While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Amazon customers can now use their Rs 2,000 notes to top up their Amazon Pay balances during cash-on-delivery orders, as it offers a doorstep solution to ease the stress of exchanging such currency. Customers can deposit cash of up to Rs 50,000 per month, including notes of Rs 2,000 denomination, Amazon said. The cash load at doorstep service by Amazon Pay is helping consumers convert high-value notes for digital transactions.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Adopting overly aggressive strategies without considering risk could lead to significant losses during the next downturn.
Sai Manish & N Sundaresha Subramanian offer a fresh perspective on the digital wallet business.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
India's financial sector is dominated by large government-owned and private-sector banks.
'The overwhelming evidence from various studies and reports indicates that the current work culture in the IT sector, characterised by excessive hours, has severe consequences for health, productivity, and overall quality of life.'
Going to the bank and using your passbook to find out your bank balance while still available and widely used, technological innovations have brought your bank at your fingertips.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
A bench of Justices Ashok Bhushan, Sanjay Kishan Kaul and M R Shah said industries and employees need each other and they should sit together to arrive at a settlement on the issue of payment of wages.
The liquidity in the banking system moved into surplus almost after three months as the Reserve Bank of India (RBI) absorbed over Rs 40,000 crore from the market on Monday, predominantly on the back of increased government spending. However, this situation may be short-lived given the higher demand for funds to pay taxes and year-end targets, treasury executives said. Meanwhile, two variable reverse repo rate (VRRR) auctions held on Tuesday received weak response.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
The board is likely to take up the matter this month.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
The Commission concluded that the bank officials had evidently been negligent in failing to compare the signature prior to making payment, notes Jehangir B Gai.
Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
A consortium of insurers, led by Anil Ambani group's Reliance General Insurance, has made final payment of $20 million (about Rs 90 crore) towards aircraft insurance claims arising from the Mangalore crash in May.
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale NBFCs and HFCs.
The SMS-based application extends DBT's payment architecture to individuals, where their Aadhaar number will be linked to their bank accounts at the back-end.
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
Payment banks may not be viable option to attain financial inclusion.
'Pakistan is a nuclear country.' 'With the kind of situation that is there in Pakistan today, America will help Pakistan stay afloat.'
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
Defence exports grew 33 per cent in the calendar year 2023 (CY23) to around Rs 21,083 crore while domestic defence orders serviced by listed companies were Rs 48,000 crore. The sector is poised for steady growth. Budgeted domestic capex is likely to hit Rs 3 trillion per annum, and exports could reach $6 billion by FY29.
'You're going to have your own journey and that can be very beautiful.' 'It can also be very terrifying because there is no precedence.'
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
India's current account deficit narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports, RBI data showed on Tuesday. However, for the 2022-23 fiscal, the current account balance recorded a deficit of 2 per cent of GDP compared to 1.2 per cent in 2021-22. "India's current account deficit (CAD) decreased to $1.3 billion (0.2 per cent of GDP) in Q4:2022-23 from $16.8 billion (2.0 per cent of GDP) in Q3:2022-231, and $13.4 billion (1.6 per cent of GDP) a year ago [Q4:2021-22]," as per the RBI's 'Developments in India's Balance of Payments during the Fourth Quarter (January-March) of 2022-23'.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
