The Reserve Bank of India (RBI) had introduced Marginal Cost of funds based Lending Rate (MCLR) on April 1, 2016, to make up for the limitations of Base Rate, which was the lending rate benchmark at that time for all retail loans extended by commercial banks. However, the delay by banks in passing on the…
Being mindful of the mushrooming of fraudulent banking activities, State Bank of India has decided to improve and secure SBI ATM transactions for its customers. The bank has extended its OTP based cash withdrawal facility for withdrawals of Rs. 10,000 and above, w.e.f 18th September 2020. Earlier, SBI OTP security was furnished for all withdrawals…
An Aadhar Card, the 12-digit unique identification number, is considered as one of the most important documents which act as a proof of identity for all the residents of India which is issued by the Unique Identification Authority of India. Besides being used for validating the identity of the Indian residents, it is also used…
In order to safeguard the rights of the underprivileged residents of India and to eliminate the identity thefts and fraud, the Government of India has advised all the citizens of India to link Aadhaar Card with various other documents. Recently, it has been made mandatory to link PAN Card with Aadhaar for filing the Income…
After the Supreme Court verdict on UIDAI’s (Unique Identification Authority of India) Aadhaar, many are still confused regarding the use of Aadhaar for availing various financial services. One such area of confusion is the use of Aadhaar for availing loans such as personal loans. In the following sections, we will discuss the truth regarding loan…
