1.Ban on cash transactions in excess of 2 lakh or more will not be applicable to withdrawals from banks,cooperative banks and post office savings bank account,IT department has said in a notification.Through the finance bill 2017,the government has banned cash transactions of over 2 lakh and above and said a penalty of same amount would be levied from the receiver.
2.The government has stated that expatriates would be required to apply for Aadhar card if they are staying in the country for more than 182 days and are required to pay domestic income tax.
3.Public sector bank Indian bank has appointed Kishore Piraji Karat,former CMD of IDBI bank as the new CMD of the Bank.He replaces Mahesh kumar Jain,who is currently moved to IDBI bank as the new CMD.
4.Aditya Birla group has received the Final license from the Reserve Bank of India to start Payments bank in the country.Aditya Birla group led by Kumar Mangalam Birla had set up a joint venture 51:49 -Aditya Birla Idea Payments bank ltd.- with the telecom major Idea cellular to launch Payments bank services in the country.
At present,Airtel and India post are offering Payments bank services in the country.In the year 2015,RBI has given licenses to 11 entities to start payment banks in the country to achieve Financial Inclusion.
5.Post merger India's largest bank State bank of India has revised its Benchmark Prime lending rates by 15 basis points to 9.10% ahead of the RBI's monetary policy on April 6th.The minimum rate of the bank has been reduced from 9.25% to 9.10%.The reduced rates will come into effect from April 1st.
6.State bank of India has said that it will offer credit cards to every account holder who has a balance of 20000-25000 with out going into credit history.This is the first major joint collaboration with SBI and SBI card after the bank hiked its stake in the joint venture to 74% by buying out part of its partner GE capital's stake for 1168 crore.SBI card Unnati will be offered free at zero annual free for 4 years.
7.ICICI bank has partnered with true caller to launch a UPI based mobile payments service called Truecaller Pay.This app will allow users of the Truecaller App to instantly create a UPI ID,send money to any UPI ID or a mobile number registered with the BHIM app.
8.The government has lowered the interest rates on small savings schemes such as Public provident fund,Kisan Vikas patra,sukanya samriddhi yojana and senior citizens scheme by 10 basis points for the april-June quarter a move that would prompt banks to cut their deposit rates.However interest rates on savings account fixed at 4% annually.
Here are the New rates:
Public provident fund---7.9%(Earlier 8%)
National Savings certificate--7.9%(Earlier 8%)
Kisan Vikas Patra---7.6%(Earlier 7.7%)
Sukanya Samriddhi Yojana--8.4%(Earlier 8.5%)
Senior Citizens scheme---8.4%(Earlier 8.5%)
