Government hikes interest rate on Small Savings schemes by 30 to 40 basis points

(PPF & NSC to give 8%, Senior citizen to get 8.7%) The Ministry of Finance Government of India has announced the Rates of Interest on various Small Savings Schemes for the Third Quarter of the Current Financial Year 2018-19 starting 1st October, 2018, and ending on 31st December, 2018.  The Small Savings Schemes includes  include…

Leave rules for Bank Officers and Employees

This post provides updated detail of leave eligibility conditions for granting casual leave, special casual leave, unavailed casual leave, privilege leave, sick leave, additional sick leave, maternity Leave and paternity Leave, special leave for participating in sports events/trekking programmes, person who undergo sterilization operation for promoting small family norms, and extraordinary leave, Sabbatical Leave (Govt.)…

Bank Officers’ fitments/stagnation increments as per 10th BPS/Joint notes

Bank Officers’ fitments/stagnation increments as per 10th BPS/Joint notes The stages of basic pay to officer cadres of banks as per 10th BPS/Joint note is as under. Scale I- 23700-980(7)- 30560 -1145(2) -32850 -1310 (7)- 42020 (Plus stagnation increments as per chart) Scale II-31705- 1145(1)- 32850 -1310(10) -45950 (Plus Stagnation increments as per chart) Scale…

External Commercial Borrowings (ECB) Policy – Revision

In consultation with Government of India, the Reserve Bank of India liberaised some aspects of ECB policy including policy on Rupee Denominated Bonds (RDB). According to review of the policy, the eligible borrower companies in manufacturing sector can raise Extranal Commercial Borrowings up to USD 50 million or its equivalent with minimum average maturity period…

SC Stays RBI Circular of February 12: Recovery process by banks could be further delayed

The Supreme Court on September 11, 2018 (Tuesday) consolidated all cases by members of the Association of Power Producers (APP), Independent Power Producers Association of India (IPPA), Shipowners Association and Textile Associations filed across the country to be heard on November 14, 2018.  The Court has meanwhile, asked RBI and parties to maintain status quo…