Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The apex bank has sent a communication in this regard to Indian Banks' Association and this is expected to be implemented shortly, IBA chairman K Ramakrishnan told PTI. Since April 1, RBI had declared third party ATM usage, including cash withdrawals and account enquiries, free for all customers and said that banks can charge Rs 18-20 per month from other banks in case of third party ATM transaction.
While seeking responses of various governments, a bench of Justices K S Radhakrishnan and Deepak Misra said it is 'very serious issue.'
It's a historical tie, we will benefit from India team's visit: Pakistan tennis fraternity
Bank employees will get a lumpsum that should be used to meet financial goals.
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
'There must have been some wonderful genetic disorder due to which I was attracted towards filmi songs.'
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
Infosys chief mentor, N R Narayana Murthy is likely to become the non-executive chairman of the National Payment Corporation of India (NPCI) being set up to handle the retail payment operations of the Reserve Bank of India.
The RBI's projection for WPI inflation for this fiscal is 5.5 per cent.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
Finance Minister P Chidambaram said on Tuesday the Reserve Bank of India and Indian Banks Association have no objections on raising bank credit to minorities but difference of opinions need to be reconciled before a policy position is brought out.
Bankers have requested RBI to keep interest rates stable this fiscal, in lieu of sufficient liquidity in the system.
The Indian Banks Association and Indian Cards Council have joined hands to set up a data of telephone numbers whose owners do not wish to receive telephone calls from banking telemarketers for financial products or services.\n\n
Foreign Portfolio Investors' (FPIs) selling spree continues as they pulled out over Rs 3,400 crore from the Indian equity markets in the first three trading sessions of November on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
The Reserve Bank will take some action by this month end after consultations with the Indian Banks' Association.\n
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
India's mutual fund (MF) industry had barely any retail footprint when it completed 50 years in 2013. MFs had Rs 7 trillion in assets under management (AUM) in March 2013, of which around Rs 5 trillion was in institution-focused debt funds. By comparison, bank deposits in the country stood at Rs 67.5 trillion around the same time.
This was discussed at a meeting chaired by the Prime Minister's Principal Secretary, TKA Nair, on January 12 with the Indian Bank Association, industry bodies and human resource development ministry officials.
The Reserve Bank of India will encourage banks to set up a payment corporation to streamline payment system.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The Reserve Bank of India has asked banks to conduct extra due diligence of accounts operated by non-government organisations to monitor and reduce risks of money laundering.
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