Banks are financial institutions that have the authorization to receive deposits and grant credits. These play an important role in sustaining the economic status of a country. Due to the same reason, in India, these institutions are managed under strict regulation by the Reserve Bank of India (RBI). Banks provide essential financial services for both common citizens and businesses. These give you a safe place to store your hard-earned money through several account types and Savings accounts.
Universal Account Number abbreviated as UAN is the account where every employee gets their Provident Fund deposits submitted. You might already know that EPF is provided to the salaried employees for the purpose of long-term savings and tax benefits. While a lot of people know that this amount is being deposited into their PF accounts, […]
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Have you ever gone through your salary slip and wondered how exactly your salary gets calculated. Turns out, in more or less all the organizations, the payscale provided by the competition is taken as a benchmark. And then, your salary figure depends on what the company can offer to attract and retain the employees. Other […]
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Dearness Allowance (DA) is a component of your salary that you’ll find listed in your monthly salary slip. And the history of DA can be traced back to the Second World War when it was first introduced. Back then, it was known as the ‘Dear Food Allowance’. It was given to employees in response to […]
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When we study any economy, we find the banking sector at the forefront of spearheading financial growth. The banking sector is rightly called the pillar of any economy. In the last decade or so, the banking sector has been evolving to serve its customers better. In this endeavour, we find many banks adopting the core […]
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Thanks to advancements in Fintech, digital payment platforms are increasingly replacing traditional cash-based solutions. This issue was highlighted by Joseph Mwanamveka, Malawi’s Minister of Finance, Economic Planning and Development, at the 2019 Monetary Policy Conference. Staged by the Reserve Bank of Malawai (RBM) at Nkopola Lodge in Mangochi in November 2019, Malawi’s 2019 Monetary Policy […]
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Kisan Credit Card Scheme was brought forward by Indian banks in August 1998. The model of the KCC scheme was structured by the National Bank for Agriculture and Rural Development (NABARD). This Government of India initiated scheme intends to save the farmers from the clutches money lenders in the unorganized sector who usually charge a […]
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A Savings Bank Account is one of the oldest and most common ways people choose to save their money. The reason why is because here your principal amount will always remain safe regardless of the interest you earn. Hence, with Best banks for Saving Account in India, you can save your money conveniently in a bank […]
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The COVID-19 pandemic has brought sharp declines in the financial services industry. Before this global outbreak, commercial banking was experiencing a steady period of growth and innovation. Banks and credit unions worldwide continue to prosper despite growing competition from alternate financial channels. And yet, in just a few weeks, financial institutions all over the world are suddenly in the […]
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The Union Cabinet has approved the merger of 10 Public Sector Banks (PSBs) into four entities on Wednesday. It will come into effect from 1st April 2020. This Bank merger aims to have fewer but stronger money lenders in India. According to the Finance Minister Nirmala Sitharaman, the consolidation of the banks has been done […]
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Foreign currency exchange (FX) is never cheap per se. However, being a frugal-minded person, you can find ways to cut the costs of this financial operation. To do this, you’ll need to start by researching your options and comparing traditional and alternative financial institutions.Banks are the most traditional and, quite often, the most expensive as […]
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