You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

The post PNB-ICICI-HDFC bank customers Alert! Government’s big statement on minimum balance in bank account, check details first appeared on Rightsofemployees.com.

A letter from the Reserve Bank of India (RBI) is becoming increasingly viral on social media. In this letter, it is about changing the old notes of 500 and 1000 rupees. It has been claimed in the viral letter that the RBI has further extended the facility for foreign nationals to exchange Indian demonetised currency notes.

What is the truth

When this post was investigated, seeing the seriousness, the Fact Check Team of Press Information Bureau (PIB Fact Check) investigated the matter and brought out its truth. PIB has fact-checked this viral post. PIB Fact Check said, the claim of extending the facility of exchange of old notes of 500-1000 for foreign nationals is fake.

Tweeting about this claim going viral on social media, he said that the facility for foreign nationals to exchange Indian demonetised currency notes has ended in 2017. No such order has been issued regarding the exchange of 500 and 1000 notes.

The post 500,1000 Rupees Currency Note: Big news! RBI gave a big statement regarding 500 and 1000 notes, check details first appeared on Rightsofemployees.com.

During the budget speech, the Finance Minister said that now the KYC process will be simplified. It will be made fully digital by talking to the financial system. Finance Minister Sitharaman further told in his speech that PAN will be identified for all digital systems. Unified Filing Process will be setup.

One stop solution and will be done for identity and address. It will be a one stop solution through Digi Locker and Aadhaar. There will be data in one place through the common portal, different agencies will be able to use it. Due to this, there will be no need to give data repeatedly, but for this the consent of the user will be very important.

BankBazaar CEO Adil Shetty on simplification of KYC process said, “Simplification of KYC process was necessary to support Digital India. It is a very good decision. Every financial regulator will now review and update the Master KYC.” Will issue. Access to data will be easy through the National Data Governance Policy.

What did the Finance Minister say in the budget speech?

Finance Minister Sitharaman said that the Indian economy has become more formalized, witnessing significant growth in digital payments. The country offers immense attractions to domestic and foreign tourists, there is immense potential to be tapped in tourism.

The Finance Minister said that to realize the vision of Make in India and Make AI work for India, 3 Centers of Excellence for Artificial Intelligence will be set up in top educational institutions. An expert committee will be constituted to make the infrastructure classification and financing framework suitable for Amrit Kaal.

The post KYC Rules Change: Finance Minister gave a big statement regarding KYC in this budget, check full details first appeared on Rightsofemployees.com.

After this statement of Ashwini Vaishnav, train fares are expected to be increased in the coming times. In the Lok Sabha, the Railway Minister was asked on re-introducing the concession on train fare to senior citizens before Covid-19. In response to this question, the Railway Minister said that at present 55 percent concession is being given to every passenger traveling by trail.

Subsidy of Rs 59000 crore was given.

He told that at present, the per km expenditure of railways on the fare of a passenger is around Rs 1.16. While the Railways charges only 45 to 48 Paise per km for this. Giving last year’s figures, he said that a subsidy of Rs 59,000 crore has been given by the Railways on passenger fare. He said that the railways is constantly working on passenger facilities. The railway line is being expanded including the operation of new trains. In such a situation, people should see the condition of the railways.

Many new types of facilities are coming

He also said that many new types of facilities are coming for the passengers in the coming time. Indicating the increase in train fare, said that more decisions will be taken in the coming time. The Railway Minister told that work is being done on other stations along with big stations. Prime Minister Modi has a big vision regarding railways.

Earlier, Ashwini Vaishnav while replying to the cyber attack on Delhi’s AIIMS server in Parliament said that work is going on at multi-dimensional level to ensure cyber security. Apart from this, many steps have also been taken.

The post Train fare increase! Railway Minister gave a big statement on exemption to senior citizens first appeared on Rightsofemployees.com.