The scale assigned for the riskometer is that after following the parameters stipulated in the circular, the output will be one single number and the risk level corresponding to that number shall be depicted as the needle pointing to a particular risk level.
Pine Labs has partnered 30 banks and NBFCs that have already run an analytics application on their debit card base to determine the extent of credit to be made available to every cardholder.
Whenever “taxes or foreign exchange rates change, the company has to update prices on the App store,” Apple told its consumers on the site. “New equalisation levy of 2% in addition to the existing GST of 18%” will be levied on purchases, it said.
"The income tax department has created a DBT (Direct Benefit Transfer) like architecture to execute quick refunds transfer directly into the bank account of the assessee in a seamless manner and at a larger scale,” the finance secretary said.
The organisation, under the labour ministry, has written to states to speed up creation of requisite medical infrastructure in 161 districts which are still out of the purview of the ESIC Act, 1948 while laying out the action plan for 2020-21.
The category has been among the better-performing ones so far this year and received a net inflow of Rs 5,957 crore.
The bank services in India will get affected in November 2020, due to a major festival falling in the month. Therefore, there will be a couple of days banks will be shut across various states in the country.
The discussions are currently underway on whether the EPFO need to float an entirely new scheme to extend its coverage to individuals or bring the two schemes within its fold.
Mutual funds offer one of the most transparent and cost effective investment options to all categories of investors, irrespective of gender or financial constraints and other considerations, Surya Kant Sharma, Senior Consultant - North India, Amfi said.
Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5.
Mutual fund circles are talking a lot of about medium duration debt funds these days. According to several mutual fund advisors and fund managers, medium durations schemes are likely to offer superior returns in the coming days.
"We expect quarter four would be better than quarter three due to pent-up demand and festivals," said Somasundaram PR, the managing director of WGC's Indian operations.
More than 30 lenders have a collective exposure of about Rs 400 crore to the company, which started defaulting since the beginning of this month. Sambandh actually has assets under management of Rs 140 crore, while it officially declared an inflated figure of Rs 383 crore.
The benefit is available to all eligible borrowers including those who did not opt for moratorium. The lenders can seek a refund from the government.
“We are looking at bringing the Pradhan Mantri Shram Yogi Maandhan for unorganised workers and the National Pension Scheme for traders and self-employed persons under the administrative control of EPFO,” an official aware of the deliberations told ET.
“In the Employees’ State Insurance (Central) Rules, 1950, rule 51B shall be omitted,” it said in a gazette notification. Rule 51 B of the ESIC Rules provides for employers’ contribution at the rate of 3% of the wages of the employee and employees’ contribution at 1% for initial two years in areas where the Act is implemented for the first time.
Citing empirical research, the report said PMJDY accounts work as a primary vehicle for labour remittances, apart from increased lending, smoothing consumption, increased spending on healthcare and, most importantly, the usage is more frequent in areas that are more crime prone.
For payment to credit card holders, the relief will be calculated using the interest rate charged by the bank for converting outstandings into EMIs and not the rate charged to those who revolve their balances.
When you have valuation divergences, you will have to take the pain if you have a specific investment style, says S Naren.
Further, where arrears relate to disputed interest or penalty only, then 25% of the amount is to be paid by March 31, 2021 and 30% after April 1, 2021.
Jewellers said that Dussehra demand has perked them up and they are expecting a much better Diwali. They said the pent up demand is already showing and even the fear of the virus has dissipated as the recovery rate goes up.
Fewer millennials than boomer women thought financial participation was necessary for equality.
"Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020," the govt said.
The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to Aug 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by Nov 5.
The SC had asked the government to explain the mechanism to implement its decision to waive interest on interest for the six-month moratorium period for those who had borrowed up to Rs 2 crore, including MSMEs.
Interest rates offered by Muthoot Finance are higher than those offered by banks and corporate deposits. A fixed deposit from SBI pays a up to 5.4%, while a corporate deposit from a AAA rated company returns 6- 6.5% every year. The higher returns are because of the lower credit ratings.
AU Small Finance Bank is experiencing an increase of 23 per cent in per day debit card spends. Overall, point-of-sale (PoS) and e-commerce transactions witnessed a surge of 16 per cent since the launch of the festive offers, it said in a release. The bank is already witnessing a bounce back in spending to pre-COVID levels, it added.
The benefit will be extended to borrowers with outstanding loans (standard as on February 29, 2020) of less than Rs 2 crore under select categories, irrespective of whether the moratorium was availed of or not. “The cost to exchequer would have halved if waiver was allowed only where moratorium was availed of,” Crisil said in a press note.
RuPay cardholders can revel in celebrations by availing attractive offers from not only categories such as health, fitness, education, e-commerce - which are most relevant and significant amid current scenarios - but also from dining and food delivery, shopping, entertainment, wellness, pharmacy and others.
LICHFL also expects a good festive sale on the back of stamp duty cut in many markets, falling interest rate and its festive offer to waive off processing fee for between October 1 and November 30.
Both the funds will be managed by Bharti Sawant and will be benchmarked against the Nifty 100 ESG Sector Leaders Index (TRI).
Franklin Templeton Mutual Fund may appeal in the Supreme Court against ‘aspects’ of the Karnataka High Court’s order that directed the fund house to obtain the consent of the unitholders of the six debt mutual fund schemes before winding them up.
In an affidavit in Supreme Court on Saturday, the government said all financial institutions have been asked to credit the difference between the compound interest and simple interest for the six-month period between March 1 and August 31 into the loan accounts by November 5.
The Expenditure Department, under the Ministry, has issued a set of FAQs (Frequently Asked Questions) on LTC cash voucher scheme, clarifying that an employee can also avail the scheme utilising the applicable LTC fare without leave encashment.
The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.
The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.
After some initial worry, investors are coming back to investing in mutual funds like before. However, the steady redemptions remain a concern, Chandresh Nigam, MD and CEO, Axis Mutual Fund, tells ET Wealth. Here are other takes from the wealth expert.
Here's a weekly tracker of returns to keep you updated on how the stock market index, gold prices and silver have performed. This will give investors an idea of how their investments performed over a long period.
In a statement, the Central Board of Direct Taxes (CBDT) said, "The due date for furnishing of Income Tax Returns for the taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was July 31, 2020] has been extended to December 31, 2020."
"We are studying the order issued by the Hon'ble Karnataka High Court and will take appropriate steps in consultation with legal experts in the best interest of unit holders," said Franklin Templeton.
As per the scheme, the lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers in respective accounts for the said period irrespective of whether the borrower fully or partially availed the moratorium on repayment of loan announced by the RBI on March 27, 2020.
The step was taken after it was brought to the notice of the the Ministry of Road Transport and Highways (MoRTH) that the ownership details are not properly reflected in various forms under Central Motor Vehicles Rules required for registration of motor vehicles.
The Delhi Metro SBI Card is a multi-purpose card which functions as a credit card as well as a metro smart card. Customers can apply for the combo card through the sales team present at metro stations as well as online through e-apply platform on SBI Card website at an annual fee of Rs 499.
The Finance department under Deputy Chief Minister Manish Sisodia has decided to give a mega festive package to Delhi government employees in view of the hardships due to the COVID-19 pandemic and the lockdown, an official statement said.
The integration of ETMONEY's feature on Google Pay will help its users have a seamless experience without leaving the platform. This collaboration will allow Google Pay users to identify the right MF schemes and invest in them within minutes using their Google account and Unified Payments Interface (UPI) ID.
Carrying your luggage to and from railway stations is going to get easier. The city division of Indian Railways will soon be providing an application-based bags-on-wheels (BOW) service, making travelling easier for passengers.
"Interested groups/association of PSOs (banks as well as non-banks) seeking recognition to be an SRO may apply to the chief general manager, department of payment and settlement systems at the RBI," the regulatory circular said.
In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by 10.51 per cent to Rs 142.64 lakh crore.
The Ministry of Home Affairs (MHA) also announced giving permission to all Overseas Citizen of India (OCI) and Person of Indian Origin (PIO) cardholders and all other foreign nationals to visit India for any purpose, except on a tourist visa.
Expense on housing has gone up from 15.2% in 2001 to 16.87% now while expenses on miscellaneous items including health and education is also up from 23% to 30%, as per the revised index launched by the Labour Bureau on Thursday.