Latest interest rate on small saving schemes
The Finance Ministry in its communication said that it has decided to keep the interest rate unchanged on small savings schemes for the three-month period beginning April 1.The announcement covers small-saving schemes such as the Post Office Saving Accounts, Post Office Time Deposits, the National Saving Certificates (NSC), the Public Provident Fund (PPF), the Kisan…
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New rules for setting up Currency Chest
RBI on 08.04.2019 notified new minimum standard for setting up new currency chests as per recommendations of Currency Movement Committee. The Currency Movement Committee headed by Shri. D. K. Mohanty had recommended Reserve Bank that it should encourage banks to open large Currency Chests (CCs) with modern facilities and Chest Balance Limit (CBL) of at…
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RBI’s disclaimer note on merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)
Reserve Bank of India (RBI) in its press release announced that it has learnt merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)through media. As per media news above entities have made a merger announcement on April 5, 2019 with approval of their respective Boards. RBI’s disclaimer said that a section of…
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Life Insurance policy under Married Women’s Property Act
Under section 6 Married Women’s Property (MWP) Act, all the properties belonging to the women, including insurance policy in the name of the husband purchased under MWPA, gets insulated from court attachments or any income tax attachments. For example, if husband were to default on his loan or personal guarantee provided by him, the properties…
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What is investment reserve account (IRA)?
Banks are required to make provisions for depreciation on investment as a ‘below the line’ item, after arriving at the profit for the period. Whenever provisions so created on AFS and HFT categories is in excess of requisite amount in any year, such excess amount can be credited to the profit and loss account and…
RBI reduces Repo rate by 25 basis points
Reserve Bank of India (RBI) has today (April 4, 2019)announced its first Bi-Monthly Monetary Policy Rates for 2019-20 in Mumbai. The Monitory Policy Committee (MPC) of Reserve Bank of India On the basis of an assessment of the current and evolving macroeconomic situation at its meeting decided to reduce the policy repo rate under the…
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