SENIOR CITIZENS SAVINGS SCHEME, 2004 (UPDATED AS ON 3-4-2013) 1. What are the salient features of the Senior Citizens Savings Scheme, 2004? The salient features of the Senior Citizens Savings Scheme, 2004 are given below. Tenure of the deposit account 5 years, which can be extended by 3 years. Rate of interest 9.2 per cent… Read More »
SCHEME FOR PAYMENTS OF PENSION TO GOVERNMENT PENSIONERS BY AUTHORISED BANKS (UPDATED AS ON 28-2-2013) Reserve Bank of India (the Bank) overseas disbursement of pension by its agency banks in respect of all Central Government Departments and some State Governments. In the process, it receives queries/ complaints from pensioners in regard to fixation, calculation and… Read More »
MICRO, SMALL AND MEDIUM ENTERPRISES Q.1. What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under: (a) Enterprises engaged in the manufacture or production, processing or preservation… Read More »
HOME LOAN 1. For what purposes can I seek a first time home loan? You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to… Read More »
APPLICABILITY OF THE LLP ACT 1. Whether the LLP Act is applicable to any specific services like professional services regulated by Statutes? No.Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP. In the light of various inputs received by this Ministry for… Read More »
BASIC SAVINGS BANK DEPOSIT ACCOUNT 1. Query Whether the guidelines issued on ‘no-frills’ account with ‘nil’ or very low minimum balances will continue even after the introduction of ‘Basic Savings Bank Deposit Account’? Response No. In supersession of instructions contained in circular DBOD.No.Leg. BC.44/09.07.005/2005-06 dated November 11, 2005 on No Frill accounts, banks have now… Read More »
FAQs ON PRE 2005 SERIES BANKNOTES 1. What are the pre 2005 series banknotes? The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1000. These notes contain some additional/new security features as compared to the 1996 MG series.… Read More »
DEPOSIT INSURANCE A Guide to the deposit insurance and credit guarantee corporation (DICGC) Outline of the System and Q & A Q1 Which banks are insured by the DICGC? Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Cooperative… Read More »
KNOW YOUR CUSTOMER GUIDELINES KNOW YOUR CUSTOMER GUIDELINES (updated up to December 22, 2014) (This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines. For further details, please refer to the links which are provided below.) Q 1. What is KYC? Why is it required? Response: KYC means… Read More »
COMMERCIAL PAPER 1. What is Commercial Paper (CP)? Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. 2. When it was introduced? It was introduced in India in 1990. 3. Why it was introduced? It was introduced in India in 1990 with a view to enabling highly… Read More »