SBI chief Rajnish Kumar hits back at critics seeking PSB privatisation

State Bank of India chairman Rajnish Kumar said those living in glass houses shouldn’t throw stones at others and that the private sector’s claims of higher corporate governance standards sound hollow in light of their high rates of debt default and bankruptcy cases. 

Kumar, the chairman of the country’s largest bank by assets, hit back at critics of staterun enterprises and their calls for privatising state-run banks in an interview to ET on Monday. 

He said almost all bad loans and poor governance standards cases are from private sector enterprises while state-run firms have high governance standards. 

“If the private sector is all about good corporate governance then tell me which public sector company is in NCLT (National Company Law Tribunal) today? 

They are all private sector companies,” Kumar said. “They all default and sit in the front rows of the industry associations. That is the reality today. So when .. 

8 Uses of Aadhaar Card – How and Why to Link It?

The Central Government launched a unique identity project called Aadhaar in 2009 that would represent every person residing in India. The current government gave it more teeth and made it mandatory for everyone to link it with various schemes and instruments. This has already helped the government to plug a lot of leakage in the distribution of subsidies through DBT. Let us have a look at some of the schemes where Aadhaar card has been made mandatory:

1. PAN (Permanent Account Number)
The Central Board of Direct Taxes (CBDT) has made it mandatory for people filing income tax returns to link their PAN with Aadhaar. The deadline set for this linking is 31st March, 2018 after which ITRs filed would not be processed by the institution and the assessee will be considered as non-tax paying individual. 
Assessees can link their PAN with Aadhar by visiting https://goo.gl/myxFPy or by simply sending an SMS in the format UIDPAN<12 digit Aadhaar><10 digit PAN> to 567678 or 56161 from the registered mobile number. It should be kept in mind that in case of any mismatch, PAN and Aadhaar will not be linked. In such cases, assessees will have to first get their details corrected and then link both the documents.


2. Bank Account
Account holders having savings account in all banks have to link their bank accounts with Aadhar to prevent their accounts from getting deactivated. The last date for linking bank accounts with Aadhaar is 31st March 2018. Bank accounts not linked with Aadhar after the deadline will be deactivated till the account holder links it with Aadhaar.
Various banks have provided different options for linking bank accounts with Aadhaar such as by visiting the website, through internet banking, mobile banking, phone banking, SMS, ATMs or by visiting the branch of the bank where the account is being operated. It should be kept in mind that a person has to link all his operational accounts with Aadhaar.

RBI Set To Inject More Cash Into Banks At March-End

The Reserve Bank of India (RBI) will be ready to inject adequate 

amount of extra cash into banks if needed ahead of March-end to  

give flexibility to lenders

 

 

Rs11,400 crore fraud at Punjab National Bank involving jeweller Nirav Modi

The PNB fraud was perpetrated by bank employees who issued authorized bank guarantees to Nirav Modi’s companies without making any entries in the bank’s books or its core banking system.

Difference Between NEFT and IMPS

Do you want to transfer funds? There are many modes to transfer funds electronically, which are safe and convenient at the same time. Such modes are NEFT, RTGS, and IMPS which help you in transferring money instantly, irrespective of the bank account, i.e. same bank or different bank. While NEFT  (National Electronic Fund Transfer) settles the transaction in batches, in RTGS (Real Time Gross Settlement) the settlement of the transaction is based on real time.

IMPS (Immediate Payment System) is one such system, which is still finding its feet. It is used to transfer money via smartphones. As there is no minimum transfer cap, in both NEFT and IMPS, people find it hard to identify which one is better. So, if you are also a novice to transfer funds, take a look at this article to know which system suits you, in a perfect way.