Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
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.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
Delhi Cabinet minister Atishi on Friday said the Aam Aadmi Party (AAP) is worried about the security of Chief Minister Arvind Kejriwal in Enforcement Directorate (ED) custody.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
rediffGURU Hemant Bokil answers your personal finance queries
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
A day after the Reserve Bank of India's (RBI's) Monetary Policy Committee hiked the policy repo rate by 50 basis points (bps), several commercial banks, including ICICI Bank and Bank of Baroda, raised their external benchmark-linked loan rates by an equal amount on Thursday. HDFC, the country's largest mortgage lender, too, increased its interest rates on housing loans by another 50 bps. In total, it has raised rates by 85 bps since May 4, when the RBI had increased the repo rate by 40 bps in an off-cycle meeting.
The number of free transactions in a month at non-home ATMs is kept at three.
Rama and Sita entered a wonderful maze of lit streets, and when Bharatha caught sight of them as he ran down the steps of the palace, the whole city was chiming with celebration with this festival of lights. A fascinating excerpt from Vayu Naidu's book, The Living Legend.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
Most banks are still reluctant to open savings accounts based on company appointment letters, though the Know-Your-Customer norms allow it.
Vatsal Ramaiya draws wisdom from the Bhagvad Gita and correlates it to how you can build a decent corpus to achieve a peaceful retirement.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
The applicant must have an operational savings bank account.
When you make those New Year resolutions, you're thinking about fresh starts and the year ahead. What you might not realize is that they also could save money.
Union Bank of India will bring banking services to the doorsteps of over 2.5 lakh hawkers in Mumbai by partnering with their association and FINO Fintec, a micro finance institution.
This strike the banking industry saved Rs 55 crore on account of salary payable to the award staff as well as officers who participated to protest 74 per cent FDI and bank mergers.\n
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
It is very important to be aware of what you should not do with your money. Here are five things that you must be wary of while dealing with your money.
While festive offers can reduce costs, borrowers should also consider the lender's transparency and service quality. Customers need to be mindful of their repayment capacity.
'More investors now view the stock market as a valuable opportunity, though many still seek quick gains, leading to a rise in futures and options trading.'
Banks like ICICI Bank, ING Vysya Bank, HDFC Bank and Kotak Mahindra Bank provide savings bank accounts for children (below 18 years).
The move will to a large extent speed up the monetary transmission process--which is banks passing on the rate cuts that the Reserve Bank announces to their borrowers without much delays--something that has been missing all these while and something that the RBI has been unhappy with.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
The last four years, the best for corporate profits in a long time, have not been as impressive for corporate capital expenditure. The combined net profits of India's top listed companies excluding banks, financial services, and insurance (BFSI) increased at a compound annual growth rate (CAGR) of 32.4 per cent since FY20, a sharp jump from the 7.4 per cent in corporate earnings between FY14 and FY19.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
There is need for a continued pragmatic approach to foster the adoption of mobile banking services in India, says Probir Roy.
The central bank gave 11 entities licences to start payments banks.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
The essence of financial inclusion is to ensure that a range of appropriate financial services is available to every individual and enable them to understand and access those services.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Do not keep a large portion of your long-term portfolio in FDs.
India Post may be keen to apply for payment bank licence.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
If you're a salaried person there are many ways to save taxes
Centre took Rs 1,002 bn from here in 2017-18, sharply up from Rs 904 bn a year before and Rs 123.6 bn in FY14
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