With people losing their jobs and finding it difficult to repay their loan obligations here's how you can cope with the crisis.
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
By democratising access to finance, empowering women and marginalised groups, and adapting to India's diverse regional landscapes, PMMY has helped fortify the country's grassroots growth engines, says Chief Economic Advisor to the Government of India, V Anantha Nageswaran.
Kundra, accused of diverting a loan amount, has been asked to appear before EOW officials on September 15.
Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offenses Wing (EOW) of the Mumbai Police in connection with an alleged Rs 60 crore cheating case.
Congress leader Priyanka Gandhi Vadra accuses the NDA of plotting to steal the Bihar assembly elections, alleging collusion with the Election Commission and voter roll manipulation.
A US court's $1.07-billion default judgment against Byju Raveendran can't be enforced directly in India because the US isn't a "reciprocating territory." Creditors must file a new case in an Indian court.
Did you know these options existed? Their pros and cons? Here's a lowdown...
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
The Reserve Bank of India's (RBI's) draft guidelines on gold loans, if implemented in their current form, are expected to impact non-banking financial companies (NBFCs) and mid-tier banks in the near term, more significantly than larger banks, according to analysts.
A court in Mumbai has issued a non-bailable warrant against diamantaire Mehul Choksi in the Canara Bank-led consortium loan fraud case involving about Rs 55 crore. Choksi, a prime accused in the multi-million dollar Punjab National Bank (PNB) 'fraud', was arrested in Belgium on April 12 following an extradition request by Indian probe agencies.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
When and how you can access EPF money before retirement without jeopardising your long-term retirement savings.
EMI means you've already spent tomorrow's income; SIP means you're investing today's income to secure tomorrow, explains Ramalingam Kalirajan
US lenders represented by Glas Trust have countered Byju's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire $1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of Byju's brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.
The report said the moratorium for three more months will imply that companies need not pay till August 31, 2020, and this means that there is almost minimal possibility of companies being able to service their interest liabilities then in September.
About 55 banks participated in the deal, making it the largest bank group for a syndicated loan in Asia so far this year.
'I need 3-4 lakhs for the wedding. All prospective grooms demand a motorcycle which costs 1 to 1.5 lakhs, then you have to also give a bed, cupboard, utensils, fridge,' says Kamala, her wrinkled forehead furrowing with despair.
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
Using mantras from the Bhagavad Gita, Vatsal Ramaiya explains how you can conquer your home loan debt and unlock a world of financial freedom and peace of mind.
Sri Lanka stays with you not just in memory, but gently reminds you what a society can achieve when heart and heritage guide the way.
The Lookout Circular was issued by the city police's economic offences wing as the couple makes frequent international trips
"We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion," says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere.
rediffGURU T S Khurana answers readers' personal income tax queries.
State Bank of India has 18,000 pending cases and Bank of Baroda has around 1,000 cases.
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
Finance Minister Nirmala Sitharaman on Monday said action will be taken in case there are violations of well laid down processes for auctioning of gold by banks and NBFCs when a borrower fails to pay the gold loan. During Question Hour in Lok Sabha, she said Non Banking Financial Companies (NBFCs) and Scheduled Commercial Banks (SCBs) are guided by similar rules.
'These girls are sold to brothels because their parents are unable to repay their loans to money-lenders.'
Qatar's sovereign wealth fund is suing Byju Raveendran in Indian courts to recover $235 million from the embattled educational technology (edtech) entrepreneur, escalating a global legal battle that has ensnared one of India's most high-profile startup founders.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Sirisha was tied to a tree and allegedly beaten by moneylender Munikannappa and others after her husband failed to repay a loan of Rs 80,000 taken three years ago.
'What the US appears to be doing is to force India to be "the buyer of last resort", on whom their products can be dumped, 1.4 billion people have to eat something, so why not eat American corn?' 'What is exercising the Trump lot is the fact that most of the farms are in solidly Republican Midwestern states: Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin,' points out Rajeev Srinivasan.
'With tuition fees for international students rising, education loans have become critical for bridging the gap between savings, scholarship, and full cost.'
A 21-year-old fisherman died by suicide after loan recovery agents allegedly circulated a morphed picture of his wife failing to repay a loan, said a police official on Wednesday.
Personal loans offer more flexibility in usage but may come with higher interest rates and shorter repayment terms. It is important for individuals to evaluate their needs, financial situation, and future goals before deciding between the two loan options.
India's foreign exchange reserves showed a dip for the first time in several weeks after the government repaid $3.04 billion of loans in advance to multilateral agencies in the last week of February.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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