A recent press report said that Microfinance institutions are looking for a steady flow of income by going beyond the core business of micro-lending to the poor. The MFI have started working on new offering in home loan, gold loan, mobile financing, among others as the RBI has now permitted them to have up to… Read More »
A recent press report said that J&K Bank has signed a memorandum of understanding with Bengal Tools (BTL), part of the Kolkata based Shrachi group engaged in the manufacture of power tillers, reapers and power weeders, to boost farm mechanization. In his address, J&K Bank president Tafazal Hussain described the pact as a step towards… Read More »
A recent press report said that Development Credit Bank has reported a net profit of Rs 8.8 crore for the quarter ended June 30, 2011, against a net loss of Rs 2.9 crore in the corresponding year-ago quarter. The deposits grew by 17 per cent to Rs 5,980 crore, while advances grew by 22 per… Read More »
A recent press report said that banks are losing trading interest in certificates of deposits because the liquidity position of the banks has started improving. In addition to this the RBI has also extended the deadline for banks to keep their investments below 10% in debt-oriented mutual funds which has further reduced the redemption pressure… Read More »
A recent press report said that the state-run Bank of Maharashtra has revised its base and lending rates by 0.25 percent each to 10.25 and to 14.50 per cent respectively. Reports said that the base rate of the bank was 10 per cent prior to the revision and its prime lending rate was at 14.25… Read More »
A recent press report said that Allahabad Bank has issued a cheque for about Rs 166 crore to the Finance Minister, Mr Pranab Mukherjee. The cheque was handed over by the bank’s Chairman and Managing Director, Mr J. P. Dua, and Executive Director, Mr. D. Sarkar. The Central Government holds 58 per cent stake in… Read More »
Shekar had just shifted to Pune and met his long lost friend Manish at the local café. While discussing their personal life, Shekar asked Manish about his house rent. Manish said he was paying Rs 16500/- for a two BHK flat just on the edge of the city.
PURPOSE – For meeting the expenses of renovation/alteration/addition to the premises rented and to meet other business needs but not for speculative purpose BENEFICIARY – Owner who has let out or proposes to let out their premises to reputed companies/Institutions SCHEME – Limit 85% of the rent due and receivables after TDS/advance rent/security deposit.… Read More »
A recent press report said that State Bank of India has scaled down its recruitment for the current financial year. The bank has planned to hire about 11,000 officers and clerks this year which is significantly lower compared to the last few years. For example, in 2009-10, SBI hired over 25,000 officers, clerks and specialist… Read More »
The place of residence is significant in HRA calculation as for a metro the tax exemption for HRA is 50% of the basic salary while for non-metros it is 40% of the basic salary. This holds true especially when you work at a metro and reside at a non-metro. In this case, your city of… Read More »