RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
DDinesh Kumar Khara is someone who cares for others's ideas and suggestions.
If he takes the people along with him (which he always does); cares for the customers (80 per cent of SBI's new customers are in the 20-40 age group); and doesn't take his eyes off technology, his job is done, says Tamal Bandyopadhyay.
Usually, banks will offer a lower credit limit to a first-time borrower and subsequently increase it as the borrower builds a repayment track record.
These schemes came into force from June 1.
The Reserve Bank of India (RBI) has at last rung down the curtain on administered lending rates by freeing the interest rate on savings bank accounts.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The markets' recent behaviour has put most investors in a quandary.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
Also on the cards could be the first interest rate reduction in nine months.
At a time when rising prices are fast depleting the value of money, there may be some good news for millions of savers.
Many of these are group products and don't get tax benefits; compare premiums and products, make sure they fulfil your needs.
Considering 12 per cent inflation and savings bank return of 4 per cent per annum all your cash burn out in 12 years.
Reserve Bank on Tuesday raised key interest rates by 25 basis points, its 13th such hike since March, 2010.
Ask the question "How much cash do you need?" and the most likely answer you'll get is "As much as I can lay my hands on." What we are looking at is the liquid funds deposited in savings bank accounts and stored in cupboards and bank lockers.
'As banks grapple with risk aversion and savers see an erosion in the value of money, the P2P platform can be a win-win for both borrowers and lenders,' notes Tamal Bandyopadhyay.
Finance Minister Pranab Mukherjee presented the Union Budget for 2012-13 on Friday.
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
Observers say more banks, especially public sector entities, which have a 70 per cent market share, will also join the battle to get more cheap deposits.
The industry welcomed the RBI move to deregulate savings bank interest rates, a step which lenders said could fetch better returns for depositors as competition will intensify.
While the RBI deregulated interest rates on fixed deposit schemes in 1997, it continues to fix the rate on savings deposits.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
The essence of financial inclusion is to ensure that a range of appropriate financial services is available to every individual and enable them to understand and access those services.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
Investments made in liquid funds, which invest in short-term debt instruments, offer better returns for retail investors than parking money in savings bank account, says a study.
The central bank gave 11 entities licences to start payments banks.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
Salaried taxpayers with no other income could get a respite from filing tax returns.
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
Wipro will be implementing the core banking solution for Paytm.
The applicant must have an operational savings bank account.
'When bankers are hounded by investigative agencies for credit decisions going wrong and defaulters are treated like outcasts, who will borrow money and who will lend?' asks Tamal Bandyopadhyay.
Markets became jittery over the Spanish government's take-over at the weekend of regional savings bank Cajasur, which raised speculation that more unhealthy financial institutions may have to be bailed out to prevent a meltdown of the country's banking system.
Dismissing the petitions of former Price Waterhouse auditors -- S Gopalkrishnan and Talluri Srinivas who sought defreezing of their bank accounts, special judge BVLN Chakravarti considered CBI's contention that further investigations is pending in the case at this stage.
Most banks, particularly the public sector ones, have told the Reserve Bank of India they don't want the savings bank interest rate freed, the last one to remain regulated.
Banks are putting up stiff resistance to Reserve Bank of India's move to deregulate the interest rate on savings bank accounts -- the last bastion of administered rates. Banks benefit from low-cost savings deposits.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
The country's top bankers met RBI deputy governor Subir Gokarn on Thursday for the customary pre-policy meeting, where bankers pitched for a cut in savings bank rate, which will help them improve their net interest margins.
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