With effect from assessment year 2013-2014,a new section 80TTA hasbeen introduced for providing deduction for interest income.sec. 80TTA provides that, any interest income derived from deposits in a savings account (not time deposits) will be allowed as deduction. Interest income up to Rs 10,000 in aggregate shall be allowed as deduction while computing Total Income. […]Continue reading
Credit Information Bureau of India Limited (CIBIL) launches tv advertising campaign-to teach the need for credit score of individuals while applying for loans and crredit cards.CIBIL’s rating measures one’s ability to pay back thier loans and other dues. Higher rating ensures faster loan approval.CIBIL Credit Information Report (CIR) empowers both loan providers and individuals to […]Continue reading
Fixed deposit or Recurring deposit, which yields more?
Financial planning is important in the current economy, where expenses run over income and savings are relatively small or nil. Financial planning will reap rewards in future.
There is always a doubt zone where to invest your surplus fund in fixed deposit or in Recurring deposit. Both FD (fixed deposit) and RD(recurring deposit) has more growthContinue reading
National Payment Corporation of India (NCPI) promoted by Reserve Bank of India and some other member banks, which aim is to operate for the benefit of all the member banks and their customers, has launched RuPay, a new card payment scheme. The RuPay card is introduced by NPCI in order to tap into the tremendous […]Continue reading
DR. RAGHURAM RAJAN has been appointed as Governor of Reserve Bank of India (RBI) for a term of three years. Currently Dr. Raghuram Rajan is acting as Chief Economic Adviser, Ministry of Finance. Dr. Raghuram Rajan is appointed in the place of retiring Governor Dr. D Subba Rao upon completion of his tenure. Dr. Raghuram […]Continue reading
Income arising from Mutual Funds set up by any public sector bank or public financial institution – notified u/s 10(23D) is exempted. SBI Mutual Fund, CANBANK Mutual Fund, LIC Mutual Fund, The India Magnum Fund N.V. Mutual Fund, Indian Bank Mutual Fund, PNB Mutual Fund, BOI Mutual Fund, Asian Convertibles and Income Fund Mutual Fund, […]Continue reading
RBI has imposed monitory penalty on 22 banks including SBI, Federal Bank, Bank of Baroda, Punjab National Bank, etc.. for violation of its instructions on Know Your Customer(KYC) ,Anti Money Laundering(AML) etc..Besides imposing monitory penalty RBI has issued cautionary letter to seven other banksContinue reading
The ICSI (Institute of Company Secretaries of India) announced launching of ‘Certified Banking Compliance Professional Course’ in association with the Indian Institute of Banking and Finance (IIBF)Continue reading
In order to expand banking facilities,RBI has issued guidelines to allow corporate houses to set up banks.
The Reserve Bank of India in all received 26 (twenty six) applications. The names of the applicants are:-Aditya Birla Nuvo Ltd., Mumbai.
-Bajaj Finserv Ltd., Pune.
-Bandhan Financial Services Pvt. Ltd., Kolkata.
-Department of Posts, New Delhi.
-Edelweiss Financial Services Limited, Mumbai.