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Recent Chit Fund scam by various companies have duped thousands of depositors of at least Rs 80,000 crore. This is the estimation provided by Central Bureau of Investigation (CBI) . Majority share of this scam is from eastern state of India i.e. West Bengal, Tripura, Odisha, Assam and other states. Pearls Group which operates in Punjab […]
Reserve Bank of India have just launched a Unified Payments Interface (UPI), a Mobile Application enabled payment system for making transaction online to any bank 24X7 without using the account number.Customer of any bank may transact through UPI apps any transaction below Rs 1 lakh, even something as low as Rs 10. Unified payment Interface, UPI services are currently launched by State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC Read : How Does RBI Rate Cut Impact EMI of Loan ? How Does Unified payments Interface (UPI) system work ? National Payments Corporation of India (NPCI) who is the controlling authority for Mobile Based Unified Payments Interface has provided the Rupay Based platform for making transaction. It will be as like the existing Visa and MasterCard transaction application which will allows different banks to interconnect and transfer funds through Mobile Banking. In order to send or receive the money through Unified payments Interface (UPI) one need not to have the account number or any MICR or IFSC code. Even Aadhar enable is also not required. Money will be send using the unique virtual ID. The virtual ID could be anything varies as per the requirement of different banks. Click : Bank EMI Calculator – Compare Loan Installment The common process of sending money through UPI, Unified Payments System will be as like below. 1. […]
How Does RBI Rate Cut Impact EMI of Loan ? – Reserve Bank of India has cut the repo rate in their bi monthly review for year 2016-17 by 0.50% to 6.50% present. After the reduction of Repo Rate many of the leading commercial banks in India like SBI, Syndicate Bank, ICICI Bank, HDFC bank, PNB, […]
RBI Policy Review- Lowest Repo Rate Hike in Six Years with 25 bps to 6.50%. This year quarter one monetary policy of financial year 2016-17 had seen few new changes including the widening of reverse repo and repo rate have been more compromised to 0.50% now. Earlier it was 1%. RBI has announced the major […]
Marginal Cost of Funds based Lending Rate (MCLR) is a new lending rate introduce by Reserve Bank of India (RBI) which is to be implemented by 01-04-2016. MCLR will be the internal bench mark rate of the bank along with existing lending rate system i.e. Base Rate from the Banking Industry. The sole reason the […]
How To Fill Form 10 (E) For Income Tax Rebate on Arrears Paid by employer– After the [highlight]10th Bipartite settlement[/highlight] arrears were paid to all the Bank Employees from 01st November 2012 in the financial year 2015-16. Due to payment of three or more year arrears on salary has made the provision of tax bracket at […]
Centre to infuse Rs 5000 Crore in Public Sector Banks by end of march,31st – The Indian government has decided to infuse the fresh round of Capitalization with additional capital of about Rs 5,050 crore in some public sector banks including UCO Bank and Syndicate Bank by end of this march 2016. Other Public Sector Bank […]
Top 6 Public Sector Bank After Merging – It is the most trending news currently from the banking and financial space.Every day a lot are being flash on various news channel or newspaper about proposed merging of smaller NPA ridden public sector bank with their larger counterpart. Recently Gyan sangam was held where the center of […]
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