ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
Given that a sizeable part of this money is part of the coveted current accounts and savings accounts, it is surprising that banks are not in a hurry to revive these accounts, notes Tamal Bandyopdhyay.
Farmers in some villages of Maharashtra's Akola district claimed to have received as little as Rs 3 and Rs 21 as compensation under a central insurance scheme for the crop losses they suffered due to heavy rains, and called the aid as 'insulting' and 'mockery' of their plight.
An 83-year-old Pune resident died of a heart attack after being defrauded of Rs 1.2 crore in a 'digital arrest' scam. Fraudsters posing as police and CBI personnel targeted the man and his wife, threatening them with arrest in a money laundering case.
US-based hedge fund Jane Street, which allegedly made handsome gains through market manipulation, has deposited the mandated Rs 4,843.57 crore in an escrow account in favour of Sebi and requested it to lift certain restrictions. The watchdog is examining the request, Sebi said in a statement on Monday.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
A 32-year-old Delhi resident was allegedly duped of over Rs 9 lakh by a person posing as the chief of the Anti-Terrorism Squad (ATS) and accusing him of being involved in the Pulwama terror attack.
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'...the electoral playing field is tilted significantly in its favour.'
Suryakumar Yadav was back in his element with some spectacular hits but inclement weather proved to be a complete dampener as the first T20 International against Australia was called off
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'I will not be surprised if there is a 7 per cent handle in front of the decimal place for the full financial year.'
Young earners with high incomes and few responsibilities can save more than 30 per cent, while those with low salaries and high expenses may save less.
After Maharashtra Deputy Chief Minister Ajit Pawar announced that the sale deed executed by his son Parth's firm for a prime land in Pune has been scrapped, officials said the company will have to cough up double the stamp duty, which comes to Rs 42 crore, to get the transaction cancelled.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
For commercial banks to float subsidiaries, approval from the Reserve Bank of India (RBI) may not remain mandatory, according to highly placed sources.
Currently, deposits of up to Rs 5 lakh are covered under the deposit-insurance scheme.
In the latest case, the fraudsters, posing as personnel of the Enforcement Directorate and the Central Bureau of Investigation, contacted the businessmen between August 19 to October 8 and claimed his name had cropped up in a case of money laundering.
Banks have been borrowing heavily from the Tri-Party Repo (TREPS) market and deploying those funds into the Standing Deposit Facility (SDF) of the Reserve Bank of India (RBI), which is offering higher interest rate than the former, leading to increased volumes in the SDF window. The weighted average TREPS rate was trading at 5.66 per cent on Monday, 9 basis points lower than the SDF rate which currently stands at 5.75 per cent.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Delhi Police on Monday questioned Chaitanyananda Saraswati in connection with allegations of sexual harassment of female students at Sri Sharda Institute of Indian Management.
Shilpa Shetty, involved in a Rs 60-crore cheating case with Raj Kundra, withdrew her application to travel abroad as plans did not materialize. The court accepted the withdrawal and scheduled a hearing for their plea seeking suspension of the Look Out Circular on November 17.
The Election Commission (EC) has announced 17 new initiatives for the Bihar Assembly polls, including compulsory webcasting, mobile phone-deposit facilities, and measures to improve voter turnout and accessibility.
'It is not looking at valuation, but investment, growth and ultimately better profit for stakeholders.'
An accident inside a furnace at a private steel plant in Chhattisgarh's Raipur resulted in the death of six people and injuries to several others. The incident occurred during cleaning work inside the furnace.
Ashoka University professor Ali Khan Mahmudabad, previously booked for social media posts, has petitioned the Supreme Court for the release of his passport, a condition of his bail. The court will consider the plea on November 18.
Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensure uniformity, and efficiency in claim settlement across the banking system. The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025, a finance ministry statement said on Thursday.
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President Droupadi Murmu addressed Indian Police Service probationers, highlighting the growing threat of 'digital arrest' scams and emphasizing the importance of ethical policing and public service.
Chief Election Commissioner Gyanesh Kumar expressed satisfaction over the completion of the Special Intensive Revision (SIR) in Bihar, stating that the exercise has 'purified' the voters' list after 22 years. He made the announcement during a press conference in Patna.
The Lokpal, India's anti-corruption ombudsman, has issued a tender for the procurement of seven BMW 3 Series 330Li cars, estimated to cost around Rs 5 crore.
Lawyers were on strike against the LG's notification for the deposition of police personnel through video conferencing from police stations.
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'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
The Supreme Court has ruled that a bank's one-time settlement (OTS) scheme cannot be invoked as a matter of right and that borrowers must strictly comply with its mandatory conditions, including upfront payment of a specified portion of dues, to avail themselves of the benefits of the scheme.
Banking credit in the economy grew by 11.1 per cent year-on-year (Y-o-Y) in the fortnight ended March 7, while deposits grew at 10.2 per cent during the same period, which is a gap of around 90 basis points (bps), according to the latest data from the Reserve Bank of India (RBI).
A man died and his wife was severely injured after a mudslide levelled several houses in the Idukki district of Kerala. Residents allege unscientific road widening work was responsible for the tragedy.
The high-value Rs 2000 notes worth Rs 5,884 crore are still in circulation, according to official data released on Wednesday.
The Deenanath Mangeshkar Hospital in Pune, India, has stopped taking deposits from patients at the emergency department after a pregnant woman died after being turned away for non-payment. The hospital faced intense criticism following the incident, which involved the wife of a BJP MLC's personal secretary. The woman was shifted to another hospital where she died after delivering twins.
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