Micro Credit or Micro Finance Facility, India

Micro Credit/ Micro Finance Facility : A Lifeline for the Poor 1. What is Micro Credit ?  Micro Credit is defined as provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and improve living standards. Micro Credit Institutions are those which provide these facilities. 2. What are the interest rates applicable ? The reform of the interest rate…
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How to encash Cheques in foreign currency?

One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these cheques are US-Dollar denominated payable by banks in the United States of America. In the interest of better public awareness, the following FAQs have been prepared for cheques…
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What are Gilt Funds in India?

Gilt Funds Gilt funds, as they are conveniently called, are mutual fund schemes floated by asset management companies (AMCs) with exclusive investments in government securities. The schemes are also referred to as mutual funds dedicated exclusively to investments in government securities. Government securities mean and include central government dated securities, state government securities and treasury bills. The gilt funds provide to the investors the safety of investments made in government securities and better returns than direct investments in these securities…
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Electronic Clearing Service (ECS), India

What is Electronic Clearing Service (ECS)? Ans : ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, etc. Essentially, ECS facilitates bulk transfer of monies from one…
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Exchange torned, soiled, mutilated and damaged Banknotes

This FAQ describes how and where to exchange torned, soiled, mutilated and damaged Banknotes What are soiled, mutilated and imperfect banknotes? (i) Soiled banknotes are banknotes, which have become dirty and limp due to excessive use. A single numbered banknote cut into two pieces but on which the number is intact is now treated as soiled banknote. A double numbered banknote cut into two pieces but on which both the numbers are intact is now treated as soiled banknote. (ii)…
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Major Investment Banks in India

An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities eg: IPO/ FPO work is handled by investment banks. An investment bank also assist companies in mergers and acquisitions, and provide ancillary services such as market making, trading of derivatives, fixed income instruments, foreign exchange, commodities, and equity securities. The following is the list of major indian investment banks based out…
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