Liberalised Remittance Scheme

Liberalised Remittance Scheme Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India on February 4th, 2004 to permit citizens of India to transfer funds abroad for permitted current or capital account transactions or for both. In this article,…

Deposit Insurance and Credit Guarantee Corporation

Deposit Insurance and Credit Guarantee Corporation Deposit Insurance and Credit Guarantee Corporation (DICGC) was launched on 15th July 1978. DICGC is one of the subsidiaries of the Reserve Bank of India. This corporation was derived by combining two corporations namely, Deposit…

Solvency Certificate

Solvency Certificate - Application Procedure Solvency certificate is an important financial document that proves the financial stability of an individual or entity. Solvency certificates are usually used to prove financial strength while appearing for a visa interview or while applying for…

NHFDC – Educational Loan

NHFDC - Educational Loan The National Handicapped Finance and Development Corporation or NHFDC was established by the Ministry of Social Justice and Empowerment, Government of India, as a Non-profit company registered under Section 25 of the Companies Act, 1956. NHFDC is managed by…

What is BSR Code?

What is BSR Code? Basic Statistical Return Code (BSR Code) is a seven-digit code given by the Reserve Bank of India to all the registered banks in India. The first three digits out of the seven represent the bank whereas…

 Banking Ombudsman

Banking Ombudsman Banking Ombudsman is a senior official appointed by the Reserve Bank of India(RBI) or a quasi (nominal) judicial authority functioning under India’s Banking Ombudsman Scheme 2006. Banking Ombudsman has the responsibility to resolve customer complaints against deficiency in banking services. At present 15 Ombudsmen…

Commercial Paper in India

Commercial Paper in India Commercial paper was first issued in the year 1990 in India as a short-term instrument. Commercial papers were introduced as a privately placed instrument for the Non-Banking Financial Companies (NBFC Registration) mainly to enable highly rated…

Advance Remittance Form

Advance Remittance Form What is Remittance? In simple terms, remittance can be explained as a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid for. If the customer is paying by cheque,…

Oriental Traders Loan Scheme (OTLS)

Oriental Traders Loan Scheme (OTLS) Oriental Traders Loan Scheme (OTLS) enables hassle free credit to Traders to manage working capital requirements or augment long term margin or financing of fixed assets associated with business activity of the borrower or for expansion…