SBI cuts interest rate on home loan by 5 basis points


Within a day of RBI reducing repo rate by 25 basis points, the country's largest lender State Bank of India Friday announced a cut in interest rates by 5 basis points on its home loans up to Rs 30 lakh.

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Centre, RBI asks banks to step up lending to MSMES


In a bid to boost industrial growth and create jobs in the economy ahead of the Lok Sabha election, both the Centre and the RBI asked the state-run banks to step-up lending as its reluctance has impacted the liquidity situation in the market.

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Budget 2019: Banks to also reap the benefits


The government would give each of India’s 120 million small and marginal farmers Rs 6,000 as assured income support, with the transfer of funds directly into their Jan Dhan accounts promising a sustained flow of deposits into the formal banking system.

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India Post Payments Bank crosses 1.25 lakh branches, soon to hit 1.5 lakh


The government has opened around 1.25 lakh branches of India Post Payments Bank and soon, it will have operations across over 1.5 lakh locations, Communications Minister Manoj Sinha said.

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Here's how you can claim tax benefit on a top-up home loan


A regular home loan offers various tax benefits. These include a deduction of up to Rs 1.5 lakh on the principal repayment under section 80C of the income tax Act and up to Rs 2 lakh on the interest paid under section 24 in a single financial year.

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Yes Bank partners with Maharashtra government for electronic PDS


Private sector lender Yes Bank has partnered with Government of Maharashtra to onboard PDS shops which are popularly referred to as ration shops onto the electronic PDS initiative through which they can become agents of the bank.

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Relief to small businesses: GST exemption limit doubled to Rs 40 lakh


Small businesses can breathe easy now as the Goods and Services Tax Council has decided to double the basic threshold limit for goods suppliers. However, the Council, which took a slew of decisions recently, could not arrive at a consensus on lowering the levy on under-construction flats.

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RBI issues guidelines for tokenisation of card transactions


The central bank has permitted card networks to offer card tokenisation services to all third-party mobile app providers in a bid to make digital transactions more secure and less prone to hacking-related frauds.

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Union Cabinet clears merger of Dena Bank, Vijaya Bank with BoB


The Cabinet Committee on Economic Affairs (CCEA) had recently approved the merger of state-run Vijaya Bank, Bank of Baroda and Dena Bank. This marks the first-ever three-way merger in the country's banking sector.

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No of ATMs declines by 1,000 to 2.07 lakh in FY18: RBI Report


The number of ATMs has declined marginally to 2.07 lakh in FY18 from 2.08 lakh in FY17, primarily due to branch rationalization by a few public sector banks, the Reserve Bank said recently in its annual report.

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