Experts tell Tinesh Bhasin how to pick one to save money as well as some troubles later
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23. The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data. RBI released the updated data in the bulletin after almost three months.
Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
The currency with the public is 10.3 per cent higher than it was in the week preceding November 8, 2016 - from Rs17.97 trillion to Rs18.76 trillion.
Qatar returns to the spotlight on Friday little more than a year after the first World Cup held in the Arab world when the relocated and delayed 2023 Asian Cup gets underway amid a seismic shift in football's global order.
Systematic withdrawal plans in equity funds can spell trouble in a falling market, points out Deepesh Raghaw.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
It was a tumultuous year for the railways as a cash-strapped ministry saw four ministers in quick succession, resulting in indecision and delay in policy making process.
Under the stipulation, banks with cash deposits of Rs 10 lakh (Rs 1 million) and above in a year in any savings account maintained by a person would have to report under the Annual Information Return.
Mumbai resident Sumesh Pillai tells us how he panicked when the ATM didn't dispense cash and what happened later.
Earlier when Goyal had moved court seeking permission to go abroad, the judge had observed that if he wanted to go abroad, he should first deposit Rs 18,000 crore as guarantee that his company owes to lenders.
England all-rounder Moeen Ali has withdrawn his name from next month's Indian Premier League auction after discussions with former captain and ECB's Director of Cricket Andrew Strauss. According to an ESPN Cricinfo report, Strauss got in touch with Moeen and his representatives yesterday to discuss his involvement in the tournament as January 21 is the last date for entry into the auctions. Strauss reportedly told Moeen that while the final decision was his, he should also be aware of hectic schedule of the tournament for more than month and half.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
Banks with a large ATM network were crying foul over the free ATM usage after RBI, in its draft approach paper on ATMs of banks, had said the use of ATMs of own banks for any purpose and of other bank ATMs for balance enquiries should be free of cost with immediate effect.
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
Akhil Goel tells us how he lost a huge sum of money without even initiating any withdrawal transaction.
On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
A reader shares his shocking experience at the ATM.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate."
Finance Minister P Chidambaram on Monday retained both his controversial tax proposal -- the fringe benefit tax and the cash withdrawal tax -- but made modifications to offer some relief to individuals as well as corporates.
The Walt Disney company has withdrawn its application to trademark the term 'SEAL Team 6', on its toys, games and a TV show, to apparently cash in on the elite unit that killed Osama bin Laden after US Navy declared it would protect its rights.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
1.46 lakh such consumers have voluntarily given up the subsidy.
Reserve Bank of India (RBI) Governor Shaktikanta Das had stumped the market in the previous two policies - in August and in October - first with action and then with words. In August, it was the introduction of an incremental cash reserve ratio (I-CRR) to take out excess liquidity, which took the markets by surprise. In October, there was no action. Rather, what is known as "open mouth operation", Das' comment that the central bank might conduct open market operations (OMOs) by selling bonds tempered the euphoria in the bond markets after JP Morgan's inclusion of India in its Emerging Market Bond Index.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
At times, banks violate all banking norms, resulting in a customer's accounts wiped clean through illegal ATM withdrawals.
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