First move to consolidate PSBs: Union cabinet approved merger of 5 associate banks and Mahila Bank with SBI
In a first move to consolidate the public sector banks, Union Cabinet approved on Wednesday, the merger of five of SBI’s associate banks viz. State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Bikaner & Jaipur (SBBJ), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and Mahila Bank with…
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Mandatory certification for the staff manning key responsibilities in Banks
The Apex bank after examining the recommendations of the Shri G Gopalakrishna (former Executive Director of RBI) committee on ‘Committee on Capacity Building in Banks All India financial Institutions’ in detail, decided that recommendations pertaining to the banks may be implemented by the banks based on their organisational objectives and business strategies, after taking approval…
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What is the cheque book issue policy for frequent dishonour of cheque?
At present, no checkbook would be issued to the account holder, in the event of dishonour of a cheque valuing rupees one crore and above in his account on four occasions during the financial year. Banks were advised to follow above condition for the operation of accounts with cheque facility, in terms of RBI circular…
Read articleRBI launches Website ‘सचेत’ (‘Sachet’) in a move to curb illegal Collection of Deposits
The Sachet (‘सचेत’) portal makes available the information regarding entities that are allowed to accept deposits and prescribes regulations that different entities have to follow. The general public check on the whether the entity is having permission to accept deposits from the public. The general public can lodge the complaint and share information regarding illegal…
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GST Benefits: An overview of Goods and Services Tax
GST stands acronym for Goods and Services Tax. Currently, Central and State Governments levy multiple types of taxes on goods and services like Central Sales Tax, Central excise duty (Cenvat), VAT, Entertainment tax, Luxury Tax, Entry Tax, Octroi, purchase tax and State Surcharges etc. GST replaces all the above central and local taxes as a…
Bankers Dearness Allowance calculation explained
[This article discusses the meaning of consumer price index; the formula used for linking the conversion Factor Base 2001=100 to Base 1960=100 and method of arriving eligible rate of DA]. Dearness Allowance (DA) is a cost of living allowance paid to Government employees Public sector employees (PSU) and their pensioners to mitigate the impact of inflation…
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