GENERAL BANKING Archive
Essential Commodities Act (EC Act) and its impacts
Essential Commodities Act (EC Act) is an act enacted in 1955 by the Parliament of India with a view to ensuring availability of commodities declared as ‘essential’ at fair price. The EC act aims to avoid hoarding
M-POS (Mobile Point of Sale) & Digital Banking
M-POS or Mobile Point-Of-Sale terminal is a smartphone or tablet equipped with an application/ software provided by a vendor to convert it as a POS terminal. A dedicated wireless device that performs the functions of a cash
19 May 20
CategoryBanking Awareness, Digital Banking Products, Everything About
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Revised MSME Classification norms & Stimulus package
To boost MSME sector, the government has decided to amend MSMED act 2006 to revise the MSME classification norms. Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 presently classifies manufacturing and service enterprises into three categories
Types of Point Of Sale (POS)Terminals
Point Of Sales terminals (POS Terminals) have played a key role in promoting payment card based transactions in India thereby catalysing migration to digital channel payments and digital banking. Today, all banks in India promote transaction through
Franklin Templeton and closure of 6 debt MF schemes
Franklin Templeton Mutual Fund’s announcement to wind up six debt mutual fund schemes came like a bolt from blue for investors and markets. The decision was taken in the backdrop of continuous erosion in value due to
Reduction in term deposit interest rates – Recent trends
Indian economy has been facing a slow down during major part of the calendar year 2019. The global slowdown arising out of China-US trade war, reduction in oil price, global economic slowdown etc have had its impact
14 May 20
CategoryBank Loans- General, Fixed Deposit Interest Rate, Indian Economy
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Cash withdrawal facility at POS terminals
Cash withdrawal facility at POS terminals (Point-of-Sale terminals) was introduced in India by RBI in 2009, but failed to gain acceptance among public in India. However, the facility is gradually gaining popularity among the public as general
SLF-MF(Special Liquidity Facility for Mutual Funds)
Special Liquidity Facility for Mutual Funds was an unusual window announced by the Reserve Bank of India for ensuring liquidity support to mutual funds. RBI announced the Special Liquidity Facility for Mutual Funds (SLF-MF) on April 27,2020
SBI Wecare Deposit scheme offers 0.8% Senior Citizen benefit on TD
SBI Wecare Deposit is a new term deposit scheme announced by the largest commercial bank in India for Senior Citizens. The SBI Wecare scheme is announced to protect the interest income earned by senior citizens on their
WMA limit enhancement – How much?
WMA (Ways and Means Advance) facility enables states and Central government to tide over short term mismatches in cash flow by availing loan from the central bank. On April 17,2020 RBI announced an increase in the ways