50% equity:50% debt helps in meaningful wealth creation: Motilal Oswal Private Wealth

The brokerage house said a portfolio equally divided between equity and debt is optimum for investors with a moderate risk profile. The return distribution showed a low probability of negative returns, with around 54% of observations in the double-digit category, it said.

from Personal Finance News-Wealth-Economic Times https://ift.tt/lmudw1t

Customers to receive alerts when their credit information report is accessed by lenders: RBI asks CICs

Credit institutions, including banks and NBFCs, would also be compelled to alert consumers via SMS or email when they submit information to CICs regarding their current credit default or Days Past Due (DPD).

from Personal Finance News-Wealth-Economic Times https://ift.tt/gep4kbJ

RBI revises bulk FD limit for these banks to Rs 1 crore

The Reserve Bank of India (RBI) decided to raise the criteria for 'bulk deposits' for regional rural banks (RRBs) to Rs 1 crore from the current Rs 15 lakhs in order to raise more funds.

from Personal Finance News-Wealth-Economic Times https://ift.tt/1yLfQc9

Bank of Baroda suspends employees for jacking up number of app users

Bank of Baroda has reportedly suspended over 50 employees, including assistant general managers, as part of its crackdown on irregularities in customer onboarding for its mobile banking app, bob World. The action comes after the Reserve Bank of India (RBI) banned the bank from onboarding new customers onto the app following the discovery that staff were entering third-party numbers to inflate registered users.

from Personal Finance News-Wealth-Economic Times https://ift.tt/7oPrDLg

Health insurance policies beat motor covers in premium

Before the pandemic struck, the share of motor insurance was 37%, as against 27% for health insurance. Motor insurance’s share has dipped to 28% in September, and if premium from personal accident insurance were added to health, its share would be even higher at 41%.

from Personal Finance News-Wealth-Economic Times https://ift.tt/jyQSZkN

RBI fines ICICI Bank, Kotak Mahindra Bank for defaulting in fraud reporting, loan recovery rules

The Reserve Bank of India has imposed monetary penalties on Kotak Mahindra Bank and ICICI Bank due to deficiencies in regulatory compliance, according to two separate RBI press releases issued on October 17, 2023.

from Personal Finance News-Wealth-Economic Times https://ift.tt/Cpk5273

BoB World app scam could be tip of iceberg, RBI should appoint IT auditors in banks: Forum

The RBI governor, Shaktikanta Das, has been urged by a civil society platform to implement an information security (IS) audit mechanism for banks that have mobile banking apps.

from Personal Finance News-Wealth-Economic Times https://ift.tt/5iC69wZ

Mutual fund SIP account addition reaches record 3.7 million in September

Over the past three months, the average monthly gross SIP registration was 3.5 million compared with the previous 24-month average of 2.2 million reflecting the rapid pace of SIP additions.

from Personal Finance News-Wealth-Economic Times https://ift.tt/C7maogH

Attention SBI customers: State Bank of India on why you are facing UPI snags

If you are a State Bank of India (SBI) customer and are facing some technical issues while using UPI for your transactions, SBI has stated the reason.

from Personal Finance News-Wealth-Economic Times https://ift.tt/wr3cSQD

SBI net banking will be down on this day; here are alternatives

State Bank of India customers will not be able to access internet banking services due to scheduled activity. However, it has not mentioned anything about the YONO app, if its service will be available.

from Personal Finance News-Wealth-Economic Times https://ift.tt/OTaF2ox

Bank of Baroda cannot offer ‘BoB World’ app to new users: RBI

“The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension,” said the RBI in a press release dated October 10, 2023.

from Personal Finance News-Wealth-Economic Times https://ift.tt/Z02435P

GST Council likely to clarify premium on life insurance

The GST Council will provide clarity on input tax credit for life insurers, following a demand on Life Insurance Corporation (LIC). The issue arises from the complication of GST being levied on only a portion of traditional life policies or endowment plans. The input tax credit claimed on the exempted portion of the premium is being questioned by tax authorities.

from Personal Finance News-Wealth-Economic Times https://ift.tt/4ehlsbL

RBI urges caution on rising personal loans, tells Banks & NBFCs to look for signs of nascent stress

from Personal Finance News-Wealth-Economic Times https://ift.tt/ynzSvgl

RBI hikes UCBs Gold Loan limit for bullet repayments, announces new card tokenisation channel

from Personal Finance News-Wealth-Economic Times https://ift.tt/7O5j1Qm

Quick, easy personal loans may become difficult now as RBI tells banks, NBFCs to be more careful

Alarmed by very higher growth in the disbursal of personal loan in past few quarters, RBI has cautioned banks and NBFCs against quick and easy personal loans and has asked lenders to implement strong underwriting norms. As a result lenders will have to bring in tougher underwriting norms which will make getting a personal a little difficult for the borrowers.

from Personal Finance News-Wealth-Economic Times https://ift.tt/RemCnDj

Higher FD interest rates to continue as RBI holds repo rate; how to get best returns from fixed deposits

Fixed deposit investors witnessed a good hike in FD rates since May 2022 after a long gap during which they had witnessed one of the lowest rates in decades. However, with 3 consecutive pause in repo rate hikes by RBI there was a fear of reduction in rates which could have led to fall in FD interest rates has well. However, FD investors are likely to enjoy higher FD rates for a longer period as RBI decided to keep the repo rate unchanged.

from Personal Finance News-Wealth-Economic Times https://ift.tt/Yb0c361

Will FD interest rates drop sharply if RBI MPC keeps repo rate unchanged on October 6, 2023?

FD interest rate: All eyes are on RBI monetary policy committee (MPC) meeting scheduled on October 6, 2023. Most experts say that the Reserve Bank of India (RBI) is likely to keep the repo rate unchanged at 6.5%. How is it going to impact your investments such as fixed deposits (FDs)? If the repo rate remains unchanged, will the FD interest rates remain stagnant? Will there be no deposit rate hike in the coming days? Or will FD interest rates drop sharply in the near term? Let's find out what experts say

from Personal Finance News-Wealth-Economic Times https://ift.tt/TfVghJL

4 Myths and facts about financial planning you should know

Today on the occasion of world financial planning day (October 4, 2023) the Financial Planning Standards Board (FPSB) India released a survey report which highlights what millennial Indians and others thinks about financial planning and what is their most unmet demands which can be met with proper financial planning.

from Personal Finance News-Wealth-Economic Times https://ift.tt/Iw1rQk8

5 core SBI banking services at your doorstep: State Bank of India launches ‘Mobile Handheld Device’

The State Bank of India launched a "Mobile Handheld Device" for its financial inclusion customers in an effort to promote financial inclusion and offer essential banking services to the general people.

from Personal Finance News-Wealth-Economic Times https://ift.tt/lpshgPU

How falling household savings affect the economy

With government expenditure needs exceeding the revenues, the savings were negative. Government dissaving has averaged 2.1% of GDP in the past 10 years. Households contribute to most of the gross savings, contributing over 65% in 2021-22.

from Personal Finance News-Wealth-Economic Times https://ift.tt/FD5P4AQ