Aadhaar Link With Mobile SIM Number Not Necessary, Other Documents Can Be Used Too

Reasons to link PAN card with Aadhar card

Finally, some good news has poured in for Indian citizens trying to get a mobile SIM without an Aadhaar card. New instructions have been issued by the government regarding this issue. Now, operators can accept other kinds of identity verification documents (like voter ID, passport etc) to provide SIM cards to customers. Operators have been ordered to follow the notice …

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Suspicious High Value Transactions Tracked By I-T Department Due To Aadhaar-PAN Linking

Reasons to link PAN card with Aadhar card

The Aadhaar-PAN linking has had its fair share of criticism. Even though the government has justified the linking, criticism has poured in from all directions. According to a Times of India report, the I-T Department has tracked suspicious high-value transactions due to the linking. According to information provided by I-T sources to TOI, the transactions were tracked due to the …

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How To Pay Less for Bank Services Post DGGST Notice To Banks In India

Banks across India are currently in a state of frenzy. They have been asked to pay the ‘free services’ tax provided to customers with a minimum account balance with retrospective consequences. The tax could flow up to thousands of crores. The DGGST has already given a notice to banks to adhere to this rule. To deal with the issue, banks …

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Banks Asked To Pay ‘Free Services’ Tax, ATM Transaction Charges Expected

Chip-based cards

India’s banking industry is currently in a state of dilemma. Banks such as State Bank of India, ICICI Bank, Axis Bank etc. have been asked to pay the ‘free services’ tax provided to customers maintaining a minimum account balance with retrospective consequence. The tax could easily flow into thousands of crores. To deal with this tax, banks could soon start …

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KYC Affects Mobile Wallets; Cashless Economy Still Far Away

Since 1st March 2018, there has been a slump in the volume of e-commerce transactions– using PPI (Prepaid Payment Instruments)– following the expiry of the 28th February 2018 KYC authentication deadline for making sure that all such accounts are in compliance with the know your customer norms. In short, ever since RBI made it mandatory, it has been observed that …

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PF Withdrawal Claims Of Over Rs. 10 Lakhs Can Be Made Offline As Well

The Employees’ Provident Fund Organisation has taken the decision to accept PF withdrawal claims of over Rs. 10 Lakhs now via the offline process (physical form) as well. Earlier, the EPFO in a circular had passed instructions to its offices to allow submission of Provident Fund claims of over Rs. 10 Lakh– only online. The decision has been taken in …

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Do Not Stop Pension In Absence Of Aadhar- EPFO To Banks

The Employees Provident Fund Organisation (EPFO) has passed a circular to banks, asking them to refrain from denying pension to people for want of biometric or Aadhaar verification. According to the circular, there are other alternate means of identity verification. The EPFO circular to all heads of pension disbursing banks and postal services stated an alternate way of handling pensioners. …

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Latest SBI Interest Rates On Car, Home and Education Loans

SBI interest rates (from home loan to education loan) are currently based on a one-year marginal cost of funds-based lending rate (MCLR) of 8.15%, according to the bank’s website. MCLR is the minimum lending rate below which a bank cannot lend. SBI offers loan schemes such as auto loan, and education loan based on its MCLR. Different loans are applicable …

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SBI Home Loan Interest Rate Increased

SBI home loan interest rate has been increased by 5 basis points recently. This is due to the increased marginal cost of funds-based lending rates (MCLR) by up to 25 basis points (bps). The State Bank of India (SBI), has hiked its base rate (BR) and benchmark prime lending rate (BPLR) by 5 bps. The hike came in effect from …

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