Category Archives: Glossary

What Is Immediate Payment Service (IMPS)?

IMPS, which stands for Immediate Payment Service, allows you to transfer money in real-time. Here’s all you need to know.

Let’s Talk About Money – You Asked. We Answered!

Want to know about Income Tax Returns Acknowledgements or the difference between Form 16 and 16A? We have instant answers for you. Just click on the play button and you’ll know it all in less than 2 minutes. Faster than it takes to make Maggie!

The Baroda Traders Co-operative Bank Limited, Vadodara – Penalised (As per RBI report)

According to a recent press report, the Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh on The Baroda Traders Co-operative Bank Limited, Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to… Read More »

KVB is on a revamp mode

A recent press report said that Karur Vyasya Bank (KVB), the oldest private sector bank is on a revamp to fit into the new age. Mr. M.Venkataraman, Managing Director and Chief Executive Officer of the Bank said that the bank has undertaken a business re-engineering exercise and has developed a consistent customer relationship model. He… Read More »

IDBI Bank has introduced a dual rate home loan scheme

A recent press report said that IDBI Bank has introduced a dual rate scheme according to which a home loan borrower will enjoy fixed rate of interest for the first two years  and later switch over to floating rate. The bank has also reduced the floating home loan rates by 25 – 50 basis points… Read More »

The Mumbai District Central Co-operative Bank Limited – L.T. Loan

The Mumbai District Central Co-operative Bank Limited is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and had started its functioning on 12th Feb.1975. Mumbai bank is involved in facilitating to the financial needs… Read More »

The Mumbai District Central Co-operative Bank Limited – Gold loan

The Mumbai District Central Co-operative Bank Limited is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975. Since there is no agriculture production in this District, MUMBAI BANK… Read More »

The Mumbai District Central Co-operative Bank Limited – Vehicle Loan (New Vehicle Only)

The Mumbai District Central Co-operative Bank Limited is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975. Since there is no agriculture production in this District, MUMBAI BANK… Read More »

SBI has tied-up with ECGC to de-risk export credit portfolio

According to a recent press report State Bank of India (SBI) has said that it has de-risked its Rs. 30,000 crore export credit portfolio by entering into a tie-up with Export Credit Guarantee Corporation (ECGC) in order to meet the Basel-III norms. Mr. Pratip Chaudhuri, Chairman , SBI told the press that the bank has… Read More »

NMGB has achieved Rs.5000 crore Business

A recent press report said that North Malabar Gramin Bank’s total business has exceeded Rs. 5000 crore. Mr. V.K Saigal, chairman of NMGB said that the bank’s deposits have increased by 13 percent to Rs.2326 crore. Currently the net profit of the bank is Rs.12 crore but the target amount was actually Rs.18 crore for… Read More »