Tag: Bank

Axis Bank clarifies it remains comfortable with exposure to Adani Group

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Mumbai: Axis Bank on Saturday clarified that the lender remains comfortable with its exposure to the Adani Group.
In a statement shared with exchanges, the lender wrote, “We extend credit, basis comfort on cash flow, security, and repayment capability of obligors as per the Bank’s credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same.”
The lender also said its exposure to Adani Group is primarily to the operating companies in the ports, transmission, power, gas distribution, roads, airports, etc. It also added that the non-fund-based facilities are primarily in the form of letters of credit and performance bank guarantees that are majorly short tenor.
In addition, the lender said the bank’s fund based and non-fund based outstanding towards the Group’s joint ventures is at 0.02 percent and 0.25 percent, respectively of the Bank’s net advances.
Further, the lender said, “We (the bank) would like to highlight that the Bank has a resilient balance sheet with standard asset coverage of 1.53 percent as of December 31, 2022.”
An obligor, also known as a debtor, is a person or entity who is legally or contractually obliged to provide a benefit or payment to another.
The Gautam Adani-led group’s assets had been declining since last week after Hindenburg Research came out with a damaging report on the various activities of the conglomerate.
In another development, S&P Dow Jones Indices said Adani Enterprises will be removed from the Dow Jones Sustainability Indices due to recent allegations of stock manipulation and accounting fraud that were leveled against the conglomerate.

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( With inputs from www.siasat.com )

February 5, 2023
Gujarat: Two arrested for assaulting Bank of India employee

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Nadiad: The police have arrested two persons for assaulting an employee at Bank of India’s (BOI) Nadiad branch.
Manish Dhangar is serving as an officer with the Bank of India’s Nadiad-Kapadwanj branch, handling the loan desk.
Today in Nadiad Branch of BoI two customers entered the branch and badly assaulted the officer on duty. In full public view they called the name of the caste and threatened to murder the officer concerned outside the premises. Where is the safety for Banker’s?@nsitharaman pic.twitter.com/a0S7i7SFIv
— Sunil Kumar (@SunilKu92687431) February 3, 2023
In his complaint, Dhangar said, “On Friday afternoon, a customer named Samarth Brahmbhatt reached the branch and started beating me. He slapped me three to four times and even kicked me. When the other staff tried to intervene, Samarth’s friend Parth, who was accompanying him, kicked me.”
According to Dhangar, Samarth was angry with him and the bank because repeated calls were made to him to submit a copy of his house insurance policy.
Samarth had threatened over the phone that he will not submit the insurance policy.
Samarth had taken a home loan from the bank. During the audit, it was found that the customer had not submitted his house insurance policy, which was required since the house was not mortgaged with the bank.
The police have arrested both accused persons.

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( With inputs from www.siasat.com )

February 4, 2023
Bank change cash deposit rule: Big news! Now without
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On 10 May 2022, the government had implemented these rules by issuing a notification. PAN Card and Aadhar Card have been made mandatory for depositing large amounts of cash in one or more banks in a financial year. Similarly, the government has also set the limit for cash transactions.
New Delhi. The central government has taken several steps to crack down on illegal and unaccounted cash transactions. The government has amended the cash withdrawal limit and also made PAN card and Aadhar card mandatory for depositing large amounts of cash in one or more banks in a financial year.
This means that now you have to show PAN card and Aadhar card while depositing large amount. Not only this, a provision has also been made for heavy fines for paying cash or receiving cash in excess of the prescribed limit.
Under the new rules, it has now been made mandatory to provide PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks. On May 10, 2022, the government had implemented these rules by issuing a notification.

The Central Board of Direct Taxes (CBDT) has made new rules under the Income Tax (15th Amendment) Rules, 2022. After the implementation of these new rules, if a person deposits a total amount of 20 lakh rupees or more in a financial year in one or more accounts in any banking company, co-operative bank or post office, then PAN and Aadhar card for him. Giving has become mandatory.

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What will happen to those who do not have PAN?
Those who do not have PAN will have to apply for PAN at least seven days prior to any transaction of more than Rs 50,000 in a day or more than Rs 20 lakh in a financial year. Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of any banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card.

Keep these things in mind
- Income tax laws prohibit cash transactions above Rs 2 lakh for any reason. Therefore, avoid excessive cash transactions, otherwise you may have to pay a fine.
- The government prohibits accepting cash above Rs 2 lakh. Therefore, in a single day, you cannot take more than Rs 2 lakh in cash even from your close relatives.
- Not more than Rs 2 lakh can be accepted as a cash gift from a single donor at a time. If anyone violates this, he can be fined equal to the amount received.
- Do not pay cash for health insurance. If the taxpayer pays the insurance premium in cash, he will not be eligible for section 80D deduction.
- In a property transaction, the maximum cash allowed is also Rs 20,000. If a seller is in advance, then the maximum limit is only two lakh rupees.
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( With inputs from : kashmirpublication.in )
February 4, 2023
JK Bank Solar Inverter Finance Scheme Check Eligibility
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PURPOSE
For Purchase & Installation Of Off-Grid Solar Lighting & Photo –Voltaic Systems (Solar Inverters). The Finance Shall Be Granted For The Purchase Of The System From Authorized Dealers Of Reputed Companies.
ELIGIBILITY
Confirmed Employees of: Government /Semi-Government Departments/Bodies/Agencies & Public Sector Undertakings.
Permanent Employees of Private Companies or Reputed Establishments with minimum 2 years association with the Current Employer and maintaining salary account with us.
Professionals, Self Employed Individuals & Businessmen with at least 2 years of experience in profession/business
Retired Govt. Employees with age not more than 70 years on maturity of loan.
Persons engaged in agricultural and allied activities.
QUANTUM OF FINANCE
Individuals: 12 times net monthly salary/ pension / income.
Persons engaged in agricultural and allied activities: Maximum of 2 times net annual income as certified by concerned Tehsildar.
The maximum quantum of finance shall not exceed Rs 50000.00
MARGIN
Nil
SECURITY
Primary
Nil
Collateral
Nil for Employees of J&K State Govt. / Central Govt. / Semi Govt. Departments/ Bodies/ Agencies and PSU’s maintaining salary accounts with our Bank.
For others- Third Party Guarantee of ONE person acceptable to Bank and having sufficient net worth to withstand the liability.
PROCESSING CHARGES
Rs. 500.00 plus applicable GST.
RATE OF INTEREST (SUBJECT TO CHANGE)
Fixed rate of interest @ 3 year MCLR plus 3 % with monthly rests.
Click here for rate of Interest
TENOR
Maximum Tenor of Loan shall not exceed 36 months.
The post JK Bank Solar Inverter Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 4, 2023
JK Bank Housing Loan Scheme Check Eligibility
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Purchase/Construction:
Primary:
Purchase/Construction:
- Equitable/ Registered Mortgage of house property/flat to be constructed/ purchased. (House property to include land underneath & appurtenant thereto in case independent house only).
- The title of the property must be clear, marketable and free from encumbrance.
- Where mortgage of house /flat cannot be created immediately and / or possession of house / flat is not given in situations like house/flat or under construction house / flat or to be constructed house/ flat is being purchased/ from the Housing Board/ Co-operative Society / Development Authority/ Construction Company/ Builder and title/conveyance deed is executed in favour of purchaser only after completion of full or partial construction after purchaser making full payment of the cost of house/flat, a tripartite agreement shall be executed amongst the
1) Housing Board/ Development authority / Co-operative Society/ Construction Company/ Builder,
2) The Borrower and
3) The Bank wherein the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder undertakes that the title to house/ flat shall be transferred to the Borrower immediately on receipt of entire sale consideration and the Bank’s lien shall also be marked in their/ his records, thereafter to be followed by execution of mortgage deed in favour of the Bank once the project has been completed and Sale Deed (Deed of apartment/Conveyance Deed in case of Flats) has been executed. Charge to be registered in favour of the Bank with the concerned authorities. Besides tripartite agreement an affidavit cum undertaking from the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder to the effect that the construction shall be as per the sanctioned plan & building bye laws, to be obtained.
Repairs/Additions/Alterations/Extension of existing houses:
- Equitable/ Registered Mortgage of house property/flat to be repaired / renovated. (House property to include land underneath & appurtenant thereto in case independent house only).
Collateral:
- No collateral security /3rd party guarantee is required in all cases except in case of following:
  Pensioners- guarantee of spouse / Legal Heir(s), who is / are entitled for family pension.
  NRIs- 3rd party guarantee of two resident Indians of sufficient means to cover the liability apart from the other securities shall be obtained.
  Loans upto Rs.5.00 lacs (Rs.10.00 lacs in case of employees Goverenment of UT of J & K and UT of Ladakh) to be granted for the purpose of repairs/ additions/alterations /extension of existing houses, where the mortgage of the house property is not taken as security.
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( With inputs from : kashmirpublication.in )
February 4, 2023
JK Bank Fixed Deposit Scheme Check Benefits and Features
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FIXED DEPOSIT RECEIPT (FDR)
Non-cumulative term deposit where simple interest is paid on quarterly basis.
ELIGIBILITY
Resident Individuals (sole or joint account)
Hindu Undivided Families.
Minor through parents/guardian.
Sole Proprietorship Concerns, Partnership Firms
Private and Public Limited Companies
Associations, Clubs, Societies, Trusts etc.
FEATURES & BENEFITS
Deposit Amount:Rs. 100/- and above.
Tenure: 7 days to 10 years.
Interest rate: Fixed.
Interest application: Simple Interest.
Interest payouts: Quarterly.
Add-ons: Loan facility available.
Premature withdrawal: Allowed with penalty.
Interest on premature withdrawal will be paid at 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
DOCUMENTATION
Filled in Application Form.
Photograph of depositor/s (2 copies)
Officially Valid Documents as per KYC Norms
PAN Card or Form 60 or 61
Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF’s etc
Interest on premature withdrawal will be paid at 0.50% below the rate applicable for the period the deposit remained with the bank, provided the deposit has remained with the bank for at least 7 days.
However, no interest will be paid on Deposits which remain for a period of less than 7 days.
RATE OF INTEREST (SUBJECT TO CHANGE)
Click here for rate of Interest
TDS
TDS at prevalent rate is deducted at source if Form 15G/15H not submitted.
FAQS
What is the eligibility for opening an account under Fixed Deposit Scheme of J&K Bank?
Fixed Deposit accounts can be opened by individuals , either singly or jointly, Parents/ Guardians on behalf of minors, Sole proprietorship firms, Partnership firms, Private and Public Limited Companies , HUFs, Associations, Societies, Trusts, etc.
What is the minimum amount required for opening account under the Fixed Deposit Scheme?
You can open an account under this scheme with an amount of Rs 100 and above.
What are the tenures for which the accounts can be opened?
You can open an account for any tenure ranging from 7 days to 10 years.
Is interest under this scheme applied on Simple or Compound basis?
Simple interest is provided under this scheme.
Is loan facility available against the deposit amount?
Loan facility is available.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.
What is the frequency of interest paid in this scheme?
Interest is paid at quarterly rests.
The post JK Bank Fixed Deposit Scheme Check Benefits and Features appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 4, 2023
Palestinian killed by Israeli soldiers near West Bank village

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Ramallah: A Palestinian man was killed by Israeli soldiers near the village of Huwara south in the West Bank city of Nablus, according to authorities.
The Palestinian Red Crescent Society (PRCS) said that Abdulla Qalalweh, 24, died after being shot by Israeli soldiers at an army checkpoint near the village, Xinhua news agency.
Meanwhile, Israeli media reported that a Palestinian driving a car approached the checkpoint, got out of his vehicle, and tried to grab the weapon of a soldier before he was shot dead by other soldiers.
Israeli authorities did not comment on the incident.
The latest development comes amid a series of deadly incidents in the region.
On January 26, Israeli forces raided the Jenin refugee camp in the occupied northern West Bank and killed nine Palestinians and wounded 16 others.
A day later, a gunman opened fire on people near a synagogue at a Jewish settlement in East Jerusalem, killing at least seven people.
Since early January, some 35 Palestinians have been killed in the ensuing violence.

More than 170 Palestinians were killed in the West Bank in 2022, and at least 29 have been killed in January this year, according to figures from the Palestinian Health Ministry.
According to the UN, 2022 was the deadliest year for Palestinians since 2006.
The tensions have been further aggravated since Israel’s most right-wing government, headed by Prime Minister Benjamin Netanyahu, took office in December 2022.
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( With inputs from www.siasat.com )

February 4, 2023
JK Grameen Bank Dairy Loan Scheme Check Eligibility

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JK Grameen Bank Dairy Loan Scheme Check Eligibility and Rate of Interest

Objective:
» Enhance production and marketing of clean milk.
» Capacity building of farmers for undertaking dairy farming as commercial activity.
» Increase income of dairy farmers through value addition.
» Promoting use of appropriate scientific technology in dairy farming.
» Provision for infrastructure like animal shed, bulk coolers, etc.
» Promotion of dairy farming on a more commercial scale by up-scaling the number of commercial farms.
» Increasing the average cattle farm size with the farmers so as to reduce cost on material inputs.
» Encouraging good functional SHGs to take up dairy farming activity.
» Increase employment opportunities for the rural unemployed youth.
Eligibility
» Individuals living within the operational area of the branch. Preference be given to the Women beneficiaries & the ex-servicemen drawing pension through our Bank;
» The Farmers, Self Help Groups, Joint Farmers Groups are eligible to avail loan under the Scheme; &
» The identified beneficiaries should have necessary skill/ training to manage the dairy unit.
Age Criteria
Minimum: 18 years at the time of loan application; &
Maximum: 70 years at the time of loan maturity.
Unit Size
Minimum Two to Maximum Ten milch animals.

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Margin
For Loans upto Rs.4.00 lakh: 10%
For Loans above Rs.4.00 lakh: 20%
Security:
For loans up to Rs.3.00 lakh
Primary: Hypothecation of animals to be purchased and misc. fixed assets.
Collateral:
1. Two third party guarantees of sufficient net means acceptable to the bank.
2. Negative Lien of immovable property (including the shed to be constructed with land underneath) not less than the loan amount
For loans above Rs.3.00 lakh
Primary: Hypothecation of animals to be purchased and misc. fixed assets.
Collateral:
1. Guarantee of two persons having sound financial net means, good for loan amount and acceptable to the bank.
2. Mortgage of immovable property (including the shed to be constructed with land underneath) not less than the loan amount.
Repayment Period
The repayment period has been fixed as 6 years. The loan will be recovered in 69 equal monthly installments starting after initial gestation period of three months from the purchase of 1st lot of animals.
Processing Charges : 0.25% of the Loan Amount * Conditions Apply
Gestation Period – 3 months

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( With inputs from : kashmirpublication.in )

February 2, 2023
JK Bank Karobar Card Scheme Check Features and Benefits
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PURPOSE
To increase the flow of credit to individuals for entrepreneurial activity in the non-farm sector.
NATURE OF FACILITY
Both working capital and term loan.
ELIGIBILITY
Individuals engaged in the entrepreneurial activity in the non-farm sector, , which is eligible for classification under the priority sector guidelines
Loan facility under General Credit Card (GCC) should, however, not be extended to ACC, WCC borrowers.
The borrowers should not have been loan defaulter at any bank/ branch.
QUANTUM OF FINANCE
Maximum of 1.00 lacs.
REPAYMENT
Maximum: 60 months including maximum moratorium period of 03 months.
CLASSIFICATION
Micro Enterprise.
MARGIN
Upto 50,000: No margin is required for loans.
Above 50,000 and upto 1.00 lac: 10%.

For working capital: 20%.
SECURITY
PRIMARY: Hypothecation of all the assets financed.
COLLATERAL: Nil.

RATE OF INTEREST (SUBJECT TO CHANGE)
RLLR+1.00%
Click here for rate of Interest
The post JK Bank Karobar Card Scheme Check Features and Benefits appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 2, 2023
JK Bank Bike, Scooty Loan Finance Scheme Check Eligibility
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PURPOSE
For purchases of fresh Two wheelers i.e. Scooters, Scooties, Motor Cycles, Mopeds, Battery-Operated Scooters etc of any make and model.
ELIGIBILITY
Employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments.
Professionals or Self-employed individuals / Businessmen / Employees on contractual basis (Rehbare-I-Talim, Rehbare-I-Zerat)
Pensioners , Family Pensioners drawing their pensions from our Bank.
Persons engaged in Agricultural and allied activities.
Students with a parent (Mother or father or both) as Co-borrower. Income of both the father and mother can be considered for arriving at quantum of finance and repaying capacity.
Housewives aged 18 years & above, with spouse as Co-borrower. Income of the spouse shall be considered for finance.
Minimum employment
(Applicant/Co-borrower): The applicant must have been in current employment for a period not less than 6 months or must have a business standing of at least 1 years.
Employees on contractual basis in Government / Semi-Government undertakings, Autonomous bodies & public Sector undertakings shall also be eligible, if they have been in current contractual job for a period not less than 1 year and the remaining contract period is longer than the chosen repayment period.
AGE
Minimum age of applicant/co-borrower: 18 years
(16 years for purchase of scooter having engine capacity below 55CC).
Maximum age of applicant at loan maturity: 65 years.
INCOME CRITERIA
Minimum Net Annual Income : Rs. 75,000/- .
QUANTUM OF FINANCE
Minimum: Rs.25,000/-
Maximum: Rs.2,50,000/-
MARGIN
10% of the ex-showroom price for Two wheelers with ex-showroom price up to Rs.1,00,000/-.
20% of the ex-showroom price for Two wheelers having ex-showroom price above Rs.1,00,000/-.
REPAYMENT PERIOD
Maximum period of 60 months.
RATE OF INTEREST (SUBJECT TO CHANGE)
RLLR+2.00% (Fixed) RLLR+1.50% (Floating)
Click here for rate of Interest
Rebate of 25 basis point for female borrowers.
SECURITY
Primary
Hypothecation of Two – Wheeler to be purchased.
Collateral
a) No third party guarantee required in respect of permanent employees of State / Central Government, State / Central Government Undertakings & Autonomous Bodies drawing salary through our Bank and where letter of undertaking from employer is available.
b) Guarantee of one person for all others.
PREPAYMENT CHARGES
Nil
PROCESSING CHARGES
1% of Loan amount to be paid upfront subject to a
Minimum of Rs. 500/- and
Maximum of Rs-2000/
The post JK Bank Bike, Scooty Loan Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
February 2, 2023