India's lack of financial inclusion is well known but that slightly more than 50 per cent of the population just has a simple savings bank account is distressing.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
A sophisticated cross-bank syndicate is systematically defrauding non-resident Indians (NRIs) and elderly citizens by exploiting their fixed deposits through forged documents and fictitious loans, often involving colluding bank employees and real estate deals.
Despite near gender parity in basic bank account ownership, women in India remain significantly underrepresented in the growing platform economy due to gaps in digital financial capability and access to credit, according to a joint report by the International Labour Organization and National Council of Applied Economic Research.
The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
Private sector lender IDFC First Bank has lowered its savings account rates and introduced new slabs for small and medium balance categories, effective January 9, 2025, as per its website. The interest slabs and rates for higher balance accounts remain unchanged. Despite the revision, the bank continues to offer one of the highest savings account interest rates in the industry among mid-sized banks.
15 states have rolled out unconditional cash transfer schemes for women, with an estimated annual outlay of around Rs 1.7 trillion covering nearly 120 million beneficiaries.
The PM CARES Fund experienced a 30 per cent decrease in domestic donations and an 18 per cent drop in foreign contributions during the fiscal year 2024-2025. Despite this, the total balance in the fund increased to Rs 8,452 crore, primarily held in fixed deposits and savings accounts. The fund's expenditure on the PM CARES for Children Scheme also saw a sharp reduction.
Abhijeet Dipke, founder of the Cockroach Janta Party (CJP), has called for the PM CARES Fund, which holds over Rs 8,452 crore, to be used to improve infrastructure in rural schools and build more than 1,000 new high-tech schools, highlighting the dire conditions faced by children.
The Reserve Bank of India (RBI) has introduced a new framework allowing banks to offer differential interest rates on bulk deposits based on their liquidity characteristics under the Liquidity Coverage Ratio (LCR) framework, while maintaining the principle of uniform pricing across similar deposits.
It's not about how much you earn -- it's about how you borrow and repay.
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
A widow in Kanpur has alleged that jewellery worth approximately Rs 50 lakh vanished from her State Bank of India (SBI) locker, leading police to register an FIR against the branch manager and unidentified staff members. The complainant, Rashmi Arora, discovered the locker empty after a period of non-operation and a bank merger.
The RBI seems to be acknowledging that all deposits are not equal -- a deposit with a lower run-off assumption is inherently more valuable than one that could disappear overnight, points out Tamal Bandyopadhyay.
A special audit by the Comptroller and Auditor General (CAG) has revealed that Odisha's forest and environment department sidestepped central guidelines, procuring and customising Mahindra Thar SUVs worth 17 crore from the State Disaster Response Fund (SDRF) for forest protection, despite the funds being earmarked for 'preparedness and capacity building'.
For millions of Indians, this number has become one of the most important financial indicators. It can influence not only whether a bank approves a loan but also the interest rate you pay, the credit limit you receive and, in some cases, how quickly your application is processed.
List all unavoidable expenses such as rent, groceries, transportation, education and medical bills.
The EPF should remain a retirement nest egg, not be turned into an emergency fund.
State Bank of India has launched a suite of AI-powered digital innovations on its YONO platform, enhancing both retail and business banking services. These new features include a 3-in-1 digital onboarding process, a sustainability tracker, integrated trade finance, and an AI virtual assistant, aiming to provide intelligent and future-ready banking experiences for its 53 crore customers.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
India's markets regulator, Sebi, has issued a warning to listed companies and regulated entities about an emerging cyber fraud known as the "Boss Scam." This scam involves fraudsters impersonating senior officials like CEOs or MDs to trick finance teams into transferring funds, often using advanced AI tools or malicious software. Sebi advises organisations to verify requests independently and report incidents to prevent financial losses.
A recent SBI Economic Research report indicates that the significant gap between credit and deposit growth, currently over 530 basis points, is likely to persist if geopolitical risks and external supply shocks continue. However, an improvement in deposit growth is anticipated with inflows into foreign currency non-resident (bank) deposits.
India's largest retirement fund manager, the Employees' Provident Fund Organisation (EPFO), is enhancing its investment governance and fund management practices, following the Reserve Bank of India's recommendations.
rediffGURU T S Khurana answers readers' personal income tax queries
ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
The asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
How about some facility that would give you the best of both worlds, the liquidity of a savings account and the interest rate of a fixed deposit? Auto-sweep facility does exactly this.
IDFC First Bank reported a Rs 590 crore fraud involving its employees and others in accounts held by the Haryana government. The bank has informed regulators and filed a police complaint, initiating internal reviews and forensic audits.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
Taxpayers must provide more details to support deduction and exemption claims.
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
A tribal man in Odisha's Keonjhar district brought the skeleton of his dead sister to a bank to withdraw money deposited in her name after bank officials insisted on the account holder's presence.
That means making it easier to invest, protecting investors through predictable rules, and avoiding policy reversals after investments have been made, notes Rajeswari Sengupta.
The NTA has also confirmed that the upcoming re-examination, scheduled for June 21, 2026, will be conducted entirely free of cost for all previously registered candidates, funded fully through the agency's internal reserves.
The government maintained a strong pace of capital expenditure, which jumped nearly 24 per cent to Rs 3.40 trillion in April-June.
Investments under the framework would remain voluntary for employees.
Sebi is working with other regulators to expand the CAS framework.
'Applying AI to change the lives of Indians and at population scale -- just like we did with DPI [digital public infrastructure] -- is really where it's going to go.'
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to prove her death and withdraw her money, sparking outrage and prompting government intervention.
Millions of EPFO subscribers can now check whether 8.25% annual interest for FY2025-26 has been credited to their provident fund accounts.
