Headline growth was quite weak heading into the Covid period but averaged 6.4 per cent and 6.7 per cent in the five years between FY16 and FY20 for GVA and GDP respectively, points out Abhishek Upadhyay.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
The United Kingdom extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.
The idea is to save customers the inconvenience of opening and closing bank accounts or keeping multiple accounts if they have to shift to a new location or find their bank's services unsatisfactory.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Households are likely to remain the primary net lenders to the economy in the coming decades.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
IndusInd Bank on Monday announced the launch of Indus Easy Savings Account, a no-frills account with an allowed balance of Re 1.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
The Reserve Bank India's (RBI's) decision to ban the onboarding of new accounts on the "bob World" mobile digital platform led to a selloff in the Bank of Baroda (BoB) stock. The stock of the public sector bank dropped by around 3 per cent. The central bank cited "material supervisory concerns"; news reports claimed mobile numbers were randomly linked to accounts to purportedly inflate registrations on bob World.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
'People can start making a safety net, and that safety net should be at least three months of your monthly salary.' 'If somebody is earning Rs 25,000 then s/he should have at least Rs 75,000 in her/his bank account, so that if anything like this (lockdowns) happens in the future, they are not struggling.'
We asked you, dear readers to share yours smart tips to save money. This is what Mahesh Kaushik, 45, from Ghaziabad had to share.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
Reflecting strong momentum in business, commercial banks, including one public sector lender, reported a year-on-year (YoY) growth in advances. This was higher than or around the banking sector trend in the first quarter ended June 2023. Bank of Maharashtra said its loans expanded by 25 per cent YoY to Rs 1.75 trillion. This pace was much higher than the banking system's 15.4 per cent growth till June 16, 2023, according to Reserve Bank of India (RBI) data.
ICICI Bank has 317 branches in hitherto unbanked villages.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
The ED also alleged that Karti had 'disposed' off a property in Gurugram and had 'closed certain bank accounts.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
Most lenders that have reported their April-June business update posted slower growth in deposits sequentially as compared to the loan growth in the April-June quarter of 2024-25 (FY25). Current and savings account (CASA) deposits continue to face pressure. Private-sector lenders YES Bank, Bandhan Bank, and RBL Bank saw their deposit growth contract by 0.5 per cent, 1.5 per cent, and 2 per cent, respectively.
Returns of liquid funds are meant only for the short term and don't help investors create wealth over the long term, as equity funds do.
State Bank of India chairman Dinesh Kumar Khara has pitched for tax relief on interest income, saying it would help banks to garner savings that could be used for funding long-term infra projects. Currently, banks are required to deduct tax when interest income from deposits held in all the bank branches put together is more than Rs 40,000 in a year. With regard to savings accounts, interest earned up to Rs 10,000 is exempt from tax.
'It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other banks.'
Saving is not the same as investing as many people wrongly assume. But what's the difference between the two? How does each benefit you. Larissa Fernand has the answers
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
Tax advantage, absence of huge interest rate risks and better returns makes investing in liquid mutual funds a viable option to park your spare cash.
'The Casa ratio is at 33.4 per cent, which has to keep improving. Right now, there is a bit of liquidity pressure in the market.'
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Debit card payments remained sluggish due to the surge in digital transactions after the pandemic, and the Unified Payments Interface (UPI) has emerged as the most popular mode of money transfer, particularly for small value transactions, according to RBI data. In July 2020, the total debit card spends stood at Rs 2.81 trillion, as compared to Rs 3.15 trillion in July 2023, reflecting a growth of 11.96 per cent. UPI spends have seen a whopping growth of 428 per cent, zooming from Rs 2.90 trillion to Rs 15.33 trillion during the same period, the data revealed.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The merged entity's deposits grew by 16.2 per cent YoY at Rs 20.63 trillion at the end of the first quarter. Sequentially, the merged entity's advances rose by about 0.7 per cent to Rs 22.30 trillion as of March 31, 2023. However, the pace of deposit mobilisation was higher at 1.2 per cent over Rs 20.39 trillion as of March 31, 2023.
The discount should be equal to interest rates on savings bank account deposit of State Bank of India.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
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