Banks may be offering you more services than ever, but they have their price tags
Citizens won't have faith in Digital India if their hard-earned money is looted by cyber criminals and cyber fraudsters from banks.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
The assessment of PMJDY should be done within the context of the programme.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
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.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
While its deposits from Iran accounts have come down from a peak of around Rs 25,000 crore to Rs 2,200 crore, it's been offset by the bank receiving almost Rs 24,000 crore in deposits post note ban.
These have always been pro-cyclical bets but new banks could erode RoEs.
Licence winners are expected to be announced by the first quarter of 2014.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Modi said that for nearly one and a half years he has been putting in place details of new schemes to give new pace to the country's development and curb poverty.
rediffGURU Chandu Nair advises entrepreneurs and enterprises about how to create and build their business.
We are clearly focused on increasing our loan book in segments such as auto loans, home loans, commercial vehicles finance and corporate loans, says Chanda Kochhar.
The curious thing is that savings instruments have not really kept pace with changing needs, although people have access to a wider variety than before.
Opposition parties including Congress and Trinamool Congress on Wednesday joined ranks to slam the government for continuing restrictions on cash withdrawal from banks even after 90 days of demonetisation, saying Prime Minister Narendra Modi had said that hardships will last only 50 days.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
The bank has received authorisation to collect funds for PPF at branches mandated by the ministry of finance, ICICI Bank said in a release in Mumbai on Friday.
The new return forms also make life easier for expatriates.
Radio frequency identification service by Bharti, SBI allows cashless buying.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
The early bird results for the January-March quarter of 2022-23 (Q4FY23) show a pick-up in earnings growth, despite a slowdown in revenue growth, thanks to a decline in input costs and lower provisioning for bad loans by banks. The combined net profit of 66 companies that have, so far, declared their quarterly results was up 15.2 per cent year-on-year (YoY) in Q4FY23, an improvement from 4.3 per cent YoY growth in Q3. Net sales growth of these companies, however, slowed down to 11.5 per cent YoY in January-March 2023, the slowest rate in eight quarters.
The discrimination against girls reflects "mental illness", says PM.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
The bank's overall exposure to the 40 select accounts referred by the Reserve Bank to be resolved under bankruptcy laws is Rs 15,229 crore
The argument that India is going towards a 'Hindu rate of growth' is "ill-conceived, biased and pre-mature" when weighed against the respective data on savings and investments, said SBI Research in its Ecowrap report. The term Hindu rate of growth was coined by economist Raj Krishna in 1978, which denoted the economic growth of about 3.5-4.0 per cent in terms of GDP during 1947-1980. "India's quarterly sequential Y-o-Y GDP growth has been in a declining trend in FY23.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
Customers using e-commerce websites are young and techno-savvy.
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.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
Websites that compare product prices and offer cashback can help you get attractive deals and discounts.
Senior citizens should avoid putting their entire retirement corpus in SCSS.
Under the stipulation, banks with cash deposits of Rs 10 lakh (Rs 1 million) and above in a year in any savings account maintained by a person would have to report under the Annual Information Return.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Missing the deadline for filing Income Tax returns can lead to consequences.
Bank fixed deposits schemes, flexible rate deposit schemes, and sweep-in/sweep-out facility provide for higher interest rates compared to bank savings account and with the same degree of safety.
In their election affidavits, Sonia Gandhi declared a 45 per cent drop in her income in 2017-18 compared to 2013-14, while Irani's income increased roughly an 80 per cent increase in her income in the same time span.
