Farm Loan Waiver

My last blog was 7th September 2016 and I picked the topic regarding credit card security so that people can also know whether their credit card being hacked or not and after that time I've seen so many changes in Indian Politics and economic. 
Our Prime Minister Narendra Modi again made a History through his unbeaten victory and Now BJP has captured Utter pradesh and BJP has given Chief Minster Mr. Aditya Nath Yogi. now I will update you latest new which related to. Farm Loan Waiver.

Farm loan waiver: After RBI, now Nabard says it's a 'moral hazard', only target the needy.
The National Bank for Agriculture and Rural Development (Nabard) on Tuesday described farm loan waivers as a "moral hazard" and said such facilities should be targeted only to the needy.

"Debt waivers create a moral hazard from a credit repayment perspective and we cannot have omnibus waivers," chairman Harsh Kumar Bhanwala told reporters here, a week after UP government announced a INR 36,000-crore farm loan waiver package.

With demands for similar measures on in other states like Haryana, Maharashtra and Tamil Nadu, Bhanwala said there is a need to look at the moral hazards which such schemes create and targeting such schemes only to the needy farmers.
He said every time a debt waiver is announced, it is taxpayers' money which is used to help bail out the farmers.

Representational image. Reuters

The comments come days after Reserve Bank Governor Urjit Patel also expressed strong displeasure over such measures.
Nabard on Tuesday reported a 4.24 percent increase in its post tax net for 2016-17 at Rs 2,631 crore, and a 16.27 percent expansion in its outstanding loans at Rs 3.08 trillion.
Bhanwala said the development finance institution, which primarily refinances banks' agri loans, feels that the financial sector is set to surpass the Rs 9 trillion agri loans target for fiscal 2017 set by government and will repeat the performance in fiscal 2018 by exceeding the Rs 10 trillion target.
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How do you know if your Credit Card is hacked?

Where there is a crime, there will be clues. Get going, Sherlock.

Find A Card

Start Looking
Check your transaction history regularly. There are expenditures, but not yours? Gotcha!

Third-Party Retailers
You stored your card details on an online retailer’s website. The website got hacked. Sirens.

Beep-Beep
Banks send you transaction details in an email/SMS. You get an alert while you’re asleep. Ding!

Imposter
An imposter might try to change the PIN and password of your Credit Card account. Any unsolicited notification regarding a change is your clue to act!

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Credit cards offers

Although credit cards have become an important purchasing tool, even today it remains a poorly misunderstood concept by the majority of Indian consumers. And this is a situation when the transactions done via credit cards are worth twice the amount as done using debit cards. Hence, it becomes imperative to understand which credit card suits your expenditure style the best.

With plenty of options to choose from, we as consumers differ from each other in our buying behavior. You could fit into a category or two such as – a traveller, a shopaholic, someone who spends on dining, fuel, etc. Remember that no single credit card is better than the other in all the categories. Therefore, make a wise decision to pick the one that matches your spending pattern and credit situation.

Kindly find below a snapshot of best of offers on credit cards in the market.

If you are someone who swipes your card usually for shopping, check out the following list –

1) Standard Chartered Emirates Platinum Mastercard credit card

With annual fee of Rs.3999 for variant 1 and Rs.13,999 for variant 2
Offers –
Welcome Bonus of 27,500 Skyward Miles.
4 Emirates Skywards Miles for every Rs.150 spent.
Fly to Dubai if you earn 27,500 Skyward Miles.
Fly to Rome, Paris or London, among others if you earn 55,000 Miles.
Fly to the USA if you earn 85,000 Miles.
Other Travel Features –
Complimentary membership to over 850 lounges globally with a usage fee of $27 per member.
Travel Insurance up to Rs.10 Million

2) American Express Platinum Reserve credit card

With annual fee of Rs.5000 for the first year and Rs.10000 as renewal fees
Offers –
Welcome Gift of 11,000 Bonus Membership Rewards Points.
1 Membership Rewards Point for every Rs.50 spent on the Card.
Other Travel Features –
Additional cashback of up to Rs.10,000 at MakeMyTrip.com.
Privileges at Luxury Hotel chains like Taj Hotels, Resorts and Palaces, Trident Hotels and more.
Access to American Express proprietary lounges in Delhi and Mumbai.
Complimentary membership to Priority Pass.
Complimentary access to leading golf courses in India.

3) SBI SIMPLYCLICK credit card

With an annual fee of Rs.499
Offers –
Welcome E-gift Voucher of Rs.500 from Amazon.in.
10X Reward Points by shopping online with this card on exclusive partners like Amazon, BookMyShow, FoodPanda and more.
5X Reward Points on all other online spends.
E-voucher worth Rs.2,000 on annual online spends of Rs.1 Lakh and 2 Lakh.

4) ICICI Bank Coral American Express credit card

With annual fee of Rs.500 (exclusive of taxes) from the second year onwards
Offers –
50% more Reward Points on your online spends.
2X cash rewards on dining, groceries and at supermarkets.
2 complimentary movies every month under the Buy 1 Get 1 offer through www.bookmyshow.com.


5) CitiBank First Citizen credit card

Offers –
Rs.500 www.shoppersstop.com voucher.
Rs.500 First Use Benefit Vouchers.
Rs.350 worth of Citibank Reward points as Early Shopping Reward.
Up to 7* Reward Points for every Rs.100 spent at Shoppers Stop.

6) SBI Air India Visa Signature credit card

With annual fee of Rs.4999
Offers –
1 Air India Mile = 1 Reward Point.
20,000 Reward Points as Welcome Bonus.
20 reward points for every Rs. 100 spent on Air India tickets.
Other Travel Features –
Complimentary membership of the Air India Frequent Flyer program –Flying Returns.
Access to over 600 International Airport Luxury Lounges with complimentary Priority Pass Program.
Complimentary Visa Lounge Access Program in India at major domestic airports.


7) Citibank Premier Miles credit card

With an annual fee of Rs.3000
Offers –
10,000 Miles with your first spend of Rs.1,000 or more.
3,000 Miles on Card renewal.
Earn 10 Miles per Rs.100 when you book flight tickets, hotel stays, and car rentals at the dedicated PremierMiles website.
Earn 10 Miles per Rs.100 spent on all airline transactions.
Earn 10 Miles per Rs.100 spent with our online partner merchants – MakeMyTrip.com and Flipkart.com.
Earn 4 Miles for every Rs.100 spent on all other transactions.
Convert every 2 Miles for 1 Frequent Flyer Air Mile.
Other Travel Features –
Complimentary access to participating airport lounges in India.
Air Accident Insurance Cover of up to Rs. 1 Crore

Kotak Banks Starts innvoation Lab, Open to Investing In startup.

Private sector lender Kotak Mahindra Bank has started an 'Innovation Lab' in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in startups, a senior company official has said

Private sector lender Kotak Mahindra Bank has started an 'Innovation Lab' in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in startups, a senior company official has said.

 "We started an 'Innovation Lab' recently which is right now a dedicated space from where we are partnering with startups in the fin tech space to test concepts and launch them into commercial products," Kotak Bank's Chief Digital Officer Deepak Sharma told PTI.

The fourth largest private sector bank has put together a seven-member core team which is working with an equal number of startups in the artificial intelligence, analytics, bio-metric or iris scanning and machine learning space. A bulk of the startups are Bengaluru-based, while two are from the US and Australia, Sharma said. Domestic lenders, especially those in the private sector, have been increasing their engagement with the fledgling fin tech startup community to tap into the technologies of the future which will help them stay relevant.
The initiatives being undertaken by them include launching dedicated funds to invest in startups, starting incubation centers, organizing 'blackthorns' and idealization contests. Sharma said the bank's lab located in its office on MG Road in the garden city is not an incubation center, but added that the bank is open to investing in other startups as well.
Read more at: 

Need to know 7 things while using your banks credit cards

Citi Banks Credit card can be a beneficial financial tool, if used carefully. If not, it can turn into a menace for your finances.

Ideally, you should set a budget before you make purchases through your credit card. And only spend as much you can pay back,      after all it's not your money.

Here are few things you should always keep in mind before you become debt-ridden:


1. Limit your credit card use

Usually, there is an interest free period for every credit card. So, in order to avail it, you should ideally keep your credit card dues nil. As long as you pay the amount on time, you can take advantage of the interest free period.

2. Never postpone your credit card dues

Try making the full payment on the due date even if the credit card statement says that you need to pay a certain per cent of it. Postponing the payment to next month will levy monthly interest and also late payment fees in some situations.If you keep using the credit card continuously, your debt will grow.

3. Never withdraw cash through your credit card

Do not forget that cash withdrawals from your credit card will incur both one-time fee plus high interest charges.So, it is not advisable to take out cash via credit card unless you are in dire need.

4. EMIs and Reward Points

It is recommended that you should always transfer you balance to EMIs (Easy Monthly Instalments). Doing so will help you pay your debt more easily on less interest charges.
Also, every credit card purchase means earning rewards points. Never overspend just to earn them.

5. Allow auto-debit for payment

If you pay your credit card dues on time, you could save a lot of trouble. Thus, you should link your account with the credit card in order to pay your credit card bills automatically.This way you will never forget your payment date and not incur late payment fees.

6. Keep a strict eye on the charges

You should always check your credit card statement every month to check the charges levied on you.
It can help you keep a watchful eye on your spending habits and also the interest rates charged by the bank.

7. Never exceed your credit card limit

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Do you how to calculate tax on your interest income

Fixed deposits, savings account, post office schemes earn interest which if above a certain limit should be reported in income tax return.

Interest earned above a certain limit attracts tax deduction on interest income, but many individuals are not sure how tax is treated or how their interest income is getting charged under tax. Fixed deposits, savings account, post office schemes, recurring deposits earn income interest, which should be reported in one's income tax return. Tax can be very hard to deal with but it is also unavoidable.

TAX ON INTEREST INCOME

SAVINGS ACCOUNT: Interest on savings account is taxable as per Income tax slab rates applicable to the investor. However, deduction under section 80TTA is allowed on interest from savings account with a maximum of Rs.10,000/- per year. This deduction is available only to individual and HUF. In 80TTA of the Income tax act, interest upto `10000 earned from all savings bank account is exempt from tax. This is applicable for savings bank account, post office or co-operative banks. If the interest earned from these sources exceeds Rs.10000, the extra amount will be taxable. For example: Raahul earns Rs.8000 from his saving accounts, so he does not have to pay any tax for it. But Gaurav earns Rs.15000 from his savings accounts, so he needs to pay income tax on Rs.5000 according to his tax slab. "TDS on saving interest is not deducted like fixed deposit and term deposit. But the account holder should calculate and declare the interest from all saving bank accounts during the financial year under the head 'Income from other sources' claim deduction u/s 80TTA and pay the tax accordingly", says, Sudhir Kaushik, Co-Founder & CFO, TaxSpanner.com. Keeping minimum balance in savings accounts is suggested because the rate of interest is very low and it is also reduced by income tax payable: 2.8% per annum for person in 30% tax slab with 4% interest on saving account.

FIXED DEPOSIT: Interest earned from fixed deposits is liable to be taxed on accrual basis at the slab rate applicable. Interest on Fixed is fully taxable at Income tax slab rates applicable to the person. There is no separate deduction of Rs. 10,000/- as available in the Savings account interest. "As per Income Tax Act, 1961 u/s 194A (1) (3) (i) where the amount or aggregate of the amounts of interest credited or likely to be credited or paid during the financial year exceeds Rs.10,000/-, TDS is applicable from the first interest flow" adds Kaushik. Minors who hold deposits are also subject to TDS; the person in whose hands the minor's income is included can claim the credit for the TDS.

TDS RATES ON FIXED DEPOSITS:
@ 10% on interest to residents,
@ 20% is applicable in absence of PAN / valid PAN.
@ 30.90% to non resident Indians

RECURRING DEPOSITS: Recurring Deposits attract tax deduction @10% of the Interest earned. Earlier, TDS was not charged on Recurring Deposits but from 1st June 2015 - TDS on Recurring Deposits @ 10% U/S 194A was added. pls click to cont..

Cashless Society

Today we came with Cashless society. I know that it's totally new word in Indian banking however we need to update our self, Now India continues to be driven by the use of cash; less than 5% of all payments happen electronically. But, the FM, in his budget speech, talked about the idea of making India a cashless society.

What exactly is a cashless economy? See if you can discuss around some of these questions and help us analyse various aspects of this financial evolution in India. I think we need to think about it

UPI allows a customer with a bank account to make payments or transfer money using a smartphone.Unified Payment Interface (UPI) is the National Payments Corporation of India’s (NPCI) most ambitious project. and its aim: To bring digital banking to 1.2 billion people in the country.

Transfer: Also to allow anyone with a bank account to quickly create a virtual payment address.
The money can be transferred using just the phone number or the Aadhaar number.
Charges: It is built on Immediate Payment Service (IMPS) which has lesser charges as compared to Credit and debit cards.
Security: End-to-end security and data protection on UPI is one of the key areas of concern among customers.

Shashank Kumar, cofounder of Bengaluru-based firm Razorpay said right now there is no standardization for payments via different net banking integrations. Each bank has come up with its own interface which is bulky and is hard to integrate with. “UPI solves this pain point beautifully,” said Mr.Kumar.

UPI would also have an impact on the credit and debit card systems which charge a discount rate of between 0.75 to one per cent from merchants using the network. Mr.Sharad Sharma of iSPIRT, a think tank said that as the UPI is built on IMPS, it will have lesser charges.

“This simplicity will bring millions of bank customers who don't transact online,” said Nitin Misra, vice president at Paytm. The opportunity is huge as 95 percent of transactions in the country still happens in cash.

The opportunity is huge as 95 % of transactions in the country still happens in cash
Nitin Misra,Vice-President, Paytm
Payments have been one of the biggest hurdles for mass adoption of online shopping in India

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Jan Dhan Accounts more influenced to Frauds : RBI

MUMBAI: It’s now Raising issue that Jan Dhan accounts can be misused by 'money mules', RBI today warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities.

Reserve Bank deputy governor SS Mundra said banks should have a proper mechanism to monitor transactions in these accounts.
"The newly opened accounts under the PMJDY (Pradhan Mantri Jan Dhan Yojana) could be very vulnerable to fraud practices. Banks need to clearly guard against such activities.

Reserve Bank deputy governor SS Mundra said banks should have a proper mechanism to monitor transactions in these accounts.
The newly opened accounts under the PMJDY (Pradhan Mantri Jan Dhan Yojana) could be very vulnerable to fraud practises. Banks need to clearly guard against misuse of these accounts from money muling," Mundra said at an event here today.

He said third parties can be used to launder the proceeds of fraud schemes (such as phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'

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Is It possible to get back your money If you transferred into wrong Bank Account?

Now these day's most of people doing lots of online transaction and rarely they takes much time to transfer the amount however imagine that if you've done transaction and after that you realized that the money has gone into wrong account.

Does The Bank have the Power to Reverse the Transaction? 
Well, Bank can't reverse it, unless they have an approval from the beneficiary. It's, therefore, important to be very alert while transferring money to a bank account.

Will you be able to get it back

Adhil Shetty, CEO, Bankbazaar.com, says, "The most important thing to understand is that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can only act as a facilitator."

According to Reserve Bank of India (RBI) rules, it's the responsibility of the remitter to provide the correct beneficiary account number and other details while doing payment. There is no mandatory rule by the RBI that banks have to check each and everything. It's remitter’s responsibility to check the number twice and thrice

Ashutosh Khajuria, Executive Director, Federal Bank, says, "If there is a fraud in the payment, then it is null and void. But in the normal payment channel, if transfer is affected and the credit has been made, it is not easy to get back the money, unless the receiver agrees to return it back".

Here is a primer to help you understand what to do if you accidentally send money to a wrong bank account.

Reasons which results wrong transactions:

Due to human (typing a wrong account number) or technical errors

Human errors due to discrepancies in the account number, IFSC code or both

Technical glitches at the bank's end can also cause the error

 Time for quick action

Modi has introduced Three new social security schemes relating to Pension, Insurance from Kolkata.

PM Modi has Introduced three new Social Security Schemes. On his first visit to West Bengal after taking over as prime minister,
1: Pradhan Mantri Suraksha Bima Yojana
2: Pradhan Mantri Jeevan Jyoti Yojana
3: Atal Pension Yojana
With the aim of widening the process of financial inclusion in the country, Prime Minister Narendra Modi on Saturday launched three ambitious social security schemes relating to insurance and pension from Kolkata.

West Bengal Governor K.N. Tripathi, Chief Minister Mamata Banerjee, and union ministers Jayant Sinha and Babul Supriyo attended the function where Modi inaugurated a plaque by pressing a remote button to launch the schemes.
Under the accident insurance scheme, a person will be provided cover of Rs.2 Lakh for an annual premium of Rs.12. The cover is for accidental death or permanent total disability.
he scheme will be available to people in the age group of 18 - 70 years with a savings bank account, who give their consent to join and enable auto-debit on or before May 31 for the coverage period - June 1 to May 31 - on an annual renewal basis
The life insurance scheme will offer a renewable one year life cover of Rs.2 lakh to all savings bank account holders in the age group of 18 to 50 years, covering death due to any reason, for a premium of Rs.330 per annum per subscriber. for more info pls click here