The idea behind setting up CIBIL is to gather all existing consumer and commercial credit information and pool it in a one-point source, for reference. As in, an individual or commercial establishment could have accounts in several banks and credit from different lending institutions. All such data can be pulled out at one single point, [...]

Banks feel the need to educate the consumer on financial literacy and in a move to stress this Reserve Bank came out with a concept paper on the subject and Financial Literacy and Credit Counselling (FLCC) centres in April 2008. These centres could be a great resource for loan applicants as a final step in [...]

Apart from the exciting and often tempting credit card offers, have we ever looked at the fine print, the stuff that actually makes the difference between a good and a bad choice? Most probably, not. Here is some information you should always look at before you opt for a credit card.

Over the years the tax rates have been mostly reduced with the intention of making them more rational and in tune with the international practices. It has reached a stage where any further reduction is not logically possible. At the same time the government has to think of ways of increasing its income. Hence, the [...]

Source based taxation is a process in which the income tax is calculated on the basis of the source of income whereas residence based taxation calculates income on the basis that individuals are taxable in the country or tax jurisdiction in which they are residing.

The new code suggests a rate of 0.25% of the value of gross assets for Banking companies and 2 percent for all other companies. A very striking aspect of the new code’s suggestions is that the MTA will be a final tax and it will not be allowed to be carried forward for tax credit [...]

This interest range for the bank to choose from is termed a spread. This spread is left to the discretion of the bank and depends on the other factors involved in loan eligibility like the credit profile of the loan consumer for instance. According to RBI regulations, banks are required to make changes in existing [...]

The most positive take away from the BoP for 2008-09 is the Capital account. The FDI inflows and NRI deposits have shown tremendous growth implying a greater confidence in the Indian economy in the long term and gives us the confidence that we are on the right track albeit slowly. NRI deposits were at 4.3 [...]