The scheme will make mandatory allocation of minimum 25% of its total assets each in large, mid, and small cap companies, while the balance 25% of its total assets will be allocated based on market view of the fund manager.
All banks disbursing central government pension have been advised that in case the spouse (family pensioner) opts for the existing joint bank account for credit of family pension, banks should not insist on opening a new account.
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The new funds, at first glance, offers Indian investors a chance to diversify and invest in emerging markets and European markets. But does a regular investor need such exotic funds?
Repayments by small ticket borrowers following the buy now pay later model to borrow from mom and pop stores surged this Diwali according to data compiled by OkCredit.
The scheme says that depositors can claim upto Rs 50,000 at the end of three years and further can claim Rs 1 lakh at the end of four years, Rs 3 lakh at the end of five years and Rs 5.50 lakh at the end 10 years.
Retail investors, who bought an unprecedented amount of shares in Paytm’s parent One 97 Communications Ltd., have seen more than 35% of their value wiped out in just two trading sessions. Further losses may be in store if the stock slumps from its Monday closing price of 1,359.6 rupees to the 1,200 rupees predicted by Macquarie Group Ltd.
Cyber security firm CyberX9 had said that a vulnerability in the server of Punjab National Bank exposed the personal and financial information of its about 180 million customers for about seven months and that the bank fixed the vulnerability when CyberX9 notified PNB through CERT-In and NCIIPC.
The rise in repayments and growth in retail small and medium businesses also signals towards a healthy recovery in the economy, OkCredit said.
Some Co-operative Societies are using the word “Bank” in their names in violation of Section 7 of the Banking Regulation Act, 1949 which is applicable to co-operative societies under the Act, according to the Reserve Bank. "Accordingly, co-operative societies cannot use the words “bank", "banker" or "banking" as part of their names, except as permitted under the provisions of BR Act, 1949 or by the Reserve Bank of India" the regulator clarified in a release.
The Reserve Bank of India today placed in the public domain the draft scheme of amalgamation of the Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank (USFB), which commenced operations from November 1, 2021.
Apparel exporters are renegotiating rates with big brands to pass on higher cost, while prices of agriculture commodities such as basmati rice have already gone up amid crop damage due to the inclement weather in India affecting production and supplies.
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