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Date : August 22, 2023.

Fair Lending Practice - Penal Charges in Loan Accounts

Excerpts:

Reserve Bank of India issued revised instructions on Regulated Entities (RE)for charging penal interest/charges on loans




Date : August 15, 2023.

Group Medical Insurance Scheme - Minutes of Meeting held on 19-07-2023 between IBA and UFBU.

Read details here.


 


Date:August 10, 2023.

Reserve Bank of India- Monetary Policy Statement, 2023-24 August 8-10, 2023

Excerpts :

 

Reserve bank issued notification on Requirement for maintaining additional CRR.

Effective from the fortnight beginning August 12, 2023, all Scheduled Commercial Banks / Regional Rural Banks / all Scheduled Primary (Urban) Co-operative Banks / all Scheduled State Co-operative Banks to maintain with the Reserve Bank of India, an incremental CRR (I-CRR) of 10 per cent on the increase in NDTL between May 19, 2023 and July 28, 2023.
You may be interested to read this also
Statement on Developmental and Regulatory Policies

Date:August 05, 2023.

Revised dearness allowance from August 2023 payable to Bank officers ,Clerks „Sub-staff and Bank Pensioners.



Date:July 26, 2023.

National Savings Certificates (NSC)- Scheme Details:

Date:July 12,2023.

National Savings Certificates (NSC ) VIII th Issue -
New Investment and Interest accrued eligible for deduction U/S 80C
Financial Year 2023-24.

Click here for calculator

Date:July 02,2023.

Post Office Small Savings Interest Rates revised from July 2023


Date:June 11,2023.

Reserve Bank of India- Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) June 6-8, 2023

Excerpts: decided to:
Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
The standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.
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.

The main considerations underlying the decision are set out in the statement below.

Date:May 24,2023.

Have you filed your Income Tax Returns for FY 2022-23?
Here are some useful links to help you file the returns.

Income Tax Calculator for Financial year 2022-23

Claim U/S 80C Nsc Accrued Interest for FY 2022-23 -use this calculator.

Income from House property Calculator.

Inportant sections for claiming deductions from Income.

Which Tax Regime beneficial to you for the current FY 2023-24? - Use this calculator to make your decision.


Date:May 20,2023.

Reserve Bank of India withdraws Rs2000 Denomination Banknotes from circulation-the notes Will continue as Legal Tender-




Date:April 28,2023.

Inportant sections for claiming deductions from Income.

Income Tax Calculator for Financial year 2022-23

Which Tax Regime beneficial to you for the current FY 2023-24? - Use this calculator to make your decision.




Date:April 20,2023.

Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961 - reg.


February 02,2023.

Income tax fy 2023-24 (ay 2024-25) finance act and important links


India Budget Website.

Budget 2023 Finance Minister speech.

Budget 2023 at a glance.

Key features of Budget 2023-24.

Finance Bill 2023.

Income Tax Act 1961 (as amended by Finance Act 2022).

TAX DEDUCTION FROM SALARIES U/S 192 OF THE INCOME-TAX ACT, 1961 - FINANCIAL YEAR 2022-23.
 

Some Important Sections


Deduction u/s 80C in respect of life insurance premia, contributions to provident fund, etc.

Deduction U/S 80CCA in respect of deposits under National Savings Scheme

Deduction U/S 80CCB in respect of investment made under Equity Linked Savings Scheme.

Deduction U/S 80CCC in respect of contribution to certain pension funds.

Deduction U/S 80CCD in respect of contribution to pension scheme of Central Government.

Section 80CCE :Limit on deductions under sections 80C, 80CCC and 80CCD.

Section 80CCF Deduction in respect of subscription to long-term infrastructure bonds. 80CCF

Section 80CCG-Deduction in respect of investment made under an equity savings scheme.

Section 80D-Deduction in respect of health insurance premia.

Section 80DDB-Deduction in respect of medical treatment, etc.

Deduction U/S 80E in respect of interest on loan taken for higher education.

Deduction U/S 80EE in respect of interest on loan taken for residential house property.

Deduction U/S 80EEA in respect of interest on loan taken for certain house property.

Deduction U/S 80G in respect of donations to certain funds, charitable institutions, etc.

Deductions U/S 80GG in respect of rents paid.
 

Excerpts from Budget 2023 speech.

Personal Income Tax.


New personal income tax regime:
The new tax rates are:

0 to 3.00 lakhs. Nil.
3 to 6.00 lakhs. 5%
6 to 9.00 lakhs. 10%
9 to 12.00 lakhs. 15%
12 to 15.00 lakhs. 20%
Above 15 lakhs 30%
 




INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 -FINANCIAL YEAR 2022-23

CIRCULAR NO. 24/2022 of GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES


Read here the detailed circular.

January 03, 2023.
 

October 22 , 2022.
National Savings Certificate VIIIth issue- Investment and Accrued Interest eligible for deduction from Income for financial year 2022-23.
Regular investment in National Savings Certificate is one of the attractive investment avenue to reduce tax liability. Here is a simple calculator to know the amount you can claim as deuctions from income U/S 80C for the financial year 2022-23.
Nsc Accrued Interest Calculator-FY 2022-23.

September 08 , 2022.

Guidelines on Digital Lending.
Excerpt from RBI Circular.

 

July 23 , 2022
The Reserve Bank (Depositor Education and Awareness Fund) Scheme, 2014
A brief excerpts from RBI Circulars:


June 25 , 2022.
RBI Payment Vision 2025.

The current Vision document builds on the Payments Vision 2019-21 document and outlines the thought process for the period up to December 2025. It may not necessarily be constrained by what the Payments Vision documents. For instance, recent developments in terms of (a) establishment of Reserve Bank Innovation Hub; (b) framework for security of card transactions like switch on / off facility; (c) guidelines on limiting customer liability in case of unauthorised transactions using Prepaid Payment Instruments (PPIs); (d) enabling Online Dispute Resolution (ODR) for digital payments;

The Payments Vision 2021 had envisaged to empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable, and had set four goalposts of Competition, Cost, Convenience and Confidence with 36 specific action points and 12 expected outcomes.

The Payments Vision 2025 promises to further elevate our payment systems towards a realm of empowering users with affordable payment options accessible anytime and anywhere with convenience**

The Payments Vision 2025 document is presented across the five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation..

Goalposts for Payments Vision 2025 --



Cash Reserve Ratio (CRR) :CRR is the portion of the deposits (total demand and time liabilities ) of a bank to be kept as cash reserve. The banks can maintain the cash reserve in the form of cash with the bank itself or credit balance in its account maintained with RBI It is a statutory requirement.

Statutory Liquidity Ratio (SLR) : SLR is the portion of deposits ( net demand and time liabilities )of a bank to be maintained as cash, gold or approved securities.

Repo Rate: Repo Rate is the rate at which banks can borrow money from RBI against listed securities with agreement to repurchase the securities at a specified future date from RBI.

Reverse Repo Rate :Reverse Repo Rate is exactly the opposite of the Repo Rate .Banks can park their funds with RBI to take advantage of the higher Reverse Repo Rate.

Bank Rate:Bank Rate is the rate at which commercial banks can borrow money from RBI. The Bank Rate movement indicates the long term health of the economy. Upward revision of Bank Rate will make funds costlier for banks which may result in banks raising their lending rates.


For further readings please follow the links :

Cash Reserve Ratio (CRR) revised

Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions - 2021

Settlement of Claims of Deceased Depositors:
Nomination facility simplifies the procedure for settlement of claims of deceased depositors as banks get a valid discharge by making payment of the balance outstanding in a depositor's account at the time of his death or delivering contents of locker or articles kept in safe custody to the nominee.
A joint account opened as "Either or Survivor" or "Anyone or Survivors" or "Former or Survivor" or "Latter or Survivor" will permit the surviving account holder(s) to have unimpeded access to the credit balance in the account for withdrawal if one of the co-account holders dies.
Depending on the nature of claimant- Nominee, Survivor, legal heirs etc and amount of claim you may be required to submit among other documents

New Pension Scheme for Public Sector Banks and Private Banks in India- Joining Bank on or after 01.04.2010
Salient features:

Various regulations on Housing Finance-Reserve Bank of India Circular dated 01.04.2022:
Reserve Bank of India issued updated guidelines under Housing Finance covering various aspects of Housing Finance

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Post Office Small Savings Schemes
Post Office Small Savings Scheme details as on April 2022. Interest Rates revised on quarterly basis.

Bank Dearness Allowance Chart
from February 2023 to April 2023 to Bank Officers, Clerks , Sub staff and Bank Pensioners.

Starting Salary of Bank Officers ,Clerks and Sub-Staff

Officers' Settlement-Joint Note 8-Dated 11.11.2020

11th Bipartite Settlement dt 11.11.2020

CPI Index New Serious Notes.;

Sovereign Gold Bond Scheme
Consolidated Procedural Guidelines.

Reserve Bank of India response to RTI queries -
Information pertaining to Department of Regulation.

Gold Monetization Scheme, 2015 ( (Updated as on April 05, 2021).

Payment Systems in India-RBI Booklet.

Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on May 10, 2021)

Amendment to Master Direction (MD) on KYC-centralized KYC Registry


Tax on Salary,Arrears of Salary , Retirement benefits -Income Tax Department circular.

Basic Savings Bank Deposit Account.

Frequently Asked Questions - Basic Savings Bank Deposit Account (BSBDA)-FAQs (RRBs/StCBs/DCCBs)

Safe Deposit Lockers/Articles in Safe Custody

Banking Facility for Senior Citizens and Differently abled Persons

Doorstep Banking Services for Senior Citizens and Differently Abled Persons

Frequently Asked Questions -Sovereign Gold Bond Scheme

Sovereign Gold Bond Scheme 2020-21

Master Direction - Deposits and Accounts-Reserve Bank of India



Master Circular on Customer Service in Banks.

Master Circular-Housing Finance

Master Circular-Facility for Exchange of Notes and Coins

Master Circular on Customer Service in Banks.

Master Direction - Know Your Customer (KYC) 2016 Reserve Bank of India.

Master Direction - Deposits and Accounts-Reserve Bank of India

Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016-Updated February 2019.



Consolidated RBI Circular on Opening of Current Accounts and CC/OD Accounts by Banks


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