Funds Instructor
Financial Blogger and Writer
IIFL home tied up with ICICI Bank for affordable housing, MSME Loans. On Saturday IIFL Finance said that “It’s home loan subsidiary has tied up with ICICI Bank to provide affordable housing and MSME loans.”
IIFL Finance said in a regulatory filing that “IIFL Home Finance Ltd. and ICICI Bank have entered into a sourcing and servicing arrangement to partner in extending credit to the affordable housing loans & MSME LAP (Loan Against Property).” In also addition, Under the tie-up, where one side IIFL Home will originate and service customers via the entire loan life-cycle including sourcing, documentation, collection, and loan servicing, and in turn, their other side ICICI Bank will provide funding to these customers.
Further, the filing said that “Definitive agreements for the arrangement, including the sourcing agent agreement and service provider agreement were executed between IIFL Home and ICICI Bank on December 18”. Pradhan Mantri Kisan Maan Dhan Yojana. Indian Prime Minister Narender Modi has launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) on 12th September 2019 at Ranchi (Jharkhand).
The scheme provides social security to Small and Marginal Farmers in the old age when they have no means of livelihood and minimal. PM-KMY Scheme is a central sector scheme for the farmers aged between 18 to 40 years. The scheme is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC). Kisan Vikas Patra. Understanding of Senior Citizen Savings Scheme. How to do Aadhaar Card link with Ration Card, and the 30th September is the last date for it? The Centre Government had earlier this year extended the deadline for linking Aadhaar with ration cards until September 30.
Every Indians citizen is required to link their Aadhaar number with the ration card in order to receive maximum benefits of social welfare schemes. Documents required: Photocopies of your ration card, along with the original for on-site verification, copies of Aadhaar cards of all family members.Photocopy of Aadhaar card of the head of the family.Passport size photograph of the head of the family.A copy of the bank passbook in the case bank account is not linked with the Aadhaar.
Steps how to link your ration card with Aadhaar online? Step 1: You need to visit the official Aadhaar linking website and click on “Start Now”. What is e-PAN card, and how to apply it? Understanding of Diners Club International Credit Card - Funds Instructor. Diners Club International Card was the world’s first independent credit card company that was founded in 1950.
The Company has its operations in 59 countries serving well-traveled and affluent customers. The Diners Club Card was the world’s first multi-purpose charge card or credit card that expanded and adapted to become a global revolution. Diners Club is a direct banking payment services company that has been widely successful since its inception. Members of the Diners Club cards can enjoy the various services that include payment options and exclusive offers from restaurants, partner merchants, and service industry brands. The Diners Club Card is a membership that is offered to select global citizens, and it’s mainly focusing on travel and entertainment. Taxation Bill passes in Lok Sabha.
On Saturday, due to the pandemic of COVID-19, the Lok Sabha passed a taxation bill that seeks to provide various reliefs that include extending deadlines for filing returns, and for linking PAN and Aadhaar to taxpayers.
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, will replace the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, promulgated in March. In also addition, the bill seeks to provide tax exemption for contributions made to PM-CARES Fund, which was set up in March due to the coronavirus pandemic.
Finance Minister Nirmala Sitharaman replying to the debate on the bill, said that “the ordinance was necessary to defer various compliance deadlines under the GST and Income Tax (I-T) Act during the COVID-19 times.” The bill also seeks to make faceless assessments applicable to at least eight processes under the I-T Act, including for collection and recovery of tax and gathering of information. Like this: Buying rules of Mutual Funds have been changed. SEBI said in a circular on Thursday that “Mutual Fund orders will soon get the NAV of the day when funds reach the asset managers and not of the day of application.”
The new orders will be applicable from 1st January 2021. Earlier, mutual funds orders less than ₹ 2 lakh got the NAV of the same day as the application, if placed within the cut-off period of time The mutual funds had earlier temporarily changed the cut-off timings for buying and redeeming from 7th to 17th April, which was in line with RBI’s reduced trading hours for Money Markets and Forex Markets. September 30 is the last date to verify your pending ITRs. The deadline for availing the benefit of getting ITRs of previous years verified is September 30, 2020, the due of filing ITR for AY 2020-21 has been extended to November 30, 2020 due to the disruption caused by the Covid-19 pandemic.
Assessees are allowed to verify their ITR within 120 days of e-filing the ITR to complete the return filing process. If verification of ITR is not done within the stipulated time period of 120 days, then it’s treated that the ITR is not filed and the assessee may face prosecution under various sections of the Income Tax Act (ITA) for non-filing of return of income. Whereas in a few cases, the Income Tax Department starts recovery proceedings even on unverified ITRs filed with ‘Tax Payable’, but ITRs with ‘Tax Refund’ are generally not processed unless they are verified. A return may be verified either by sending a signed copy of ITR-V to CPC, Bangalore through speed post/ordinary post or by e-verification via OTP. Like this: SBI extends OTP based ATM withdrawal facility round the clock. From 18th September the country’s largest public-sector lender SBI will make an OTP-based cash withdrawal facility operational round the clock at its ATMs for transactions of Rs 10,000 and above.
In this year January, the SBI had introduced OTP-based cash withdrawals for above Rs 10,000 between 8 PM to 8 AM via all SBI ATMs. The bank’s managing director (retail and digital banking) C S Setty said that “With the enablement of 24×7 OTP authenticated ATM withdrawals, we believe SBI customers will have a secured and risk-free cash withdrawal experience.” The lender has urged all its customers to register or update their mobile numbers. The bank said that “The OTP-based cash withdrawal facility is available only at SBI ATMs as this functionality has not been developed at non-SBI ATMs in National Financial Switch (NFS).” Once customers enter the withdrawal amount, then the ATM screen will ask for OTP where customers would be required to enter the same received on their registered mobile number.
What is an American Express Card? An American Express card is different from other cards in the way that they operated.
It’s an electronic payments card branded by American Express which is a publicly traded financial services company. The American Express cards are also known as “AmEx”. The American Express cards are issues and process prepaid cards, charge cards, and credit cards that are available to small businesses, individuals, and corporate consumers worldwide. HDFC Bank looks to increase the number of banking correspondents to 25K by March. Present, the HDFC bank has a network of 11,000 banking correspondents.
A top official of the bank said that “The largest private sector lender HDFC Bank is planning to more than double the strength of its banking correspondents (BCs) to 25,000 by the fiscal-end.” Smita Bhagat, country head Governments institutional business and startups at HDFC Bank, told PTI that “We always strive to provides the best banking facility to every customer even those in remote parts of the country.
To make this happen we have till now appointed over 11,000 banking correspondents and plan to increase it to 25,000 by end of this fiscal.” She also said that “A customer will get all banking facilities from the opening of an account, fixed deposit, to payment products and loan close to his house in a rural area through the BC network.” The bank is looking at its tie-up with the government’s common services centres (CSCs) to expand its BC network. Pradhan Mantri Jan Dhan Yojana Overdraft Facilities and Benefits.
More than two PAN cards can penalty you Rs. 10000. SBI Magnum Children’s Benefit Fund Investment Plan. On 7th September 2020 India’s largest public sector bank, the State Bank of India (SBI) launched an SBI Mutual Fund investment plan called ‘SBI Magnum Children’s Benefit Fund – Investment Plan’. SBI Magnum Children’s Benefit Fund – Investment Plan is a debt-oriented saving plan. The SBI Magnum Children’s Benefit Fund – Investment Plan will be invested in equity or equity-related instruments, that also includes Exchange-Traded Funds (ETFs), with a minimum of 65% and up to 100%; debt, including debt ETFs and money market instruments, up to a maximum of 35%; up to 10% in real estate investment trusts (REITs) and infrastructure investment trust (InvITs); and up to 20% in gold ETFs.
According to the fund houses, the SBI Mutual Fund’s new investment plan will be ideal for a child aged 1-14 years. The plan also has a five years lock-in period or till the child’s age 18, whichever is earlier. Sukanya Samridhi Yojana. Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the benefit of girl child launched by the Government of India as a part of the ‘Beti Bachao Beti Padhao’ campaign. Parents can open only two accounts if they have two girls but they can’t open more than two accounts if they have more than two girl children. DP Charges. NSDL and CDSL provide depository services to investors and clearing members via market intermediaries called Depository Participants (DPs).
NSDL and CDSL both doesn’t charge the investors directly but charges its DPs, who are free to have their own charge structure for their clients. In other words, the DP charges are applicable whenever an individual sell any share from his/her Demat Account, and this charge is a source of income to the depositories or its participants. PhonePe to digitize 2.5 crore small merchants across nationwide. On Monday 31st August 2020, Flipkart owned digital payment platform PhonePe stated that it will onboard kiranas on its ‘PhonePe for Business’ app, offering them end-to-end control of the payment process including instant payment confirmations, receipts, and reconciliations. PhonePe has over 230 million registered users and is accepted at over 11 million merchant outlets across 500 cities nationally.
It also plans to reach 5500 talukas via its merchant acquisition team that will lead to over 10,000 jobs being created in semi-urban and rural areas nationwide. It also said in a statement that “Despite the rapid penetration of digital payments, kiranas across India still rely on cash. Kirana owners have smartphones, data, and the aspiration to adopt newer technology, but there are no services that match their aspirations. Kerala based finance Company held in fraud in Rs. 2000 crores. Kerala police have arrested the owner of the Kerala based Non Banking Financial Company against which over 200 cases have been filed by depositors as well as investors alleging a fraud of around Rs 2000 crore. Police have issued a lookout notice against the board members, including managing partner Daniel Roy of ‘Popular Finance‘ and police have arrested them. Konni police told PTI that “the phones of Daniel Roy and his wife Prabha, who is also a partner in the firm, are switched off.
We have received over 200 complaints against the firm.” Popular Finance, headquartered in Pathanamthitta district, has been engaged in the business of gold loans since 1965 and has 284 branches spread across five states mainly in South India. The police stated on Saturday that “their daughters and senior executives of the firm, Rinu Maria Thomas and Riya Anna Thomas, were detained at New Delhi airport on Friday, trying to leave the country in the face of complaints from aggrieved depositors.” Understanding of Umang App. Power of Compounding. Amazon Pay launches digital gold buying feature ‘Gold Vault’ Amazon has launched the latest feature with an option that allows customers to deal in digital gold. The name of the feature is “Gold Vault”. This is the second major launch by Amazon in India this week and the third in 2020.
Last week, Jeff Bezos led the company forayed into e-pharmacy with the launch of Amazon Pharmacy and initiated an online food delivery service in May. Customers can deal in virtual gold at any time with the latest price, which is updated every 5 minutes. Investors can start an investment with a little amount like ₹ 5 to buy the gold via this digital option, every purchase made is placed in a secure vault backed by the government regulated security trustee.
Janani Suraksha Yojana. Janani Suraksha Yojana (JSY) is a safe motherhood scheme under the National Rural Health Mission (NRHM). Hotel Bills, Property Tax, School Fees will now reflect in your ITR: Income Tax Form 26AS. E-Kuber. E-Kuber is the Core Banking Solution of the Central bank (RBI). RBI introduces ASISO facility to help banks manage liquidity in the situation of COVID-19. Difference between ULIP & Traditional Insurance Plan and which one is best? SBI launches 'SBI Pension Seva' website for pensioners. India’s largest public-sector lender SBI (State Bank of India) has launched a dedicated website for pension account holders, known as ‘SBI Pension Seva’. Banks sanctions about ₹ 90,000 crores concessional credit to 1.1 crore KCC holders. Indian Bank slashed the rate of interest on gold loans for farmers. What is the Arogya Sanjeevani policy?
Medical expenses may spoil your future financial planning. Therefore, it is recommended by Funds Instructor to secure your medical expenses with a health insurance plan that maintain your financial planning and secure your future. India’s growth rate may dip to -6% to -9% in current fiscal. Ministry of Finance requests Niti Aayog to work out a 5 years Asset Monetization Plan. NPCI launches auto debit facility on UPI. IRDAI allows Insurer to offer Corona Kavach Policy. Corona Kavach is an individual and a family insurance policy that was launched on July 10, 2020, and offered by both general and health insurers. Personal loan on Credit Card - Funds Instructor. Funds Instructor already discussed types, benefits, and disadvantages of Credit cards.
Pradhan Mantri Matru Vandana Yojana (PMMVY) Income Tax department improved Form 26AS from this Assessment Year. How to claim online EPF if you need money due to COVID-19. CIBIL Score. CBDT provides utility for TDS rates on cash withdrawals. Clearing Member Account. Public sector lenders have at least ₹ 7.9 trillion loans under moratorium. What is MasterCard? Understanding Visa Card. Understanding RuPay Cards. Treasury Bill. HDFC’s board approves raising up to Rs.14,000 crore via various means.
Universal Account Number or UAN. Employee’s Provident Fund. 40th GST Council Meeting. Absolute Return. Government launches the facility of filing of Nil GST Return via SMS. Payments Infrastructure Development Fund launches by RBI. Relative Return. RBI reduced the key policy rate by 40 basis points to ease financing condition to revive economy. Trailing and Rolling Returns. PM Street Vendor’s Atmanirbhar Nidhi Scheme. Annualized Rate of Return. Employee Stock Ownership Plan (ESOP) Yes Bank acquires 24% in Dish TV through invoking share pledges.
India’s GDP growth for Quarter 4 slows to 3.1%, FY 2019-20 at 4.2% Unit Linked Insurance Plan (ULIP) National Pension Scheme (NPS) Net Asset Value (NAV) Equity Linked Savings Scheme (ELSS) Expense Ratio. Exchange Traded Funds. Exchange Traded Funds. RBI's big announcements to revive the economy. Close-Ended Funds. Understanding of Open-Ended Funds. Systematic Investment Plan (SIP) 5th phase of Atma Nirbhar Bharat Abhiyan Package. The Fourth Phase of ‘Atma Nirbhar Bharat Abhiyan’ Third Phase of Atma Nirbhar Bharat Package. National Bank of Agriculture and Rural Development (NABARD) Finance Minister’s second set of “Atma Nirbhar Bharat” Aatma Nirbhar Bharat Abhiyan Package: First Installment. Micro Small & Medium Enterprises (MSME) Traditional Life Insurance Plan. Former RBI Governor Subbarao: Centre's financial stimulus not sufficient; fiscal deficit may go as much to 14% NSDL: Consolidated Account Statement (CAS)
SBI to extend moratorium to NBFCs to deal with cash flow problem. SBI Cuts Lending Rate By 0.15%, Loans to Get Cheaper Rolls Out Special Deposits for Senior Citizens. Crore of poor people have received Financial help under Pradhan Mantri Garib Kalyan Package. PNB opens an emergency credit line for MSMEs to enhance liquidity. Corona-virus outbreak: NBFCs ask RBI to allow one-time restructuring of all loans till March 2021. NABARD disburses Rs. 12,767 crore to State Cooperative Banks and RRBs for on-lending. RBI Governor meets heads of banks to review the implementation of various measures.
Business Partners of NSDL. Services and Benefits of NSDL. Bankers want government guarantee on incremental loans to MSMEs. Govt. of India notifies International Financial Services Centre Authority. RBI announces liquidity support to Mutual Funds worth ₹ 50,000 crore. Banking sector declared as a public utility service for 6 months - Funds Instructor. Dropped down digital payments during the outbreak of COVID-19. Investor's account opening process in NSDL and CDSL. Why crash in the crude oil price does not affect on petrol prices - Funds Instructor.