Page 21 - Finance

RBI monetary policy: Repo rate unchanged, what do experts say about it?

RBI repo rate: RBI governor Shaktikanta Das said that the MPC decided unanimously to keep the benchmark rate unchanged at 6.5 per cent

RBI expected to pause again with markets watching for shift in stance

India's latest quarterly growth figures exceeded estimates last week, bringing about an expansion of 7.2% for the last fiscal year

e-Rupi to wearables: How 50% of all transactions will be digital in 3 years

As of January 2022, there were 65 crore RuPay debit cards in circulation, accounting for 65% of the total debit cards issued

Explained: How to claim HRA if you are living with your parents

There's no prohibition to claim such deduction while living with houses owned by family member. However, to claim such deduction of HRA, one should be mindful of the following

Bank boards must hold mgmts accountable for their actions: RBI Dy Guv Rao

If the management fails to meet expectations, the board should even consider replacing it, he said

Personal finance: Here are the money changes and PF deadlines for June 2023

From more expensive third-party motor insurance to pricey E2Ws to new rules for safe deposit lockers, read it all here

Citi India, ISDM launch CIFSI to enhance research on innovative financing

Citi India and Indian School of Development Management (ISDM) on Thursday announced the launch of the Centre for Innovative Finance and Social Impact (CIFSI) to enhance research on innovative financing. The centre in the national capital will help in raising dialogue among public and private stakeholders to tackle developmental challenges, a joint statement said. The centre and its objectives resonate with Citi's commitment to seed innovation in financing tools that aid and accelerate social impact in crucial areas such as climate and poverty, Citi India CEO Ashu Khullar said. The development community is utilising innovative financing tools, such as impact investing and social impact bonds, to draw funds towards programmes that are aimed at solving global challenges, such as alleviating poverty, improving living standards, and conserving the environment, it said. CIFSI will serve as a platform for social purpose organisations, academia, research, and practitioners to identify and

Digital transactions in India highest in world but why is cash still king?

The Reserve Bank of India believes that households in India hold more high-value currency notes at home while substituting lower-value notes with digital transactions

Explained: What are the tax implications of depositing Rs 2,000 notes?

Are you depositing Rs 2,000 notes in the bank? Will your deposits be monitored? Will you need to pay any tax on it? How can you avoid a tax notice on these deposits? Read to find the answer

High staff attrition a significant operational risk to banks: RBI Dy Guv

Outsourcing, lack of succession planning and staff skilling also areas of concern, Jain says

Stringent rules for education loans turn parents towards gold loans

The recent surge in gold prices has made the yellow metal shinier as it fetches more funds for borrowers. Significantly, gold prices shot to Rs 60,000 per 10 grams from about Rs 50,000 a year ago

Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf

Several Indians in the Gulf nations are having a harrowing time ever since the Indian government decided to withdraw the Rs 2,000 notes from circulation, with a lot of them saying that the banking institutions in the region are claiming to be not aware of the policy change. On May 19, the Reserve Bank of India (RBI) made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks. The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect. In the UAE, Indians are facing a tough time getting Rs 2,000 notes exchanged. Among many is Firoza Sheikh (name changed on request) who landed in Dubai last week with her two children to join her husband for a month-long break. Days later, as she heard the announcement of the Rs 2,000 currency withdrawal, she rushed to an exchange centre to get the local currency equivalent of the eight notes of

Public sector banks' total dividend payout 58% higher than in FY22: Report

Three out of 12 PSBs namely SBI, Bank of Baroda, and Canara Bank, declared a three-digit dividend during the year

Single moms struggle with finances, experts advise brushing up on planning

Being a single mother is hard because women in most cases have scant understanding of financial planning, tend to rely on others for decisions

Indian UHNIs dip 7.5% to 12,069 in 2022, to rise to 19,119 in 5 yrs: Report

Number of ultra-high-net-worth individuals in India, having net worth of over USD 30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, according to Knight Frank. India's billionaire population rose to 161 in 2022 from 145 in the previous year and is estimated to rise to 195 individuals by 2027. Real estate consultant Knight Frank's on Wednesday released 'The Wealth Report 2023'. "India's ultra-high-net-worth individuals (UHNWI) with net worth over USD 30 million is estimated to rise by 58.4 per cent in the next five years from 12,069 in 2022 to 19,119 individuals in 2027," the consultant said. The Indian high-net-worth individual (HNI) population, with asset value of USD 1 million and more, increased to 7,97,714 last year from 7,63,674 in 2021. The number of HNIs will rise to 16,57,272 by 2027. In 2022, the global population of UHNWIs declined by 3.8 per cent, after a record climb of 9.3 per cent in 2021, as the wealth and the investme

HDFC launches India's first mutual fund focused on defence sector

HDFC Asset Management Company Ltd on Tuesday announced the launch of the country's first mutual fund focussed on defence sector, a move that will provide investors an opportunity to participate in growth potential of this space. The new fund offering (NFO) of HDFC Defence Fund, an open-ended equity scheme, would open on May 19 and close on June 2, HDFC AMC said in a statement. The fund will invest at least 80 per cent of its net assets in defence and allied sector companies. Defence and allied sector stocks include stocks forming part of aerospace and defence; explosives, shipbuilding and allied services. "In a multipolar world, defence expenditure globally is set to increase as countries enhance their defence capabilities. Self-reliance in defence led by strong R&D (Research and Development) focus and enhancement of manufacturing capabilities creates opportunity for Indian companies to serve domestic market as well as tap large export potential. This could offer a multi-decadal ..

Interest rate hold likely as inflation at its weakest in 18 months

Easing inflation will bring relief to policy makers when the economy is facing headwinds from geopolitical tensions and slowing global demand

Veteran corporate lawyer Rajiv Luthra passes away: A look at his legacy

A first-generation lawyer, Rajiv Luthra set up the law firm Luthra and Luthra in 1989. The firm burnished its reputation by pioneering taxation and corporate law in India

G20 DRRWG to discuss ways of managing disaster risk, financing in Mumbai

The second meeting of the G20 Disaster Risk Reduction Working Group (DRRWG) will explore innovative ways of managing disaster risk and financing for sustainable development, officials said here.

Second festival to convene FinTech community from May 16-18, 2023

Second edition of FinTech Festival India to convene global FinTech community from 16 18 May 2023