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GST e-way bill – After Aadhaar authentication for important services, GST e-way bill is another mechanism to check evasion by ensuring goods are tagged and tax paid. The GST e-way bill is launched Nationwide from February 1. This could not be rolled out earlier as software and nationwide system was not ready. The pre registration is […]
Another Public Sector Bank (PSB), Allahabad bank is put under Prompt Corrective Action (PCA) by Reserve Bank of India (RBI) as the banks shows the net NPAs (non performing assets) and negative ROA (return on assets) for two consecutive years fiscal 2016-17. For the fiscal 2016-17, the bank had trimmed its net losses to Rs 313.51 crore against Rs […]
Learn and use the inbuilt daily saving interest calculator for all bank’s saving account. This saving interest calculator, calculate the daily interest on saving bank deposit of any bank’s account holder. Interest rate on saving bank is deregulated by Reserve Bank of India (RBI) and each bank is free to charge the interest as per […]
Recently Reserve bank of India has brought many of Public Sector Banks under prompt correction action (PCA) like Bank of India, Corporation bank, United Bank of India, UCO bank, Indian overseas bank, IDBI banks, Central Bank of India and lot more. What is prompt correction action (PCA) and why RBI is implementing it on various banks ? […]
Currently there is a wide debate going on within financial sector about proposed Financial Resolution and Deposit Insurance Bill (FRDI). Main concern is on non-assurance on depositors money and bail-out of weak banks through bank deposit of different bank. Ending the debate on FRDI will, government has decided to place the proposed bill to get parliament […]
Government of India has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM, AEPS and UPI transactions up to Rs 2,000. This decision is taken in order to boost digital payments and make it more affordable for common people and making transaction more cashless as the majority of transaction falls within this […]
Reserve Bank of India (RBI) has imposed a whopping Rs 5 crore penalty on Public sector lender Syndicate Bank and Rs 2 crore penalty on Union Bank of India, IndusInd bank etc for breaching Know Your Customer (KYC) norms. Reserve bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector […]
State run bank UCO bank is under CBI and Enforcement Directorate (ED) scanner for Rs 20,000 crore hawala scam. ED sought help of CBI on this case due to lot of technicality involved in this as the level of fraud are mainly related to core banking segment like export finance. ED has been probing the scam […]
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