Swavalamban Yojana: Pension scheme for all citizens in the unorganized sector
The Swavalamban Yojana is a low cost version of new pension scheme (NPS). In essence, the scheme is designed with an intention to secure the future of financially weaker section of the society. The scheme is now a part of Jan Dhan Yojana. Benefits from Swavalamban Yojana: Under the scheme Swavalamban Yojana, Government will contribute…
Read articleHighlights of 2015 Budget
Budget 2015 Highlights: 1. No change in income tax slabs. 2. Medical exemption limit increased to Rs.25000/- from Rs.15000/- 3. Health Insurance Premium deduction for senior citizen increased to Rs.30000/- from Rs.10000/- 4. Exemption of Rs.50000/= for pension under section 80 C 5. Exemption limit rose to Rs.150000/- from Rs.100000/- on contribution to National Pension…
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Classification of priority sector advances: Overdraft in PMJDY accounts
The overdraft extended by banks up to Rupees Five thousand in Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts will be eligible for classification under priority sector advances. RBI circular dated 25.02.2015 notifies that the overdraft under PMJDY can be classified as priority sector advances (‘others’ category) as also weaker sections, provided the borrowers household annual income…
Read articleNews on wage revision
Confirmed news on wage revision In today’s talks between IBA and UFBU, wage revision is settled at 15%(Rs. 4725 crores) w.e.f 1.11.2012. 2nd and 4th Saturday’s will be holidays and other Saturday’s will be full working days. Strike deferred. Detailed circular from UFBU follows.
Read articleIBA agreed to hold negotiation with Bank Unions on 23.02.2015
During the conciliation meeting held at Chief Labour Commissioner’s office Delhi, IBA requested the Unions to defer the strike call so that further negotiations can continue. Unions representing UFBU pointed out that when earlier strike call was deferred there was no positive response from IBA and unless IBA can come out with further positive improvement…
RBI clarifies on operational aspect of 20:80 gold import scheme
Reserve Bank of India abolished 20:80 gold import schemes on November 28, 2014. The regulator has clarified in this regard that the obligation to export under the scheme will continue to apply in respect of unutilized gold imported before November 28, 2014. Further it is advised that the nominated banks are now permitted to import…
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