RuPay is the Indian domestic card payment network set up by National Payments Corporations of India (NPCI) at the behest of banks in India. The RuPay project had been conceived by Indian Banks Association (IBA) and had the approval of Reserve Bank of India (RBI). National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay MicroATM, Debit, Prepaid and Credit Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
SERVICE TAX VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME
A one-time amnesty for those who have collected service tax but not deposited the same with the government. Those service tax providers that have not flied service tax return since October 2007 can disclose true liability and get an interest or penalty waive off.
Provident funds, by their very nature, need to invest in risk free securities that also provide them a reasinable return. Government securiries, also called the gilt edged securities or G-Secs, are not only free from default risk but also provide reasonable returns and, therefore, offer the most suitable incesatment opportunity to provident funds.
The Basel Committee on Banking Supervision (BCBS) provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. Currently there are 27 member nations in the committee. Basel guidelines refer to broad supervisory standards formulated by this group of central banks, called the Basel Committee on Banking Supervision (BCBS).
Teaser loan rates are special home loan rates that are called so, as the banks attract customers by offering them lower rates of interest in the initial years and then, in the longer run, the rates are shifted from fixed to floating rates or the market-adjusted rates. In the months that followed the collepse of Lehman Brothers, the Indian Banks' Association, nudged by the government, formulated a scheme where interest rates for loans up to 5 lakh and loans up to 20 lakh were available at discounted rates of 8.5% and 9.25% in the next two years.
As part of prudential guidelines, central banks require lenders to maintain a portion of their deposits in liquid assets. These liquid assets can be cash, gold or government securities. The ratio of prescribed liquid investment to deposits is termed as statutory liquidity ratio. In India, banks invest in bonds issued by the government and notified by the Reserve Bank of India as qualifying for SLR to meet the prescribed ratio. Currently, the prescribed statutory liquidity ratio for banks is 25% of thir deposits. SLR is occasionally used as monetary policy tool and the stipuation is made by authorities, keeping in mind the monetary policy objectives.