The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
The Bharatiya Janata Party on Saturday returned to power in Delhi after more than 26 years to sweep away the Arvind Kejriwal-led Aam Aadmi Party with a two-thirds majority on the back of a hyper localised campaign and Prime Minister Narendra Modi's 'AAP-da'(disaster) blitzkrieg.
Chandrayaan-1 X-ray fluorescence spectrometer detected sodium from its characteristic line in X-rays which opened up the possibility of mapping the amount of sodium on the moon, ISRO said.
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
10 largecaps stocks which stand to gain from the Budget.
'The BJP has killed public anger. They have killed people's self-respect.'
Odisha FC delivered a magnificent performance to sweep aside Bengaluru FC 4-2 in their Indian Super League (ISL) match in Bhubaneswar on Sunday.
As of March 2023, the share of accounts belonging to women stood at 36.4 per cent (917.7 million) of the total 2.52 billion individual accounts.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
'Till the BJP does not understand Kejriwal they cannot win Delhi.'
'I've never seen Ramuji cry... even when his father passed away.' 'But after the special screening of Satya, he was crying.'
What is pushing students to take this extreme step?
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
Union Home Minister Amit Shah on Wednesday asserted that Article 370, which granted special status to Jammu and Kashmir, will not be restored even if Congress stalwart and late PM Indira Gandhi comes down from heaven.
'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Never did Punjab FC embrace a defensive outlook despite their two-goal advantage, which is what perhaps helped them grab their third strike of the night.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
'The problem is that the bubble may not only be in valuations, but also in investors' minds.'
It would be a challenge to India's policy makers how to deal with Trump so that mutual economic growth remains sustained and mutual understanding on global issues are not hampered, observes Dr Rajaram Panda.
Hosts Odisha FC rolled past East Bengal FC with a 2-1 victory to register their second win of the Indian Super League (ISL) in Bhubaneswar, Odisha on Tuesday.
While the deputy CM led a massive nomination rally and waved to the crowds from an open vehicle, the process for Yugendra Pawar was low-key, with just NCP-SP supremo Sharad Pawar and Baramati MP Supriya Sule for company apart from a few supporters.
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.
Lending rates in certain segments may be increased; fixed depositors may lock into existing rates.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
The National Payments Corporation of India (NPCI) has granted approval to Paytm to onboard new UPI users, subject to the adherence to all procedural guidelines and circulars, according to the company. The move is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app. In March, the NPCI gave approval to Paytm to participate in UPI as a Third-Party Application Provider (TPAP).
The country's largest private lender HDFC Bank on Saturday reported a 6.51 per cent decline in its consolidated net profit to Rs 16,474.85 crore in the April-June quarter compared to the previous January-March quarter. The city-headquartered lender, which merged its mortgage major parent HDFC into itself in July last year, had reported a net profit of Rs 17,622.38 crore in the March quarter. On a standalone basis, the net profit declined to Rs 16,174.75 crore in April-June 2024-25 from Rs 16,511.85 crore in January-March 2023-24.
'Pro-incumbency worked big time for the ruling party.' 'It has never happened in the past of pro-incumbency working so much for the ruling party.'
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
The Reserve Bank of India (RBI) added another 102 metric tonnes to the domestically held gold in the April-September period, as per a disclosure made on Tuesday. The overall quantity of the precious metal stored in local safes stood at 510.46 metric tonnes as of September 30, which was up from over 408 metric tonnes as on March 31, 2024. The central bank said it added another 32 metric tonnes of gold reserves in the six-month period to take the overall tonnage to 854.73 metric tonnes, as per the half yearly report on management of foreign exchange reserves.
A provisional order under the Prevention of Money Laundering Act has been issued by the federal probe agency as part of which a total of 33 bank accounts of the two organisations have been attached.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
During the fourth quarter (January-March), banks step up the activity to meet annual targets. This leads to a race to raise funds from markets often by jacking up deposit rates. This time around, the market has not seen such trend yet.
Should deposit growth continue to outpace credit growth, banks may end up ceding some hard-earned 25-50 bps improvement in profitability or net interest margin gained in the past two years.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
