RBI has simplified KYC rules to make banking easier. Banks must now send advance reminders before KYC is due, and many KYC updates can be completed through Business Correspondents, video KYC, or other approved digital methods. Low risk customers also get more time to complete periodic KYC updates without unnecessary disruption to banking services.
Yes, in certain cases, an online business can operate without GST registration. However, if GST registration is mandatory, you make interstate supplies, or the e-commerce platform requires GST registration, you must register. Always check the applicable GST rules before starting your online business.
Yes, it can. Banks prefer applicants with stable employment and regular income. If you recently changed jobs or are in a probation period, your loan approval may be delayed or your eligible loan amount may be lower. However, a good credit score, steady income, and strong repayment history can improve your chances of approval.
Not always. Closing an old credit card can reduce your total credit limit and shorten your credit history, which may lower your CIBIL score. If the card has no high annual fee and is well managed, keeping it active is often better. Close a card only if it no longer suits your needs.
A startup's valuation is determined based on factors such as its business model, revenue, growth potential, market size, customer base, founding team, and future earning potential. Investors evaluate these factors to estimate the company's overall value.
An e-Stamp is generated electronically, while a physical stamp is issued as stamp paper. Both are legally valid for paying stamp duty. However, e-Stamps have a lower risk of forgery, are easier to verify, and can be obtained more quickly than physical stamp papers.
MSMEs can significantly reduce electricity bills by using energy efficient machines. Lower power consumption reduces operating costs, improves productivity, and increases long term profits. Many government schemes also provide financial support for adopting energy efficient technology, helping businesses save even more.
Udyam Registration helps MSMEs access collateral free loans, government subsidy schemes, priority in government tenders, protection against delayed payments, easier bank credit, and lower fees for patent and trademark registration. It also improves your business credibility and makes it easier to avail various MSME benefits.
Yes, updating your bank passbook regularly is a good practice. It helps you keep track of all account transactions, interest credits, charges, and your current balance. It also allows you to identify any incorrect entries or unauthorized transactions at an early stage.