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Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 companies that have applied for licences to open banks.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
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The first phase would comprise universal access to banking facilities. Under this, basic bank accounts with zero balance, RuPay debit card and financial literacy, will have to be completed in the next one year, officials said.
The government, he said, has implemented 'bold reforms'.
In an online chat with readers a few hours after the Union Budget 2015-16 proposals were announced by Finance Minister Arun Jaitley, Sundeep Agarwal, Director, PwC India, answered related queries to help put the announcements into perspective.
'There are no new benefits for senior citizens, but on the other hand senior citizens having sizeable dividend income may have to suffer tax at applicable slab rates,' says Mahesh Padmanabhan.
Chances of staying true to your goals tend to be high when you don't lose sight of what you set out to achieve, advises Arun Thukral, MD & CEO, Axis Securities.
By no means do economists see the Reserve Bank of India stop at just a 25-bp cut. Some of the economists such as Soumyakanti Ghosh of State Bank of India are of the firm view that rates have room to fall by a total of 75 bps in the current financial year, starting with 25 bps in the August 7 policy.
PS banks need to pull up their socks to improve cash flows.
As many as 75 million households that do not have access to banking services will be covered and at least one bank account opened for each household, against the earlier proposal of two.
Equity debt, gold - these all are terms you may have heard of when reading on funds but not quite sure where to start with or which one most suits your needs.
SBI had a tough journey in the last 40 years.
The prime minister and president stated their intention to expand defence co-operation to bolster national, regional and global security.
'Pakistan may have moved back from this devilish plot in 2007, but there is no guarantee it won't be on the drawing boards again,' warns Rajeev Sharma.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Retirees have better options that offer liquidity, better returns and are more tax-efficient.
The DoP has moved a Cabinet note for the government to provide Rs 500 crore (Rs 5 billion) as initial capital to India Post towards starting a bank.
Index heavyweights Reliance Industries and ITC were the top losers along with ICICI Bank and SBI
Don't let knotty financial issues weaken your marital bond. Heavy liabilities of one partner have the potential to sour a new relationship. So, develop a plan for how you will deal with these.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Simple takeaways from the Union Budget 2015-16 and how it impacts your life
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
Besides return and risk, investors also need to weigh the liquidity of the instrument they are putting money in
Once the patients are identified, the government will decide on the quantum of compensation in each case and then approach J&J for claim settlement.
With growing capital markets and business friendly climate, nearly 1.4 lakh investor accounts were opened on an average every month in the last one year.
To say capital gains from stocks are effortless shows little understanding of the treacherous investing terrain, says Debashis Basu.
The total value of assets held by India's financial institutions touched nearly $2.8 trillion, the third largest among BRICS nations, in 2013.
Govt must introduce automated investment scheme for poor.
Based on the credit history banks may later decide to extend the amount.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
The Central Board of Direct Taxes is set to rationalise I-T rules.
People who have no access to or do not trust the financial system are the only ones for whom investing in gold makes sense, says Naval Goel.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
When does it make sense and when does it not?
For ageing parents it is crucial to make a water-tight will.
Most NBFCs will have to slow down their loan growth. Some of the most leveraged will have to sell a part of their assets (or loan book) to banks to raise incremental capital. Others may have to knock on the door of their deep-pocketed parents.
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