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digital loans: Borrowers must be allowed to exit digital loans sans penalty in initial look-up period: RBI [ad_1] The Reserve Bank of India (RBI) recently issued regulatory framework to ensure orderly growth of credit delivery through digital lending entities. The framework was firmed up based on the inputs received from the working group on “Digital Lending including Lending through Online ...

SBI FD interest rate: SBI hikes FD interest rates by up to 15 bps for these tenures [ad_1] The State Bank of India (SBI) has increased the interest rates on select fixed deposit (FD) tenures by up to 15 bps. According to the bank’s website, the increased rates are effective from August 13, 2022, and are applicable for FDs worth ...

Taxman disallows Rs 4.5L TDS, irks ITAT [ad_1] (This story originally appeared in on Aug 13, 2022) Mumbai: The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has come down heavily on the I-T department for its failure to take cognisance of a tax deducted at source (TDS). The TDS was on professional income earned by a taxpayer and, ...

Foreign exchange reserves fall $897 mn to $572.98 bn in week ending Aug 5 India’s foreign exchange reserves fell $897 million to $572.978 billion in the week ended August 5, according to the Reserve Bank of India’s (RBI) bulletin weekly statistical supplement. The fall was witnessed after it rose during the week ending July 29 after falling ...

Atal Pension Yojana scheme to close for income tax payers from October 1 [ad_1] From October 1, income tax payers won’t be able to sign up for the government’s Atal Pension Yojana (APY) social security program. The goal, according to the finance ministry, is to better focus pension benefits to disadvantaged demographic groups. According to the notification, ““Provided that from ...

Axis bank interest rate: Axis Bank hikes FD interest rate; Earn up to 6% on this tenure [ad_1] Axis Bank has increased fixed deposit (FD) interest rates for certain tenures (for amounts less than Rs 2 crore), with effect from August 11, 2022. increased its fixed deposit interest rate by 45 basis points from 5.60 percent to 6.05 percent for ...

Bank of Baroda, Union Bank of India hike interest rates on loans [ad_1] and have joined the bandwagon in raising their marginal costs of funds-based lending rates (MCLR) on loans after the Reserve Bank of India hiked the repo rate by 50 basis points in its August monetary policy meeting. Bank of Baroda Bank of Baroda raised marginal cost of ...

State Bank of India moves NCLT to recover dues from Bajaj Hindusthan Sugar State Bank of India, the country’s largest lender, has moved the National Company Law Tribunal’s (NCLT’s) Allahabad Bench against Bajaj Hindusthan Sugar because the company has not repaid its dues. The SBI petition, filed under the Insolvency and Bankruptcy Code, 2016, is yet to be admitted by ...

Despite better transmission, MCLR didn’t meet expectations: RBI paper The marginal cost of funds-based lending rate (MCLR) regime leads to better pass-through of changes in benchmark policy interest rates than the previous base rate regime, a working paper written by the Reserve Bank of India (RBI) staff said. According to the paper, under the MCLR regime, an ...

In unclaimed funds case, Supreme Court issues notice to Centre The Supreme Court on Friday sought response from the Centre and others on a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders. A bench of Justices S A Nazeer and J K ...