ICICI Bank launches ‘Festive Bonanza’, announces offers on home, auto loans ICICI Bank on Thursday launched special offers under a ‘Festive Bonanza’ scheme for several categories of loans including home loans, personal loans, automobile loans, tractor loans, gold and two-wheeler loans. For home loans, the private sector bank is offering a 50 per cent discount on processing ...

Axis Bank starts giving loans through account aggregator framework Axis Bank on Thursday said it has started disbursing loans through the Account Aggregator (AA) framework, which enables easy and instant access to financial information of customers in a secure manner. The country’s third largest private sector lender has already gone live on multiple Account Aggregators like Anumati-AA, ...

RBI orders M&M Financial to stop loan recovery via third party The Reserve Bank of India on Thursday directed Mahindra and Mahindra Financial Services (MMFSL) to stop using third-party services for loan recovery until further orders, citing “material supervisory concerns”. “The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the ...

IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance Belgium-based Ageas Insurance International has completed the acquisition of a majority stake in its Indian joint venture Ageas Federal Life Insurance (AFLIC), picking up 25 per cent stake of IDBI Bank for Rs 580 crore. With this, it has become the first foreign partner in ...

RBI Liberalised Remittance Scheme: How Indians can use LRS to invest, remit money abroad [ad_1] India has come a long way in liberalising foreign exchange transactions for its residents. Before 2004, transferring money overseas was a cumbersome procedure involving numerous approvals from the Reserve Bank of India (‘RBI’). The rationale behind these strict regulations was multifold. First, India closely watched ...

Solapur-based Laxmi Co-op Bank loses licence after failing RBI norms Solapur-based Laxmi Co-operative Bank ceased operations from Thursday after the Reserve Bank of India (RBI) cancelled its licence for not having adequate capital and earning prospects. The RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, to issue an order for winding up ...

Will you pay tax if child earns an income [ad_1] PAN card Yes, a minor can have a PAN card and his parents or guardian can apply for the same. In fact, if the minor’s tax returns are being filed independently, he will need to have other information like bank account details, income details, mobile phone number and e-mail account, ...

Microfinance disbursements slowed in Q1 FY23 after new regulations: MFIN Microfinance loan disbursement by non-banking companies and micro finance institutions (NBFC-MFIs) slowed down sequentially to Rs 22,745 crore in April-June 2022 from Rs 30,731 crore in January-March 2022 as lenders adapted to new regulatory norms. Yet, NBFC-MFIs were able to grow their gross loan portfolio (GLP) by ...

You can soon do Aadhaar offline KYC with two-factor authentication [ad_1] In order to increase Aadhaar usage and promote ease of living, the Unique Identification Authority of India (UIDAI) is working on a number of new initiatives to assist residents in using Aadhaar willingly for a variety of services. To create a novel user experience, this effort makes use of ...

EWS certificate: Who can get EWS certificate for government jobs [ad_1] The Department of Personnel and Training (DoPT) has issued a series of FAQs that may be useful when the responsible authorities issue Income & Asset Certificates to candidates. DoPT issued the FAQs on September 19, 2022. Who is eligible for EWS certificate in India? There is a provision for ...