The latest rise in corporate credit amplified the demand for priority sector lending certificates (PSLC)
The jump in lending to corporate borrowers has driven up demand for priority-sector lending certificates (PSLC), forcing banks to pay a higher premium to meet regulatory lending targets. The total Priority Sector lending of a domestic commercial bank should be 40 per cent (target for foreign banks 32%) of Adjusted Net Bank Credit or Credit…
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RBI issues new guidelines on Note Authentication and Fitness Sorting Parameters
The Reserve Bank of India (RBI) on Friday revised the existing guidelines for authentication and sorting the new series of banknotes and issued guidelines directing banks to test their banknote sorting machines on a quarterly basis. “In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set…
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Gift cards, reward points excluded from VDA tax from July 1
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…
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Interest rates of PPF, NSC, and other small savings schemes remain unchanged for July-September 2022 quarter
Contrary to the expectations of small investors in a rising interest environment, the government has decided to keep the small savings interest rates unchanged for the July to September quarter. This is the ninth quarter in a row that small savings interest rates have not changed. New investments made during the second quarter of FY…
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RBI urges card holders to tokenise their cards, extends deadline for storing of CoF data by three months
The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokenisation by another three months to September 30 as transaction processing based on such tokens is yet to gain traction across categories of merchants. “…it has been decided to extend the timeline for storing of CoF data by three months, i.e.,…
Will your take home salary, PF, working hours change from July 1 under New Labour Laws?
The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…
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