Kotak Mahindra Bank's loan and deposit growth are likely to be affected after the Reserve Bank of India (RBI) asked the private-sector lender not to take on board new customers through the bank's online and mobile banking channels and not to issue any new credit cards, according to analysts. The bank's share price fell 10.85 per cent on Thursday to close the day at Rs 1,643 on the BSE. The RBI's action came after market hours on Wednesday.
Investing is not just about setting aside money -- it's about making it work for you, says Ramalingam Kalirajan.
The interest rate on FDs hasn't changed much over the years.
These schemes are a good choice for investors contemplating a large investment in equity funds. Instead of investing all the money in one go, they can do so in a staggered manner by parking it in these schemes and then transferring it to equity mutual funds through a systematic transfer plan.
The country's largest lender, SBI on Tuesday said it has cut savings rate by 25 basis points, or 0.25 per cent, to 2.75 per cent on all deposits. The new rate will come into effect from April 15, 2020.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Call centres, once the engine room of India's BPO exports, are evolving too. Depending on the complexity, 30 to 50 per cent of voice and chat volumes are now handled by conversational AI.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
For over a decade, HDFC Bank consistently outperformed industry growth rates in both deposits and advances, maintaining impeccable asset quality. Amid a landscape where other banks struggled with soaring non-performing assets (NPAs), HDFC Bank thrived, eventually surpassing ICICI Bank to become the largest private sector lender in India. Its net interest margin (NIM) remained stable in the range of 4.1-4.4 per cent.
State Bank of India does not levy any charge for non-maintenance of a minimum balance in basic savings account.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
An app by the bank lets customers carry out a slew of banking functions via the social media site.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
In a double-dose bid to boost growth and employment prospects, the Union Cabinet on Tuesday approved a Rs 2.07 trillion outlay for a research development and innovation (RDI) Scheme to fund private sector innovations, and an employment-linked incentive (ELI) to create over 35 million new jobs over the next two years.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
With a slew of banks alluring customers with 6 to 7 per cent annual return -- instead of the staid 3 to 4 per cent -- on savings account deposits, customers are confused if they should switch their account to these banks. Salil Dhawan of Investment-mantra suggests you should not.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
The PM has assets worth Rs 2.5 crore including a residential plot in Gujarat's Gandhinagar, fixed deposits of Rs 1.27 crore and Rs 38,750 cash in hand.
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
In order to boost its deposit base, State Bank of India (SBI) is focusing on various segments, including JanDhan account holders, trusts, societies, and the segment below the affluent class but above the normal account holders. According to Ashwini Tewari , managing director, SBI, the bank is focusing on three broad segments. One is wealth banking, where the bank is focusing on individuals who perhaps do not qualify for private banking but are above regular accounts and require individual attention.
In a big relief to people and small businesses, the Reserve Bank of India on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.
10 largecaps stocks which stand to gain from the Budget.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
Also on the cards could be the first interest rate reduction in nine months.
The markets' recent behaviour has put most investors in a quandary.
'We plan to launch new initiatives, including cash flow-based lending, to ensure borrowers are not burdened and can access funds more quickly.'
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'With a very stable technology with limited functionalities, a large network has spanned out.'
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
A special court in Mumbai denied bail to businessman Sujit Patkar, an aide of Shiv Sena (UBT) MP Sanjay Raut, in the alleged COVID treatment centres scam. The court found that Patkar played with the "life of people" by under-deployment of doctors and staff to generate proceeds of crime. The Enforcement Directorate (ED) alleged that Patkar's firm, Lifeline Hospital Management, fraudulently obtained a contract for supplying medical staff at Dahisar and Worli Jumbo Covid facilities during the pandemic, resulting in the generation of proceeds of crime (PoC) amounting to Rs 32.44 crore. The court noted that there are ample statements of the witnesses to show that a list of more staff members was prepared than being deployed on the instructions of Patkar.
In case the third party fraud is reported after a delay of four to seven working days, the customer will face liability of up to Rs 25,000.
Allocation to bank deposits -- fixed deposits, savings account deposits, and current account deposits -- came down.
