Tax saving fixed deposit – People opt for fixed deposits as an investment option. The feature of a fixed deposit is a savings scheme that offers higher returns than a savings account. The returns on an FD are assured, and it is not impacted by market fluctuations, making a fixed deposit the popular investment option.…
Read articleThe Asian continent is known to have the largest population in the world. India is the second most populous country in the world and ranks seventh by area size. India is known for its democracy. It is a multilingual and multi-ethnic society bound by national peace and progress. With about 28 states and 8 Union…
Read articleWhat did IMF say – IMF senior appreciated India for its Direct benefit transfer scheme. Mauro was addressing a news conference during the 2022 annual meeting of the IMF and the World Bank Group in Washington. He said according to the sheer size of the country, India’s case is quite impressive. He also stated that…
Read articleInauguration of 75 digital banking units – In the union budget speech for 2022-23, Nirmala Sitharaman mentioned that the government would set up 75 DBUs in 75 districts. This was to pay tribute to the 75 years of independence of our country. Prime Minister Narendra Modi dedicated 75 digital banking units to the nation, taking…
Read articleConcept of Central Bank Digital Currency (CBDC) e-rupee – RBI released a concept note on the digital rupee (e-rupee) on 7th October 2022. The Government of India had also announced the launch of a CBDC in its 2022 Union Budget. E-rupee is a digital version of the Indian rupee. The RBI has announced its issue…
Read articleIncome Tax – If you are a salaried individual or an entrepreneur or you make a rental income or earn from your investments you have to pay taxes to the government. The Income Tax Act came into effect in 1961. Everything related to the collection, recovery, and administration of income tax comes under the section…
Read articleLaunch of Combo fin products – Launch of Combo services such as savings accounts with insurance or an insurance product with new pension scheme benefits etc. has paved its way in its final launch. An inter-regulatory technical group (IRTG) on fintech announced the standard operating procedure for an inter-operable regulatory sandbox for hybrid products and…
Read articleWhat is a credit Score? A credit score rates a consumer’s creditworthiness. A credit score is a three-digit number that tells how you manage your finance. The higher the score, the better a borrower looks to potential lenders. Every financial institution checks your credit score because it gives an idea of your general credit health.…
Read articleThe license of Seva Vikas Co-operative Bank cancelled – The license of Pune-based Seva Vikas Co-operative Bank is cancelled by the Reserve Bank of India RBI. The bank ceases to carry on banking business, with effect from the close of business on October 10, 2022. Earlier in August 2022, it had cancelled the license of…
Read articleCyber frauds – Digitalization makes it very convenient for transactions to be made but as every coin has two sides the cons of digitalization include cyber fraud. After the pandemic cyber frauds have seen a sharp jump due to a steep rise in digital transactions. It is very important to have certain insurance for the…
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