RBI keeps rate unchanged as inflation remains concern
Mumbai, Aug 5 (PTI) Concerned over impact of weak monsoon on food price, Reserve Bank of India (RBI) Tuesday decided to keep the key policy rate unchanged but slashed statutory liquidity ratio (SLR) by 0.5 per cent to unlock about Rs 40,000 crore into the system. The revised SLR w.e.f 05.08.2014 is 22% , other rates…
Read articleInterest rate on housing loans will be slashed.
The Reserve Bank of India (RBI) on 15.07.2014 Tuesday made a major announcement to boost demand for infrastructure and housing. RBI said, banks would not have to maintain cash reserve ratio (CRR) or statutory liquidity ratio (SLR) and will not have to meet priority- sector lending targets for funds raised through bonds for extending credit to…
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What is a Point of Sale /POS terminal business?
The debit card/credit card/smart card payments are accepted by railways, airlines, malls, hotels, major shops and business establishments. For accepting payments through cards the merchant establishments need a Point of Sale (POS) terminal. The sale transactions made through POS terminal is called Point of Sale (POS) business. The bank which is in ‘Card Payment Acquiring…
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BSBDA (Basic Savings Bank Deposit Account)/ No frill account
The aim of introducing ‘Basic Savings Bank Deposit Account'(BSBDA) is a part of the efforts of RBI to promote ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account. In BSBDA, the account holder gets the basic banking services with minimum common facilities either with nil or very low minimum…
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Benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY)
The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section. Special Benefits under PMJDY Scheme The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accidental…
What is the meaning of ‘cooling period’ in collection of foreign currency cheques?
Foreign currency cheques A foreign currency cheque is one in which cheque amount is denominated in foreign currency like US Dollar, EURO, GBP, JPY etc. The personal -cheque, cashier cheque, travellers’ cheque, demand-draft etc. which are denominated in foreign currency are payable/ drawn on a bank outside India. Cash Letter Arrangement For collection of foreign…
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