If you are also a customer of these 43 regional banks of the country, then it is important for you to know what impact it will have on the customers. All these banks are from Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan.

The service of regional banks will be better

To make banking services better and affordable in rural areas across the country, the Central Government will merge 15 Regional Rural Banks (RRBs) operating in 11 states. After this big decision, the number of RRBs in the country will decrease from 43 to 28 from May 1, 2025. Its purpose is to improve the operations of banks.

Which states will be merged?

According to the notification, now there will be only one RRB bank in every state in Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan. A strong bank will be created by integrating all the RRBs present in each state. It will provide banking services in the rural areas of its state.

How will the merger happen?

1. In Andhra Pradesh, four RRB banks Chaitanya Godavari Gramin Bank, Andhra Pragathi Gramin Bank, Saptagiri Gramin Bank and Andhra Pradesh Gramin Vikas Bank will be merged to form Andhra Pradesh Gramin Bank. Its head office will be in Amaravati and the sponsor bank will be Union Bank of India.

2. In Uttar Pradesh, Baroda UP Bank, Aryavart Bank and Pratham UP Gramin Bank will be merged to form Uttar Pradesh Gramin Bank, whose head office will be in Lucknow. The sponsor bank will be Baroda Bank.

3. In West Bengal, Bangiya Gramin Vikas Bank, West Bengal Gramin Bank and North Bengal Regional Rural Bank will be merged to form West Bengal Gramin Bank.

4. In Bihar, South Bihar Gramin Bank and North Bihar Gramin Bank will be merged to form Bihar Gramin Bank. The sponsor will be Punjab National Bank.

5. In Gujarat, Baroda Gujarat Gramin Bank and Saurashtra Gramin Bank will be merged to form Gujarat Gramin Bank.

6. In Jammu and Kashmir, J&K Gramin Bank and Ellaquai Rural Bank will be merged to form Jammu and Kashmir Gramin Bank. The head office will remain in Jammu.

7. Similarly, in Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan, two RRBs each will be merged to form one new RRB each.

How will the new RRB banks be?

The authorized capital of RRB will be Rs 2,000 crore. The management and operation of the new banks will be more efficient, which will provide better services to the customers.

This change has happened 3 times before

This is the fourth phase of integration of Regional Rural Banks.

In the first phase (2006-2010), the number of RRBs was reduced from 196 to 82.

In the second phase (2013-2015) it was reduced from 82 to 56.

In the third phase, it was reduced from 56 to 43. Now after the fourth phase, there will be 28 RRBs left.

RRB current status

As of today, there are 43 RRBs in the country providing services through 22,069 branches in 26 states and 2 union territories. 92 percent of the branches of these banks spread across 700 districts are in rural and semi-urban areas.

Financial performance of RRBs

In the financial year 2023-24, RRB earned the highest ever integrated profit of Rs 7,571 crore. As of March 31, 2024, the CRAR of these banks was 14.2 percent, which is the highest level ever. Also, the gross non-performing asset (GNPA) ratio was 6.1 percent, which is the lowest in the last 10 years.

Major capital investment initiative

The government had planned a capital investment of Rs 5,445 crore to improve RRBs in 2021-22, so that these banks can get the necessary capital to grow. Regional Rural Banks were established under the RRB Act of 1976. Their purpose is to provide loans and other financial services to small farmers, laborers and artisans in rural areas. After the Revised Act 2015, RRBs can now raise capital from other sources as well. The central government has a 50 percent stake in these banks, while 35 percent is with sponsor banks and 15 percent with state governments.

The post Rural Bank customers: 15 banks will be merged from May 1, do you have an account? first appeared on Rightsofemployees.com.

It has been said in the media reports that this time the interest money will be released soon. It will not be delayed like last year. It is being said that money will start coming from August.

Before transferring money to EPFO ​​account, an official announcement will be made by the Finance Ministry. This time EPFO ​​will transfer money to the accounts of about seven crore account holders. Significantly, in March itself, it was announced to give 8.15 percent interest for the financial year 2022-23. EPFO invests the amount deposited in the PF account holder’s account in many places and pays interest on the earnings from it.

How much is contributed

More than seven crore people will get the benefit of interest. This interest will be given on salary and employer’s contribution. 12% contribution from salary is given in PF account. And the same contribution is given by the employer. If your salary is Rs 25 thousand, then the total contribution to EPF every month by both the company and the employee will be around Rs 3,918. At the same time, your contribution to EPS will be Rs 2,082 every month.

This way you can check balance

If you want to check pf account money then you do not need to go anywhere else. You can check pf account money sitting at home. There are many options available for this. You can know your balance by visiting the official website of EPFO, epfindia.gov.in . Here you can get information about your balance by clicking on e-passbook. However, for this you will need UAN number and password.

Check Money by Missed Call and SMS

You can also check your PF account balance by giving a missed-call on 011-22901406. You have to make missed call from the registered number only. An SMS will be received immediately after the missed call. In this, there will be complete information about PF balance. Apart from this, you can also check the balance through SMS. You can check the balance by sending SMS EPFOHO UAN to 7738299899 from the registered mobile number.

The post PF Interest Credit: Government will soon transfer PF interest money to your account, check account like this first appeared on Rightsofemployees.com.

According to the central bank, these two co-operative banks did not have enough capital and earning potential. After which the license of these two cooperative banks has been canceled and ordered to be closed. Please tell that the order of closure of business of Harihareshwar Cooperative Bank has become effective from July 11, 2023. With this, now the customers will neither be able to deposit nor withdraw money in this bank.

Now the account holder has this option-

After canceling the license of these two banks, about 99.96 percent depositors ie customers of these banks will get their total deposits from the Deposit Insurance and Loan Guarantee Corporation (DICGC). At the same time, about 97.82 percent depositors (customers) of Shri Sharda Mahila Sahakari Bank will get their entire deposit capital from DICGC. Whereas on liquidation, each depositor can get his deposit amount up to Rs 5 lakh from DICGC. Which they will get under the deposit insurance claim amount.

While canceling the license of banks, RBI said this –

After canceling the license of these banks from RBI, they were banned from bank related activities. This includes acceptance of deposits and repayment of deposits, among other things. The central bank said that both the cooperative banks do not have proper capital and earning potential. Therefore both the banks are unable to return the full money of their depositors in view of their current financial condition.

Earlier the license of these banks was canceled-

Let us tell you that in the last one week, RBI has canceled the licenses of four banks. Earlier, the central bank had canceled the license of two co-operative banks of Maharashtra and Karnataka. Businesses of these two banks were also closed from July 5, 2023. Following the Reserve Bank’s order, the banking licenses of Buldhana-based Malkapur Urban Co-operative Bank Limited and Bengaluru-based Sushruti Souhard Sahakar Bank Regular were cancelled. After this, the business of these banks also stopped from 5th July.

The post RBI canceled banks license: RBI orders closure of these 4 banks, you do not have an account in them first appeared on Rightsofemployees.com.

The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 2.5 crore on Jammu and Kashmir Bank (J&K Bank) for non-compliance with certain directions. Bank of Maharashtra has also been fined Rs 1.45 crore for non-compliance of certain directions issued by the RBI.

In another statement, the central bank said a penalty of Rs 30 lakh has been imposed on Axis Bank. It added that the bank had levied penal charges in some accounts for late payment of credit card dues.

However, the customers had paid the dues by the due date through other means. RBI said the penalty is based on deficiencies in regulatory compliance.

The post RBI imposed fine of crores of rupees, Do you have an account with these 3 banks? first appeared on Rightsofemployees.com.

The fitment factor can be increased to three or 3.68

At present, no official confirmation has been made on this. The fitment factor of the central employees is currently 2.57, while the dearness allowance is 42 percent. In view of the upcoming elections, the fitment factor under the 7th Pay Commission may be increased to three or 3.68. According to the recommendation of the Seventh Pay Commission in 2024, preparations can be made to increase the fitment factor.

Possible increase in basic salary of central employees

Actually elections are to be held in 2024. In this case, the fitment factor can be implemented from 2026. This will also benefit more than fifty lakh employees. An increase will also be seen in the basic salary of central employees. At present, the basic salary of the employees is ₹ 18000, excluding allowances, their salary is ₹ 46260, while the salary can be ₹ 95680 if the fitment factor is 3.68.

The fitment factor was increased in 2016

Earlier in 2016, the fitment factor was increased. The same Seventh Pay Commission was also implemented in the same year. In such a situation, the minimum salary of the employees was increased from ₹ 6000 to ₹ 18000. On the other hand, if the rates of fitment factor are revised, then the salary of the employees will increase from ₹ 18000 to ₹ 26000. After which an increase of 44.44% can be seen in the salary of the employees.

The post Good news for Employees! Possible increase in salary by 44.44 %, Up to 96000 rupees will come into the account first appeared on Rightsofemployees.com.

One of the same is the linking of Aadhaar card with PAN card. In fact, information has been given by the Central Board of Direct Taxes (CBDT) that if the PAN holders do not follow the instructions given by the government till June 30, then their business and tax related facilities will stop working. Simply put, their account will be banned.

Explain that out of total 61 crore Permanent Account Number (PAN), about 48 crore have been linked to Unique Identification Number Aadhaar so far. There are 13 crore people whose PAN-Aadhaar has not yet been linked. Now the government has rung the alarm bell for these people and has also fixed the last date for linking.

The chance is till 30 June

People who do not do this till June 30, will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said that several crore PANs are yet to be linked with Aadhaar, but this work is expected to be completed by the june 30 deadline. The government has made it mandatory to link PAN with Aadhaar.

For this, setting a deadline of 30 june 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time till june 30, a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar.

Card will be deactivated if not linked

The CBDT chief said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If PAN is not linked with Aadhaar by the due date, the holder will not be able to get tax benefits as his PAN itself will not be valid after june. The CBDT, in a circular issued last year, has made it clear that once PAN becomes inoperative, the person concerned will face all the consequences prescribed under the Income Tax Act.

This includes situations like non-filing of income tax returns and non-processing of pending returns. Along with this, he said that the budget announcement of making PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies.

The post Pan Card Holders Account Ban: Big News! Account of these 13 crore customers with PAN card will be banned first appeared on Rightsofemployees.com.

With this, the dearness allowance of the employees has now increased to 42%. This information has been given by tweeting by the CM. At the same time, with the increase in dearness allowance, the salary of the employees can increase up to 47000.

Dearness Allowance was increased at the rate of 4 percent.

Chief Minister of Assam Government Hemant Biswa Sarma has given information by tweeting. The government said that with effect from January 1, the dearness allowance of the officers of All India Services, including state government employees and pensioners, has been increased at the rate of 4 percent. With this, their dearness allowance has increased from 38% to 42%.

Additional Rs 79.57 crore will be spent-

Keshav Mahant said that the state government employees would be provided enhanced DA of 3 months on April 10 to celebrate Bihu festival. An additional Rs 79.57 crore will be spent for the increased dearness allowance by the state government.

Early payment of salary including arrears of first 3 months-

According to the State Service Rules 2017, dearness allowance dearness relief has been amended. On April 10, the employees will be paid salaries including arrears of 3 months before the Bihu festival. Along with this, an amount of 50 to 60 thousand rupees will be seen in his account.

The post 7th Pay Commission – Employees will get arrears of 3 months, Rs 4800 will come into their account first appeared on Rightsofemployees.com.

Announcing this e-passbook on Tuesday, Union Labor and Employment Minister Bhupendra Yadav said that now the PF account holders will be able to get their account details easily from home.

On Tuesday, EPFO ​​has also decided to increase the interest rates. EPFO’s interest rates have been increased, giving great news to crores of its account holders, Employees Provident Fund Organization has increased the interest rates of Employee Provident Fund. The government has increased this from 8.10 percent to 8.15 percent. After this decision, more than 6 crore PF account holders across the country will get its benefit.

It is worth noting that in the year 2021-22, the interest rates were reduced to 8.1 percent, which has been the lowest in the last 40 years. According to the data released by EPFO, in January 2023, a total of 14.86 lakh subscribers were added to it. Along with this, in yesterday’s CBT meeting, Labor Minister Bhupendra Yadav has also unveiled the facility of crèches in total 63 regional offices.

This facility has been started in those places where there are more than 100 employees. Along with this, the minister has also laid the foundation stone of the office building in Prayagraj, UP.

How to check your e-passbook of EPFO

1. To check the e-passbook of EPF, login to the official website epfindia.gov.in.
2. Enter your UAN number, password and captcha.
3. After this click on e-passbook will appear.
4. You will have to enter the rest of the requested information and a new page will open in front of you.
5. Open your member ID.
6. Within a few minutes you will be able to check your EPF account balance.

The post Great news for EPFO ​​subscribers, now account details will be available sitting at home first appeared on Rightsofemployees.com.

If the earning person is a salaried individual, it is better to have a single savings bank account than multiple savings accounts. Maintaining a bank account is easy and when you file your income tax return, your job becomes easier as most of your banking details are available in the same bank account.

But apart from convenience, if you have a savings bank account then there are some monetary benefits as well as you will be paying bank service charges on debit card AMC, SMS service charges, minimum balance etc.

As per RBI rule, it is better to have a single bank account as it becomes easier to maintain minimum balance and avoid paying bank service charges like debit card AMC, SMS. If a person is salaried, having a single savings account makes it easier for the earning person while filing income tax returns.

Possibility of forgery

Having more than one bank account is likely to mean an inoperative account, which is most prone to fraud. This happens when a salaried individual changes job from one company to another leaving the salary account. In such a case the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Score

Having more than one account can be a problem in managing your bank account with the proper minimum balance. In such a case, a default can lead to a penalty which is directly related to your CIBIL rating.

Multiplication of Service Fee

Having a bank account attracts various service charges like SMS alert service charges, debit card AMC, etc. If you have a single bank savings account, you will have to make a one-time payment while in case of multiple banks, the service charge for the savings account is doubled.

Hold on your investment

There is also a requirement of maintaining a minimum balance in order to have a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account. These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, your Rs 40,000 will get stuck in maintaining the minimum balance of two additional bank savings accounts and investing will not be able to do.

This additional Rs 40,000 can be used for investment purpose and a return of 8 per cent can be earned on the same as debt funds attract at least 8 per cent in short term investments. But, in a bank savings deposit one would get around 4-05 per cent, which is almost half of what one earns through investing in debt funds.

Income tax fraud

Interest up to Rs 10,000 in a bank savings account is tax exempt and hence TDS is deducted. So, unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, it may happen that your bank has not deducted TDS like in your single bank account.

10,000 is not the interest earned in a financial year, but after adding the entire interest in all your savings account, it may cross Rs.10,000, making you liable to deduct TDS. In such a situation, you will have to give this information to the Income Tax Department during ITR filing. Failure to do so would result in income tax fraud, which was done unknowingly.

The post Multiple Account Holders Alert! RBI issued new rule for those having more than one account, know otherwise first appeared on Rightsofemployees.com.

If you also use ATM card, then this is important news for you. Recently, in a post going viral, it is being said that now if you withdraw money from ATM more than 4 times in a month, then you will have to pay extra charge.

You can withdraw money 5 times  , let us tell you that PIB has fact-checked the news of withdrawing money from ATM more than 4 times, in which the truth has been found. According to the information available on the Reserve Bank’s website, the bank allows five ATM transactions every month for free.

दावा: ATM से 4 से अधिक बार पैसे निकालने पर ₹173 काटे जाएंगे। #PIBFactCheck

▶️यह दावा फर्जी है।

▶️अपने बैंक के ATM से हर माह 5 मुफ्त ट्रैन्ज़ैक्शन किए जा सकते हैं।

▶️इसके बाद अधिकतम ₹21/ट्रांजैक्शन या कोई टैक्स होने पर वह अलग से देना होगा।

🔗https://t.co/nkl0LBZOHN pic.twitter.com/XhwH8trGYf

— PIB Fact Check (@PIBFactCheck) October 6, 2022

PIB’s tweet

PIB Fact Check has put a post in its official tweet, in which it is written that if you withdraw money more than 4 times from ATM, then you will have to pay Rs 150 as tax and Rs 23 as service charge.

Claim: ₹173 will be deducted for withdrawing money from ATM more than 4 times.

>> PIB has told that this claim is fake.

>> 5 free transactions can be done every month from your bank’s ATM.
>> After this, if there is a maximum of ₹ 21 / transaction or any tax, it will have to be paid separately.

How many transactions are free

If a customer uses ATMs of other banks, then three financial and non-financial transactions are free in a month in metro cities. Five transactions are free for non-metro cities. After the free transaction, a charge of Rs 20 will be charged. However, from January 1, 2022, a maximum of Rs 21 can be charged.

The post Big news for those who withdraw money from ATM, now so much money will be deducted from the account! check details first appeared on Rightsofemployees.com.

This time the interest is being paid by the government at the rate of 8.1%. However, this interest rate is the lowest in the last 40 years. Despite this, the employees have been waiting for the payment of PF for a long time. Meanwhile, EPFO ​​has given big information. If the account holders want their entire interest amount in the account, then they have to take special care of some things. Otherwise, they may have to face loss in the amount of interest.

In fact, lakhs of employees working in the private sector change their jobs every few months. After joining a new job, employees open new PF accounts in the new company from their old UAN. In such a situation, the money of the new company comes in the account and the amount stops coming in the old PF account. In such a situation, the employees may have to bear the loss of interest amount due to not getting the account done.

In such a situation, EPFO ​​has advised the employees to link all the accounts together. In doing so, interest can be paid on the amount collected in all the accounts. If the amount is more, the interest will also be higher.

PF account can be merged as soon as the UAN number is activated by the employees.

• To merge PF account, visit the official website of EPFO.
• Click on Services to login.
• Click on Apply 1 EPF Account
• a form will open
• Enter registered mobile number
• Enter the OTP number and the old PF account will be displayed as soon as you enter the OTP
• accept submit
• After sending the information, the account will be merged in a few days.

The post Good news for employees, up to Rs. 40,000 will be paid, the amount in the account will increase in September! first appeared on Rightsofemployees.com.

The amount deposited in the PPF account earns interest at a fixed rate, which is revised every quarter by the government. Right now its rate is 7.1 percent. However, here is a hitch in the interest calculation, which you can understand to increase your returns to some extent. Since, investment in PPF is fully protected by the government, there is no risk involved in investing in it. Invest between April 1-5, the money will increase, then the interest is calculated on the balance between the 1st to 5th of every month on the money deposited in the PPF account.

In such a situation, try to deposit money in the PPF account between the 1st to 5th date. Apart from this, if possible, instead of putting money in the account little by little throughout the year, deposit the money only between April 1-5, this will bring more interest to your account.

Benefits of Investing in PPF

• Triple Benefit: There is a triple benefit on investment in PPF. In this, tax benefit is available under section 80C on investment up to Rs 1.5 lakh. The interest earned on this investment is tax free and there is no tax to be paid on the maturity amount.

Option to become a millionaire: There is a lock-in of 15 years on investment in PPF. After 15 years, you can withdraw money from PPF account or increase it in blocks of 5-5 years. If you continue to invest in it for 25 years, then the maturity amount will exceed Rs 1 crore. For example, if the current rate of 7.1 per cent of PPF is maintained for the next 25 years, then after 25 years, an annual investment of Rs 1.5 lakh will yield a maturity amount of Rs 1.03 crore.

Loan facility: There is facility to take personal loan against PPF account. This benefit can be taken in the third and sixth year from the opening of the account. This is especially beneficial for those who want to apply for a short term loan and do not want to pledge any assets. There is also an advantage of taking loan benefit from PPF account that interest has to be paid at a lower rate than the loan taken from banks. In its repayment also, there is a facility to pay in lump sum or in installments.

The post PPF: Adopt this trick to invest in PPF account, more interest will be credited in the account first appeared on Rightsofemployees.com.