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No respite to home and auto loan borrowers; RBI keeps interest unchanged at 4%

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The EMIs on home and auto loans are unlikely to come down in the near term as the Reserve Bank of India on Friday kept the key policy rates unchanged in its bi-monthly Monetary Policy review.

The central bank announcing the outcome of its bi-monthly Monetary Policy rates on June 4 said that it has decided to keep the repo rate unchanged at 4 percent and the reverse repo rate at 3.35 percent. Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation. The reverse repo rate is the rate at which the RBI borrows from banks.

The MPC kept the key benchmark rate unchanged in its last five reviews. This is the sixth time in a row that MPC has decided to keep the policy rate unchanged. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rates to a historic low.

The 6-membered MPC voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target. The central bank lowered its estimate for economic growth to 9.5 per cent for the current fiscal from earlier projection of 10.5 per cent due to the impact of the second COVID wave.

Meanwhile, the government on Monday released India`s GDP figures, with data showing that India’s economy contracted by less-than-expected 7.3 percent in the fiscal year ended March 2021.

The data furnished by the National Statistical Office (NSO) showed that real GDP or Gross Domestic Product at constant (2011-12) prices in 2020-21 attained a level of Rs 135.13 lakh crore, as against the `first revised estimate` of GDP for the year 2019-20 of Rs 145.69 lakh crore.

“`GDP at Constant (2011-12) Prices in Q4` of 2020-21 is estimated at Rs 38.96 lakh crore, as against Rs 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6 per cent,” according to the GDP estimates released by the Central Statistics Office (CSO).Besides, the CSO said: “There was a sharp spike from Rs 2.27 lakh crore in BE 2020-21 to Rs 5.95 lakh crore in the revised Estimates for the major subsidies (especially food subsidies) of Centre, presented in Budget 2021-22, in RE 2020-21.”

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Aadhaar card address change online: A step-by-step guide

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Adhaar card has become a really crucial document in India for availing several benefits offered by the Indian government under different schemes. However, for availing many benefits, your address on the Aadhaar card needs to be updated.

If you relocated and want to update your address on your Aadhaar card then we have good news. The Unique Identification Authority of India (UIDAI) recently allowed users to update their address online on the official portal. Also Read: India slams UN Rapporteurs’ criticism of new IT rules, says our democratic credentials are well recognised

In a tweet, UIDAI had said that the Aadhaar Card address can be updated online through Aadhaar Self Service Update Portal at sup.uidai.gov.in/ssup/. All you need to do is upload the required documents on the online portal to update your Aadhaar Card address.

Here’s how to change your Aadhaar card address online:

1. You need to log in to the official portal which is ssup.uidai.gov.in/ssup/.

2. Select the ‘Proceed to Update Aadhaar’ button.

3. Login using your 12-digit Aadhaar card and Verify your details with a security code or captcha code.

4. You will then have to click the ‘Send OTP’ button. The OTP will arrive on the Aadhaar-registered mobile number.

5. Log in to the portal by entering the OTP.

6. Select the ‘Edit Address’ option.

7. Enter details of your new address.

8. After entering the details, you need to upload the address proof which has the new address.

9. Click the ‘Submit’ button, and your Aadhaar card address will be updated in no time.

 

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Get Rs 5 lakh in exchange of 2 rupee coin, here’s how

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A lot of people have this hobby of collecting rarest coins which finds no place in circulation or it is no longer in use. But if you luckily have a two rupee coin, you can easily get a chance to win Rs 5 lakh as the advertisement on Quikr shows.

Many buyers on the Bengaluru-based website are showing interest in giving a huge amount in return for the old coin.

This two rupee coin is made in 1994 and has an Indian flag on one side, and its value on the Quikr website is said to be Rs 5 lakh. Meanwhile, the value of one rupee coin is worth Rs 2 lakh.

While the other one rupee coin which was minted in 1918 is said to be worth Rs 9 lakh.

If you have these rare coins, it can fetch a lump sum amount, given the fact that you negotiate properly with the buyer.

There is a website called Coinbazzar which basically provides a platform for buyers for selling old notes and with the help of that platform you can sell an old Rs 10 note in order to get Rs 25,000 in return.

 

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Good news for govt employees: Details Inside

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52 lakh central government employees, central government servants (CGS), and more than 65 lakh pensioners are all set to start receiving Dearness Allowance (DA) benefits approved under the 7th Pay Commission from July 1, 2021.

The Central government has recently confirmed in the parliament about the rollout of stalled dearness allowance (DA) and dearness relief (DR) from next month. However, many employees are still confused about how much salary they will get from next month onwards according to their 7th pay commission matrix.

Currently, dearness allowance is paid at 17% of the basic pay. The DA will be increased by 11% to 28% after it will be reinstated from July 2021 onwards.

The 11% hike comes after adding three pending DA hikes, including a 3 per cent jump in DA from January to June 2020, a 4 per cent rise from July to December 2020, and a 4 per cent increase from January to June 2021. Also Read: Delhi unlock: Curbs eased further, bars and public parks to re-open

How to calculate salary after DA hike?

In the 7th Pay Commission, the salary of a central government employee consists of three components: basic salary, allowances and deductibles. The minimum basic salary of central government employees according to the pay matrix is Rs 18,000.

On the existing pay matrix, Rs 2,700 per month will be directly added to the basic salary of the central government employees. With the hike, employees’ total dearness allowance will increase by Rs 32,400 on annual basis.

Will central government employees get DA arrears?

The employees of the Central government are requesting the Centre to pay DA arrears. However, the government has already made it crisp and clear that no arrears will be paid for DA hike that would have been come into effect a lot earlier has there been no pandemic.

 

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Covid-19 Stats

22 Jun 2021, 5:39 AM (GMT)

Coronavirus Stats

30,002,691 Total Cases
389,661 Death Cases
28,950,726 Recovered Cases

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