Banking – Ecostar Business

Ujjivan’s women savings account

Ecostar Editor MagJuly 8, 20212167 Views0

The account comes with many benefits including interest of up to seven per cent on balance. jjivan Small Finance Bank, Ua part of Ujjivan Financial Services, launched Women Savings Account named Garima Savings Account. The account will offer multiple customised benefits to women including up to seven per cent interest on the savings account. Through the product, the bank aims to serve financially aware and economically active women by being a companion in their day-to-day banking needs. The account offers a higher cashdeposit and free unlimited withdrawal at any of its branches with no additional charges for non home branch transactions. Customers would also enjoy unlimited free NEFT and RTGS transactions through internet banking and mobile banking. The account comes with a persona...

Banking

Loan write-off Never means a defaulter is forgiven

Ecostar Editor MagJuly 7, 20211161 Views0

Write off doesn't mean forgiving the defaulters' loan. It is only a technical term used in the accounting of commercial banks for recalibration ofnon-performing assets (NPA) to save tax, after making full provision against the NPA. This practice is done since prudential norms came into existence many years ago. Many people, including intellectuals and pseudointellectuals, still publicise "writing off' of corporate loans, as if the lenders have forgiven the loans. Surprisingly, they do not know the term write-off is only a misguiding argument. It is no more freedom for the borrowers to sit without the liability of repaying it.Every borrower will have to repay their loans even if the banks write off the loan from their books. Write off doesn't mean forgiving th...