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Income tax dept starts e-calculator to compare due tax under new, old regime

E-calculator

The Income-Tax Department has started an e-calculator for individuals to approximate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as declared in the recent Budget.

NABARD sanctions Rs 400.64 Cr to uplift infrastructure in J&K

NABARD

National Bank for Agriculture and Rural Development (NABARD) has sanctioned 400.64 crore rupees to the Union Territory of Jammu and Kashmir. This sanction is for giving a uplift to the infrastructure in the rural areas of Jammu and Kashmir.

NPCI starts UPI awareness campaign “UPI Chalega”

NPCI and UPI

National Payments Corporation of India (NPCI) has started an industry campaign named “UPI Chalega” to uplift UPI as Easy, Safe, and Instant mode of payment. The “UPI Chalega” campaign is targeted to guide users towards the right usage of Unified Payments Interface (UPI) and help create a habitual change, use of UPI in their daily life.

Finance Secretary starts Baroda Startup Banking in 15 cities

bank of baroda

Finance Secretary Rajiv Kumar started “Baroda Startup Banking”. It is an initiative targeted at making the Bank of Baroda (BoB) a preferred banking partner for the start-up community and establishing link with at least 2,000 start-ups over the next two years.

GoI imposed the Rs 50,000 withdrawal limit on Yes Bank account holders

Yes Bank

The Union Government of India imposed temporary prohibition of the activity of the capital-starved Yes Bank and capped withdrawals at ₹50,000 per account after considering an application created by the Reserve Bank of India. The board of Yes Bank has been superseded with immediate effect by the Reserve Bank of India (RBI). Former SBI CFO Prashant Kumar has been selected as administrator of Yes Bank.

“Sebi SCORES” mobile app started by SEBI for investors to lodge grievances

SEBI

Securities and Exchange Board of India (SEBI) has started a mobile application ‘Sebi SCORES’ for convenience of investors to lodge grievances in Sebi Complaints Redress System (SCORES). The mobile app will make it easier for investors to lodge their grievances with SEBI, as they can now access SCORES at the convenience of their smartphone.

SBI will buy Yes Bank shares worth Rs 7250 crore

Yes Bank

The State Bank of India has finalized to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will buy the 725 shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.

RBI revises exposure limits for urban cooperative banks to single, group borrowers

Reserve Bank Of India (RBI)
  • On March 13, 2020, Reserve Bank of India (RBI) has revised exposure limits for urban cooperative banks (UCBs) of tier-1 capital to a single borrower to 15% and a group of borrowers to 25%.
  • The revised exposure limits shall be applicable to all types of fresh exposures received by UCBs.
  • The RBI had earlier allowed UCBs to have exposures up to 15% and 40% of their capital funds to a single borrower and a group of borrowers, respectively.

Paytm Payments Bank to now issue Visa debit cards

Paytm Payments Bank to now issue Visa debit cards
  • Paytm Payments Bank Ltd (PPBL) has paired with Visa to issue Visa debit cards.
  • With this, Paytm will grant over 10 million new digital debit cards in FY 2020-2021 to its customers.
  • PPBL will grant Visa virtual debit cards to its customers and facilitate them to transact at all merchants accepting payments through cards.

Star health reveals ‘Star novel coronavirus policy’ for corona sufferers

Corona sufferers
  • Star Health and Allied Insurance Co Ltd have launched ‘Star Novel Coronavirus Insurance Policy’ that gives coverage for hospitalized patients of COVID-19.
  • The company has set a premium of Rs 459 plus GST(Goods and Services Tax) for a sum insured of Rs. 21,000 and a premium of Rs 918 plus GST for a sum insured of Rs 42,000.

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