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ONAD: One News A Day

Easy to understand personal finance news for Indians. Daily news that affects your pocket.

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There’ll be finally something to cheer about for new loan borrowers!

RBI

 Cool Title, but what’s the news? The RBI, in its bi-monthly monetary policy review announced on 5 December, has directed banks to switch to external benchmarks to determine interest rates of new retail floating-rate loans. The change could be effective from April 1, 2019.  Okay, but what does it mean? The new regulation will force banks to adopt a uniform external benchmark, within a particular...

In a notable move for retirees, NPS withdrawal has been made 100% tax free

NPS

 Cool Title, but what’s the news? In a recent move by the centre, the government has made the National Pension Scheme (NPS) more tax friendly, by offering complete tax exemption to 60% of the entire money that an investor can withdraw on maturity.  Okay, but what does it mean? Before the new regulations, only 40% of the total corpus (down from the current 60) was tax-free. But now the entire 60%...

Buying your 2nd vehicle? The latest move by IRDAI might save you some money

IRDAI regulates CPA

🤔 Cool Title, but what’s the news? From the 1st of January, 2019, vehicle owners will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy. The insurance regulator is all set to unbundle the CPA cover and allow issuing of a standalone CPA cover for the owners. 😕 Okay, but what does it mean? Today, anyone purchasing a vehicle has to mandatorily...

New RBI governor is in the house. It’s time to be excited?

Shaktikanta Das - New RBI Governor

🤔 Cool Title, but what’s the news? There cannot be any other news today. The country’s going through some major reshuffling with the appointment of new RBI governor – Mr. Shaktikanta Das, after Mr. Urijit Patel cut-short his tenure and resigned. 😕 Okay, but what does it mean? Given that the markets have not performed very well this year, in the light of various unforeseen events...

PM Narendra Modi ruled out a single Goods and Services Tax (GST) rate | July 3

🤔 Cool Title, but what’s the news? Prime Minister Narendra Modi ruled out a single Goods and Services Tax (GST) rate and slammed Congress for suggesting a single rate which would make commonly used food items more expensive. 😕 Okay, but what does it mean? It would have been very simple to have just one slab but it would have meant we could not have food items at 0% tax rate. “Can we...

ICICI Bank Credit Card Offers Amazon Pay Balance as Reward | October 31

icici bank credit card

🤔 Cool Title, but what’s the news? In a first-of-its-kind move in India, Amazon has partnered with ICICI Bank to provide its Prime customers a credit card that leverages shopping expenses into reward points. 😕 Okay, but what does it mean? This card earns Amazon Prime customers 5 percent reward points on shopping, wherein one reward point is equivalent to a rupee, and these reward points...

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