Interest Subvention Scheme for MSMEs: Modified operational instructions
Reserve Bank on Wednesday (February 5, 2020) said that the statutory auditor’s certificate in respect of interest subvention claim may be submitted by June 30, 2020, and in the meantime settle claims based on internal/concurrent auditor certificate. As per earlier covenants, the interest subvention would be released only on the basis of claim duly certified…
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RBI conducts Financial Literacy Week from February 10 to February 14, 2020
Many surveys on the status of financial literacy in India reveal that about a staggering 76% of Indian adults do not understand basic financial concepts. These surveys confirm the financial literacy rate in India has been consistently poor as compared to the rest of the world. Financial Literacy Week is an initiative by RBI to…
Read article Sixth bimonthly statement: RBI keeps Repo Rate unchanged
In the sixth bi-monthly monetary policy statement announced on Thursday (dated 06.02.2020), MPC decided to keep the policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 percent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within…
Read article DICGC increase the insurance coverage for depositors in all insured banks to ₹ 5 lakh
Pursuant to an announcement made by the Finance Minister Mrs.Nirmala Sitharaman in the Lokasabha while placing budget for the year 2020-21, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of…
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What happens to your tax liability when you opt for new tax regime?
In the budget 2020-21, a new Section 115 BAC being introduced to income tax act whereby an individual and HUF can opt to pay tax as per new tax rates in case he/she is ready to forgo all exemptions and deductions. Individuals opting to pay tax under the new lower personal income tax regime will…
Cash withdrawal facility at Point of Sale (PoS) terminals
RBI on Friday (January 31, 2020) advised all the scheduled commercial banks, RRBs, Co-operative banks and authorised card payment networks that henceforth they may provide cash withdrawal facility at POS terminal with the approval of their Board. Hitherto banks are required to obtain one-time permission from Reserve Bank of India for offering the above facility…
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