Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Outgoing SBI chairman Dinesh Kumar Khara on Saturday said the country's largest lender's net profits in the past four years under him have been higher than the cumulative figures for 64 years before that. However, Khara rued that the bank having a huge network of over 22,000 branches, and ammunition in terms of reserves and product suite, is not getting the "right value".
This week, as the I-T department scanned the deposits, reality hit them: Only a minuscule percentage of the Jan Dhan accounts had been used for money laundering.
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.
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
The government may now exempt states from paying this tax while withdrawing money to pay salary to its employees.
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.
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
Sarvjit Singh Samra's Capital Local Area Bank offers attractive features.
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.
State-owned Punjab & Sind Bank is targeting salary accounts to boost the share of low-cost deposits. Swarup Saha, managing director and chief executive officer of the New Delhi-based lender, tells Manojit Saha that the bank may see gross non-performing assets (NPAs) fall below 8 per cent if there is resolution of the stressed assets.
ICICI Prudential Life Insurance (IPRU) disappointed the market even though some analysts said the Q3FY25 results were in line. Most analysts cut margin estimates. The insurer reported M9FY25 growth of 8.5 per cent year-on-year (Y-o-Y) in value of new business (VNB) premium to Rs 1,575 crore, while total annual premium equivalent (APE) grew 27.2 per cent to Rs 6,910 crore.
In spite of the high decibel financial inclusion drive being carried out for the past three years, a Crisil study has revealed stark disparities in the spread of banking services, saying the top six cities are home to an astonishing 11 per cent of bank branches.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
A case study that charts financial plans of two individuals with different goals and responsibilities.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
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.
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
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
After declining to a three-year low in FY24, the private sector investment is expected to fall further in the current financial year, India Ratings said in a research note.. The investments in the private sector are likely to plummet to below 11 per cent of the GDP in FY25, based on the trends from the latest national accounts data and company fillings, it noted.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Nearly two million postcards and eight million letters pass through India's post offices daily.
More than 50 per cent of SIP accounts come from semi-urban and rural areas.
'They are ideal for short-term financial goals like children's education or a down payment for a house.' 'They are also useful for transitional savings, such as during job switches or while starting a business.'
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
It is advisable to file your ITR right away and not rely on potential extensions.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Union Finance Minister Nirmala Sitharaman on Tuesday commended Indian financial sector regulators for doing a "world-class job" and bringing greater transparency into the system. Underlining that she is not against questioning or critiquing regulators, Sitharaman said there is a need to be "extremely conscious" about contributions made by them as well. Speaking at the Financial Express Best Banks Awards, the finance minister said, "I strongly recommend that facts are taken on board before we discuss anything to do with the regulators, strictly speaking."
'The BJP has killed public anger. They have killed people's self-respect.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Finance Minister Pranab Mukherjee presented the Union Budget for 2012-13 on Friday.
rediffGURU Hemant Bokil answers your personal finance queries
rediffGURU T S Khurana answers readers' personal income tax queries
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.
These schemes came into force from June 1.
