Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
'Clearly, the depositors of cooperative banks need the maximum protection.'
Indian bankers are fearful that going out of their way to save Jet could lead to subsequent harassment from investigative agencies.
Digibank will offer only savings deposits initially, but will expand to include investments and lending in the coming months.
There were concerns that simply opening a bank account wouldn't constitute meaningful financial inclusion, as the poor would rarely use these accounts. However, recent data submitted to Parliament attests to increased account usage, says Ishan Bakshi.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
rediffGURU Chandu Nair advises entrepreneurs and enterprises about how to create and build their business.
Should deposit growth continue to outpace credit growth, banks may end up ceding some hard-earned 25-50 bps improvement in profitability or net interest margin gained in the past two years.
New SDR norms allow promoters to manage debt-laden firms.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'One evening, my mother announced during dinner that we would open a Cumulative Time Deposit account in the post office. 'My father froze. 'The handful of curd rice that he had just put into his mouth remained there for a few extra seconds.' Colonel K Thammayya Udupa (retd) recalls an important decision that changed his family's life forever.
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
In 2012-13, financial assets, including banks deposits, mutual funds, equity, bonds, and pension and insurance funds, accounted for only a third of all household savings, down from nearly half in 2006-07.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
The next revision will make the rates similar to those of bank FDs.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
Citibank on Tuesday launched a new 'zero-balance savings account' scheme for women, which also offers housing loans at a concessional 7.0 per cent, credit card and personal accident insurance free of cost.\n\n\n\n
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
With slippages increasing every quarter, any derailment on growth or change in customers' repayment behaviour after moratorium may impact the overall asset quality. Correction, though, presents attractive buying opportunities, given the bank's sustained leadership position.
Women are multitasking and management queens. The pointers here can easily be managed by all women along with juggling their current tasks at hand. Superheroes are fictional whereas superwomen are real. They are all around us!
At 3.5 per cent per annum, interest on savings accounts is the only regulated rate in the banking system currently and a highly contentious one given its impact on the common man.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as the Income Tax Appellate Tribunal (ITAT) has held that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases. The appellant, a housewife Uma Agrawal of Gwalior, had declared total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
The top court said in order to declare whether the exercise is academic or infructuous, it needs to examine the matter since both sides are not agreeable.
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