News and Updates

RBI SLAPS FINES ON BANK OF INDIA & BANDHAN BANK FOR BREACH OF RULES

Mumbai, March 13 (IANS) The Reserve Bank of India (RBI) has imposed fines on Bank of India (NS:BOI) and Bandhan Bank (NS:BANH) for breach of rules, the central bank said on Wednesday. A penalty of Rs 1,40,76,000 has been imposed on Bank of India for non-compliance with the following RBI directions:

(1) The bank did not pay interest in certain term deposit accounts as per the schedule of interest rates disclosed in advance; (2) had levied SMS alert charges from customers based on invalid mobile numbers and not on actual usage basis; (3) failed to reset interest rates in Marginal Cost of Funds based Lending Rate (MCLR) and external benchmark linked advances at prescribed periodicity; (4) failed to benchmark the interest on certain floating rate retail loans and floating rate loans to MSME, to an external benchmark rate; (5) failed to report or inaccurately reported data pertaining to certain large borrowers to Central Repository of Information on Large Credits (CRILC), and (6) failed to furnish accurate information to Credit Information Companies (CICs).

The RBI also imposed a penalty of Rs 29.55 lakh on Bandhan Bank Ltd for not complying with its directions. The RBI said that the penalties were based on supervisory findings of non-compliance with regulatory instructions/ statutory provisions after considering the replies given by the banks to the issues that were raised.

At the same time, the RBI said that the action against the two banks is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transactions or agreements entered into by the banks with their customers.

Further, the imposition of the monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

BORIVALI BUSINESSWOMAN LOSES ₹28L WHILE APPLYING FOR A BANK LOAN

Borivali businesswoman duped of ₹28 lahks by loan frauds promising ₹4 crore loan for business venture. Malad police book Chandrakant Gaikwad and Pradeep Mishra.

NEW REITS REGULATIONS BY SEBI IS A GAME CHANGER: 7 WAYS HOW IT CAN HELP FRACTIONAL REAL ESTATE INVESTORS

New REITs regulations: Here's a primer on how this much-needed transparency could benefit retail investors, as well as HNIs, looking to add the highest-graded commercial real estate to their portfolios using the Real Estate Investment Trusts route.

NPS INVESTMENT CAN SAVE YOU TAX ON INCOME UP TO RS 9.5 LAKH UNDER OLD, NEW TAX REGIME: HERE'S HOW

Tax saving via NPS investment: There are many income tax laws changes that have come into effect from April 1, 2023 for the current FY 2023-24. However, NPS investment is one that can help you save tax in both the old and new tax regimes. However, it is important to know the tax rules to save income tax via NPS investment.

IS FLEXI LOAN OR DROPLINE OVERDRAFT BETTER THAN A PERSONAL LOAN AND CONVENTIONAL OVERDRAFT?

Credit line in the form of an overdraft is preferred by many people as it gives them the flexibility to repay at their convenience and keep the interest cost low as they pay only on the outstanding amount. A new version of this loan is now being offered by many lenders which is called a dropline overdraft or a flexi loan. Before going for it you must know if it is better than a personal loan or conventional overdraft.

RENTING A FURNISHED HOUSE; WILL A SEPARATE RENT AGREEMENT FOR FIXTURES HELP IN SAVING TAXES?

House rent: A landlord might be inclined to charge a higher rental for his/her furnished flat as tenants prefer to stay hassle-free and in a homely environment with all the amenities. Experts suggest that a landlord create two separate rent agreement-one for the house rent and another for the rent for furnishings- bed, geyser, mattress, etc.

No More Hidden Charges By Banks, Nbfcs To All Borrowers As Rbi Makes Declaring Actual Interest Rate Mandatory

The actual interest rate on loans in Key Fact Statement: When a borrower takes a loan from a bank or NBFC, apart from the interest rate, the lender levies other charges as well such as documentation charges, processing fees etc. Now the lender is required to inform all the charges levied on the loan upfront to the prospective buyer. This announcement was made by the RBI governor today while announcing the monetary policy decisions.

I-T USES FINE-TOOTH COMB TO NAB BOTH EMPLOYERS & EMPLOYEES FOR TDS-CLAIMS MISMATCH

The Income Tax (I-T) department is using a fine-tooth comb to nab discrepancies in the tax deducted at source, or TDS, by companies and the declarations by its employees in the annual I-T returns. What's underway is a line-wise reconciliation of the two sets of numbers under different heads - house rent allowance, medical insurance, outgo on home loans, tax saving investments under 80c etc.

WILL INVESTING RS 1 LAKH EACH YEAR BE ENOUGH FOR YOUR FUTURE GOALS? HOW RULE OF 72, RULE OF 114 CAN HELP YOU

To understand the rule of 72 formula, you need to divide 72 by the expected annual rate of return. For example, say you invest Rs 1 lakh every year in an investment that earns 8% interest annually. Now if you divide 72 by 8, you will get 9 which gives you the number of years it will take for your money to double. So, your investment will grow to Rs 2 lakh in nine years.

DHANTERAS 2023 GOLD BUYING: 21% RETURN OVER LAST YEAR, IS IT A GOOD TIME TO INVEST IN GOLD?

Buying gold on Dhanteras Day is something that many households in India hold very close to their heart. However, it is not only the auspicious nature of this activity which keeps people hooked to this tradition but it has also been a very well rewarded investment in the long run. Gold return over the long term has be quite attractive which adds reason to an emotional act. So should you invest now?

MULTIBAGGER NBFC STOCK INCHES CLOSE TO LIFE-TIME HIGH. DO YOU OWN?

Multibagger stock today opened upside and went on to hit an intraday high of ₹87.10 apiece, which is just 4% away from lifetime high of ₹90.80 apiece levels.

NEW 20% TCS RULE FROM OCTOBER 1, 2023: 4 TIPS TO BRING DOWN TCS TO ZERO DURING YOUR NEXT INTERNATIONAL TRIP

20% TCS on overseas tour package: When you book, offline or online, overseas tour packages, offline or online, of more than Rs 7 lakh in a financial year, you have to pay TCS at 20% from October 1, 2023. Is there any way to reduce this additional upfront cost? Here are a few tips which will help you lower your TCS burden while travelling abroad. Read on to find out.

WANT TO BORROW MONEY? SMART TIPS TO GET THE BEST PERSONAL LOAN, HOME LOAN

ET Wealth looks at smart ways to borrow and offers tips to those planning to take a loan. We also tell you about the tricks that lenders use to lure customers. Here are some things to keep in mind while borrowing money.

CONSIDER AGREEMENT DATE FOR CAPITAL GAINS AND SECTION 54/54F EXEMPTION: SC

Introduction: In a significant ruling, the Supreme Court of India has provided clarity on the treatment of capital gains and Section 54/54F exemptions in the case of Sanjeev Lal and others versus the Commissioner of Income Tax (CIT). This judgment addresses the critical issue of the agreement date’s relevance in capital gains taxation and its impact on Section 54/54F exemptions.

PAYING HOUSE RENT OF MORE THAN RS 50000 PER MONTH? PENALTY YOU WILL PAY FOR NOT DEDUCTING TDS

If an individual is liable to deduct TDS before making certain specified payments then it must be done at once. Otherwise, the consequences will be dire. Further after deducting and depositing the TDS, an individual must also file a TDS challan cum statement form too. Failure to do so might attract a penalty.