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Jan Dhan Yojana A Roaring Success. 2 Months, 7 Cr Accounts, Rs.5000 Cr Deposits
Indian PM Narendra Modi’s ambitious Jan Dhan Yojana has received tremendous response from all quarters of the society, as more 7 crore new bank accounts have been opened so far, collecting deposits of more than Rs 5000 crore within 2…
Free ATM Usage Cut To 5 For Own, 3 For Other Banks From Today. Rs 20 Per Transaction After That!
Update: We have been getting many calls and emails stating that "ATM usage for home bank is still free. However, various media reports suggest that it is capped at 5 for Metro cities. On the other hand, RBI circular is slightly confusing as…
KayPay : Kotak’s New Facebook Money Transfer Platform
Kotak Mahindra has launched world’s first Facebook based instant funds transfer platform: KayPay. The beauty of this online based Social banking platform is its simplicity: now anyone can transfer funds between their Facebook friends…
4800000000000 [4.8 lakh crore] Rupees Black Money Goes Out of India to Foreign Shores!
Finally, it seems that the new Modi Government will bring atleast some of the Black money back in India. On all accounts, the names of all the Black Money hoarders in Foreign Banks will make their way back into India. Do you know the…
SBI’s ‘Chota ATM’ Costing $8 Coming To Every Nook & Corner Of India
SBI, in collaboration with Ezetap has announced the launch of ‘Chota ATM’, which can literally transform the mechanism of payments and ATM withdrawals all over the country.
‘Chota ATM’, which translates of ‘Little ATM’, enables kirana…
Why You Should Not be Worried by The Rupee Depreciation?
The Indian rupee fell sharply by 2.1% on September 30, 2014, the worst plunge it has taken after the august 2013 debacle when it fell by an unimaginable 8.8%!!
The rupee ended the day at 61.7450 / 61.7550 per dollar compared with…
Jan Dhan Yojana: Modi’s Ambitious Initiative To Give Bank Account To Every Indian Family
Did you know that about half of Indians do not have a simple basic saving accounts. While the situation is improving, still millions are households in India still do not have any financial inclusion.
There have been number of initiatives…
Plastic Currency Notes Will Be Introduced In India By 2015 – RBI
As per government estimates, 20% of all existing currency notes gets soiled or scribbled in India, which amounts to huge losses amounting to approximate Rs 2 lakh crore every year. In a decision which can have long lasting impact on the…
Can Personal Expenses Be Shown As Business Expenses In Filing Income Tax?
General Principal says that amount you spend for personal or family reasons are not deductible business expenses. However, if you are doing business from home or have a family business, there are expenses which are both in the nature of…
Filing Income Tax Returns? Documents You Need…
The last day of filing tax returns, 31 July, isn’t far away and if you are one of those who wait until the last minute, you aren’t alone. Every year in July, there is a last-minute scramble among assesses to file income tax returns.…
RBI Issues Guidelines For Opening Small Banks & Payment Banks, Minimum Rs 100 Cr Capital…
Reserve Bank of India has issued guidelines for seeking license required for opening Small Banks and Payment Banks in India; along with request for suggestions and opinions from general public on this decision. As per the announcement…
Govt Asks Banks To Issue Rupay Cards, Mastercard-Visa Feeling The Heat
In the month of May, President Pranab Mukherjee inaugurated RuPay, which is India’s first national payment gateway. Created by National Payments Corporation of India, RuPay has several advantages compared to private payment gateways such as…
SBI Goes All Digital, Brings ‘SBI InTouch’ Branches With Next-Gen Facilities
India’s largest banking and financial services company: State Bank of India has embraced digital in a big way. They have conceptualized ‘SBI Intouch’ banking paradigm, which has been described as the ‘next generation banking initiative’.…
13 Global Wealth Insights – India To Be Fastest Wealth Creating Nation By 2018
The Boston Consulting Group (BCG) has just released a very interesting report - “Global Wealth 2014: Riding A Wave of Growth”, which tells us the state of private wealth creation in different countries of the world.
As per the report, by…
This Is Big! HDFC Enables Debit Card Payments On Google Play, Amazon.com & Other International…
I got an SMS alert today from HDFC Bank that really surprised me. The SMS alert mentioned…
“Now you can shop at your favourite international sites such as Google Play, Amazon.com & more with HDFC Bank Debit Card ending XXXX.”
Here…
RBI Puts Aadhaar Biometric Authentication For Cards On Hold, Pilots eWallet Cash-Out Facility
This news will definitely come as a big relief to credit card companies operating in India. In November last year, RBI had come out with a directive that said that Indian Banks who issued credit cards to consumers, will need to implement…
2 Brilliant RBI Initiatives: Bank Account For Minors & No Fees On Dormant Accts
Current RBI Governor Dr. Raghuram Rajan thinks unconventional and totally out of the box. This was yet again demonstrated as the RBI issued two initiatives which will certainly bring cheers from the ‘aam junta’.
Initiative 1: Minors…
Top 10 Billionaires Who Used Technology To Make Their Fortune
As per Forbes, there are 1645 billionaires in the world as of now, who have collectively amassed fortune worth $6.4 trillion. Compared to last year, 268 new billionaires joined the list, including 42 new woman billionaires.
From this…
NRIs Sent $70 Billion Back Home In 2013; Highest By Any Country
Globally, migrant workforce sent $404 billion to their home countries in the year 2013 and out of that, Indian have beaten them all. Migrant Indian workforce sent remittances worth $70 billion (Rs 4 lakh 20 thousand crore) back home,…
Kotak Launches Banking Paradigm 3.0: Kotak Jifi Social Banking Account
Banking 1.0 was the phase when private banks were allowed to open shops across India. Banking 2.0 was the phase when ATMs were introduced and now, Kotak Mahindra has launched the next version of Banking, which we have aptly named as Banking…