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NRO Bank Account – Any person resident outside India (other than a person resident in Nepal and Bhutan). (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI). NRIs/PIOs/OCIs can open an NRO account. Under prevailing FEMA regulations, you will be considered an NRI if: […]
Person of Indian Origin [PIO] means a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the central government, satisfying the following conditions: i. Who was a citizen of India by virtue of the Constitution of India or the […]
The following individuals can open a NRE account without prior approval of RBI. • Non Resident Indian (i.e. An Indian Citizen, who have gone abroad for gainful employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an intention to stay outside India for an uncertain duration) • […]
Paytm to partner with SBI, Axis Bank, HDFC and Yes Bank for enabling UPI transactions : – India’s troubled Paytm is likely to partner with Axis Bank, HDFC Bank, State Bank of India and Yes Bank for processing transactions via the popular unified payments interface (UPI), two sources aware of the development said. The central […]
The followings are the permitted debits in NRE account of an Individual with any of the banks in India. i. Local payments. i. Remittances abroad. ii. Transfer to NRE/FCNR (B) accounts of the same account holder. iv. Transfer to NRE account of person other than the account holder subject to conditions. v. Investment in shares/securities […]
RBI Imposes Monetary Penalty on SBI & Other Banks – The Reserve Bank of India (RBI) has imposed monetary penalty on State Bank of India, Canara Bank, and City Union Bank for rule violations. The central bank imposed Rs 2 crore penalty on State Bank of India, Rs 32.30 lakh on Canara Bank, and Rs 66 […]
Canara Bank Board Approves 1:5 Stock Split citing the liquidity in the stock market. Bank’s Board of Directors approved the sub-division of its equity shares of Rs 10 into five shares with a face value of Rs 2 each. The move is aimed at improving liquidity in the bank’s shares and making it more affordable for […]
The current account savings account (CASA) deposit ratio of private sector banks dropped more than that of public sector banks (PSBs) in YOY due to a stronger demand for credit and an increased preference for term deposits by the depositors. The share of CASA deposits to total deposits of private sector banks contracted to 39.9 […]
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