Nirmal Jain has hit the jackpot serving the new rich in the world’s fastest-growing major economy.
The Mumbai banker’s $20 billion private-wealth-management unit became India’s biggest by assets and helped make him a billionaire.
The nation’s demographics are a driving force, as well as Prime Minister Narendra Modi’s efforts to withdraw India’s biggest bills from circulation, which has pushed savings into the financial system. India’s young and thriving workforce will support its growth for years to come, Jain, 51, said in a phone interview, pointing out that millennials account for about a third of the country’s population and most of the income. Continue reading
Posted in Banking, Business, NATIONAL NEWS
Tagged banking, Business, demonitisation effect, founder of IIFL, IIFL, IIfl chairman, jackpot, latest billionaire from india, list of billionaire in india, Nirmal jain, wealth management, which mumbai banker became billionaire
With Whatsapp embracing UPI-based payments feature, there has been a lot of buzz around the digital payment platform. Unified Payments Interface has been developed by National Payments Corporation of India (NPCI). While the payment platform has been around since 2015, it received a big push after demonetisation drive in November, 2016.
Currently, all major banks in India support the UPI platform. It has also been adopted by the likes of Paytm and technology giant Google, which launched India-focused Google Tez peer-to-peer payment platform based on UPI. According to the recent data from NPCI, BHIM UPI saw 171.40 million transactions worth Rs 19,126 crore as of February, 2018.
What is UPI?
Unified Payments Interface (UPI) is essentially a single platform that Continue reading
Posted in Banking, General Knowledge/Awareness, LEARN WITH US, NATIONAL NEWS, UNCATEGORIZED
Tagged all about UPI, BHIM app, central govt. scheme, demonitisation, full form of UPI, how UPI works, Unified Payments Interface, UPI, UPI enabled banks, what is UPI ?
The Goods and Services Tax is a fundamental revolution in the way we think about indirect taxes in India. It has created a single market, helping move goods seamlessly across state borders. The GST system has enrolled close to 10 million businesses onto a single national technology backbone, the GSTN, and already collected over Rs 3 lakh crores in taxes in less than six months. GST was welcomed because it aimed at creating an incentive for compliance, rather than punishment for non-compliance.
The basic driver of the GST is the Input Tax Credit (ITC). The tax paid by your suppliers, should be subtracted from the tax you pay to the government. The ITC is not a small deal. Without ITC, the tax you have paid becomes a cost. This tax can often be higher than the profit margin of the business. The market encourages Continue reading
Posted in Banking, Business, Economy, NATIONAL NEWS
Tagged Business, buyer, direct tax, goods and services tax, GST, how to apply for GST, how to make business gst compliant ?, income tax department, income tax return, indirect tax, input tax credit, supplier, tax payers, what is GST
The State Bank of India (SBI) is likely to make changes to its rules for maintaining minimum balance in savings accounts and slash the penalties for going under the limit, officials familiar with the matter said on Thursday.
The officials said that the country’s largest lender is likely to move from a system of average monthly balance to an average quarterly balance.
“The charges for non-maintenance of minimum balance will be reduced by two-thirds of the current penalty,” said an official, who asked not to be named.
Currently, the monthly average balance (MAB) for SBI savings accounts in urban and metro centres is ₹3,000, in semi urban centres ₹2000, and ₹1,000 in rural centres.
The monthly penalty for nonadherence is between ₹30 and ₹50 in urban and metro centres, and ₹20 to ₹40 in semi-urban and rural areas.
Posted in Banking, NATIONAL NEWS
Tagged 2017-2018, amb charges, average monthly balance, average quaterly balance, current charges, decreased rates, india's largest bank, latest rates, matter of discussion, net profit, parliament session, sbi, state bank of india
The automated teller machine (ATM) industry wants the central bank to increase the interchange fee for ATM transactions because of the increased costs of running the channel, impact of demonetisation and a fall in transaction volumes.
Interchange fee is the fee that banks pay to each other for the use of their ATMs by other banks’ customers.
The representation is being led by the National Payments Corp. of India (NPCI), which has held discussions with public sector banks and private sector lenders separately, two people close to the development said on the condition of anonymity.
The demand for raising the rate is being led by Continue reading
Posted in Banking, NATIONAL NEWS
Tagged ATM operators, banking industry, change in prices, demonitisation, interbank charges, NPCI, private banks, public sector banks, RBI, rupay cards, transactional charges
NEW DELHI: The Aadhaar-issuing body UIDAI on Thursday allowed Bharti Airtel to conduct eKYC verification for its telecom subscribers till January 10 with stiff riders but maintained its ‘suspension’ order on Airtel Payments Bank.
Airtel, the India’s largest telecom company with 282 million subscribers, got the temporary reprieve with conditions after ₹138 crore Direct Benefit Transfer (DBT) was repaid into 55.63 lakh original accounts of its Continue reading
Posted in Banking, NATIONAL NEWS, Technology
Tagged aadhar card, bharti airtel, communication, customers, ekyc, kyc, last date, technology, UIDAI, updates
NEW DELHI: The central government told the Supreme Court on Monday that it was willing to extend up to March 31 next year the deadline to link Aadhaar with various schemes and services, including bank accounts and phone numbers.
The current deadlines for linking of bank accounts and mobile phone numbers with Aadhaar, are December 31 this year and February 6, 2018 respectively.
Posted in Banking, NATIONAL NEWS, New Schemes, Technology
Tagged aadhar, atorney general of india, biometric, central government, entended date, govt., id proof, last date, link of aadhar with services, mandatory, supreme court of india
NEW DELHI: In a move set to give a boost to the housing sector, the government has revised the House Building Advance rules for central government employees, increasing by over three times the amount they can borrow from Continue reading
Posted in Banking, Infrastructure/Property, NATIONAL NEWS, New Schemes, Politics
Tagged benefit, borrowing limit of central govt. employees, employees, govt. job, home, house building advance, housing sector, jobs in ministry, New delhi
NEW DELHI: The Reserve Bank of India and the country’s top insurance regulator, Insurance Regulatory and Development Authority, have objected to a draft law on bankruptcy in financial institutions, saying some of its provisions undermine their authority.
Posted in Banking, Economy, NATIONAL NEWS, New Schemes, Politics
Tagged bankcrupcy, banking, Financial Resolution and Deposit Insurance Bill, government, insolvency, IRDAI, nsurance, RBI
MUMBAI : The Reserve Bank of India (RBI) on Saturday clarified that linking bank account to Aadhaar number is mandatory under the Prevention of Money Laundering Act, dismissing media reports suggesting that such a linkage is not mandatory. Continue reading
Posted in Banking, Crime and Corruption, NATIONAL NEWS, Technology
Tagged aadhar, bank account, banking, corruption, mandatory link, mobile number, money laundering bill, RBI