Preparation of Trial Balance
A trial balance is an internal financial report that lists all the balances of general ledger accounts of an entity at a specific time. The items reflected in the trial balance include assets, liabilities, equity, revenues, expenses, gains, and losses. It’s usually prepared at the end of the accounting year to ensure the bookkeeping system’s…
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Bank Holidays for 2025: Maharashtra State
The Government of Maharashtra Vide No.PHD-1124/C.R.91/Japuk (29) dated December 4, 2024, has released a Notification regarding the list of holidays FY 2025 under section 25 of the Negotiable Instrument Act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2025 Sunday REPUBLIC DAY 2 19.02.2025 Wednesday CHATRAPATI SHIVAJI MAHARAJ JAYANTI 3 26.02.2025 Wednesday MAHASHIVARATRI 4 14.03.2025 Friday…
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RBI increases collateral free agriculture loan limit from ₹1.6 lakh to ₹2 lakh
In a much bigger respite to small and marginal farmers the Reserve Bank of India (RBI) today increased the limit for collateral-free loans for agricultural farmers from ₹1.66 lakh to ₹2 lakh per borrower. “Keeping in view the overall inflation and rise in agriculture input cost over the years, it has been decided to raise…
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Revision in maintenance of Cash Reserve Ratio (CRR)
In the Statement on Developmental and Regulatory Policies, RBI announced that the cash reserve ratio (CRR) of all banks by 50 bps in two equal tranches of 25 bps each to 4.0 per cent of net demand and time liabilities (NDTL) with effect from the fortnight beginning December 14, 2024, and December 28, 2024, respectively.…
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Latest FCNR (B) deposits interest rates
In the Statement on Developmental and Regulatory Policies issued today as part of the Bi-monthly Monetary Policy Statement for 2024-25 dated December 06, 2024, the interest rates on FCNR deposits increased from December 6, 2024. Interest rates on FCNR deposits are based on the Overnight Alternative Reference Rate for the respective currency/ Swap. With effect…
RBI holds Repo rate steady, reduces CRR to 4% maintains ‘Neutral’ stance
The Reserve Bank of India (RBI) announced its fifth bi-monthly monetary policy for FY25 today, December 6, 2024. The announcement comes amid economic challenges such as lower GDP growth, inflation, and concerns over tight liquidity conditions in the banking system. The RBI’s rate-setting committee (MPC) kept the benchmark key policy rates unchanged, Repo at 6.5%…
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