Definition and requirements to be called a Bank
A Bank is a financial institution that, generally, accepts deposits and makes loans. Deposits are money people leave in a banking institution with the understanding that they can get it back at any time or at an agreed-upon future time. A loan is a money let out to a borrower to be generally paid back…
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RBI Act 1934 – Chapter I to V
This post has covered all the sections of the RBI Act 1934 Chapter I to V. However, given this post comprises a large volume of sections, we have separately posted one more article containing important sections of the act. To read them click “IMPORTANT SECTIONS AND SCHEDULES OF RBI ACT 1934 AND BACKGROUND OF ENACTMENT”…
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Explained: Group Insurance Schemes
Group Insurance Scheme is as the name suggests insurance protection to groups of people. Irrespective of the size of the group, group insurance covers all members under the same plan. The plan may be in the form of group life insurance, group health insurance, group travel insurance, or group personal accident insurance. According to IRDAI…
Read article Definition of Insurance and Fundamental Principles of Insurance
An insurance plan or a policy can be defined as a legal contract between the insured (an individual) and the insurer (insurance company). Under the contract, you pay regular amounts of money (as premiums) to the insurer, and they pay you the sum assured in specific situations of suffering to cover the losses, against payment…
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Explained: Rating agencies’ fee structure for Credit Ratings
Credit Ratings are required to disclose the nature of their compensation arrangements and fee structure for bank loan/facility ratings on their websites. This disclosure is made under the Reserve Bank of India’s communication (dated April 26, 2013, reference no. DBOD.BP.No./5385/21.06.007/2012-13), advising accredited credit rating agencies (CRAs) to disclose the nature of their compensation arrangements and…
New Tax Regime Slabs Changed as well Standard Deduction Up for new tax regime
Finance Minister Mrs.Nirmala Sitharaman in her budget 2024-25 presentation proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, the deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. The FM announced changes in new tax regime slabs Taxable Income…
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