BANK

Banks Will Be Closed For 16 Days in January 2022. Note The Dates

Banks Will Be Closed For 16 Days in January 2022. Note The Dates

Reserve Bank of India (RBI) has released the list of holidays for banks in various cities. According to which banks will remain closed in different states of the country for 16 days in January. These days customers will not be able to withdraw or deposit money in their respective bank branches. However, all the services …

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SBI Alert: Do This Work Immediately! Unless You Will Not Be Able To Do High Value Transactions

SBI Alert: Do This Work Immediately! Unless You Will Not Be Able To Do High Value Transactions

State Bank of India (SBI) has issued an alert for its customers that if they have not linked their Aadhaar card with PAN, get it done immediately. The deadline for linking Aadhaar with PAN is about to end. If you do not link your Aadhaar with PAN before the stipulated time limit, then your PAN …

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HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank has issued an alert for its customers. If you are also a HDFC Bank customer, then there is an important update for you. Giving information to the customers, the bank said, ‘The description of your HDFC Bank card entered on the merchant website/ app will be deleted. RBI had given orders regarding this, …

HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022 Read More »

Banking Work May Affect On These Dates, Because Employees Will Go On Strike

Banking Work May Affect On These Dates, Because Employees Will Go On Strike

Your bank’s work may be affected on 16-17 December, 2021. Actually 10 lakh bank employees will be on strike on these days. Negotiations between bank unions and the government remained fruitless. After which about 10 lakh bank employees will be on strike in protest against the privatization of public sector banks. This will affect the …

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Know About The Benefits And Rules Of SBI Gold Current Account

SBI Current Account benefits: If you have a business and do daily transactions then you need a current account. India’s largest bank is offering many great benefits (SBI Current Account benefits) on the opening of State Bank of India Current Account. There is a special account in SBI namely SBI Gold Current Account. In this, …

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If Your Saving Account is in SBI, Then This Big Alert is For You!

If Your Saving Account is in SBI, Then This Big Alert is For You!

If your Saving ccount is in the country’s largest government bank i.e. State Bank of India, then this news is for you. State Bank of India told through a tweet to make its customers aware that how you can avoid online fraud. Let us tell you that these days digital transactions are increasing very fast, …

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Online Payment System Will Change From 1st January 2022. Know About New System!

Online Payment System Will Change From 1st January 2022. Know About New System!

From January 1, the method of online payment will change in the country. For this, the Reserve Bank of India (RBI) has issued a guideline. Following the guidelines of RBI, Google has also announced changes in online payment methods from January 1. Google will not save card information According to the information, Google will not …

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Good News! No Need To Visit Bank Branch For SBI YONO Business App

Good News! No Need To Visit Bank Branch For SBI YONO Business App

If you want to use SBI YONO Business then this news is for you. Today we will tell you how you can easily register yourself on this app (Yono Business App). Yono Business app has been launched by State Bank of India, whose basic objective is to provide platform to Corporate and SME i.e. small and medium …

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Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

What is the impact of new RBI guidelines on my current Standing instruction (SI) set up on my cards? We may have allowed merchants to auto-charge our Credit Card / Debit Card on a recurring basis for services such as Netflix, Postpaid mobile, Insurance payments, etc. These recurring payments will not get through for merchants …

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Department of Expenditure has issued O.M. dated 07.09.2021 regarding calculation of Gratuity and Leave Encashment for Central Govt. employees, who retired during the period from January 2020 to June 2021.

PF, GST, Bank, PAN Card Linking: 6 New Rule Changes to Overcome in September, check details here

PF-Aadhaar Linking: The Employees’ Provident Fund Organization (EPFO) has made it mandatory to link Aadhaar card with PF UAN (universal account number) for PF contribution and other benefits. The deadline for linking UAN with Aadhaar was earlier 31 May 2021, which was extended to 31 August 2021. The PF accounts which will not be linked …

PF, GST, Bank, PAN Card Linking: 6 New Rule Changes to Overcome in September, check details here Read More »

RBI issues new guidelines for locker in banks

RBI issues new guidelines for locker in banks, details here

The Reserve Bank of India (RBI) on Wednesday directed banks to maintain a branch-wise list of vacant lockers as well as a wait-list for the purpose of allotment of lockers and ensure transparency in allotment of lockers. Revised instructions will come into effect from January 1, 2022, the RBI said. Safe Deposit Locker / Safe …

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RBI

RBI Asks Banks to Send Employees on 10-Day Surprise Mandatory Leave

The Reserve Bank of India (RBI) has asked banks to compulsorily send employees posted in sensitive areas of operation on ‘mandatory leave’ for a few days (not less than 10 working days). This has to be done without giving the employees any prior intimation, as per the RBI circular. This is being done as per …

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RBI to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash

RBI: Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension

All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks and EXIM Bank Dear Sir / Madam, Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit –Extension Please refer to the instructions issued vide circular DOR.CRE.REC.06/04.02.001/2021-22dated April 12, 2021. 2. Government of India has approved the extension of Interest Equalization …

RBI: Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension Read More »

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Weekly Taxation Newsletter _ Vol. 37

We thought it would help to give you a sense of what’s available to you by subscribing to this 37 Weekly Taxation Newsletter. ·         Income Tax Updates·         GST Updates·         Custom/Excise Updates·         Important Case Laws·         International Updates·         NRI’s Updates  ·     Brain Bites – Do you Know ?    We have been thrilled with the amazing …

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RBI Bans Haribhakti & Co From Undertaking Audits For Two Years

RBI FAQs Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

The Circular dated April 27, 2021 on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs), has been issued by RBI with the basic objectives of putting in place ownership-neutral regulations, ensuring independence of auditors, avoiding conflict of interest in auditor’s appointments and to improve the …

RBI FAQs Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) Read More »

RBI bi-monthly monetary policy review: No change in repo rate, loan EMI will not increase

RBI alerts people who use NEFT for money transfer

The Reserve Bank of India (RBI) has sent an alert on Monday to those who use the National Electronic Fund Transfer (NEFT) service for online money transfer. The RBI has said in this alert that NEFT service will not be available for 14 hours on May 23. The central bank has said in its statement …

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GOOGLE UPI PAYMENT

Big news for Google Pay users, this special feature can start soon

NFC-enabled transactions are more intuitive and convenient. Many fintech companies are working on NFC payments as it allows transactions without the use of an Internet connection. Given the need for social distancing in the midst of the Corona crisis, Google Pay is launching NFC based payments for its users. NFC based payment does not require …

Big news for Google Pay users, this special feature can start soon Read More »

sbi

SBI is providing the facility to update KYC sitting at home, account will be closed after December 31 – know process

Good news. The central bank RBI has asked all the banks not to freeze the bank account of anyone till 31 December 2021 in case there is no KYC updte i.e. the worries of the bank account freezing due to not having the KYC update by the end of this year. happened. Get KYC updates …

SBI is providing the facility to update KYC sitting at home, account will be closed after December 31 – know process Read More »

gstr 3b

Update IFSC Codes on GST Portal due to Bank Merger: GSTN

On 16th March, 2021, GSTN said that “IFSC of 8 banks are changed due to merger. Taxpayers may update their Bank Account details through non-core Amendments and update refund application, in case failed due to validation error sent by PFMS.” Here is the list of PSU Bank Merger in 2021: S. No.  Acquirer Banks  Banks …

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RBI Deputy Governer

RBI Data: Bank credit grows by 6.63% while deposits go up by over 12% during fortnight ended February 26

According to RBI data Bank credit has risen by 6.63 percent to 107.75 lakh crore rupees and deposits grew by 12.06 percent to 149.34 lakh crore rupees in the fortnight ended February 26. In a report, Care Ratings said the bank credit growth in the fortnight ended February 26 stood stable compared to the last …

RBI Data: Bank credit grows by 6.63% while deposits go up by over 12% during fortnight ended February 26 Read More »

xclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 — Regarding

Notification- Exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952

EMPLOYEES’ PROVIDENT FUND ORGANISATIONMINISTRY OF LABOUR & EMPLOYMENT, GOVERNMENT OF INDIAHead OfficeBhavishya Nidhi Bhawan, 14, Bhikajji Cama Place, New Delhi-110066Website: http://www.epfindia.gov.in, http://www.epfindia.nic.in Phone No. 011-26196236, Fax. 011-26168431, Email- rc.pension@epfindia.co.in No. Pension.I/17(3)19/RRB Date: 15.02.2021 To All Zonal ACCs Sub: Exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 — Regarding …

Notification- Exclusion of employees of Regional Rural Banks from the purview of EPF & MP Act, 1952 Read More »

Reserve Bank of India imposes monetary penalty on State Bank of India

State Bank of India cuts home loan rates to 6.7 per cent

The offer will be available till 31st March of 2021 and the lender is also given 100% waiver on the processing fee. Customers can also apply online the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession …

State Bank of India cuts home loan rates to 6.7 per cent Read More »

Most Important Update for Account Holders of These Banks Which will be Applicable From 1st March 2021

Accounts of Dena Bank, Vijaya Bank, Allahabad Bank, Corporation Bank, Oriental Bank, Syndicate Bank and United Bank will be closed from 1st March, 2021. So the Cheques of these banks will be out-dated & will not be taken from 1st March, 2021 and pay-out will not be done. So please get new cheque books in these banks at the earliest. Request also to get the details of other bank mapped in Demat and trading accounts before 1st March, 2021.

CITiBANK

Citibank just sent some lenders $900 million by mistake

Citi was serving as the so-called administrative agent between Revlon, the embattled cosmetics company, and its creditors. It mistakenly paid those lenders much more $8 million was the correct amount than. A worried Citibank then moved the court demanding a full refund but it still has not received $500 million from the accidental transfer. A …

Citibank just sent some lenders $900 million by mistake Read More »

NEFT & RTGS 24X7X365 by RBI

NEFT & RTGS 24X7X365 by RBI

What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.

24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, 2019.
No charges on online NEFT transactions: RBI has mandated banks to not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. According to the central bank’s press release, this move is aimed at pushing savings bank account customers to transfer money using electronic modes via NEFT.
 RTGS – Real Time Gross Settlement

Banks are advised by RBI not to make any dividend payouts from profits pertaining to the FY ended March 2020

As per the statement, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. In view of the COVID-19 pandemic, RBI had asked to withhold payment of dividends until September 2020. On further review, RBI has said that conserving such payment will further strengthen banks’ …

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Finance Ministry said CBDT will validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports

Centre extends Emergency Credit Line Guarantee Scheme till Nov 30

Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till 30th of November or till an amount of Rs. three lakh crore is sanctioned under the scheme, whichever is earlier. This has been done in view of the opening up of various sectors in the economy and the expected increase …

Centre extends Emergency Credit Line Guarantee Scheme till Nov 30 Read More »

RBI to discontinue system-based automatic caution-listing of exporters

RBI to discontinue system-based automatic caution-listing of exporters In an effort to provide flexibility to exporters in the realisation of export proceeds, the Reserve Bank has decided to discontinue the system-based automatic caution-listing of exporters. Addressing a virtual press conference today, RBI Governor Shaktikanta Das said the decision will also empower exporters to negotiate better …

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new development bank

New Development Bank, has approved infrastructure projects worth 741 million dollars in India

New Development Bank, has approved infrastructureprojects worth 741 million dollars in India New Development Bank, also known as BRICS Bank has approved infrastructure projects worth 741 million dollars in India. Its Board of Directors approved a loan of USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan of USD241 …

New Development Bank, has approved infrastructure projects worth 741 million dollars in India Read More »