The Reserve Bank of India today placed on its website a Working Paper titled ‘Bank Lending and Loan Quality: The Case of India’ under the Reserve Bank of India Working Paper Series. The Paper is co-authored by Pallavi Chavan and Leonardo Gambacorta. The study analyses how non-performing loans (NPLs) of Indian banks behave through the … Continue reading “Bank Lending and Loan Quality: The Case of India”

World Bank in a new report has ranked all BJP ruled states as the best places to do business in India. Telangana and Andhra Pradesh – top the rankings. All other states in the top ten, barring Uttarakhand which occupies the ninth place in the rankings, are ruled by the BJP. The Congress and regional party ruled states seem … Continue reading “BJP ruled states -top the World Bank’s rankings”

The Reserve Bank of India has issued Master Direction for Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016. These Directions shall apply to all deposit taking Non-Banking Financial Companies and systemically important non-deposit taking Non-Banking Financial Companies.

Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax (GST). This app enables taxpayers to get latest updates of GST. With this Government also launched feedback and 27×7 helpdesk which named as “CBEC Mitra” where taxpayers can connect and enquire anytime. With this app taxpayers can access information … Continue reading “Voila! CBEC launched GST mobile app”

The government and its advisers may have initially underestimated the so-called twin balance sheet (TBS) problem faced by the banks and Corporate India, chief economic adviser Arvind Subramanian said on Wednesday. He said even though the TBS problem found mention in the December 2014 mid-year economic review, even it did not fully gauge the seriousness … Continue reading “Government underestimated twin-balancesheet problem faced by banks, corporates”

If you received an email or SMS from Income tax department between November 9 and December 30, 2016 and not replied yet, will let you in trouble as Central Board of Direct Taxes (CBDT) has decided to crack the whip  on those who fail to verify cash deposits of Rs 5 lakh or more during the … Continue reading “Failed to reply of cash transaction above Rs 5 Lakh during demonetization may lend you in trouble”

Submitted by Pushpender Tyagi on 21/02/2017 The Reserve Bank of India on Monday increased the weekly limit on withdrawal of cash from savings bank accounts to Rs 50,000. The limit will be removed from March 13. Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace … Continue reading “RBI increase weekly cash withdrawal limit to Rs. 50,000”

The Central Government has, through notification F No. 7/1/2012-BO-I (Pt.) dated December 28, 2016, appointed Dr. Viral V. Acharya, currently C.V. Starr Professor of Economics, Department of Finance, New York University – Stern School of Business, as Deputy Governor, Reserve Bank of India for a term of three years from the date of his taking charge. … Continue reading “Centre names Viral Acharya as RBI deputy governor”

On a review of the position, the daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017, from the existing ₹ 2500/- to ₹ 4500/- per day per card. There is no change in weekly withdrawal limits Such disbursals should predominantly be in the … Continue reading “Cash withdrawal from ATMs – Enhancement of daily limits”

In keeping with his push to steer India towards a digital economy, Prime Minister Narendra Modi on Friday launched a new e-wallet app, BHIM, named after founding father Dr BR Ambedkar, to make it easier to transact online. The Aadhaar-based mobile payment application will allow people to make digital payments directly from their bank accounts. … Continue reading “BHIM App Launched, PM Narendra Modi Says World Will Google For It.”

State Bank of India (SBI), the country’s largest lender, has reduced its marginal cost of funds based lending rate (MCLR) by a whopping 90 basis points. Among the steepest interest rate cuts in a long time, the move is aimed at boosting loan growth, which has fallen to a multi-decade low. MCLR is the benchmark … Continue reading “Loans to be cheaper as SBI slashes rate”

Submitted by business_centrik on 14/02/2017 A new survey has revealed instances of online marketplaces window-dressing the discounts they offer by quoting product prices that are higher than the maximum retail price (MRP). The issue had been repeatedly raised at various communities of online network Local Circles, including the community created by the Department of Consumer Affairs, following … Continue reading “‘Online marketplaces offering discounts after inflating MRP’”

Submitted by business_centrik on 31/01/2017 All limits on cash withdrawals from current accounts removed with immediate effect. The Reserve Bank of India (RBI) has removed the cash withdrawal limit from current accounts, cash credit accounts and overdrafts, with immediate effect. The RBI also announced that from February 1, the withdrawal in a single day from a savings … Continue reading “From Feb. 1, SB account holders can withdraw ₹24,000 from ATMs in one go”

Submitted by business_centrik on 16/01/2017 The limit on withdrawals from ATMs has been enhanced from the current limit of ₹ 4,500/- to ₹ 10,000/- per day per card (It will be operative within the existing overall weekly limit). The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to … Continue reading “Enhancement of withdrawal limits from ATMs and Current Accounts”

Submitted by business_centrik on 09/01/2017 Hours after deciding to refuse card payments at fuel pumps from Monday to protest some banks levying the Merchant Discount Rate (MDR) for purchases, dealers deferred their decision till January 13. They argued that the levy of 1 per cent and between 0.25 and 1 per cent on credit/debit card transactions was … Continue reading “Petrol pumps defer decision to not accept card payments”