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.
15 states have rolled out unconditional cash transfer schemes for women, with an estimated annual outlay of around Rs 1.7 trillion covering nearly 120 million beneficiaries.
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.
The RBI seems to be acknowledging that all deposits are not equal -- a deposit with a lower run-off assumption is inherently more valuable than one that could disappear overnight, points out Tamal Bandyopadhyay.
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'.
The EPF should remain a retirement nest egg, not be turned into an emergency fund.
India's markets regulator, Sebi, has issued a warning to listed companies and regulated entities about an emerging cyber fraud known as the "Boss Scam." This scam involves fraudsters impersonating senior officials like CEOs or MDs to trick finance teams into transferring funds, often using advanced AI tools or malicious software. Sebi advises organisations to verify requests independently and report incidents to prevent financial losses.
A recent SBI Economic Research report indicates that the significant gap between credit and deposit growth, currently over 530 basis points, is likely to persist if geopolitical risks and external supply shocks continue. However, an improvement in deposit growth is anticipated with inflows into foreign currency non-resident (bank) deposits.
State Bank of India has launched a suite of AI-powered digital innovations on its YONO platform, enhancing both retail and business banking services. These new features include a 3-in-1 digital onboarding process, a sustainability tracker, integrated trade finance, and an AI virtual assistant, aiming to provide intelligent and future-ready banking experiences for its 53 crore customers.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
Taxpayers must provide more details to support deduction and exemption claims.
The asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
rediffGURU T S Khurana answers readers' personal income tax queries
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
That means making it easier to invest, protecting investors through predictable rules, and avoiding policy reversals after investments have been made, notes Rajeswari Sengupta.
Millions of EPFO subscribers can now check whether 8.25% annual interest for FY2025-26 has been credited to their provident fund accounts.
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.
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.
The NTA has also confirmed that the upcoming re-examination, scheduled for June 21, 2026, will be conducted entirely free of cost for all previously registered candidates, funded fully through the agency's internal reserves.
Investments under the framework would remain voluntary for employees.
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.
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.
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.
Sebi is working with other regulators to expand the CAS framework.
Understanding a product and assessing its suitability improve the chances of staying invested. Use life insurance mainly to cover risk, not to seek returns.
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.
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.
WhatsApp is finally letting you hide your phone number behind a custom username. While it's a massive win for privacy, cybersecurity experts warn it could unleash a wave of identity scams. Here is what you need to know.
It, however, conceded that 20 per cent blending of ethanol with petrol leads to 3-5 per cent lower mileage in vehicles than conventional petrol, but said the blend offers a significantly higher octane rating, superior anti-knock properties, faster combustion, better pickup, smoother acceleration, and cleaner engine operation.
Long-duration bonds allow investors to match investment tenure with long-term liabilities and also stabilise their long-duration portfolios.
The scheme, called 'Suhana Safar', targeted customers who aspire to own a car but were hesitant because of concerns around arranging the down payment or managing future EMI obligations.
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's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
Too many EMIs draining your salary? Ramalingam Kalirajan explains the safe borrowing limit that protects your income from a dangerous debt trap.
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.
'My resignation is a larger governance and governance-plus kind of an issue, which the board of directors of the bank should be introspecting.'
This has affected all political activity of the party, Maken said at a press conference.
