RBI said that the bank has stopped functioning from the evening of 19 May. The Cooperative Commissioner and Registrar of Uttar Pradesh has also been requested to issue an order to close the bank and appoint a liquidator for the bank. On liquidation, every depositor will be entitled to receive deposit insurance claim amount on his deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI said that as per the bank’s data, 98.69 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC. DICGC has already paid Rs 21.24 crore out of the total insured deposits as on January 31, 2025.

RBI said that the cooperative bank has failed to comply with the requirements of certain sections of the Banking Regulation Act, 1949 and the continuation of the bank is not in the interest of its depositors. As a result of the cancellation of the license, HCBL Cooperative Bank has been prohibited from bank operations including deposits and withdrawals with immediate effect.

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This list will be prepared on the basis of data submitted by the REs on RBI’s CIMS portal, with no further verification checks required by the Reserve Bank.

Central Government of the countryBanki.e. Reserve Bank of India(RBI) has issued instructions for loan takers. The bank has issued instructions for new digital lending focused on consumer protection. The bank has given this information through a press release on its official website. In this, the bank has said that the Reserve Bank of India has issued various instructions and circulars from time to time on digital lending by Regulated Entities (REs). As part of efforts to consolidate and streamline various regulatory instructions, consolidated directions on the subject have been prepared and issued today as Reserve Bank of India (Digital Lending) Directions, 2025.

RBI Digital Lending Directions 2025: Instructions on the following two aspects are also included as part of these instructions for the first time

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However, in a ‘master’ direction issued on deposits and accounts, the RBI said that opening rupee accounts in the name of branches of Pakistani banks operating outside Pakistan will require special approval of the Reserve Bank. It said that deposit in an account of a non-resident bank is an approved mode of payment to non-residents and, therefore, is subject to the rules applicable to transfer in foreign currency.

RBI said that withdrawal from a non-resident bank account is actually a remittance of foreign currency. On funding of non-resident bank accounts, RBI said that banks may freely purchase foreign currency from their overseas correspondents/branches at current market rates for holding funds in their accounts to meet their actual needs in India.

However, transactions in the accounts should be strictly monitored to ensure that foreign banks do not adopt a speculative approach to the Indian rupee. Any such cases should be reported to the Reserve Bank.

Earlier, the Reserve Bank of India had said something important about strengthening the banking system of the country. RBI said that a buffer capital i.e. CCYB has been maintained to deal with emergency situations and difficulties. However, it will be used according to the circumstances.

RBI said on Tuesday that the ‘countercyclical’ capital buffer (CCyB) designed to deal with recessionary situations will not be used at present as we believe that it is not needed in the current situation.

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The name of this scheme with a tenure of two years and about one and a half months is Cent Garima Term Deposit Scheme. In this, common people are getting interest at the rate of 7.55%. On the other hand, senior citizens are being given .5% more interest, that is, the elderly are getting 8.05% interest. Know here how much benefit the elderly will get on depositing 1 lakh rupees, along with all the features of this scheme.

Know what you will get if you deposit ₹1,00,000

If the elderly decide to invest in this scheme and deposit ₹1,00,000 in it, then at the rate of 8.05% interest, they will get 18,490 rupees as interest. In this way, they will get 1,18,490 rupees on maturity. On the other hand, if ordinary people deposit ₹1,00,000 in it, they will get 17,260 rupees as interest. In this way, the maturity amount will be 1,17,260 rupees.

Loan facility is also available

You also get the facility of loan on this special deposit scheme of Central Bank. You can take up to 90 percent of your deposit amount as loan. The interest rate on the loan amount will be 1.00% more than the applicable floating interest rates. In cases of MIDR, QIDR, FDR, the interest amount will be deposited in the loan account. If you have taken a loan on the deposit amount, then you will not get the facility of premature withdrawal. You also get the facility of nomination in the scheme.

How to take advantage of it

If you want to take advantage of this scheme, you can do so through online/net banking/mobile banking. You can also open an account offline by visiting a bank branch. You can deposit a minimum of Rs 10,000 and a maximum of Rs 10,00,00,000 in the scheme. If you withdraw the amount before maturity, you will have to pay a penalty of 1%.

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The nomination facility is intended to reduce the hardship of family members on the death of the depositor / depositors and to settle claims quickly. However, according to the central bank’s circular, based on the assessment of the Reserve Bank, it has been found that nominees are not available in a large number of deposit accounts.

It said, “In order to avoid inconvenience and unnecessary hardship to the family members of the deceased depositors, we emphasize the need to obtain the name of nominee for all existing and new customers holding deposit accounts, safe custody articles and safety lockers.”

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of enrollment coverage on a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025.

Further, the frontline staff at the branches may be suitably trained to receive the nominees as well as settle the claims of the deceased constituents in a proper manner and to deal with the nominees/legal heirs, the circular said.

RBI said that the account opening form may be suitably modified (if not done already) to provide for the customer to avail or opt for the designated facility.

Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nomination facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

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Home loan is a long term loan. Home loans usually last for 15 to 20 years. Due to this, people have to pay huge amount as interest. If the interest rate is low, there is huge savings on home loan in the long run. We are telling you about those 5 banks which are giving home loan at the lowest interest.

If you look at the current home loan interest rates offered by the top 5 banks – Bank of Baroda, Punjab National Bank, SBI, HDFC Bank and ICICI Bank, you will find that their rates range from 8.4% to 10.90%. You can save big by taking home loan from these banks.

Bank of Baroda

Bank of Baroda (BoB) home loan interest rates start from 8.4% per annum to 10.90% for tenures up to 30 years.

Punjab National Bank

Punjab National Bank home loan interest rates start from 8.4% per annum and go up to 10.25% per annum (on floating basis) for tenures up to 30 years.

SBI Home Loan

State Bank of India (SBI) is currently offering home loan interest rates starting from 8.50% per annum to 9.85% for tenures up to 30 years.

HDFC bank

HDFC Bank home loans start at 8.7% per annum for tenures up to 30 years and loan amounts up to Rs 10 crore. One can avail a loan up to 90% of the property price.

ICICI Bank

ICICI Bank currently offers home loan interest rates starting at 8.75% per annum for tenures up to 30 years. The bank charges a processing fee of 0.5%.

Canara Bank and Central Bank

Canara Bank and Central Bank of India are charging interest at the rate of 8.5 percent on home loans. The EMI on a home loan of Rs 75 lakh for a tenure of 20 years will be Rs 64,650. The interest rate on home loan in Kotak Mahindra Bank starts from 8.7 percent. The EMI on a home loan of Rs 75 lakh for a tenure of 20 years will be Rs 65,550.

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Reserve Bank of India: Reserve Bank supervises all the banks of the country. If you also have an account in the cooperative bank of the country, then this news is useful for you. Reserve Bank of India has taken a big decision regarding a bank in Maharashtra. RBI has now imposed many restrictions on the bank, which will have a direct impact on the bank’s customers.

Let us tell you that RBI has taken a big step against Shirpur Merchants Cooperative Bank of Maharashtra. The Reserve Bank of India (RBI) has taken several decisions in view of the deteriorating financial condition of Maharashtra-based Shirpur Merchants Cooperative Bank.

Bank will not be able to give loan

RBI has put restrictions on many services including withdrawing money from the bank. RBI said in a statement that after the close of business on Monday, this cooperative bank will not be able to give any new loan nor will it be able to make any investment.

RBI permission will be necessary

Along with this, the bank will not be allowed to transfer or dispose of its property or assets without the permission of the central bank. The Reserve Bank has taken this step in view of the current financial condition of Shirpur Merchants Cooperative Bank.

Will not be able to withdraw money from the account

In this, no amount can be allowed to be withdrawn from the total balance in all the savings bank or current accounts or any other account of the depositor. However, bank customers will be able to pay the loan from the amount deposited in their account under these terms and conditions of the Reserve Bank.

Entitlement to receive amount up to Rs 5 lakh

RBI said that eligible depositors will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Restrictions will remain in effect for 6 months

The restrictions imposed on Shirpur Merchants Co-operative Bank from closure of business on April 8, 2024 will remain in force for six months. However, the Reserve Bank said that these instructions should not be interpreted as cancellation of the license of the bank. He said that the bank will continue to conduct banking business with these restrictions until its financial condition improves.

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The application process for this campaign is going on. Candidates can apply for this campaign till March 6. After the last date to apply for recruitment passes, candidates will not get the opportunity to apply.

Recruitment has been done by Central Bank of India (CBI) to fill 3000 vacant posts of apprenticeship. Candidates applying for recruitment must be graduates from a recognized university/institute. Candidates must have a certificate of passing graduation after 31st March 2020.

This is how the selection will be done

According to the notification, the candidates applying for this campaign will be selected through online written examination.

Salary

The candidates selected on these posts will be provided a salary of Rs 15 thousand per month.

This much fee will have to be paid

Candidates applying for this campaign will have to pay the application fee. General, OBC category candidates applying will have to pay a fee of Rs 800. Whereas, a fee of Rs 600 has been fixed for SC, ST EWS category. Whereas PH category candidates will have to pay a fee of Rs 400. All female candidates will have to pay Rs 600 as application fee.

Apply like this

Step 1: To apply for recruitment, candidates first visit the official website nats.education.gov.in.

Step 2: After this, candidates should register by clicking on the relevant link on the homepage.

Step 3: Now candidates click on the apply button.

Step 4: Then the candidate enters the required details.

Step 5: After this the candidates pay the application fee.

Step 6: Then the candidates submit the application form.

Step 7: Finally, candidates should download the application form and take a print out.

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RBI has canceled the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited located in Ichalkaranji, Kolhapur. This step has been taken by the Central Bank because the bank does not have sufficient capital and earning potential.

In a statement from RBI, it was said that ‘The bank has stopped banking operations from the close of business on December 4, 2023.’ According to the data filed by the bank, 99.85 percent of the bank’s depositors are entitled to get the full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). While canceling the license of the bank, RBI said, ‘The bank does not have sufficient capital and earning potential. The co-operative bank with its current financial position will be unable to make full payments to its current depositors.

99.85 percent depositors will be able to get the entire deposit amount.

The Reserve Bank said that if the United India Co-operative Bank is allowed to carry forward its banking business, then public interest will be adversely affected. The bank with its current financial position will be unable to make full payments to its current depositors.

Let us tell you that under DICGC rules, every depositor of the bank will be entitled to receive the deposit insurance claim amount of his deposits up to the monetary limit of Rs 5 lakh. According to the data presented by the bank, 99.85 percent depositors are entitled to receive their entire deposit amount.

It was also informed by RBI that till July 24, DICGC has already paid the total insured deposits of Rs 41.60 crore under the provisions of Section 18A of the DICGC Act, 1961, based on the wishes of the respective depositors of the bank. Earlier, the Reserve Bank had imposed fine on four cooperative banks for not following the rules.

These co-operative banks are Jijamata Mahila Co-operative Bank Limited, Shri Lakshmikripa Urban Co-operative Bank Limited, The Konark Urban Co-operative Bank Limited and The Chembur Nagarik Co-operative Bank Limited.

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Along with banks, the biggest impact of this decision will be visible on NBFCs. RBL Bank and SBI Card are likely to suffer the most loss due to this strictness of the Central Bank. However, home, auto, gold and education loans will not be affected by this. Apart from this, interest rates may also increase. RBI has increased the risk weight for banks and NBFCs by 25 percent to 150 percent and 125 percent respectively.

Worst effect on RBL Bank-SBI card

SBI Card and RBL Bank are going to suffer the most due to RBI’s strictness on personal loans. The share of unsecured loans in SBI Card’s business is 100 percent and for RBL Bank it is 31.8 percent. According to market experts, the new rules will have a very bad impact on the business of these companies. Apart from this, the business of NBFC will also be negatively affected. On Friday, RBL Bank’s share fell by 9.5 percent and SBI Card’s share fell by 6.7 percent in the stock market.

NBFCs were heavily distributing personal credit card loans.

A few days ago, the Reserve Bank had warned banks about the danger of increase in unsecured personal loans. Last month, while presenting the monetary policy, RBI had expressed concern about the increasing personal loans in the country and said that banks should try to reduce it. RBI Governor Shaktikanta Das had advised banks and NBFCs to strengthen their surveillance systems, deal with increasing risks and take security steps.

In talks with senior officials of banks and NBFCs, he had expressed concern over the increase in personal and credit card loans. No guarantee is kept from the customer against the personal loan. Therefore, RBI was worried about the huge increase in it. NBFCs were distributing more such high risk loans.

Credit card dues and personal loans increased rapidly

Till September, personal loans have increased by 25 percent on annual basis. It has reached Rs 12.4 lakh crore. Credit card dues have been increasing rapidly since last few years. On year-on-year basis, credit card outstanding has increased by 30 percent to Rs 2.17 lakh crore by the end of September 2023.

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On the notes withdrawn from circulation, the Central Bank said that more than 97 percent of the Rs 2,000 notes have returned to the banking system. RBI said that now only Rs 10,000 crore notes are left with the people. Let us tell you that on May 19 this year, the Reserve Bank had announced the withdrawal of Rs 2,000 notes from circulation.

Now Rs 10000 crore notes left in the market

Along with the withdrawal of Rs 2000 notes from circulation, there was also a facility to deposit these notes in banks and exchange them with other smaller notes. The Reserve Bank said in a notification that ‘the total value of Rs 2,000 notes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023. Now it has come down to Rs 10,000 crore on October 31, 2023.

More than 97 percent of the notes have been returned.

According to RBI, out of the total notes worth Rs 2,000, more than 97 percent have been returned. The last date for depositing these notes in banks was fixed as 7th October. In such a situation, these notes can no longer be deposited in banks. But if you have remaining notes, then Rs 2,000 notes can be deposited or exchanged in 19 regional offices of the Reserve Bank.

It was also reported in the media that after the last date, long queues were being seen outside the RBI to exchange or deposit Rs 2,000 notes. Not only this, some people are even standing in line to exchange notes of Rs 300 per Rs 10,000.

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Once the license of another bank has been canceled by the Reserve Bank of India (RBI) for negligence in compliance with the rules. This time the license of UP’s cooperative bank United India Cooperative Bank Ltd has been canceled by the RBI. This step has been taken after the bank does not have enough capital and is expected to have less earning potential.

Will be able to get deposits up to 5 lakhs

In a statement issued by the RBI, it was said that due to the cancellation of the license, the bank will not be able to do business from Wednesday evening. The central bank said that every depositor would be entitled to receive his deposits up to a limit of Rs 5 lakh under an insurance claim from the Deposit Insurance and Credit Guarantee Corporation (DICGC). Let us tell you that deposits up to Rs 5 lakh of each account holder deposited in banks are insured by DICGC. Deposits of all banks including commercial banks, local area banks, regional and co-operative banks are covered under the insurance scheme of DICGC.

License of 5 co-operative banks canceled so far

In the current financial year, the license of five co-operative banks has been canceled by RBI so far. The license of all five banks has been canceled in the month of July itself. Earlier, on July 11, the central bank had taken action against Shri Sharda Mahila Sahakari Bank in Tumkur, Karnataka and Harihareshwar Bank in Satara, Maharashtra. On the other hand, from July 5, the banking licenses of Buldhana-based Malkapur Urban Cooperative Bank Limited and Bengaluru-based Sushruti Souharda Sahakar Bank Regular were cancelled.

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If you also have an account in any bank, then this is important news for you. The Reserve Bank of India (RBI) imposed a penalty of Rs 2.20 crore on public sector Indian Overseas Bank (IOB) for non-compliance with rules related to income recognition and other deficiencies in regulatory compliance.

violated the rules

This fine has been imposed for violation of the provisions of certain instructions of RBI. These include ‘Prudential Norms on Income Recognition, Asset Classification and Provisions relating to Advances etc. The RBI said the action is based on deficiencies in regulatory compliance and is not concerned with the validity of any transaction or agreement entered into by the bank with its customers.

The central bank informed

that the statutory inspection (ISE 2021) for the supervisory assessment of the bank was done by the RBI on March 31, 2021 with reference to its financial position. The Chennai-based bank failed to make the minimum mandatory transfer of an amount equal to 25 per cent of the declared profit for the year 2020-21 to its reserve fund.

Central Bank was fined last week

Earlier, RBI had also imposed heavy fine on Central Bank. The Reserve Bank of India said it had imposed a penalty of Rs 84.50 lakh on public sector Central Bank of India (CBI) for non-compliance with certain provisions of norms relating to fraud classification and reporting.

Why was the penalty imposed?

The Reserve Bank had conducted a statutory inspection for supervisory assessment of the bank’s financial position as on March 31, 2021. Scrutiny of the report revealed that the bank did not report the fraud to the RBI within seven days of the decision to declare the accounts of the Joint Forum of Lenders (JFL) as frauds. The bank charged its customers for SMS Alerts on a flat basis instead of actual usage basis.

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This campaign will help the central bank’s efforts to reduce unclaimed deposits. RBI wants that the unclaimed deposits lying in the banks should be traced and handed over to their rightful claimants. If there is no activity in a bank account for 10 years or more, then the money deposited in it is considered as unclaimed deposit.

Reason for unclaimed deposit

Banks transfer unclaimed deposits to the Depositor Education and Awareness (DEA) Fund, which is maintained by the RBI. Depositors have the right to claim the money deposited in their account even later. RBI believes that the reason for the increase in the volume of unclaimed deposits is that people do not close their savings / current accounts. In many cases, this money belongs to depositors who have passed away. In such cases the nominee or legal heir does not come forward to claim the money.

How much money in unclaimed deposit

In a written reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad told about unclaimed deposits of banks. He had said that till February 2023, there were unclaimed deposits of Rs 35,012 crore in public sector banks (PSU Banks). State Bank of India has the highest number of unclaimed deposits. This is around Rs 8,086 crore. Punjab National Bank is on the second position. PNB has unclaimed deposits of Rs 5,340 crore. 4,558 crore in Canara Bank and Rs 3,904 crore in Bank of Baroda.

Can find out like this

Every bank will have to give details of unclaimed accounts on its website. In this, such details will also have to be given, with the help of which it can be easy to identify such account holder. Customers can visit the bank branch after checking the details on the bank’s website. There the formalities related to Know Your Customer have to be completed along with the claim form.

Centralized web portal will help

Apart from this campaign, RBI has also said that it will create a centralized web portal. People will be able to get information about unclaimed deposits of different banks on this. Search results will be improved with the help of Artificial Intelligence (AI). With this, people will get information about their money, which they are not aware of.

Right now people have to visit the website of different banks to find out about it. From the new web portal, people will get information about all unclaimed bank deposits in one click. Sanchit Garg, co-founder and CEO of GLC Wealth Advisors LLP, said that this effort of RBI can prove to be very helpful in settling the cases of unclaimed deposits.

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HDFC Bank has also started sending messages and information to its customers to start depositing Rs 2000 notes. HDFC Bank has said in an email sent to its customers that we would like to update you about the 2000 rupee notes issued by the Reserve Bank of India (RBI).

HDFC Bank has said in the email that Rs 2000 note will remain legal tender. You can use it for all your transactions. It can also be used as payment. Customers can conveniently deposit Rs 2000 notes into their HDFC Bank account at any branch till 30 September 2023. Banks can exchange their money from any branch of HDFC Bank from 23 May 2023 to 30 September 2023.

Apart from this, SBI has said that no ID or slip slip is required to deposit up to Rs 20,000 at a time. In its circular dated May 22, the RBI also advised banks to provide over the counter exchange of Rs 2,000 notes to customers. The central bank said that keeping in view the summer season, banks are advised to provide basic facilities like waiting area, drinking water in the branch. RBI has fixed September 30 as the deadline for depositing or exchanging Rs 2,000 notes in banks.

RBI Governor Shaktikanta Das said on Monday that the RBI is withdrawing Rs 2000 notes from circulation, but it will continue as leger tender. He said that there is no need to panic. He said that the purpose for which Rs 2000 notes were introduced has been fulfilled.

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If you have a bank account, then there is a need to update KYC from time to time. For this one has to go to the branch of the bank. In such a situation, many times people have to face problems in updating KYC. Now you will not have any problem in updating KYC. The Reserve Bank of India has given a gift to the people on New Year.

The Reserve Bank of India (RBI) has released an update for Fresh KYC, giving relief to the customers. Now customers can do the process of getting fresh KYC done from home through Video Based Customer Identification (V-CIP) process. RBI has issued guidelines to all banks for this. RBI has said that if there is no change in KYC, then Re-KYC can be done only by self-declaration.

For this facility, the Central Bank (RBI) has also given instructions to all the banks of the country. RBI has advised customers should also be given the option to make such self-declaration through different non-face to face channels. RBI has said that customers need not visit their bank branch to update Know Your Customer (KYC) details if they have already submitted valid documents and have not changed their address. Is.

RBI was getting complaints

RBI was continuously receiving complaints against the banks that even after submitting the documents online, the process of digital re-KYC could not be processed through the websites and mobile apps of the banks. According to RBI, the customer can complete the process of re-KYC through his registered email ID, mobile number, ATM, online banking or internet banking, mobile app or through letter. There is no need to go to the bank branch in this. If only the change of address is to be done, then the address proof can be submitted through these means and the bank will have to complete the verification process within two months.

KYC can be updated in this way

According to RBI, the customer can make video calls in banks that provide this facility. Customers can also complete a new KYC process through video call. RBI has asked customers to contact their bank for more details on the options available for updating KYC details. RBI has said that a fresh KYC process should be initiated only if the documents in bank records do not conform to the current list of ‘officially valid documents’. Fresh KYC is also required if the document submitted earlier has expired.

The customer should not insist on calling the bank

In December, RBI Governor Shaktikanta Das had clarified in a press conference that banks should not insist on the customer calling the branch. The governor’s clarification came after several customers said that their banks have asked them to come to the branch for KYC before December 31, 2022. This KYC demand had raised apprehensions that accounts could be frozen if customers did not turn up at the bank.

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What did RBI say?

According to the Reserve Bank’s notification, RBI has taken this action while exercising its powers under Section 35A and 36(1)(a) of the Banking Regulation Act, 1949.According to RBI, this action on SBM Bank (India) Limited is based on certain concerns. However, the central bank did not elaborate on those concerns.

What is LRS scheme?

Under this scheme launched by the Central Reserve Bank, the residents of the country can freely send funds abroad up to $ 250,000 per financial year. The Reserve Bank increases or decreases this limit from time to time.

Explain that SBM Bank is a subsidiary of Mauritius-based SBM Holdings. It is a financial services company. The bank offers a range of financial products and services including deposits, loans, trade finance and cards. SBM Bank started operations on 1 December 2018 after obtaining a banking license from RBI. The bank has a network of 11 branches across the country.

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According to the latest media report, there is a possibility of increase in the salary of the employees by 9 thousand rupees. On the other hand, the DA of the employees is also seen to be 50 percent.

Dearness allowance increases twice every year for central employees. But, how much this increase will be depends on the order of inflation. Many countries of the world are currently battling with inflation. In India too, the order of inflation seems to be moving upwards rapidly.

The country’s Central Bank (RBI) has also expressed apprehensions that inflation is not under control. In the coming days, inflation is expected to pick up. This is the reason why RBI is going to do its monetary policy ahead of time in November. Even though rising inflation is not good for the country. But, the allowance given to the central employees is sure to increase in proportion to the inflation. Well, even if we leave the inflation, dearness allowance for the employees is bringing salary increment in the coming time. Let’s understand how…

The gift of 4 percent will be available next year, recently there has been an increase of 4 percent in the dearness allowance (DA Hike) of central employees. This increase came into effect from July 2022. Now the next dearness allowance is to be implemented from January 2023. It is expected that the next increase will also be 4 percent.

According to experts, the way the inflation situation is, it is clear that the dearness allowance will also increase by 4 percent in the coming days. Right now inflation is much lower in the country than in the world, but by January 2023, the picture may be different. In such a situation, if the dearness allowance increases by 4 percent, the dearness allowance will reach 42 percent.

There is a rule of dearness allowance. When the government implemented the 7th Pay Commission in the year 2016, dearness allowance was reduced to zero at that time. According to the rules, as soon as the dearness allowance reaches 50 percent, it will be reduced to zero and according to 50 percent, the money which is being received by the employees in the form of allowance will be added to the basic salary i.e. minimum salary. Suppose the basic salary of an employee is Rs 18000, then he will get 50 percent DA of Rs 9000. But, if there is 50 percent DA, adding it to the basic salary, the dearness allowance will again be reduced to zero.

When is dearness allowance made zero?

Whenever the new pay scale is implemented, the DA received by the employees is added to the basic pay. Experts say that although the rules should add 100 percent DA to the employees in the basic salary, but this does not happen. Financial condition comes in the way. However, this was done in the year 2016.

Before that in the year 2006, when the 6th pay scale came, at that time 187 percent DA was being received in the fifth pay scale till December. The full DA was merged with the basic pay. Hence the coefficient of 6th pay scale was 1.87. Then a new pay band and a new grade pay were also created. But, it took three years to deliver it.

increasing financial burden on the government

In the year 2006, at the time of the Sixth Pay Commission, the new pay scale was implemented from 1 January 2006, but its notification was issued on 24 March 2009. Due to this delay, DA arrears of 39 to 42 months were paid to the government in 3 installments in 3 financial years 2008-09, 2009-10 and 2010-11. A new pay scale was also created. In the fifth pay scale, in the pay scale of 8000-13500, 186 percent DA was Rs 14500 on 8000.

Therefore, after adding both, the total salary was 22 thousand 880. In the sixth pay scale, its equivalent pay scale was fixed at 15600 -39100 plus 5400 grade pay. In the sixth pay scale, this salary is 15600-5400 plus 21000 and on January 1, 2009, on adding 16 percent DA 2226, the total salary was fixed at Rs 23 thousand 226. The recommendations of the Fourth Pay Commission were implemented in 1986, the fifth in 1996, and the sixth in 2006. The recommendations of the Seventh Commission came into force in January 2016.

The post Basic Salary Increased: There will be an increase of 9 thousand in the basic salary of the employees, DA will be 50%, check details first appeared on Rightsofemployees.com.

Most loan rates are linked to this. Earlier, State Bank of India has increased the MCLR rates by 0.2 percent for all tenors.

how much interest rates increased

Punjab National Bank has increased the MCLR i.e. Marginal Cost of Fund Based Lending Rates by 0.05 percent. According to the bank, this increase, applicable to all term loans, will be effective from September 1. PNB told the stock market on Wednesday that the MCLR for a period of one year will now be 7.70 percent from 7.65 percent earlier. Most consumer loans are linked to this.

At the same time, MCLR for a period of three years will now be eight percent. It has also been increased by 0.05 percent. Apart from this, the interest rate on MCLR with tenor of one month, three months and six months will now be in the range of 7.10 to 7.40 percent. The MCLR over a period of one day will be 7.05 per cent as against seven per cent. It is noteworthy that earlier this month, PNB had increased the repo-linked lending rate by 0.50 percent to 7.90 percent after the Reserve Bank of India hiked the policy rate.

Due to the steps of the Reserve Bank, loans are getting expensive.

The steps taken by the Reserve Bank to control inflation are affecting the lending rates. In fact, the central bank has increased the repo rates by 1.4 percent since May. This has increased the cost of banks and they are gradually passing the burden of cost on the customers, due to which the loan rates are continuously increasing. It is expected that in the next month’s policy review also, there will be an increase in key rates. There are apprehensions of the loan becoming costlier even further

The post PNB Interest Rate Increased: Punjab National Bank has increased the loan rates from today, check here latest rate first appeared on Rightsofemployees.com.

After the increased repo rates by RBI, many banks have increased the interest rates, so you must check the rates once before investing your money.

which bank is giving the highest interest on FD among these three banks

We will tell you the fixed deposit rates of Punjab National Bank, State Bank of India and Central Bank, after which you will be able to see which bank is giving you the benefit of higher interest on FD for which period before investing money. Let us tell you that the FD rates are for FDs of less than Rs 2 crore.

Check FD Rates in PNB

SBI Bank FD Interest Rate 2022

Check FD Rates in Central Bank of India

The post Bank Interest Rates: PNB-SBI and Central Bank are giving strong interest on FD, check updated rates first appeared on Rightsofemployees.com.