OLTAS Payment Challan Inquiry

OLTAS Payment Challan Inquiry Online Tax Accounting System, shortly known as OLTAS, was initiated by the Income Tax Department in order to receive and maintain the tax records which are paid through banks through online upload of the challan. Introduction…

Statutory Liquidity Ratio

Statutory Liquidity Ratio One of the main functions of the Reserve Bank of India (RBI) is to control the supply of credit as well as the cost of it. The RBI mandates that every bank is required to maintain a specific…

Non-Banking Financial Companies (NBFC)

Non-Banking Financial Companies (NBFC) Non-Banking Financial Company or NBFC is an entity that is incorporated as per the Companies Act of 1956 and 2013. These companies have played an essential role in the financial system in India by bringing in…

Custodial Services

Custodial Services Services provided by a bank custodian are usually the settlement, safekeeping and reporting of customers' marketable securities and cash. A custody relationship is contractual, and the services that are performed for a customer differs. Banks render custody services…

Statutory Audit of Banks

Statutory Audit of Banks Statutory audit of banks can be defined as an audit to ensure that the financial statements and books of account presented to the regulators and the public are fair and accurate. It is an audit that…

CIBIL Score

CIBIL Score The TransUnion CIBIL Limited came into existence in August of 2000. Started as the Credit Information Bureau (India) in the financial capital of India, Mumbai, CIBIL was the country's first Credit Bureau. CIBIL began with consumer operations in…

Know Your Customer (KYC)

Know Your Customer (KYC) Know Your Customer (KYC) is a procedure by which banks can obtain information and details about the identity and address of the customers. This procedure helps to safeguard the banks' services are not misused. The KYC procedure…