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Showing posts with label central government. Show all posts
Showing posts with label central government. Show all posts

Friday, 17 December 2021

08:43

Digital Payment Promotions in Bank will get Incentives From Government

 Digital Payment Promotions in Bank will get Incentives From Government

Cabinet approves an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)

Financial outlay for one year is Rs.1,300 crore

With this Digital Modes of Payment will become accessible to unbanked and marginalised populations outside the formal banking and financial system

Posted On: 15 DEC 2021 4:04PM by PIB Delhi

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved an incentive scheme to promote RuPayDebit cards and low-value [uptoRs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.                

Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs.1,300 crore for a period of one year w.e.f. April 01, 2021.

This scheme will facilitate acquiring Banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.

It will also help in making accessible digital modes of payments to unbanked and marginalized populations, who are outside of the formal banking and financial system.

India today is one of the most efficient payments markets in the world.  These developments have been the outcome of the initiatives of the initiatives of the Government of India and innovation by various players in the digital payment ecosystem.   The scheme will further spur research and development and innovation in fintech space, and will help the Government in further deepening of digital payments in various part of countries.

Background:

The scheme has been formulated in compliance with the Budget announcements (FY 2021-22) by the Governmentto give further boost to digital transactions in the count

Source:PIBNEWS

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Saturday, 30 November 2019

06:21

Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price

Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price
Posted On: 29 NOV 2019 7:43PM by PIB Delhi

In terms of the Government of India Notification No. F. No. 4(7)-B(W&M)/2019 dated September 30, 2019, Sovereign Gold Bonds 2019-20 (Series VII) will be opened for the period December 02-06, 2019. The issue price of the Bond during this subscription period shall be Rs 3,795 (Rupees Three Thousand Seven Hundred Ninety Five only) – per gram with Settlement date December 10, 2019, as also published by RBI in their Press Release dated November 29, 2019.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 3,745 (Rupees Three Thousand Seven Hundred Forty Five only) per gram of gold. 

Source:PIBNEWS
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Saturday, 13 July 2019

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Saturday, 3 November 2018

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Tuesday, 16 October 2018

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Friday, 21 September 2018

08:01

Revision of Interest Rates of Small Savings Scheme -Financial Year 2018-19 Quarterly

Revision of Interest Rates of Small Savings Scheme -Financial Year 2018-19 Quarterly
Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19 On the basis of the decision of the Government of India, the interest rates for Small Savings Schemes are to be notified on Quarterly Basis with the approval of the Union Finance Minister. Accordingly, 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 have been announced. The Rates of Interest on the basis of the interest compounding/payment built-in in the Schemes, shall be as under:
Instrument
Rate of interest w.r.t. 01.07.2018 to 30.09.2018
Rate of interest w.r.t. 01.10.2018 to 31.12.2018
Compounding frequency*
Savings Deposit
4.0
4.0
Annually
1 Year Time Deposit
6.6
6.9
Quarterly
2 Year Time Deposit
6.7
7.0
Quarterly
3 Year Time Deposit
6.9
7.2
Quarterly
5 Year Time Deposit
7.4
7.8
Quarterly
5 Year Recurring Deposit
6.9
7.3
Quarterly
5 Year Senior Citizen Savings Scheme
8.3
8.7
Quarterly and paid
5 Year Monthly Income Account
7.3
7.7
Monthly and paid
5 Year National Savings Certificate
7.6
8.0
Annually
Public Provident Fund Scheme
7.6
8.0
Annually
KisanVikasPatra
7.3 (will mature in 118 months)
7.7 (will mature in 112 months)
Annually
SukanyaSamriddhi Account Scheme
8.1
8.5
Annually
* No Change
 Download Original Document

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Sunday, 11 March 2018

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Tuesday, 6 March 2018

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Friday, 22 December 2017

18:05

Public Sector Bank :No Question Of Closure

Public Sector Bank :No Question Of Closure

No question of closing down any public sector bank: Govt, RBI

Do not believe rumour mongers. Recap, Reforms roadmap for PSBs firmly on track: Financial Services Secy
NEW DELHI, DEC 22:  
Dismissing rumours, both the Government and the Reserve Bank today said there was no question of closure of any public sector bank. The decision of the Reserve Bank to initiate a ‘prompt corrective action’ (PCA) against large state-owned lender Bank of India led to rumours that the government may close down some banks.
The RBI in a statement said that it has come across some “misinformed communication” circulating in some section of media, including social media, about closure of some public sector banks in the wake of them being placed under the PCA.
The government too dismissed such rumours saying that on the contrary it is planning to strengthen the state-owned banks. “No question of closing down any bank. Government is strengthening PSBs by 2.11 lakh crore recapitalisation plan. Do not believe rumour mongers. Recap, Reforms roadmap for PSBs firmly on track,” Financial Services Secretary Rajeev Kumar said in a tweet.
The RBI, on its part, clarified that “the PCA framework is not intended to constrain normal operations of the banks for the general public''. The central bank had issued a similar clarification in June also.
It emphasised that the PCA framework has been in operation since December 2002 and the guidelines issued on April 13, 2017 are only a revised version of the earlier framework. Besides Bank of India, the RBI has also initiated similar action against other public sector banks, including IDBI Bank, Indian Overseas Bank and UCO Bank.
The RBI said that under its supervisory framework, it uses various measures/tools to maintain sound financial health of banks. “PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise and is initiated once such thresholds as relating to capital, asset quality etc. are breached,” it said.
The objective is to facilitate the banks to take corrective measures, including those prescribed by the RBI, in a timely manner, in order to restore their financial health. The framework also provides an opportunity to the RBI to pay focused attention on such banks by engaging with the management more closely in those areas.
“The PCA framework is, thus, intended to encourage banks to eschew certain riskier activities and focus on conserving capital so that their balance sheets can become stronger,” the RBI added.

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Sunday, 8 October 2017

10:25

Suspicious Accounts Investigation in a time bound Manner -Government Of India

Suspicious Accounts Investigation in a time bound Manner -Government Of India
Government of India receives vital information from 13 Banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year; 
Investigative agencies have been asked to complete necessary investigation in a time bound manner. 
In what is undoubtedly a major breakthrough in its fight against black money and shell companies, vital information has been received by the Government of India from 13 banks regarding the bank account operations and post-demonetization transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year. It may be recalled that after being struck off, operation of the bank accounts of these 2,09,032 suspicious companies were restricted for discharge of their liabilities only.
These 13 banks have submitted their First Instalment of data. The data received from them pertains to merely about 5,800 companies (out of more than 2 lakh that were struck off) involving 13,140 accounts. This in itself is a revealing figure. Few of the companies have been found to have more than 100 accounts to their names. The highest grosser among these is a company having 2134 accounts, followed by others having accounts in the range of 900, 300 etc.
The data pertaining to the pre demonetization account balances and transactions conducted from the accounts of these companies during the demonetization period is even more startling.
It is informed that, after separating the loan accounts, these companies were having a meagre balance of Rs 22.05 crore to their credit on 8th November, 2016.
However, from 9th November, 2016 i.e. after the announcement of demonetization, till the date of their being struck off, these companies have altogether deposited a huge amount of Rs. 4,573.87 crore in their accounts and withdrawn an equally large amount of Rs 4,552 crore. With loan accounts, there was a negative opening balance of Rs 80.79 crore.
Disturbing factors have been identified of companies having multiple accounts with miniscule or negative balance as on 8th November, 2016 which have then deposited and withdrawn amounts going in several crores from these accounts. The accounts were thereafter again left as dormant accounts with paltry balance. As mentioned earlier, this exercise of swindling the authorities was carried-out post demonetization till the companies were struck off. In some cases, certain companies have gone more adventurous and made deposits and withdrawals even after being struck off.
For example, in one of the Bank, 429 companies having zero balance each as on 8th November, 2016 have deposited and withdrawn over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 as at the date of freezing.
Similarly in the case of another Bank, more than 3000 such companies, most having multiple accounts, have been located. From having a cumulative balance of about Rs. 13 crore as on 8th November, 2016, these companies have deposited and withdrawn about Rs 3800 crore, leaving a negative cumulative balance of almost Rs 200 crore at the time of freezing of their accounts.
It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government. The huge money game played by these companies may well be the tip of an iceberg of corruption, black money and black deeds of these and many more of their brethren.
The investigative agencies have been asked to complete necessary investigation in a time bound manner. The country and honest citizen may well look forward to a more cleaner tomorrow.
Source:PIBNEWS
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Sunday, 1 October 2017

13:13

Small Savings Schemes Interest Rates for the Third Quarter of the Current Financial Year 2017-18 starting from 1st October, 2017 to remain unchanged.

Small Savings Schemes Interest Rates for the Third Quarter of the Current Financial Year 2017-18 starting from 1st October, 2017 to remain unchanged. 
Rates of Interest on the various Small Savings Schemes for the Third Quarter of the Current Financial Year 2017-18 starting from 1st October, 2017 to remain unchanged. 
The Government of India has decided that the rates of interest on the various Small Savings Schemes for the Third Quarter of the Financial Year 2017-18 starting from 1st October, 2017 shall remain unchanged from those notified for the Second Quarter of the sameFinancial Year 2017-18.This has the approval of the Union Finance Minister, Shri Arun Jaitley. 
Earlier, on the basis of the decision of the Government of India, interest rates of Small Savings Schemes are notified on Quarterly basis since 1st April, 2016.

Source:PIBNEWS 


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Monday, 14 August 2017

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Saturday, 12 August 2017

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Thursday, 10 August 2017

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Friday, 28 July 2017

20:33

Ten public sector banks including Bank of India, IDBI Bank and Union Bank have submitted turnaround plans: Government

Ten public sector banks including Bank of India, IDBI Bank and Union Bank have submitted turnaround plans: Government

As many as 10 state-owned banks including Bank of India, IDBI Bank and Union Bank, have submitted their turnaround plans to the government, which is a pre-requisite for getting fund infusion, Parliament was informed today.
As many as 10 state-owned banks including Bank of India, IDBI Bank and Union Bank, have submitted their turnaround plans to the government, which is a pre-requisite for getting fund infusion, Parliament was informed today. Allahabad Bank, Andhra Bank, Central Bank of India, Dena Bank, UCO Bank, United Bank of India and Bank of Maharashtra are the other public sector lenders who have submitted their plans. Indian Overseas Bank is currently in the process of preparing its turnaround plan, said Minister of State for Finance Santosh Kumar Gangwar in a written reply in Rajya Sabha.
“It has been decided that any future capital infusion in these banks shall be subject to achievement of select agreed upon milestones as per turnaround plan on quarterly basis,” the minister said. A monitoring mechanism has been put in place, whereby quarterly performance of these banks would be monitored by SBI Capital Markets, who in turn would keep the Department of Financial Services informed about the same. “Banks that will not be able to deliver on the agreed upon turnaround plan for a period of two years will be identified as banks eligible for alternative recourse,” Gangwar added.
During recapitalisation exercise undertaken last fiscal, the government had decided that 25 per cent of the total capital requirement of banks (Rs 8,586 crore) will be allocated after achievement of benchmarks set up for select parameters. There are 21 public sector banks.



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Monday, 10 July 2017

08:24

BBB recommends 15 names for executive directors appointment in PSU banks

BBB recommends 15 names for executive directors appointment in PSU banks
The BBB recommendations of 15 names for executive directors post in PSU banks would be sent to the Department of Financial Services to get Appointments Committee of Cabinet clearance
New Delhi: Banks Board Bureau (BBB) has recommended to the government names of 15 general managers of various public sector banks for appointment as executive directors.Officials said the recommendations were made by BBB chairman Vinod Rai and other members of the bureau. The list would be sent to the Department of Financial Services to get Appointments Committee of Cabinet (ACC) clearance, officials said. The ACC is headed by Prime Minister Narendra Modi.The interview for appointment to the post of EDs was held on 30 June. Besides former CAG Rai as chairman, the other members of BBB include Anil Khandelwal, former chairman and managing director of Bank of Baroda; H.N. Sinor, former joint managing director of ICICI Bank; and Roopa Kudva, managing director of Omidyar Network India Advisors. RBI deputy governor, financial services secretary and department of public enterprises secretary, are ex-officio members.Recently, the government expanded the BBB by inducting two more members with the objective of strengthening the panel responsible for selection of MDs and directors of public sector banks and financial institutions. Former Allahabad Bank chairperson and managing director Shubhalaxmi Panse and private equity player Pradip Shah have been inducted into the board as independent members.The BBB, set up in April 2016, was originally tasked to recommend names for chiefs of public sector banks and financial institutions and help state-owned lenders in developing strategies and capital-raising plans. The Bureau was authorised to suggest to banks on developing a robust leadership succession plan through appropriate HR processes, including performance management systems. 

Source:Livemint

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Friday, 7 July 2017

09:11

APPLICATION FOR THE BOND:SOVEREIGN GOLD BOND SCHEME 2017-18

APPLICATION FOR THE BOND:SOVEREIGN GOLD BOND SCHEME 2017-18
Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017. 
Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II. Applications for the bond will be accepted from July 10, 2017 to July 14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange. The features of the Bond are given below:
Sl. No.
Item
Details
1
Product name
Sovereign Gold Bond 2017-18 – Series II
2
Issuance
To be issued by Reserve Bank India on behalf of the Government of India.
3
Eligibility
The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, Trusts, Universities and Charitable Institutions.
4
Denomination
The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
5
Tenor
The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.
6
Minimum size
Minimum permissible investment will be 1 gram of gold.
7
Maximum limit
The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.
8
Joint holder
In case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.
9
Issue price
Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Limited for the week (Monday to Friday) preceding the subscription period. The issue price of the Gold Bonds will be ` 50 per gram less than the nominal value.
10
Payment option
Payment for the Bonds will be through cash payment (upto a maximum of Rs. 20,000) or demand draft or cheque or electronic banking.
11
Issuance form
The Gold Bonds will be issued as Government of India Stocks under GS Act, 2006. The investors will be issued a Holding Certificate for the same. The Bonds are eligible for conversion into demat form.
12
Redemption price
The redemption price will be in Indian Rupees based on previous week’s (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.
13
Sales channel
Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices as may be notified and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange, either directly or through agents.
14
Interest rate
The investors will be compensated at a fixed rate of 2.50 per cent per annum payable semi-annually on the nominal value.
15
Collateral
Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
16
KYC Documentation
Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.
17
Tax treatment
The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond
18
Tradability
Bonds will be tradable on stock exchanges within a fortnight of the issuance on a date as notified by the RBI.
19
SLR eligibility
The Bonds will be eligible for Statutory Liquidity Ratio purposes.
20
Commission
Commission for distribution of the bond shall be paid at the rate of 1% of the total subscription received  by  the  receiving offices and receiving offices shall share at least 50% of the commission so received with the agents or sub agents for the business procured through them.

Source:PIBNEWS


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