Wrong UPI transactions occur when money is mistakenly transferred to an incorrect UPI ID, mobile number, or bank account. Raising a wrong UPI transaction complaint within the first 24–48 hours significantly improves your chances of recovering the funds.Key HighlightsSpeed: Report the wrong UPI transfer within 24–48 hours to improve the chances of recovering the funds.Resolution: Raise a reversal request through the UPI app, bank branch, or NPCI helpline.Escalation: If unresolved within 30 days, file a complaint with the RBI Ombudsman.Prevention: Verify recipient details and keep your UPI PIN secure before making payments.What is a Wrong UPI Transaction?A wrong UPI transaction occurs when money is mistakenly transferred to an incorrect UPI ID, mobile number, or bank account due to human error or technical issues.As per the guidelines of RBI, it is the sole responsibility of the beneficiary to enter the correct details to avoid a wrong UPI transaction. In such cases, it’s essential to raise a wrong UPI transaction complaint as soon as possible. Acting quickly increases your chances of recovering the amount.If you have sent money to any wrong UPI ID, you can complain to the payment system provider.  RBI guidelines also allow you to escalate the issue to the bank or further to the RBI Ombudsman if the UPI wrong transaction complaint remains unresolved.How to Reverse Wrong UPI Transaction?The following points mention various methods to reverse a wrong UPI Transaction:1. Through UPI AppMost UPI apps like Google Pay, PhonePe, Paytm, and BHIM have a 'Help' or ‘Report a Problem’ section, follow the steps below to reverse a wrong transaction via UPI:Step 1: Report the wrong UPI transfer within 24–48 hours to improve the chances of recovering the funds.Step 2: Raise a reversal request via the UPI app, at a bank branch, or through the NPCI helpline.Step 3: If the issue remains unresolved for 30 days, file a complaint with the RBI Ombudsman .Step 4: Verify recipient details and keep your UPI PIN secure before making payments.2. Bank Customer Care or BranchImmediately contact the bank’s customer support or visit the bank and register complaint by sharing the details mentioned below:UPI transaction IDBeneficiary account number or UPI IDTime and date of the transaction3.

The Kotak Bank SWIFT Code, also known as the Kotak Mahindra Bank SWIFT Code, is essential for sending or receiving international payments to and from India. The Kotak SWIFT Code helps ensure that overseas payments and international business transactions are transferred securely.Key HighlightsPrimary Code: ‘KKBKINBBXXX’ is the standard format for all the retail branches in India.SWIFT vs. IFSC: SWIFT handles international wires while IFSC handles domestic transfers.Length: 8 characters refers to the main bank hub; 11 characters target specific departments.Issuer: It is managed and issued directly by the SWIFT network under ISO standards.What Is the SWIFT Code of Kotak Mahindra Bank? The Kotak Mahindra Bank SWIFT code is a unique identification code written as KKBKINBBXXX. This code helps the bank to identify itself as a financial institution that can participate in or facilitate overseas fund transfers. It is important to note that the full form of SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. The Kotak SWIFT Code ensures that international transactions are being routed to the correct banking institution.Importance of SWIFT Code for Kotak Mahindra BankThe following are some of the important aspects of the Kotak Mahindra Bank SWIFT Code:Centralised Routing: The SWIFT code helps to ensure that funds are directed to the appropriate account by identifying the respective Kotak branch involved.Global Standardization: The Kotak Bank SWIFT Code minimizes the confusion between its branches and banks across different countries, since it streamlines payments and leaves no room for error. Is the SWIFT Code Same for All Branches of Kotak Mahindra Bank? Each branch of Kotak Mahindra Bank in India has a unique SWIFT Code.

A Positive Pay System (PPS) for cheques is a security measure utilised by banks to safeguard against fraud. It usually involves providing the bank with details of issued cheques, including the cheque number, date, and amount. Key Highlights:Security: PPS prevents cheque fraud by matching cheque details with pre-submitted digital data before payment is processed.Threshold: Typically applies to cheques of ₹50,000 and above, with customizable alert limits.Mandatory: Required for cheques of ₹5,00,000 and above at most banks; non-submission can lead to rejection.Parameters: Submit six mandatory details: cheque number, date, amount, beneficiary name, account number, and instrument type/transaction code.Channels: Details can be submitted via mobile banking, internet banking, SMS, or at a branch, usually at least 24 hours before presentation.What is a Positive Pay System (PPS)?The RBI implements the PPS system in banks to prevent fraud involving cheque payments, such as tampering or alteration. Under this system, the drawer of the cheque verifies important cheque details. These details are then rechecked again when the cheque is presented for payment. If the details provided by you match with those in the cheque, the payment goes through, otherwise, the cheque is sent back.Is Positive Pay Mandatory?It depends on the bank and the amount of the cheque:Cheque AmountPPS Requirement₹50,000 – ₹4,99,999Optional (recommended by RBI).₹5,00,000 and aboveMandatory at most major banks; the cheque may be rejected if PPS details are not submitted.Bank-specific thresholdsSome banks require PPS from ₹2,00,000, while others have revised the threshold down to ₹50,000 for specific non-base clearing methods, such as cash or third-party transfers.Note: Only PPS-compliant cheques qualify for the RBI's dispute resolution mechanism between presenting and paying banks.Positive Pay System LimitFeatureDetailsMinimum EligibilityPPS applies only to cheques of ₹50,000 and above.

As job switches are becoming increasingly common among the Indian workforce, the provident fund account, in which both the employer and employee contributes to the retirement fund, should be smoothly transitioned to the current employer. The PF balance can be transferred using UAN online.How to Transfer PF Online?Now we know that PF transfer can be made online and above criteria need to be fulfilled. Let us understand the procedure step by step with the help of screenshots:Login to Unified portal (member interface) by using your credentials i.e., UAN number and passwordAfter login, click on ‘One Member – One EPF Account (Transfer Request)’ under Online ServicesVerify personal information and PF account for present employment:PF account details of previous employment would appear on clicking on ‘Get details’ below.You have the option of choosing either your previous employer or current employer for attesting the claim form based on the availability of authorized signatory holding DSC. Choose either of the employers and provide member id/UAN:In the next step, click on ‘Get OTP’ to receive OTP to UAN registered mobile number and enter the OTP and click on submit.Once you click ‘Submit’ you can see the Tracking ID and PF account details. Take a printout of ‘Form 13’ and sign it.

In India, the underprivileged population receives subsidies from the central government through various schemes. Nevertheless, sometimes, these subsidies fail to reach the deserving people because of malpractices by the mediators. Hence, the government introduced the Direct Benefit Transfer (DBT) scheme to reduce the subsidy loss among the underprivileged population due to corruption. In this article, we will discuss everything about Direct Benefit Transfer in detail.   What is Direct Benefit Transfer?In DBT, benefits or subsidies are directly transferred to citizens living below the poverty line, ensuring subsidies are targeted to those in need. the government significantly transfers the cash benefits and subsidiaries to the Aadhaar-linked bank accounts of the beneficiaries. On 1st January 2013, the Government of India implemented the Direct Benefit Transfer scheme to transfer the subsidy amount directly to the beneficiaries’ accounts. The DBT scheme was first created by the Planning Commission to focus on the execution of the DBT program. Nevertheless, the Department of Execution took over the scheme from July 2013 to 14th September 2015.

The total Employees’ Provident Fund (EPF) amount consists of the contribution made by the employer and employee and the accumulated interest on the amount. You can withdraw your entire PF amount after 2 months of resignation from a job provided you are still unemployed. However, in certain conditions, you can claim it before attaining the age of 58. Eligibility For PF Withdrawal After ResignationYou need to fulfil certain conditions to be eligible to withdraw PF amount after Resignation, which is as follows:You must serve a notice period of one month or pay the corresponding amount to the employer.You must complete two months of continuous service with your current employer. Your personal details must be updated on the EPFO portal. You have not joined another company or job.You can withdraw 75% after one month of resignation and the entire amount after two months of resignation.Procedure For PF Withdrawal After ResignationHere is the procedure for PF withdrawal after your resignation:Submit Form 19The first step towards withdrawing your PF balance is to submit Form 19 (PF Settlement Form) to your current employer. You can easily obtain this form from the official website of EPFO or the nearest EPFO office. Before submitting it to your current employer, you must sign the form. You must also submit a cancelled bank account's cheque or a copy of your bank account’s passbook.PF Account TransferIn case you change your job, you can transfer your PF account from your previous employer to the new one to avoid incurring tax on the interest. You can do this simply by submitting Form 13 to the current employer. Post submition, your current employer will verify all necessary details and approve your withdrawal request. This process may take approximately 20 days from the date of form submission. After withdrawal request approval, your accumulated PF amount will be automatically credited to your bank account after 30 days from the date of approval.How To Withdraw From EPF Account Online?In today’s era of digitalisation, making a withdrawal request for a PF amount is hassle-free. Simply visit the EPFO portal and submit a withdrawal claim using your UAN.

Finance Minister Nirmala Sitharaman unveiled a series of reductions in customs duties as part of Budget 2024 and also announced which items are going to be costlier in financial year 2024-25.Among the notable changes, customs duties on essential items such as cancer medicines and mobile phones have been substantially lowered, promising to bring down their retail prices and make them more accessible to the general public. This measure is expected to provide much-needed relief to patients requiring expensive cancer treatments and to consumers looking to purchase mobile devices and accessories. Furthermore, the reduction in import duties extends to other key items, including gold, silver, and leather goods. These changes are anticipated to invigorate retail demand, particularly in the bullion market, while also addressing issues such as smuggling. Here we are providing detailed information about what gets cheaper and what gets costlier after Union Budget 2024.Items Getting Cheaper:Cancer medicines: Major reduction in customs duty, with 3 more cancer treatment drugs exempt from customs duty.Mobile phones, chargers, and other mobile parts: Basic customs duty reduced.Imported gold and silver: Import duties slashed to 6%.Platinum: Customs duty reduced to 6.4%Leather goods and seafood: Prices reduced due to lower customs duties.Ferro nickel and blister copper: Basic customs duties removedCapital goods for solar panel manufacturing: Expanded list of exemptions25 critical minerals: Customs duties fully removedShrimp and fish feed: Customs duty reduced to 5%Items Getting Costlier:Ammonium nitrate: Customs duty increased by 10%Non-biodegradable plastics: Customs duty increased by 25%Telecom products: Basic customs duty on certain equipment raised from 10% to 15%Plastic products: Customs duty increasedIndustry Impact:Gold and silver: Reduction in import duties expected to boost retail demand and help curtail smuggling.Global gold prices: Higher demand from India could support global prices but may increase India's trade deficit and affect the rupee.List of Items That Will Cheaper and Costlier After Budget 2024Here is the full list of items that will get cheaper and costlier in FY 2024-25:What’s CostlierWhat’s CheaperCancer MedicineAmmonium nitrateTelecom productsNon-biodegradable plasticsImported Gold and SilverMobile Phone and Mobile PartsPlatinumPlastic productsLeather Goods Seafood Ferro nickel and blister copper Capital goods for solar panel manufacturing 25 critical minerals Shrimp and fish feed Gold Rate After Budget 2024Today, gold prices faced significant selling pressure following the announcement of the Union Budget 2024. Finance Minister Nirmala Sitharaman revealed a reduction in customs duty on gold and silver from 15 percent to 6 percent. This led to a sharp decline in gold prices.

What is EPFO?Employees’ Provident Fund Organization (EPFO) is a statutory body incepted by the government of India. Being the country’s largest social security organization, it mainly encourages people to save for retirement, among others. EPFO comes under the purview of the Ministry of Labour and Employment and was established in 1952.What is EPF Payment?A salaried person who falls under the EPF scheme regularly contributes 12% of the basic salary and the dearness allowance towards the scheme. The employer should also make an equal contribution to the EPF scheme. This contribution towards this scheme is called epf payment.

UPI ATM cash withdrawal allows you to withdraw money from an ATM without using a debit or credit card. With the UPI cash withdrawal ATM feature, you can scan a QR code displayed at the ATM using any UPI app and enter your UPI PIN to complete the transaction. This service is based on Interoperable Cardless Cash Withdrawal (ICCW). Key HighlightsMaximum withdrawal limit: Up to ₹10,000 per transaction, subject to bank-specific limits.QR code-based process: Scan the ATM-generated QR code and authorise the transaction through your UPI app.Supported UPI apps: Works with popular apps such as PhonePe, Google Pay, Paytm and BHIM.Enhanced security: Transactions are authenticated using a UPI PIN and may require additional verification for certain transactions.Widely available: Supported by several banks and ATMs across India through the ICCW framework.What is Cash Withdrawal using UPI at an ATM?UPI ATM cash withdrawal is a cardless way to withdraw money from ATMs using UPI apps like PhonePe, Google Pay, Paytm, etc. Launched in 2023, this feature allows users to scan a dynamic QR code generated at the ATM and authenticate the withdrawal using their UPI PIN. This system uses Interoperable Cardless Cash Withdrawal (ICCW) which is a secure method that reduces the risk of card-related frauds. Recent updates have introduced additional security measures and clarified how UPI ATM cash withdrawals are treated for ATM transaction limits.UPI ATM cash withdrawals are counted towards the monthly free ATM transaction limit applicable to your bank account.

When facing a financial shortfall or an unexpected emergency, securing a personal loan might not always be a viable option. In such situations, many banks and financial institutions offer loans against property (LAP), which can provide a potential solution. Obtaining an LAP involves specific rules and conditions, but it can be a feasible way to secure quick loan approval to meet your needs. Key Highlights:Application Requirements: Submit documents related to your income, identity, and the property you wish to mortgage.Tax Benefits: LAP can qualify for tax deductions if the loan is utilised for purchasing another property or business-related expenses.Interest Rate Comparison: It's crucial to compare interest rates from multiple lenders to secure the best deal and make an informed decision.What Is Loan Against Property?A Loan Against Property (LAP) is a type of secured loan provided by banks and financial institutions, using your property as collateral. Acceptable collateral assets typically include residential houses, land, or commercial properties.LAPs are also referred to as mortgage loans. The loan against property interest rate is influenced by factors such as the property's value, your credit score, and the loan amount. The lending institution retains the property as collateral until the loan is fully repaid because LAPs often have no restrictions on how the funds can be used; they are a popular choice for debt consolidation. However, if loan repayments are not made, the lending institution has the right to sell the property to recover the outstanding loan amount. How to Get Loan Against Property?Applying for a loan against property is simple and can be done through both online and offline channels.