Special clearings in Banks on 30th & 31 March 2015
Details of Special Clearing operations on March 30 and 31, 2015 at all clearing houses.(For RTGS/NEFT- extended time window will be indicated through the respective system). March 30, 2015(Monday): Normal Clearing as followed on any working Monday plus a Special Clearing exclusively for Government transactions (receipts and payments) with return clearing on the same day…
Read articleExtension of bank hours on 30th and 31st of March 2015
Banks shall keep the counters open for Transactions of Central/State Governments on 30th (full day)/ 31st March 2015 (till 8 p.m) and all electronic transactions till midnight of 31st March. RBI in its circular dated 25.03.2015 instructed that all agency banks shall keep the counters of their designated branches conducting government business open for full…
Read articleRBI releases Names of Applicants of Trade Receivables Discounting System (TReDS)
The Reserve Bank of India on 25.03.2015 released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai Trade Receivables Exchange (Group of Banking Professionals), Mumbai Axis Bank…
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Housing Loan: New guidelines on ‘Loan to Value (LTV) ratio’ and construction linked disbursal of loan
Loan to value ratio: Banks were not permitted to include stamp duty, registration and other documentation charges towards the cost of housing property for the purpose of effective calculation of LTV ratio. RBI has now appreciated that the amount which are excluded for arriving LTV ratio forms cost of around 15% of the house. In…
Read articleRBI slashes Repo Rate by 25 basis point
RBI slashes ‘Repo rate’ by 25 basis point from immediate effect. Consequently the policy rates will be as under from 04.03.2015 Repo Rate…………………7.50% Reverse Repo Rate……6.50% Marginal Standing Facility Rate….8.50% Bank Rate………………………………….8.50% SLR…………………………….21.50% (Unchanged) CRR……………………………4% (Unchanged) RBI continues to provide liquidity under overnight repos of 0.25 percent of bank-wise NDTL at the LAF repo rate…
Highlights 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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