The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
The draft amalgamation scheme of Punjab and Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank (SFB) allowed quick relief to depositors with savings of up to Rs 5 lakh, but a long wait for those who had their nest egg with the scam-tainted bank. If the scheme gets approved, 96 per cent (or 880,000 of 924,000) depositors will get their full money straightaway after PMC is merged with Unity SFB. According to the draft scheme, retail investors may get up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) instantly, and then some more in phases till they can recall their full deposits after 10 years.
Various airlines, including the defunct Kingfisher, owed Rs 3,030 crore (Rs 30.30 billion) to the Airports Authority of India (AAI) at the end of December last year.
The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high, he said.
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
Karnataka Chief Minister Siddaramaiah on Monday launched payment of cash in lieu of the additional 5 kg of rice to beneficiaries under the government's 'Anna Bhagya' scheme.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
In a setback to Sahara Group chairman Subrata Roy, the company on Thursday informed the Supreme Court that it will not be able to deposit Rs 10,000 crore (Rs 100 billion) to release Subrata Roy from jail.
For now, Modi's government appears singularly focussed on demonstrating that it is not in any way inhibited by the BJP's loss of a majority, and will continue along its patented path of bulldozing all opposition and doing just as it likes, asserts Prem Panicker.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
An Italian court has barred India from encashing bank guarantees worth over Rs 2,360 crore of AgustaWestland as part of the penalties imposed on it after scrapping of the Rs 3,600 crore VVIP chopper deal.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
If indeed the gate opens for big industrial houses, the RBI needs to be smarter than them and demonstrate it through action, not reaction, observes Tamal Bandyopadhyay.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
'Clearly, the depositors of cooperative banks need the maximum protection.'
This election will be remembered for being the first election where the Election Commission failed to take action on gross violations involving the ruling party that repeatedly used religion, communal slurs, lies and undocumented allegations, observes Ramesh Menon.
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
Holding that the electoral bonds scheme was not fool-proof, the Supreme Court said on Thursday that information about funds received by a political party is essential for voters to exercise their freedom to vote effectively.
As Sahara India chief Subrata Roy continues negotiations with potential investors to raise funds to secure his release from jail, a senior group executive has proposed a 'contribution scheme' to raise Rs 2,500-3,000 crore ( 25-30 billion) from two lakh members of its parabanking division.
The Cabinet, chaired by Prime Minister Narendra Modi, allowed contractors to move to the new, speedier arbitration process, approved the release of 75 per cent of the amount in dispute against bank guarantees and provided for a conciliation board comprising independent domain experts in new contracts.
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
The ICICI Prudential Life Insurance Company's net premium income in the third quarter (October - December) of the current financial year (Q3FY24) swelled by 4.9 per cent year-on-year (Y-o-Y) to touch Rs 9,929 crore. Income from investment rose 111.3 per cent Y-o-Y to touch Rs 16,315 crore. The Annual premium equivalent (APE), and new business premium (NBP) increased by 4.8 per cent Y-o-Y. Both declined 7.5 per cent and 5.6 per cent respectively, quarter-on-quarter (Q-o-Q).
Gandhi said farmers asked him during his Bharat Jodo and Bharat Jodo Nyay yatras about why they were not getting the benefit of loan waivers like billionaire industrialists or MSP (minimum support price) for farm produce.
Prime Minister Narendra Modi Wednesday took the Congress to the cleaners over making the 2024 general elections about the protection of the Constitution, saying Indians voted on the plank only once when they threw out the Indira Gandhi government in 1977 after the Emergency.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
The lack of clarity on who is next in line, when the time comes, as indeed it will one day some day, reflects poorly on the management of the world's largest political party. It scarcely need be said that a squabble between the contenders, Shah and Yogi, is exactly what the doctor ordered for the Opposition, notes Krishna Prasad.
Facing difficulty in procuring large quantities of rice required to fulfil its poll guarantee, the state government on Wednesday decided to pay cash into the beneficiaries' accounts at the rate of Rs 34 per kilo, for the additional 5kg of rice under the free rice scheme.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
Chidambaram said the government will not go back on its decision to raise gas prices for both public sector and private producers from April 1.
All the bank notes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
