Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
'We are ready to deliver a Brisbane 2032 games that will leave the same incredible legacy for Queensland.'
EPFO's Central Provident Fund Commissioner K K Jalan has said that these directives shall help the body in getting the bank account details of all the members which are necessary for making UAN operational.
The government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 -- an over four-decade low -- for about five crore subscribers of retirement fund body EPFO. Earlier in March this year, the Employees' Provident Fund Organisation (EPFO) had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21. According to an EPFO office order issued on Friday and reviewed by PTI, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.
EPFO manages a corpus of over Rs 8.5 lakh crore and its subscribers' base is over five crore at present.
Here's what you MUST know to check your Employees' Provident Fund balance and status online.
EPFO has verified or attested 64.67 lakh Aadhaar numbers.
A deep dive into Trump's new policy and what it means for Indian professionals and companies.
EPF subscribers whose accounts have not been credited with deducted money can complain to EPFO or labour ministry.
Lt Gen Ahmed Sharif Chaudhry, the spokesperson for the Pakistan Army, is the son of a nuclear scientist who was sanctioned by the United Nations and the US for providing information and expertise to al-Qaeda, according to Indian officials. Chaudhry's father, Sultan Bashiruddin Mahmood, allegedly provided insights into nuclear weapons infrastructure and raised funds for a fundamentalist organization linked to the Taliban. Mahmood was arrested in 2001 after admitting to meeting Osama bin Laden but was later released.
Buying and selling of exchange trade fund (ETF) units worth less than Rs 25 crore will now have to take place compulsorily on the stock exchange platform, according to a new rule which comes into effect on Tuesday. The fresh norm, which comes into being after two deferments, is aimed at boosting liquidity and reducing tracking error. At present, investors directly deal with the asset management companies (AMCs) for purchase and redemption of ETFs - passive schemes that track a particular benchmark such as the Nifty50 index.
Under the Atmanirbhar Bharat Rozgar Yojana announced by the Centre to incentivise formal sector job creation, all 'new employees', who were never a part of the EPF system in the past, and those who made an exit from employment during the Covid-19 pandemic from March 1, 2020, to September 30, 2020, will be eligible for the benefit.
Here's the list of the seven accused who faced trial in the 2008 Malegaon blast case.
.jpg)
Fund managers will be given more flexibility to invest in corporate bonds.
China is set to build a rail link connecting Xinjiang province with Tibet, part of which will run near the Line of Actual Control (LAC) with India.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
A sub-committee of the country's biggest provident fund, EPFO, is believed to have recommended slashing of interest rates to 8% for its 3 crore subscribers, even as some trade unions pitched for hiking the rate to 12%.
The move can help mop up about Rs 1.2 lakh every day for the purpose.
The flag will be taken down on July 24, 2028, which will mark the conclusion of the Simhastha Kumbh Mela, which is held once in 12 years.
'The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.'
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
The Indian diaspora in London has been rallying around to coordinate fundraisers to support the UK-based family members of the Ahmedabad plane crash victims, including urgent assistance for two orphaned children.
Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
A formal sector worker can contribute towards pension scheme till the age of 58.
Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees' Provident Fund Organisation (EPFO). Besides, the net payroll additions -- calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers -- increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
Despite facing financial constraints, Kerala has been able to invest in welfare schemes and targeted programmes.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
It is time for India to raise its voice not just through military prowess, but through professionalism, principled voting and partnerships, asserts Deepak Mishra.
Recognising job creation for the youth as the foremost challenge for the economy, Finance Minister Nirmala Sitharaman on Tuesday announced a comprehensive Prime Minister's package to facilitate the employment and skilling of 41 million youth with a central outlay of Rs 2 trillion over the next five-year period. The package will consist of five schemes and initiatives - three focused on jobs and two on skilling.
Lashkar-e-Taiba terrorist Razaullah Nizamani Khalid alias Abu Saifullah Khalid, who was the brain behind the 2006 attack on the Rashtriya Swayamsevak Sangh headquarters, was killed by three unidentified gunmen in Sindh province of Pakistan on Sunday, officials in New Delhi said.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
Once in place, the new system is expected to benefit around 60 million workers covered under EPFO.
'We give them problems so that they can come up with solutions using the technological skills they have learnt.' 'In fact, changemaking and problem solving are interchangeable, in a way.'
Afghanistan's exiled women cricketers will be the first beneficiaries of a new refugee fund started by the Marylebone Cricket Club, the MCC said on Friday.
The Supreme Court on Friday upheld the validity of the Employees Pension (Amendment) Scheme of 2014 but quashed the threshold limit of Rs 15,000 monthly salary for joining the pension fund. The 2014 amendment had capped the maximum pensionable salary (basic pay plus dearness allowance) at Rs 15,000 per month. Prior to the amendment, the maximum pensionable salary was capped at Rs 6,500 a month.
The Labour Ministry has relaxed investment norms for retirement fund manager EPFO, but refrained from allowing the body to invest a part of its huge corpus of around Rs 5 lakh crore in equity markets.
