GENERAL BANKING Archive

Tez: Google Payment App

Tez is the Unified Payments Interface (UPI) based digital payment service launched by Google. It was launched o 18 September 20017. Tez means speed in Urdu.To capture a major share of the digital payment market in India,

GST council announces changes and date extensions for  GST return filing

GST rate cut was the major announcement made by the Goods and Services Tax Council in its 23rd meeting in Guwahati.  Apart from that a number of measures were also announced to ease compliance norms with regard

Aadhaar Seeding – NPCI Clarification on Explicit Consent of Customer 

Aadhaar linking with bank accounts and Aadhaar seeding Aadhaar seeding is the process of including the Aadhaar number in the  database of service providers to enable transfer of money, subsidy amount or any other government benefit to

Legal Entity Identifier (LEI)- Corporate Borrowers and OTC Participants

Reserve Bank of India(RBI) has instructed banks to ensure that all their large borrower entities obtain the Legal Entity Identifier in a phased manner. According to the directive all corporate borrowers enjoying fund based and non-fund based

Savings Bank (SB) account interest rate cut: More Banks reduce rate

Savings Bank interest rate cut initiated by State Bank of India (SBI) has prompted other banks too to take similar step. Taking a cue from the announcement by SBI, four other major banks have announced reduction in

Pradhan Mantri Mudra Yojana (PMMY) and MUDRA Bank

Pradhan Mantri Mudra Yojana (PMMY) is a scheme announced by Central Government for ensuring loans to enterprises in manufacturing, trading and service sectors whose credit needs are below Rs.10L. Farm income generating activities are excluded from the

NHB Residex, House Price Index and National Housing Bank

NHB Residex is a benchmark that measures the price changes of residential housing in Indian cities.  A House Price Index (HPI) basically tracks housing price indicators in a city or state or country.  NHB Residex and National

Micro, Small and Medium Enterprise: Classification and Original investment- MSMED Act, 2006 

Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 was enacted to meet the long standing demand from entrepreneurs and small industry associations. This was the first and single comprehensive legislation for micro, small and medium enterprises.

SBN- Grace Period For Residents & NRIs.

The facility for exchange of Specified Bank Notes (SBN) announced by Reserve Bank of India (RBI) was from 10th  November to 30th  December 2016. On November 8, 2016, Prime Minister of India announced cancellation of legal tender

SBN Ready Reckoner: Instructions Related to Exchange of Specified Bank Notes  

Consequent to the withdrawal legal tender status of Rs. 500 and Rs. 1000 notes, RBI has provided various instructions to banks for strict compliance. Details as to how banks are ensuring such instructions are compiled and provide

Specified Bank Notes (SBN) and Stipulations for SBN Exchanges

Government of India, on 8 November 2016 announced withdrawal of legal tender status of Rs. 500 and Rs.1000 bank notes. The term Specified Bank Notes (SBN) is being used to refer the said currency notes.  The demonetisation