Dearness Allowance for bank staff 30 slabs 2.10% more from August 2021

Dearness Allowance for bank staff 30 slabs more from August 2021

AICPIN-IW for June 2021 has been released by Labour  Labour Bureau on 30.07.2021. On the basis of CPI data announced by the Labour Bureau for the period of April  2021 to June 2021, the average index number works out to 7940 (base 1960=100) or 397slabs (_27.79 %) for the above period. Accordingly, the rates of dearness allowance payable to the Bank officers are 30 slabs 2.10 %) more for the ensuing quarter of August 2021 to October 2021.

RBI fines Axis Bank Rs 5 crore for non-compliance with certain rules

 The Reserve Bank of India (RBI) on Wednesday imposed Rs 5-crore fine on Axis Bank for non-compliance with certain provisions of the central bank's norms on payment ecosystem between banks as a corporate customer, cyber security, and financial inclusion norms.

The action, RBI clarified, was based on the deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction.

The fine was imposed on the bank on the basis of a scrutiny carried out by RBI in the backdrop of a fraud and related transactions, which was submitted by the bank to the regulator in June 2020. The contraventions were found by the regulator during the inspections.

Cabinet Clears amendments for privatisation of general insurance

 The cabinet has approved amendment to the General Insurance Business (Nationalisation) Act, 1972 paving way for privatisation of one state-run general insurer.

"The cabinet approval has come. Now the bill may be presented in this session of the Parliament," said a government official adding that the amendments seek to allow bring down government holding to below 51% and transfer of management control to private player in case of shortlisted firm.

In her budget speech this year finance minister Nirmala Sitharaman had said that the government will take up two public sector banks and one general insurance company for privatisation in FY22.

At present there are four state run general insurance companies - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited.

According to reports, NITI Aayog which was to recommend suitable candidate for privatisation have suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary.

Last year, the government had provided capital support to National Insurance, Oriental Insurance and United India Insurance to meet regulatory requirement and increase the authorised share capital of National Insurance Company Ltd (NICL) to Rs 7,500 crore and that of United India Insurance Co Ltd (UIICL) and Oriental Insurance Co Ltd (OICL) to Rs 5,000 crore each.

The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during  ..2021-22

 

Punjab National Bank felicitated Miss Saikhom Mirabai Chanu, Silver Medalist

Punjab National Bank felicitated Miss Saikhom Mirabai Chanu, Silver Medalist ( Weightlifting) in Tokyo Olympics today at her native village Nongpok Kakching under Imphal East district, Manipur and on the occasion Shri Shio Shankar Singh , General Manager and Zonal Manager, Punjab National Bank, Guwahati Zone handed over a cheque of Rs.5,00,000/- (Rupees Five Lacs only) as a token of recognition. He further announced the adoption of the village by the Bank for complete digitalization and financial inclusion. Miss Saikhom Mirabai Chanu along with her parents welcomed all the officials of the Bank and assured the bonding with Punjab National Bank.i

SSC Constable GD Recruitment 2021 – Apply Online for 25271 Various Vacancy

Name of the Post: SSC Constable GD Online Form 2021

Post Date: 11-04-2021

Latest Update: 22-07-2021

Total Vacancy: 25271

Brief Information: Staff Selection Commission (SSC) has Announced a notification for the recruitment of Constable GD in CAPF, SSF & Assam Raifles. Those Candidates who are interested in the vacancy details & completed all eligibility criteria can read the Notification & Apply.

Application Fee For GEN/ OBC: Rs. 100/- For Women/ SC/ ST/ Ex Serviceman Candidates: Nill Pay the fee through SBI Challan/ SBI Net Banking/ Visa, Mastercard/ Maestro Credit/ Debit card
Important Dates Date of Advertisement: 17-07-2021 Starting Date to Apply Online: 17-07-2021 Last Date to Apply Online: 31-08-2021 (23:30) Last Date for Payment of Online Fee: 02-09-2021 (23:30) Last Date for Payment of Offline Challan: 04-09-2021 (23:30) Last date for payment through Challan (during working hours of Bank): 07-09-2021 Date of CBT (Tier-I): To be informed later
Age Limit (as on 01-08-2021) Minimum Age: 18 Years Maximum Age: 23 Years Age relaxation is applicable as per rules
Qualification Candidates should possess Matriculation or 10th Class pass from a recognized Board/ University.
Vacancy Details
Constable GD
Force	Male	Female	Total
BSF	6413	1132	7545
CISF	7610	854	8464
CRPF	0	0	0
SSB	3806	0	3806
ITBP	1216	215	1431
AR	3185	600	3785
NIA	0	0	0
SSF	194	46	240

Depositors to get up to only ₹5 lakh if bank failed

 DICG Bill cleared:

-"This clearance now, therefore, is going to give relief to all those institutions which have already come under moratorium. It is not going retrospectively back, but if your bank has already been declared under moratorium, this will cover," she adds

-All commercial banks and even branches of foreign banks operating in India will come under the purview of this legislation and this will be applicable to banks which are at present under moratorium, says FM.

-"On 91st or 95th day after the bank is placed under moratorium, you will get your money as the new rules will not wait for the eventual liquidation or resolution," Sitharaman says.

-Even if there's moratorium on bank, this measure will set in. First 45 days will go for banks in distress to hand over to the insurance corporation; within 90 days process will be definitely completed without waiting for resolution, a relief for all banks under moratorium, says FM.

Under DICGC Bill 2021, 98.3% of all deposits will get covered and in terms of deposit value, 50.9% deposit value will be covered. Global deposit value is only 80% of all deposit accounts. It only covers 20-30% of deposit value: Finance Minister Nirmala Sitharaman

-Finance Minister Nirmala Sitharmaan says that the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been cleared today.

-I&B Minister Anurag Thakur begins briefing media.

98.3% of all deposit accounts will get covered, in terms of value of the deposits, over 50% will be covered under DICGC Act, Sitharaman adds

The Union Cabinet on Wednesday is holding a press conference with Finance Minister Nirmala Sitharaman and I&B Minister Anurag Thakur and Minister of State L Murugan in New Delhi.

During the press briefing, the Cabinet cleared Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill and Limited Liability Partnership Amendment Bill.

Sitharaman's press conference comes a day after the International Monetary Fund (IMF) slashed India’s economic growth projection to 9.5% for FY22, down from 12.5% estimated earlier in April this year. IMF said it has revised its outlook due to the “lack of vaccine"

Catch all highlights here:

-A multilateral MoU has been signed between international financial service centres and multilateral agencies, International Organisation of Security Commissions and International Association of Insurance Supervisors: Union Minister Anurag Thakur

-It is one of the biggest multilateral forums; has 124 signatories, he adds.

-Limited Liability Partnership Amendment Bill cleared:

The Union Cabinet decision has today proposed the first amendment to the Limited Liability Partnership act. The act came into existence in 2008-2009.

Total of 12 offences to be decriminalised for LLPs. Many of the startup’s can also benefit from the ease of doing business. Coming up with a new definition of all LLPs. Expanding the scope of what can be a small LLP.

-"As of today, you have 24 penal provisions in the LLP Act, 21 compoundable offences, and 3 non-compoundable offences. "After today penal provisions will be cut to 22, compoundable offences will be only 7, non-compoundable offences will be only 3, and the number of defaults to be dealt will be only 12," the finance minister says.

How far Indian private sector Banks are Indian if majority shareholding is with foreign institutions & GDR

How far Indian private sector Banks are Indian if majority shareholding is with foreign institutions & GDR. Same will be the case of public sector banks if those banks are privatized tomorrow. Ironically this is being done under Atmanirbhar i.e. Self Reliant announcement.

Post merger PNB 430 BOB 1310 Indian Bank 203 and union Bank 275 branches either closed or merged in the name of branch rationalisation

 

Post merger branch rationalisation by public sector banks offers ready-to-move space for lenders on expansion mode

The move by five public sector banks to reduce their branch numbers is proving godsend for lenders looking to expand their network.

The branches being vacated by Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Union Bank of India (UBI) and Indian Bank have opened the doors to ready-made premises for other lenders. For the latter set, network expansion happens faster, at reasonable costs (as owners of these premises are desperate to rent them out) and without the hassle of re-doing interiors

To cut down on operating expenses, the five PSBs have been merging or rationalising branches after the amalgamation of banks with them.

AS Rajeev, MD & CEO, Bank of Maharashtra, observed, 25-30 per cent of the branches opened by BoM last year were in the premises vacated by the PSBs. “The rent is comparatively less. That is why our rent outgo is not increasing despite the rise in the number of branches,” he said. BoM, which opened 82 branches last year, plans to open about 100 in FY22.

BK Divakara, CFO, CSB Bank, noted that 30-40 branches opened in 2020 and so far this year have been at premises vacated by a PSB. Divakara said the bank opened 101 branches last year and plans to open 200 this year.

CSB Bank actively scouts for ready-to-move premises being vacated by PSBs to avoid overlap of branches. These premises usually come with a strong-room (constructed to central bank specifications), counters and furnishings.

Branch rationalisation

After the amalgamation of Dena Bank and Vijaya Bank with BoB on April 1, 2019, the latter merged or rationalised 1,310 branches.

PNB rationalised about 430 branches after Oriental Bank of Commerce and United Bank of India were merged with it from April 1, 2020.

Canara Bank merged or closed 105 branches after taking over Syndicate Bank on April 1, 2020.

Union Bank of India merged or closed 275 branches after the amalgamation of Andhra Bank and Corporation Bank with it from April 1, 2020.

Indian Bank rationalised 203 branches after absorbing Allahabad Bank from April 1, 2020.

In India, millennials (aged between 24 and 37) were the most susceptible to such scams in 2021, with 58% of those that continued with the scam incurring monetary loss.

 Consumers in India experienced a fairly high online fraud encounter rate of 69% in the past year, according to the Microsoft 2021 Global Tech Support Scam Research report.

Further, 31% Indians lost money through a scam—the highest globally.

Each month, Microsoft Corp. receives about 6,500 complaints globally from people who have been the victim of a tech support scam. This is down from 13,000 reports in an average month in prior years.

Key takeaways

• 48% consumers in India were tricked into continuing with the scam, three times higher than the global average. 31% of those surveyed continued engaging and eventually lost money.
• 
  
• 73% of males in India who proceeded to interact with a scammer were likely to lose money. On average, consumers in India lost Rs 15,334 in 2021, but 88% were able to recover some money.
• 
  
• In India, millennials (aged between 24 and 37) were the most 
• most susceptible to such scams in 2021, with 58% of those that continued with the scam incurring monetary loss.
• 
  
• Incidences of unsolicited call scams increased from 23% to 31% in India between 2018 to 2021, and this continues to be the scam type that consumers in India respond to most often, followed by pop-up ads, redirects to websites and unsolicited emails.
• 
  
Tech support scams are perpetrated globally and target people of all ages. Finding sreveal that compared to the rest of the world, consumers in India are more likely to be targeted, less inclined to ignore scam interactions, and as a result, lose more money…,” said Mary Jo Schrade, assistant general counsel (regional lead) at Microsoft Digital Crimes Unit Asia. “Tactics used by fraudsters to victimise users online have evolved over time.”

 

Senior Citizen Savings Scheme: IBA Asks Banks Not to Levy Penalty on Premature Withdrawal in Case of Death

 Giving a big relief to nominees of a depositor of Senior Citizen Savings Scheme (SCSS), the Indian Banks’ Association has asked its member banks not to levy any penalty on withdrawal from the scheme by a nominee or legal heir after the death of the account holder.

 

In a circular, IBA, says, it has come across complaint(s) that some banks, while processing settlements or premature payments of accounts to the legal heirs or nominees of the deceased depositor under the SCSS, are treating it as premature withdrawal and levying penal interest

"...we request all member banks to be guided by the SCSS rules to avoid any complaints. Further, we suggest the member banks to devise a mechanism for capturing the closure or premature reason in their core banking system or solution (CBS) for seamless processing of such applications received from the customers," the association of banks and other entities in the banking sector in India, says.

 

As per the amendment made on 28 July 2010 in Rule 8, sub-rule (3) of SCSS rules, "In case of death of a depositor before maturity, the account shall be closed and the deposit refunded on an application in Form ‘F’ along with interest as applicable to the scheme till the date on which the depositor expired, to the nominee or legal heirs in case the nominee has also expired or nomination as provided in rule 6 was not made, as the case may be. For the period between the day following the date of death of the depositor and the date on which refund is made, simple interest shall be paid at the rate applicable from time to time to savings accounts as provided in Rule 6 of the Post Office Savings Accounts Rules, 1981.”

 

In addition, IBA says, Rule 8 sub-rule (5) clearly states: "No deduction, as specified under rule 9, shall be made in case of premature closure of an account at any time due to death of a depositor."

 

However, many banks continue to treat withdrawals from SCSS account following death of the depositor as premature closure and deduct 1% to 1.5% from the deposit as penalty as defined under Rule 9 of the SCSS rules. As per the rule, the depositor may be permitted to withdraw the deposit and close the account at any time after the expiry of one year from the date of opening of the account with some conditions. 

 

As per the conditions, if the SCSS account is closed between one and two years from the date of its opening, banks can deduct 1.5% from the deposit and refund the balance. If the account is closed after two years, then banks can deduct 1% from the deposit.  

 

As the name suggests, SCSS is a popular investment option among those who are 60 years and above. However, many depositors complain that they do not receive the rate of interest as stipulated under the scheme. 

 

According to one senior citizen, software of some banks pays interest at the prevailing rate when renewal request is submitted. "Actually, it should be the rate on the date when SCSS becomes due," he says.

 

Further, he feels, the banking software installed at many banks perhaps does not have customer number or customer identification (CID) concept for SCSS. "So, whenever an additional deposit is made, we are required to give all the documents including photos."

 

SCSS, which offers guaranteed quarterly interest pay-out, was introduced in the year 2004 with the objective of providing senior citizens with a steady and secure source of income for their post-retirement.

 

This account can be opened in any bank or post-office and has a maturity period of five years and can be extended for a further period of three years (request must be submitted by filling in form B within one year of maturity). Thus, effectively, this scheme is limited to five years. Only a one-time extension up to three years is possible; hence, one cannot invest in this scheme beyond eight years.

 

A maximum of Rs15 lakh can be invested (individually or jointly in the scheme). One can open a joint account only with his or her spouse. 

 

The rate of interest offered under the SCSS is revised every quarter by the ministry of finance and its derivation depends on several factors such as the prevalent rates in the market, and inflation level.

 

Currently, the interest rate on SCSS is 7.4% per annum, payable quarterly. For this scheme, tax benefits are available under section 80C of the Income Tax Act. However, interest earned under SCSS is fully taxable and needs to be added as ‘income from other sources’.

Know these 6 Benefits of filing ITR on time.

 

Jump Ahead To

• Income Tax Return(ITR) Filing.
• Benefits of filing ITR.
• For Loan Approval.
• Quick visa processing.
• Claim Tax Refund.
• Carry Forward Losses.
• To avoid penalty.
• Income and Address Proof.

Income Tax Return(ITR) Filing.

Income Tax Return(ITR) is a form that contains a person’s income and taxes paid in a particular financial year. The financial year starts on 1st April and ends on 31st March of the following year.

 

It also supports the proof of income earned and taxes paid by you. Recommended filing ITR even though the taxable income falls below the basic exemption threshold limit.

Benefits of filing ITR.

The benefits of filing ITR are listed below.

For Loan Approval.

ITR is an essential document when you apply for a loan, whether it is a vehicle loan, home loan, or personal loan. Banks ask for the past three years to know about your income stability. Most banks consider ITR even for issuing credit cards. It is a prime factor in the fast sanction of loans in addition to the CIBIL score.

 

Benefits of filing ITR

Quick visa processing.

If you apply for a Visa, you should submit the past three years’ ITR copy to the embassy or the consultant for quick visa processing. ITR indicates your assurance of income and your ability on managing expenses on the trip.

Claim Tax Refund.

One of the greatest benefits of filing ITR is getting a tax refund. Investments in tax saving schemes, more taxes paid, and if you are liable to claim. Then you can claim the tax refund by filing ITR. Rebate also available if done within the due date.

Carry Forward Losses.

Taxpayers can carry forward the losses to the next year. iI ITR filed within the due date. Else it will not carry forward.

To avoid penalty.

If you are liable to file ITR, but you didn’t. Then tax officer has the right to impose a penalty of up to Rs 10,000.

Income and Address Proof.

ITR receipt serves not only as income proof but also as address proof. Suppose you need to apply for a loan, but proper address proof is not available to you. In that case, ITR saves you by serving as an address proof.

Many people think that if income exceeds the tax exemptions limit means only they can file ITR. But it is advisable to file ITR once you start earning by getting into a job or doing a business.