Developments

New Cheques to be Issued from January 1, 2013 in India

With the implementation of new Cheque Truncation System (CTS-2010), bank account holders in India may not be able to use old cheques or the old cheque-books from January 1st, 2013. The new cheques will eliminate the physical movement of cheques for clearing. Only the electronic images with the key information will be captured and transferred. […]

Signature Mismatch on Cheques May Lead to Criminal Proceedings: Supreme Court

According to a Supreme Court notification, if the signature on a cheque does not match with the specimen signature available with the bank, the person who issued the cheque may have to face criminal proceedings. In case of dishonour of cheque due to the reason account that has been closed, the cheque would constitute a […]

Just Dial *99# From Your Mobile to Access Your Bank Account

Now, banking services like checking bank balances, placing a request for a cheque book, fund transfers etc. have been made simple and hassle-free. You just need to dial *99# from your mobile of any handset to access your bank account. The decision on mobile banking was rolled out by the Finance Minister at the National […]

Soon, Two-Wheeler Owners May Get One-Time Insurance

The General Insurance Council – an association of non-life companies, initiated a move to push long-term insurance policies valid upto 10 years and longer. The move gets rid of the hassles of annual renewals, reduce dropouts, which is rampant among two-wheelers policy holders. The proposal of one-time insurance for two-wheelers replicates the concept of road […]

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Income Tax Dept Upgraded its e-Filing Website

The e-filing website of income tax gets a makeover with a better look and more features. The income tax website of India – www.incometaxindia.gov.in now allows taxpayers to prepare their tax returns online apart from the previous tax forms. The e-filing website enables taxpayers to skip tax-intermediary websites that charge some money for accessing their […]

Banks Not to Give Loans for Purchase of Gold: RBI

The Reserve Bank of India (RBI) has directed banks not to give loans to people for buying gold. In its notification, it asked banks not to grant advances against gold bullion to dealers or traders in gold. The move aims prevent people from indulging in speculative activities. Banks are, however, allowed to provide loans for […]

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Tax Payments in Delhi Can be Made at All Public, Selected Private Sector Banks

In order to avoid last minute rush at tax payment counters, RBI asked all public sector banks including State bank of India and selected private sector banks such as ICICI, HDFC, IDBI and Axis Bank in New Delhi to accept tax payments. RBI in a press release says, the tax payers often rush towards the […]

Banks to Give Home Loans with Lower EMI, Long Term: RBI

The Reserve Bank of India, in its draft report suggests banks to introduce home loans with lower EMIs and higher repayment period of up to 30 years. Further, there should be a provision of re-fixing the interest rate after a period of 7-10 years for long-term fixed rate home loans. At present, most banks offer […]

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Public Sector Insurers to Set Up a Common TPA to Settle Medical Claims

A common Third-Party Administrator (TPA) is to be set up by state-run general insurance companies for settling medical claims. The claims ratio (ratio of claims to the premiums earned) of state-run general insurance companies in health insurance segment is over 120%. And these insurers are blaming third-party administrators for spiralling losses in this segment. The […]

EPF Subscribers may Get 8.8% Interest for 2012-13

The Employee’s Provident Fund Organisation (EPFO) is likely to announce 8.8% interest on retirement savings for the year 2012-13 which is significantly higher than 8.25% set for the previous financial year 2011-12. According to a senior official of EPF, due to the tremendous pressure and expectation from EPFO, it can take up to 8.8% to […]

India, World’s Top Ranked Country in Terms of Life Insurance Density: WEF

The World Economic Forum (WEF) in its latest report reveals that, India is the world’s top ranked country in terms of life insurance density. The WEF report shows that, India ranked 40th in terms of overall financial development globally, but it is better than many other larger economies like United States, United Kingdom, Japan and […]

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Indian Millionaires to Increase by 53% to 84,000 by 2017: Credit Suisse

According to a global wealth report by Credit Suisse, Indian millionaires are expected to increase by 53% to 84,000 by 2017. The report reveals that, number of Indian millionaires in emerging economies are expected to jump substantially in the next five years. Further, it shows that China would see its number of millionaires double to […]

Home Loans May Increase to 20% this Year: NHB Chief

National Housing Bank (NHB) plans to disburse an amount close to Rs 17,000 crore as refinance fund to banks and housing finance institutions in 2012-13. According to the Chairman and Managing Director of NHB, it had disbursed about Rs 14,400 crore in the last fiscal 2011-12. NHB is the apex bank for regulating and supervising […]

I-T Department’s Website Not Accessible for Six Days: Income Tax Dept

Income tax department’s website www.incometaxindiafiling.gov.in will not be accessible for 6 days from 3rd November 2012 as the website portal is being upgraded to provide more facilities like help desk. The Central Board of Direct Taxes (CBDT) says, current e-filling website is going to get new structure with a new e-filing website with additional services. […]

Group Life Insurance Policy Purchases Rise Over Last 3 Years

Individual purchase of life insurance policies has been found low over the last three years, while group purchase of life insurance policies, particularly those involving a single premium payment are on the rise. Over the past 3 years, group single premiums are the only category where the life insurance business witnessed sustained growth. There were […]

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