RBI waives charges on NEFT & RTGS transactions
RBI on Thursday (06.06.2019) informed banks that it has decided to waive charges levied on NEFT & RTGS transactions and accordingly instructed the bank to pass on the benefit to their customers. Instruction on this regard will be issued within a week. RTGS& NEFT transactions are the fastest electronic funds transfer systems available in India.…
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Sovereign Gold Bond Scheme 2019-20 announced by Government of India
The Government of India has announced the Sovereign Gold Bond Scheme 2019-20 (“the Bonds”). The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of the minor child, or jointly with any other individual. The bond may also be…
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Repo Rates and Other Key Policy Rates (latest)
Updated on 10.02.2022 In today’s (10.02.2022) meeting, the MPC decided by a majority of 5 to 1 to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target…
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Opening of current accounts in banks
A Current account in a bank is a running account (also known as demand deposit) maintained in banks mostly for the purpose of business. The following types of entities are eligible to open current accounts in banks. Individual/Proprietorship Account Hindu Undivided Family (H.U.F) Account Partnership concerns/Limited Liability Partnership (LLP) Limited and Private Companies Trust Account…
Read article RTGS time window extended
RBI vide its notification RBI/2018-19/189 DPSS (CO) RTGS No. 2488/04.04.016/2018-19 dated 28.05.2019 announced that it has extended the timings for customer transactions (initial cut-off) in RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019 which will be asunder. Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer…
How a bank charges on early delivery or cancellation of forward contracts?
(This post explains how bank calculate early delivery or cancellation losses of forward contract with examples) Whenever an exporter wants to undertake a Forward (Sale) Contract against his receivable he will do so with a rough idea of the time period in which he can expect his buyer to send the payment. Forward contract is…
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