaktikanta Das
Today, the Governor of RBI Shri Shaktikanta Das, in his address at the India Economic Conclave 2021 organized by the Times Network in New Delhi. “Today, the Governor of RBI Shri Shaktikanta Das, in an address at the India Economic Conclave 2021 organized by the Times Network in New Delhi and chosen to speak about…
Read article Special clearing will be conducted for the collection of government cheques on March 31, 2021: RBI
Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…
Waiver of complete interest and extension of the moratorium not allowed by Supreme Court
The Supreme Court on Tuesday has pronounced its judgment on a batch of pleas related to the six-month loan moratorium period, stating that it cannot allow waiver of complete interest and extension of the moratorium. The judgment was delivered by a Bench of Justices Ashok Bhushan, R Subhash Reddy, and MR Shah in a batch…
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