The next due date of premature redemption of the above tranche shall be November 04, 2024.
The redemption price for premature redemption due on November 04, 2024, shall be Rs7,929/- (Rupees Seven Thousand Nine Hundred and Twenty-Nine only) per unit of SGB.
October 11,2024.
Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC) October 7 to 9, 2024.
Excerpts:
The Monetary Policy Committee (MPC) at its meeting today (October 9, 2024) decided to:
Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
Standing deposit facility (SDF) rate remains unchanged at 6.25 per cent
Marginal standing facility (MSF) rate and the Bank Rate remains unchanged at 6.75 per cent.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.
Read here RBI Press Release dated 09-10-2024.
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October 10,2024.
We are entering the crucial second half of the financial year 2024-25.
It is the time to reassess our income and investments to reduce our tax liability.
One may make use of the following sections to decide on investments
Inportant sections for claiming deductions from Income
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Date:October 08,2024.
Expected DA and Salary for Bank Officers,Customer Service Assistants and Office Assistants from November 2024.
Assuming no change in CPI(IW) for September 2024.
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RBI Press Release:
Gold loans - Irregular practices observed in
grant of loans against pledge of gold ornaments and jewellery
Excerpts:
The major deficiencies include
(i) shortcomings in use of third parties for sourcing and appraisal of loans; (ii) valuation of gold without the presence of the customer; (iii) inadequate due diligence and lack of end use monitoring of gold loans; (iv) lack of transparency during auction of gold ornaments and jewellery on default by the customer; (v) weaknesses in monitoring of LTV; and (vi) incorrect application of risk-weights, etc.
Read here RBI Press Release.
Illustrative list of deficiencies observed during review of gold loans in select SEs
In loans granted through partnership with Fintech entities/ business correspondents (BC), practices such as valuation of gold being carried out in the absence of customer, credit appraisal and valuation done by the BC itself, gold stored in the custody of BC, delayed and insecure mode of transportation of gold to the branch, KYC compliance being done through Fintechs, use of internal accounts for disbursement as well as repayment of loans were observed.
Lack of a robust system for periodical LTV monitoring with instances of breach of regulatory LTV ceilings observed in some SEs. System generated alerts, where available, were not pursued actively to address the breach in LTV ceiling.
Application of risk weights were at variance with the prudential regulations.
End use of funds was usually not verified for non-agriculture loans. Lack of proof or proper documentation obtained and retained in respect of agriculture gold loans.
Lack of a specific identifier for top up gold loans in the Core Banking System / Loan Processing System with the SEs mostly to facilitate evergreening of loans. Also, no fresh appraisal was done at the time of sanctioning these top up loans.
Many loan accounts were closed within a short time from sanction, i.e. within a few days raising doubts over the economic rationale for such action.
Average realisation from auction of gold on default by the customer was low in certain SEs than the estimated value of gold, reflecting among other things, gaps in valuation process.
Share of gold loans disbursed in cash to total gold loans disbursed was high in some entities and the statutory limit specified under the Income Tax Act, 1961 on cash mode of disbursal was not adhered to in many cases.
Weak governance and transaction monitoring as instances of unusually high number of gold loans being granted to the same individual with the same PAN during a financial year.
Practice of rolling over loans at the end of tenor, with only part payment.
Non-categorisation of gold loans as NPA in the system, evergreening by renewing overdue loans/issuing a fresh loan, inadequate monitoring by Senior Management/ Board and inadequate or absence of controls over third-party entities.
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Deposit Interest Rates-Public Sector Banks
Updated on 30.09.2024.
Banks |
1 Year |
3 years
|
5 years
|
Max Interest
|
Bank of Baroda |
6.85
|
7.15 |
6.50 |
7.30-399 days |
Bank of India |
6.80
|
6.50 |
6.00 |
7.30 400d) |
Canara Bank |
6.85
|
6.80 |
6.70 |
7.25-444d |
Central Bank |
6.85
|
6.75 |
6.50 |
7.45 444 days |
Indian Bank |
6.10
|
6.25 |
6.25 |
7.25-400d |
Indian Overseas Bank |
7.10
|
6.50 |
6.50 |
7.30-444d |
Punjab National Bank |
6.80
|
7.00 |
6.50 |
7.25-400d |
Punjab and Sind Bank |
6.30
|
6.00 |
6.00 |
7.30-666d |
UCO Bank |
6.50
|
6.30 |
6.20 |
7.30-333 days |
Union Bank |
6.80
|
6.70 |
6.50 |
7.40-333d |
State Bank of India |
6.80
|
6.75 |
6.50 |
7.10-400d |
IDBI Bank. |
6.80
|
6.50 |
6.50 |
7.35-444d |
Deposit Rates subject to change .
|
Confirm rates from respective banks .
|
Deposit Interest-Private Banks.
|
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Deposit Interest Rates-Private Sector Banks
Updated on 30.09.2024.
Banks |
1 Year |
3 years
|
5 years
|
Max Interest
|
Catholic Syrian Bank |
5.00
|
5.75 |
5.75 |
7.75-401 dys | .
CityUnion Bank |
7.00
|
6.50 |
6.25 |
7.50-333 dys) |
Dhanalakshmi Bank |
6.75
|
6.50 |
7.25 |
7.25-555 d | .
Federal Bank |
6.80
|
7.00 |
6.60 |
7.40-777 dys |
Jammu and kashmir Bank |
7.00
|
6.75 |
6.50 |
7.00 1yr | .
Karnataka Bank |
7.35
|
6.50 |
6.50 |
7.50-375 dys | .
Ratnakar Bank |
7.50
|
7.50 |
7.10 |
8.10-500 dys | .
Karur Vysya Bank |
7.00 |
7.00 |
7.00 |
7.50-444 days | .
DBS Bank |
7.00 |
6.50 |
6.50 |
7.50-376 days | .
Nainital Bank |
6.70
|
6.25 |
5.75 |
7.05 400 dys | .
South Indian Bank |
6.70 |
6.70 |
6.00 |
7.25-400 days |
DCB Bank |
7.10 |
7.55 |
7.40 |
8.05-19 months |
HDFC Bank |
6.60 |
7.00 |
7.00 |
7.40-4yr 7 Months | .
ICICI Bank |
6.70 |
7.00 |
7.00 |
7.25-15 months | .
Kotak Mahindra Bank |
7.10 |
7.00 |
6.20 |
7.40-390 dys | .
Axis Bank |
6.70 |
7.10 |
7.00 |
7.25-15 Months | .
Standard Charted Bank |
7.50 |
7.10 |
6.75 |
7.50-1 yr | .
Deposit Rates subject to change .
|
Confirm rates from respective banks .
|
Deposit Interest Public Sector Banks.
|
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