Tech Mahindra, which got a mandate to start a payment bank from the Central Bank in August last year, has launched an electronic wallet called MoboMoney on Wednesday. It is the country’s first contact-less wallet, which works both at online as well as at brick and mortar stores. Characteristics ofContinue Reading
Union Bank Of India: Union Bank of India was inaugurated by Mahatma Gandhi more than eight decades ago. It is a Public Sector Unit with 55.43% Share Capital held by the Government of India. The Union Bank of India has more than 950 branches and extension counters. It has aContinue Reading
A depository receipt is a type of negotiable financial security that is traded on a local stock exchange but represents a security, usually in the form of equity that is issued by a foreign publically listed company.
Income tax is a tax paid to the central government on personal income. It is the direct tax paid on income by an individual or a company/firm within a given financial year. The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is partContinue Reading
Reverse Repo Rate Reverse repo rate is the rate of interest at which the RBI borrows funds from other banks in the short term . This is done by RBI selling government bonds / securities to banks with the commitment to buy them back at a future date. The banksContinue Reading
Demand Note A Demand Note is a type of paper money that was first issued between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 dollars. Demand Notes were the first type of paper money issued by the United States in theContinue Reading
Financial Action Task Force (FATF) was founded by the G-7 countries in 1989 to develop and promote national and international policies to combat money laundering and terror financing. The membership of the FATF is limited to 35 countries at present. India has an observer status. India is a member ofContinue Reading
13th Finance Commission The 13th Finance Commission, which makes recommendations on sharing of tax revenues by the Centre and States, has suggested a new path for fiscal prudence in its report submitted to President Pratibha Devi Singh Patil on December 30, 2009. The Commission was headed by Vijay Kelkar. OtherContinue Reading
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