After providing for regular income, invest both in debt and equity options
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
'We do not believe in fire sale. We don't do it.'
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Panel has recommended that banks give an option to open a plain savings account, without mandating a minimum balance.
'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
'Use this money to build an emergency fund if you do not have one.'
For people at the bottom of the pyramid, which I would rather address as mass market or emerging class; the primary challenge in accessing banking services are not just affordability but applicability and accessibility of services.
'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
Gadkari, who handles key infrastructure-related portfolios, said there is no problem with the road sector at present and money is not an issue anymore.
Vijay Mallya, who faces prosecution in India, is reportedly in London.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
Not far behind is Himachal Pradesh Cricket Association (HPCA), who requested for funds to organise fourth India vs Australia Test, starting March 25, despite having Rs 65 crore plus in the association's bank account.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Work fetches money and that is what keeps us going. But how about money fetching more money? We plan to give you what you need to get started.
As per the complaint, cash worth more than Rs 1.5 crore, whose audit for withdrawal and expenditure remained unclear, has been recovered during the probe.
Tax rules that could land you in trouble
A bench headed by Chief Justice D Y Chandrachud took note of the submissions of senior advocate Kapil Sibal, appearing for Thackeray, and sought response of the faction led by Maharashtra Chief Minister Shinde.
'Israel is counting on the United States to enter the fray on their behalf and perform destructive strikes against these targets that are beyond Israel's conventional capabilities.' 'They may well get their way if they start a war, because the United States is still committed to Israel's security, and it won't matter whether it is Trump or Harris in the White House.'
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
Banks' net interest margins under pressure due to moderate income from advances.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
A five-judge Constitution bench headed by Chief Justice D Y Chandrachud, which was hearing an application filed by the Election Commission (EC) seeking a modification of the operative portion of its March 11 order in the electoral bonds case, directed its registrar (judicial) to ensure that the data filed earlier by the poll panel before it in a sealed cover be scanned and digitised.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
Banks have been reluctant to transmit the entire policy rate cut by RBI to borrowers.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
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