Diwali is round the corner and most of you must be expecting a Diwali Bonus. While bonuses do bring immense joy, but during the festive season this joy is usually short lived as the money gets spent as soon as it comes. it’s ok to sometimes get swayed by heavy discounts and other alluring Diwali […]
As per the report published in Business Today, RBI has proposed to bring an external benchmark rate to link lending rates in the country in order to enable faster transmission of rate cuts to the borrowers by the banks. RBI has set up a study group to review the working of the MCLR (Marginal Cost […]
As per a report by The Times of India, RBI has finally decided to allow users to make payments from one e-wallet to another. The inter-operability facility will start within the next six months. However, the institution has clarified that the facility will be available for only those users who have successfully got their KYC […]
According to the latest RBI data, the currency in hand of the people has shown contraction this festive season. Such contraction during festivities has not happened in over a decade. From 18th August to 22nd September, the currency circulation has dipped in three weeks out of five and this reduction in currency circulation is the […]
As per an Economic Times report, Finance Minister Arun Jaitley has said that the net tax collections till September FY’17 have grown by 15.7% to Rs. 3.7 lakh Crore when compared to the tax collections of the previous fiscal year. Speaking in front of a parliamentary panel, Jaitley also informed that the number of […]
Soon after cutting the service charge on savings accounts, SBI has revised interest rates on fixed deposit schemes. The move has come after the decrease in repo rate by the Reserve Bank of India. These changes have come into effect from 1st October, 2017. The bank has slashed the interest rate on 1 year fixed […]
As per a Times of India report, the State Bank of India has deployed an Artificial-Intelligence powered software, SIA to enhance consumer experience. SIA is a computer program which can chat with consumers to solve their queries. Currently, it can respond to 850 million queries per day and will soon evolve to responding to transactional […]
As per a recently published Moneycontrol news report, the Reserve Bank of India (RBI) has issued a circular limiting the total investment of banks in deposit taking NBFCs to 10%. This limit of 10% is applicable to the lower amount among the paid up capital of the NBFC (if it is not a subsidiary of […]
As per media reports, the Government has directed the Indian Banks’ Association (IBA) to make amendments in charges levied on users in order to incentivise digital transactions. The Department of Financial Services working under the Finance Ministry has communicated recently that banks need to cross-subsidise low-value digital transactions and make it cheaper for users than […]
The Income Tax Department is planning to focus on those tax evaders who earn huge interests from fixed deposits and do not mention it while filing their income tax returns. Unlike interests earned on savings account, where an individual or HUF can claim an exemption from taxes on interests up to Rs 10,000 under section […]
