Implementation of Positive Confirmation for RTGS transactions
Up till now, NEFT system has been providing a positive confirmation to the remitter of the funds regarding completion of the funds transfer, thus giving an assurance to the remitter that the funds have been successfully credited to the beneficiary account. Now onwards same facility will be extended by the banks to the remitter of…
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11th BPS/Joint Note (Talks held on 12th Oct)
“No Progress in Talks! Stalemate continues” “In today’s discussion with IBA, we (UFBU) reiterated 1. Their offer of 6% should be substantially improved 2. Performance Linked Pay should be delinked from wage revision and 3. Resolution of mandate issue – IBA repeated their proposal that wage increase should be linked to paying capacity – we…
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Views: Revised premium for IBA Group Medical Insurance Scheme for Retirees 2018-19
From the UIIC/IBA circular dated 06-10-18, on UIIC Group Health Insurance Policy for Bank Retirees, it could be interpreted as under: A cover of RS 4 lakh WITHOUT Domiciliary, costs annual premium including GST is Rs 28,792/- to a retiree officer. Whereas for a cover of RS 4 lakh WITH Domiciliary annual premium (including GST)…
Read article RBI hesitates to bite the bullet, REPO rate remains intact
October 5, 2018: The Monitory Policy Committee (MPC) of Reserve Bank of India in its Fourth Bi-Monthly Statement for 2018-19, announced today did not increase the policy repo rate as widely expected. There was a time when banks followed closely on the heels of what the central bank did, i.e., when it raised rates, lenders, too,…
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Aadhar linking to bank account not mandatory: Supreme Court
The Aadhaar verdict was announced today (26.09.2018) by a five-judge constitution bench of Supreme Court comprising Chief Justice Dipak Misra, Justice A.K. Sikri, Justice A.M. Khanwilkar, Justice D.Y. Chandrachud and Justice Ashok Bhushan. The Apex Court, ruled that it is not mandatory to link bank accounts with Aadhaar or Unique Identity Number, a 12-digit personal…
MSME loans up to 1 Crore within 59 minutes: FM
The government on Tuesday (September 25, 2018) announced 3 new major initiatives viz. Quick loan for MSME, Financial inclusion index, and Geographical mapping of banking services. The Finance Minister on Tuesday launched a new portal “Quick loan for MSME” which sets, for a new benchmark in loan processing and reduces the turnaround time from 20-25…
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