The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
Officials from both India and the US in the recent past have indicated that a "fair deal" will be concluded soon, with Indian officials holding that more formal rounds of talks are not needed.
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
The government has decided to discontinue the Gold Monetisation Scheme (GMS) starting from Wednesday in view of the evolving market conditions, the finance ministry said. However, the banks may continue their short term gold deposit schemes (1-3 years), the ministry said in the statement on Tuesday. Till November 2024, approximately 31,164 kilograms of gold have been mobilised under GMS.
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.
Sanjay Malhotra has made structural changes to banking regulation to bring down costs and increase efficiency. Plus, he kicked off a benign interest regime. But there are challenges ahead.
The move is aimed at making settlement of claims or return of articles from a locker smooth for relatives after the death of a customer.
The Reserve Bank of India (RBI) on Friday delivered a 25 basis point (bps) repo rate cut analysts expected, driven by the strong 8.2 per cent GDP growth in the September quarter. However, analysts do not expect a runaway market rally as the impact of US tariffs continues.
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
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.
As the government moves to revamp India's securities legislation, unifying three different laws into the Securities Markets Code (SMC), regulatory experts and market insiders have raised concerns on potential funding challenges for the stock market regulator.
Reserve Bank Governor Sanjay Malhotra on Friday said the central bank does not target any band for the rupee in the forex market, and allows the domestic currency to find its own correct level.
'Bank has a robust capital adequacy base. Along with balance sheet preparation, the bank is focusing on strengthening risk management for the new regime.'
A Gujarat-based couple's 23-year marriage ended in divorce due to a long-standing dispute over the wife's dietary choice of not consuming onion and garlic. The Gujarat High Court upheld the divorce verdict.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
Stock markets are likely to trade in a range-bound manner in a holiday-shortened week where trading activity of foreign investors, currency movement and global macroeconomic data announcements are expected to drive sentiments, analysts said. Several global markets may see subdued activity on account of Christmas and New Year holidays, an expert said.
The Supreme Court ensured a widow received compensation 23 years after her husband's death in a train accident, highlighting the court's commitment to justice for the poor.
The pace of growth in bank deposits and credit showed a substantial decline in the last quarter of 2009-10, as compared to the same quarter of the previous year.
The Telangana Cyber Security Bureau (TGCSB) foiled a digital arrest extortion attempt, rescuing an 80-year-old doctor and his family from cyber fraudsters posing as CBI officials.
Despite sharp interest rate cuts expected in this financial year amid easy liquidity conditions, state-run banks are treading cautiously on their loan growth projections for FY26. Most large banks are projecting loan growth at 11-13 per cent, almost similar to the previous financial year.
Ahead of the Reserve Bank of India's (RBI's) monetary policy review in the first week of December, major public sector non-banking financial companies (NBFCs) - the National Bank for Agriculture and Rural Development (Nabard), Small Industries Development Bank of India (Sidbi), Power Finance Corporation (PFC), and Indian Railway Finance Corporation (IRFC) - plan to raise up to Rs 24,000 crore together through bond issuancesk.
'This is an area where good lending can happen, and that is one of the priorities for the next quarter.'
EPF doesn't just build your retirement fund -- it also provides free life insurance up to Rs 7 lakh under the EDLI scheme.
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
'I will not be surprised if there is a 7 per cent handle in front of the decimal place for the full financial year.'
Reserve Bank of India (RBI)Governor Sanjay Malhotra on Friday said it was not the regulator's job to take decisions for bank boards, speaking in the context of the wide range of enabling reforms announced for lenders during the October monetary policy review, and emphasised that financial stability remained the regulator's focus.
The Great Shamsuddin Family is a seemingly light chamber piece that hides its claws of social commentary under the chirpy banter of an apartment full of women, observes Deepa Gahlot.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
The Maharashtra Pollution Control Board (MPCB) has ordered the shutdown of 19 ready mix concrete plants in the Mumbai Metropolitan Region for violating environmental guidelines and contributing to deteriorating air quality levels.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
A grooming branch network for servicing HNIs is a stepping stone for a full-fledged wealth management business.
Telangana's anti-narcotics wing, the EAGLE Force, conducted a multi-state operation against a Nigerian drug cartel, resulting in over 50 arrests and the seizure of narcotics worth Rs 3.5 crore.
Whenever possible, the karta or head of the family should openly discuss the future distribution of movable and immovable property with all legal heirs.
After the State Bank of India, Bank of India has classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing. State-owned Bank of India granted a Rs 700 crore loan in August 2016 to Reliance Communications for its ongoing capital and operational expenditure and repayment of existing liabilities.
Your money is protected by the Deposit Insurance and Credit Guarantee Corporation.
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
The Supreme Court judges' filings revealed a generally conservative financial ethos, emphasising stability and long-term savings.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Domestic institutional investors (DIIs) poured in Rs 94,829 crore of fresh money into Indian equities in August, the second-highest monthly inflow after record Rs 1.07 trillion influx in October 2024.
Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and asked them to make concerted efforts to garner deposits. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. During deliberations on the deposit mobilisation, she said that while the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably, and asked banks to make concerted efforts to garner deposits by conducting special drives.
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