Here are the answers to six most relevant questions you MUST know about the New Pension Scheme.
Even investors with sums as low as Rs 1,000 per month can start their investment journey.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
'He was asked to do the KYC again because the earlier exercise would not do as they were 'computerising.' 'Getting the records transferred to the reluctant computer would take time and so he was advised to come a few weeks later.' 'My only prayer is that post offices will survive the modernisation process with at least some customer base intact,' says Subir Roy.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
FPIs would be classified into two categories instead of three, while the requirements for issuance and subscription of offshore derivative instruments would be rationalised.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Due to the prevailing uncertainty, the risk of loans going bad has certainly increased. This may result in lenders following risk-based pricing more diligently, notes Naveen Kukreja, CEO, Paisabazaar.com
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.
With a common account number, you can use the MF Utilities platform to invest in any fund house's scheme.
The move comes at a time when the traditional software maintenance and support works, once the bread and butter for export-driven IT services business, are slowly drying up.
What's required is proper implementation of the rules and better coordination between market intermediaries such as stock exchanges and clearing members who play a key role in monitoring brokerages.
The government said that the massive amount of political donations were earlier made in cash by individuals or corporates using 'illicit means of funding'.
Sitharaman said economic slowdown seems to have bottomed out and the coming festive season will help the economy start looking up.
You can still save money, says Samkit Maniar
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
"The amount collected from the sale of electoral bonds under the first issue of the scheme is Rs 222 crore as on March 9, 2018," Minister of State for Finance P Radhakrishnan said in a written reply in Lok Sabha.
The deadline for compliance expired in December, 2005. Though new accounts are KYC-compliant, getting the old ones up to date is expected to take two or three years.
With the new facility, settling PF withdrawal claims would just take few hours.
Insurance regulator IRDA has issued anti-money laundering guidelines that include strict adherence of KYC norms by insurance companies.
The Street is talking about the New Rakesh Jhunjhunwala who has invested heavily in a particular stock.
The Enforcement Directorate on Monday detected cash deposits totalling over Rs.104 crore in an account belonging to the Bahujan Samaj Party and Rs 1.43 crore in an account belonging to party Supremo Mayawati's brother Anand in a branch of United Bank of India in New Delhi, sources in the Enforcement Directorate said.
The agency's probe till now found that huge monies were transferred through RTGS transfers to some shell companies including a case where the director of such a firm was a petty labourer
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Linking all accounts is a difficult and costly task for brokers
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
UPI transactions are growing faster, but wallets remain relevant for those without a bank account and seeking cashbacks.
Reserve Bank of India will soon review the progress made by banks in implementing "Know Your Customer" guidelines at branch level to strengthen the mechanism to keep a check on money laundering activities.
It is suggested that you get your SIM locked with which the wallet account is mapped.
The difference between Cibil and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the loan offer, while in the case of Cibil the customer first checks the credit score and then applies for the loan.
Laxity in enforcing KYC and allied norms suspected; money laundering gaps also on probe panel's mind
Aadhaar will provide a big platform to fight corruption, said UIDAI Chairman Nandan Nilekani, who is expected to contest forthcoming Lok Sabha elections on Congress ticket.
