Reserve Bank of India on Friday said it has imposed a penalty of Rs 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank has also slapped a fine of Rs 90 lakh on IDBI Bank. A monetary penalty of Rs 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI, the regulator said in a release.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
'With a very stable technology with limited functionalities, a large network has spanned out.'
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
While growth in India is largely domestic and hence the overall GDP effect may not be more than 0.15-0.2%, but overall trade will be impacted due to every country going back to the drawing board, points out Madan Sabnavis.
Investing is not just about setting aside money -- it's about making it work for you, says Ramalingam Kalirajan.
The RBI on Wednesday barred Paytm Payments Bank Ltd from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, and FASTags, among others after February 29, 2024.
On higher amounts, banks are allowed to offer differential rates to depositors.
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Even as concerns grow over the residential real estate market reaching its peak, the outlook for office real estate remains strong, with listed real estate investment trusts (Reits) standing to benefit from sustained demand in the segment.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
At a time when banks are finding it challenging to mobilise resources, State Bank of India (SBI)-the country's largest lender-has devised a three-pronged strategy to boost deposit accretion. First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to Rs 1 lakh through recurring deposit (RD) schemes.
The finance ministry's ambitious plan to implement portability in savings accounts has not found favour with the Reserve Bank of India (RBI).
The birth anniversary of Dr Bhimrao Ramji Ambedkar, whose political influence has surged with the passage of time, on Monday was marked by bitter trading of charges between the ruling BJP and opposition parties as they fought for his legacy.
A summary of Saturday's action in Ligue 1, LaLiga and Bundesliga.
'We plan to launch new initiatives, including cash flow-based lending, to ensure borrowers are not burdened and can access funds more quickly.'
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
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.
A team of experts involved in rescuing eight people trapped in a partially collapsed tunnel in Telangana have reached the end of the tunnel, but debris is hindering further progress. The rescue operation, described as one of the most complex in the world, continues with experts from the Indian Army, Navy, NDRF, and GSI working tirelessly to find a breakthrough. Despite continuous efforts and oxygen pumping, there has been no contact with the trapped individuals.
The savings bank deposits in banks in the country are already deregulated in a sense, with the swipe system allowing them to convert the deposits to fixed deposit to enjoy the higher rates, said Pratip Chaudhuri, chairman, SBI.
RBI's deregulation drive on saving interest rates has created a competitive environment.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
In a series of tweets reacting to banks led by State Bank of India taking over management control of troubled Jet Airways, Mallya said, "...Only wish the same was done for Kingfisher".
Why has a Reddit user's post -- where the user warns that 'even an IIM tag won't save you' -- created a storm online?
The country's largest lender, SBI on Tuesday said it has cut savings rate by 25 basis points, or 0.25 per cent, to 2.75 per cent on all deposits. The new rate will come into effect from April 15, 2020.
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.
India's flexible (flex) office segment, having breached pre-pandemic levels, is thriving as corporates, startups, multinational corporations, and global capability centres (GCCs) expand in India, seeking low-capital yet Grade A plug-and-play facilities. In the first quarter (Q1) of 2025, the flex office segment continued to grow, with flex space leasing rising by 22 per cent to 2.2 million square feet (msf), according to Colliers.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
The Pradhan Mantri Awas Yojana-Grameen has the highest unutilised amount (Rs 13,111 crore) compared to any other centrally sponsored scheme.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Modi said the transformations in the country in the past 10 years have reignited a risk-taking culture among the citizens.
'Young investors should focus more on equity, while retired senior citizens should prioritise fixed income.' 'Mid-career investors should aim for a balanced allocation.'
AAP national convenor Arvind Kejriwal filed his nomination for the upcoming Delhi Assembly elections from the New Delhi constituency on Wednesday, declaring net assets totaling Rs 1.73 crore. According to Kejriwal's affidavit submitted to the Election Commission (EC), his assets include Rs 2.96 lakh in bank savings and Rs 50,000 in cash. His immovable assets are worth Rs 1.7 crore. The affidavit also revealed that Kejriwal owns no house or car. Kejriwal's wife, Sunita, has total assets worth Rs 2.5 crore, including a house in Gurugram and a small car. The couple's combined net assets are worth Rs 4.23 crore. Senior AAP leader and former Delhi minister Satyendar Jain also filed his nomination, from the Shakur Basti assembly constituency, declaring a net worth of Rs 4.4 crore.
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.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
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