She said she was an "Indian citizen and a law abiding citizen" and has not broken any law. "But, even to issue the two-year passport, the Official Secrets Act has been invoked against me. This Act is usually invoked for espionage," Iltija claimed.
The value of foreign portfolio investors' (FPI) holdings in the domestic equities reached $584 billion at the end of December 2022, which was 11 per cent lower from preceding year, according to a Morningstar report. This was largely on low return given by the Indian equities and exodus of foreign money from the domestic stock market. Going by the report, the value of FPIs investments in Indian equities dropped to $584 billion as of December 2022 as compared to $654 billion at the end of December 2021.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
Teaser loans may be on their way out with Canara Bank and Union Bank of India opting to withdraw the scheme in anticipation of a high interest rates.
Extensive use of such cards is making it easier for hackers to withdraw large amounts of money before detection.
Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from November 1.
Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme.
If your account is idle for over five years, there could be issues with acquiring EPF details.
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Bankers made this demand at a meeting with RBI Governor Y V Reddy, ahead of the 2007-8 monetary policy announcement on April 24.
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
While rate cuts may increase churn between banks, these may not boost credit offtake meaningfully.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
Micro-finance institutions (MFIs) are planning to take legal action against YES Bank's move to recall a part of its loans to them.
The strike call is over privatisation, mergers, and also due to write-off of corporate NPAs, criminalisation of willful default
SoftBank-based e-commerce marketplace Snapdeal has deferred its Rs 1,250 crore IPO, joining the list of startups that have decided to shelve their initial public offering (IPO) plans this year. Snapdeal, which competes with Amazon and Flipkart, filed a request this week with the Securities and Exchange Board of India (Sebi) to withdraw its draft red herring prospectus (DRHP) amid a sell-off in tech stocks worldwide. "Considering the prevailing market conditions, the company has decided to withdraw the DRHP. The company may reconsider an IPO in the future, depending on its need for growth capital and market conditions," a Snapdeal spokesperson said.
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
The strike by bank employees is part of the one-day all-India general strike, called by major central trade unions.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
A bank customer has approached the Ombudsman with a complaint about withdrawal of funds through unauthorised use of his card. The complainant said that he had asked for a debit card and the bank responded by issuing a card with zero liability.
Reserve Bank Governor Shaktikanta Das on Friday said the rupee is holding up relatively well when compared to the currencies of emerging market peers and advanced economies. Days after the domestic currency breached the 80-level against the dollar, Das said Reserve Bank of India (RBI) has zero tolerance for volatile and bumpy movement in the rupee and added that the central bank actions have helped in smoother movement. He said RBI has been supplying US dollars to the market to ensure adequate supply of liquidity and also clarified that the central bank does not target a particular level for the currency.
For people at the bottom of the pyramid, which I would rather address as mass market or emerging class; the primary challenge in accessing banking services are not just affordability but applicability and accessibility of services.
Mutual funds (MFs) have stepped up equity purchases after staying on the fence for over two months. Their net equity investments reached a four-month high of Rs 7,700 crore in July, rising for the fourth consecutive month after withdrawing a net of Rs 5,100 crore in April 2023. This trend continued in August, with net investments of Rs 3,400 crore in the first three trading sessions, according to data from the Securities and Exchange Board of India.
After withdrawing record funds in 2021-22, foreign portfolio investors (FPIs) continued their sell-off in the last fiscal too and pulled out Rs 37,631 crore from Indian equities amid aggressive rate hikes by central banks globally. The outflow trend is likely to reverse in the current financial year since India has the best growth potential in the financial year 2023-24 (FY24), VK Vijayakumar, chief investment strategist at Geojit Financial Services, said. Market analysts believe that FPI flows in the current financial year would be decided by a host of factors, such as the US Federal Reserve's policy stance, oil prices movement and development in the geopolitical situation.
Banks, including country's largest lender State Bank of India, have informed the customers well in advance about the likely inconvenience due to strike.
Traders broadly expect the rupee to stay in a 61.50 to 63.50 range over the next three months.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
On Friday, the bank's offices and ATMs in Gujarat were faced with anxious customers and a spate of withdrawals as rumours of its viability spread.
The Reserve Bank of India (RBI) on Wednesday raised the benchmark lending rate by 35 basis points to 6.25 per cent in a bid to tame inflation, which has remained above its tolerance level for the past 11 months. With the latest hike, the repo rate or the short-term lending rate at which banks borrow from the central bank now has crossed 6 per cent. This is the fifth consecutive rate hike after a 40 basis points increase in May and 50 basis points hike each in June, August and September.
Reserve Bank of India Governor Shaktikanta Das on Friday said the country's economy is an island of stability despite two Black Swan events and multiple shocks. "In an ocean of high turbulence and uncertainty, Indian economy is an island of macroeconomic and financial stability," Das told reporters during the post policy press conference. He said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
Stung by the public criticism of teaser rates, SBI Chairman O P Bhatt told RBI officials in a post-monetary policy meeting on Friday that only eligible persons are given these loans and the norms are not diluted while extending such loans.
Over 4 mn bank accounts could be dormant, suspects tax department.
The Bombay high court on Friday ordered the release of Rs 1,500 crore (Rs 15 billion) deposited by Jet Airways in escrow account for acquiring Air Sahara.
Expect heightened volatility and stress to hit the markets. Caution may be the need of the hour, alerts Akash Prakash.
'The cost of financing the fiscal deficit will decrease, as new passive investors join in.'
A year ago, Greece's bankers thought they were on the cusp of a new era.
Why it is important for investors to select the right product according to their specific investment needs, risk appetite and investment tenure.
The people of India have 50 days, from November 10 to December 30, to deposit notes of Rs 500 and Rs 1,000 in any Bank or Post Office.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
