India's lack of financial inclusion is well known but that slightly more than 50 per cent of the population just has a simple savings bank account is distressing.
Private sector lender IDFC First Bank has lowered its savings account rates and introduced new slabs for small and medium balance categories, effective January 9, 2025, as per its website. The interest slabs and rates for higher balance accounts remain unchanged. Despite the revision, the bank continues to offer one of the highest savings account interest rates in the industry among mid-sized banks.
A special audit by the Comptroller and Auditor General (CAG) has revealed that Odisha's forest and environment department sidestepped central guidelines, procuring and customising Mahindra Thar SUVs worth 17 crore from the State Disaster Response Fund (SDRF) for forest protection, despite the funds being earmarked for 'preparedness and capacity building'.
A tribal man in Odisha's Keonjhar district brought the skeleton of his dead sister to a bank to withdraw money deposited in her name after bank officials insisted on the account holder's presence.
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to prove her death and withdraw her money, sparking outrage and prompting government intervention.
The CBI has registered a corruption case against Rajni Kant Agrawal, the former chairman-cum-managing director of Water and Power Consultancy Services (WAPCOS), following a complaint from the Ministry of Jal Shakti.
Analysts have largely maintained a bullish outlook on HDFC Bank and ICICI Bank following their Q4FY26 results, though their perspectives on future growth drivers differ. HDFC Bank's near-term performance is tied to accelerating loan growth, while ICICI Bank is seen as a strong candidate for a valuation rerating.
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to withdraw her money, sparking widespread condemnation. The bank claims it only requested valid documents, but the incident has raised questions about the treatment of vulnerable customers.
IDFC First Bank reported a Rs 590 crore fraud involving its employees and others in accounts held by the Haryana government. The bank has informed regulators and filed a police complaint, initiating internal reviews and forensic audits.
Sebi is working with other regulators to expand the CAS framework.
'My resignation is a larger governance and governance-plus kind of an issue, which the board of directors of the bank should be introspecting.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
The government is planning a postal logistics infrastructure upgrade for India Post to modernise parcel facilities, aligning them with those in developed nations, according to Communications Minister Jyotiraditya Scindia.
The quantum of fraud detected by the bank is more than the 503 crore net profit it reported for the October-December quarter of 2025-2026.
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
Haryana Chief Minister Nayab Singh Saini released over 2,115 crore directly into the bank accounts of beneficiaries under various welfare schemes, benefiting over 58 lakh eligible individuals.
'The government's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
HDFC Bank's leadership addresses the sudden resignation of its chairman, citing ethical concerns, and attempts to reassure stakeholders about the bank's governance and future stability.
Former HDFC Bank chairman Atanu Chakraborty cites misselling of AT-1 bonds and underperformance as key reasons for his resignation, dismissing personal differences as a major factor.
ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
You can compound money. You cannot compound being young and stupidly in love. So? 'Don't Play Small' this Valentine's Day
The State Consumer Disputes Redressal Commission has directed Bank of India to compensate a senior citizen for losses incurred due to unauthorized ATM transactions, citing deficiency in service and failure to adhere to security protocols.
Jammu and Kashmir Lieutenant Governor Manoj Sinha has accused Pakistan of targeting the region's youth by flooding the streets with drugs, vowing to combat the menace and protect the younger generation.
Odisha vigilance officers arrested the parents of a previously arrested banker, along with another individual, for allegedly embezzling Rs 5.56 crore in government funds in the Jajpur district. The accused are Pradip Kumar Mohanty, his wife Gitarani Mohanty, and Bishnu Prasad Dash. The funds were fraudulently diverted over six years.
'It is a tradeoff between convenience and fraud prevention.'
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.
The government plans to expand its central bank digital currency (CBDC)-based food subsidy programme to Chandigarh, Dadra and Nagar Haveli, and Daman and Diu by June, following its implementation on a pilot basis in Gujarat and Puducherry, official sources said.
Best in class asset quality, strong retail granularity, and a sustainable return ratio -- these are the things we will look at, says Yes Bank's new MD and CEO Vinay Tonse.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
'There is a challenge in repositioning yourself, maybe reinventing yourself.'
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
The Supreme Court has sought responses from the Centre, the CBI and others on a plea filed by a 78-year-old retired banker who was duped of Rs 23 crore after allegedly being put under "digital arrest" for nearly a month.
rediffGURU T S Khurana answers readers' personal income tax queries
A 64-year-old man from Thane was allegedly defrauded of 1.56 crore by cybercriminals using a 'digital arrest' scam, involving forged documents and constant surveillance.
A Kerala MLA, K Shantakumari, was targeted by a cyber fraud gang impersonating Anti-Terrorism Squad officers, who claimed she was linked to a bomb blast case. She reported the incident to the cyber cell after uncovering their deception.
How about some facility that would give you the best of both worlds, the liquidity of a savings account and the interest rate of a fixed deposit? Auto-sweep facility does exactly this.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
Young earners with high incomes and few responsibilities can save more than 30 per cent, while those with low salaries and high expenses may save less.
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