What is Cash Reserve Ratio (CRR)?
Last week RBI has increased the CRR rates by 0.75. If you are not aware of what is CRR, this article will provide you basic idea on how the CRR will impact the finance market. Every bank in India has to maintain the some portion of money with the Reserve Bank of India(RBI). If the [...]
RBI to launch plastic Rs.10 currency
If you remember I have already posted about the Rs.10 plastic currency in India. This move by RBI is due to the increase number of fake notes in the country. As per the latest survey, in the recent times the fake notes have significantly increased in the market. To eliminate the fake notes, there should [...]
Education Loans will be cheaper from next year
Education loans above Rs.4 lacs will have the low interest rate compare to the present interest rates in the market. RBI is working with the few of the major indian banks to reduce the interest rates for the education loans. It is recommending the banks to reduce the benchmark prime lending rate (BPLR) with a [...]
RBI announces Plastic Money
If you are worried about the banknotes which gets damaged in the water or any other circumstances. It is good news that RBI is working on to release the plastic money made on polymer. Polymer banknotes will have the life four times of normal bank notes. Also RBI official said that it is difficult to replicate [...]
Restriction on free ATM usage!!!
RBI has announced that from April 1, 2009 onwads withdrawl on the other ATM centers would be free of charge. That means if you are the ICICI Bank customer, you can use the HDFC or any other bank’s atm to withdraw the money without any charge. Previously the charge is taken from the customer. But, [...]
Local Cheque Clearance on Same Day
If you are depositing a cheque for the clearance, then you will have to wait for 2-3 days to get the money in your account. Banks taking time to clear the local cheques too. RBI thinks that the time taken for cheque clearance is more and want to force the banks to clear the cheques [...]
Banks to give more interest on Savings Bank accounts
If you have a salary account/savings bank account in a bank, it is better if you withdraw money as per your requirements instead of at one go. From next April, the balance in your savings account will earn interest on a daily basis, following the Reserve Bank of India’s decision to implement new interest calculation [...]
Withdraw Cash from any ATM Free of charge
Thinking of changing your Bank because the ATM of that Bank is not near to your Office or Home ! Forget it , No more would you be bothered about where is the ATM of your Bank located. Come April 1st,2009 and you can withdraw money and do Balance Enquiry from any ATM irrespective of [...]
Whether foreign national can be promoter(s) of section 25 company?
FROM THE PROCEDURE AND LEGAL FORMALITIES LISTED BELOW FOR FORMING SEC. 25 COMPANIES ,YOU FIND THAT THERE IS NO BAR FOR A FOREIGN NATIONAL TO BE A PROMOTER OF SUCH CO. RBI has clarified that under the Foreign Exchange Management Act, 1999, appointment of a foreign national as a director on the board of directors [...]
