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Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank. [17] In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. [18] In March 2014, the Indian government sold a 9% stake, out of its total 20.7% stake in Axis Bank. [19] In 2017, Axis Bank acquired Freecharge, a digital marketplace for financial services for ...
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. The Post Office Savings Bank introduced passbooks to rural 19th-century Britain. Traditionally, a passbook was used for accounts with a low transaction volume, such as savings accounts .
Passbook loans are paid back in regular, monthly installments (payments) like other lending options. As you make these payments toward the loan, the bank will release the same amount from your ...
Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. [1] Reserve Bank of India (RBI) in turn includes only those banks in this Schedule which satisfy all the criteria laid down vide section 42(6)(a) of the said Act.
For every passbook, which was a essential physical book that the customers update to keep a record of all account transactions, the customers were asked to pay 25 paise. It is now usually given free of cost. For some time, the rate of interest on the balance in the savings account in Indian banks was regulated by the Reserve Bank of India ...
If the interest earned on recurring deposits exceeds Rs. 40,000 a year, TDS would be deducted by the bank at the rate of 10%. Income tax is to be paid on interest earned from a Recurring Deposit at the rate of tax slab of the Recurring Deposit holder. Investors without taxable income must submit a Form 15G to avoid TDS on recurring and fixed ...
The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.