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.
Bollywood seems to have ignored the month of September, with only two Hindi releases coming up in theatres. But cine-goers need not worry, as Hollywood and south cinema makes up for it.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
We did an analysis comparing investments made from a savings bank account with that made from a debt fund. The results are there for all to see.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Most banks are still reluctant to open savings accounts based on company appointment letters, though the Know-Your-Customer norms allow it.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
The first wave of COVID-19 last year impacted households as their financial savings moderated to 8.2 per cent of GDP in December quarter from 10.4 per cent in the previous three-month period, revealed an RBI data released on Wednesday. The preliminary estimate of household financial savings is placed at 8.2 per cent of GDP in October-December 2020-21, exhibiting a sequential moderation for the second consecutive quarter after having spiked in the pandemic-hit June quarter, RBI said in a release. "The moderation was driven by a significant weakening in the flow of household financial assets, which more than offset the moderation in the flow of household financial liabilities," it said.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
State Bank of India (SBI) is planning to recruit over 15,000 people in 2024-25, increasing the strength of those in the field for marketing. The recruits will be also for deployment in the bank's operations subsidiary and expanding the branch network. The operations subsidiary - State Bank Operations Support Services - became functional last year.
rediffGURU T S Khurana answers readers' personal income tax queries
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
This strike the banking industry saved Rs 55 crore on account of salary payable to the award staff as well as officers who participated to protest 74 per cent FDI and bank mergers.\n
Arjun Menon looks at the Top 10 South films that made an impact in 2024.
Nearly two million postcards and eight million letters pass through India's post offices daily.
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
Images from the Euro 2024 Round of 16 match between Austria and Turkey, at Leipzig stadium, Leipzig, Germany, on Tuesday.
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.
Many banks' profits will take a hit and a few of them could even end up being in the red because of treasury losses, triggered by a sudden spike in government bond yields in the rising interest rate cycle, notes Tamal Bandyopadhyay.
Take this fun poll. Let us know how you will spend the money you would have spent on buying the Coldplay tickets if you decided not to go for the concert.
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.8 crore on Punjab National Bank and Rs 30 lakh on ICICI Bank for deficiencies in regulatory compliance. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation (ISE) of Punjab National Bank (PNB) was conducted by it with reference to its financial position as of March 31, 2019. Following the ISE and examination of other documents, the RBI found contravention of its provisions relating to the pledge of shares by the PNB.
With a balance sheet size of Rs 22,000 crore (Rs 220 billion), we are a meaningful player in our home country, says Rana Kapoor.
The senior JMM leader, who briefly held the chief minister's post after Hemant Soren's resignation, said only the saffron party seems serious over the issue of tribals, while others are indulging in vote bank politics.
On the eve of the Haryana assembly poll results, the issue of chief minister-ship has taken centre stage in the Congress with all eyes on its high command's next move as the party expects to regain power after 10 years in the state.
Earlier, Russia's number 2 state-owned VTB bank had opened a branch in India.
The country's top bankers met RBI deputy governor Subir Gokarn on Thursday for the customary pre-policy meeting, where bankers pitched for a cut in savings bank rate, which will help them improve their net interest margins.
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
Bandhan Bank has declared disappointing results for the first quarter of the 2023-24 financial year (Q1FY24). While the market has been braced for known issues around microfinance exposures in West Bengal and Assam, there is higher stress in the portfolio. This means higher credit costs and poorer asset quality, leading to target downgrades by analysts.
Rejecting its own Bank Rate as the benchmark for returns on small savings, budgeted at Rs 165,000 crore (Rs 1,650 billion) this year, an RBI panel has said the rate was administered and did not convey the right signals on the current interest rate.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
A peek into the life of a public-sector banker who did well professionally, but paid a price for it, points out Tamal Bandyopadhyay.
Investments made in liquid funds, which invest in short-term debt instruments, offer better returns for retail investors than parking money in savings bank account, says a study.
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.
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Do not keep a large portion of your long-term portfolio in FDs.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
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