Assessment of education loan and eligibility criterion for loan
A revised Model Educational Loan Scheme (2015) for Pursuing Higher Education in India & abroad was formulated by IBA and circulated to member banks for adaption and implementations vide IBA circular no. CIR/RB-ELS/6 dated 17th August 2015. The scheme provides broad guidelines to the banks for operationalizing the educational loan scheme and the implementing bank…
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Direct Benefit Transfer (DBT) Scheme – Seeding of Aadhaar in Bank Accounts
On the subject of the use of Aadhaar to facilitate delivery of social welfare benefits by direct credit to the bank accounts, Reserve Bank of India vide its circular RBI/2015-16/289/FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 dated January 14, 2016 had clarified that the use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and…
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RBI clarifies on Free ATM transactions
Reserve Bank of India on Wednesday (14th August 2019) in its notification to all Scheduled Commercial Banks including Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Small Finance Banks, Payment Banks, White Label ATM Operators clarified that banks should not count failed transactions at ATMs due to technical reasons and…
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What is Aadhar Act?
The Aadhaar Act is defined as “an identification number issued to an individual by Unique Identification Authority of India (UIDAI) on receipt of the demographic information and biometric information as per the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.” In terms of above act every resident…
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DA for central government employees from July 2019
The Centre decides to increase the Dearness Allowance (DA) of central government employees for July 2019. According to reports, the CG employees would be getting 17 percent Dearness Allowance (DA) for July 2019 to October 2019. It is expected that the same DA will continue until January 2020. The present, DA for Central govt employees…
Appraisal: Loan application for construction, alteration, renovation of school building
Term loan application received from educational institutions run by trusts, private management, requires appraisal of the project as well as appraisal of the management. First step of appraisal of project involves verification of whether the institution has the necessary approval from the Government agencies to run the school. Secondly, bank has to verify whether the…
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