The reduced rates will take effect from July 1, 2019, the Ministry of Labour said in a release. It would benefit 3.6 crore employees and 12.85 lakh employers.
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The latest set of inflation data comes days after the Reserve Bank of India (RBI) reduced the repo rate - the key interest rate at which it lends short-term funds to commercial banks - to a nine-year low of 5.75 per cent.
The country's largest bank SBI charges between Rs 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route
The interest rates on fixed deposits (FDs), which are revised from time to time, vary according to the tenor of a fixed deposit across various maturities. India Post - which operates a network of more than 1.5 lakh post offices across the country - offers four maturity periods under its FD account. State Bank of India, the country's largest lender,...
In 2018-19, the government had pumped in the highest-ever infusion of Rs 1.6 lakh crore into PSBs to meet regulatory and growth capital requirements.
The RBI's asset quality review led to a massive spike in NPAs, and was supported with the enactment of the bankruptcy law for resolving the cases.
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