Union Cabinet approved proposal to levy 60% deduction on accounted deposits

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in ..

Ujjivan Small Finance Bank receives final license from RBI

Ujjivan Small Finance Bank Ltd, a subsidiary of Ujjivan Financial Services Ltd has received the final licence from Reserve Bank of India (RBI) to commence its banking operations. With this, the Ujjivan Small Finance Bank became the fourth entity to ..

RBI and RTI: Recent Supreme Court Judgement

On December 16, the Supreme Court of India said that RBI cannot reject the plea asking information regarding private and public banks under the Right to Information (RTI) Act. While considering the several appeals filed by the RBI against various ..

RuPay cards will be acceptable at all PoS by January, 2013: NPCI

As per National Payment Corporation of India (NPCI), RuPay cards will be acceptable at all PoS (Point of Sales) terminals in the country from January, 2013. What are RuPay cards? RuPay card is a domestic debic card, launched by NPCI ..

Month: Current Affairs - September, 2012

Anup Sankar Bhattacharya is the new Director of IBPS

Anup Sankar Bhattacharya has been appointed as the Director of the Institute of Banking Personnel Selection (IBPS). He took the place of M Balachandran.  Mr.Bhattacharya was the part of Advisory Board of Central Vigilance Commission. He was overseeing security issues ..

Month: Current Affairs - July, 2012

Government rejects Fitch ratings

Lashing out at global rating agencies for reducing credit outlook of Indian banks, the government held these bodies are fully capitalized and there is nothing to worry about them. Finance Minister Pranab ruled out the Fitch revision enunciating that the ..

Month: Current Affairs - June, 2012