Banks are increasing their focus on retail (small) borrowers, as the demand from companies has slowed. They have already started lining up special offers to tap festival demand. There are discount offers of up to 25 basis points on interest rates .
The amount of interest earned by millions on their small savings and fixed deposit accounts has hit an all-time low. This has been revealed in the Indian Public Finance Statistics for 2015-16, released by the finance ministry on Thursday.
As the cost of education rises, banks have started increasing the loan amount. State Bank of India has raised its loan amount by five times and now offers an education loan of up to Rs 1.5 crore for those going abroad to study.
Image via ShutterstockThe tariff war that started with the entry of Reliance Jio (RJio) in the telecom sector is causing mobile operators to introduce new plans to retain the existing customers and also aggressively enrol new ones.
The Pension Fund Regulatory and Development Authority of India (PFRDA) will ensure that very low bids do not lead to pension fund managers dropping out of the race for managing funds of private sector employees.
Retirement fund body Employees' Provident Fund Organisation (EPFO) will launch a host of Aadhaar-linked online services such as Provident Fund withdrawal and pension fixation for its 4 crore subscribers by the end of the financial year
The Union labour ministry on Thursday decided to hike the exposure of the Employees’ Provident Fund’s incremental corpus in equity markets from five per cent to 10 per cent for the current financial year, without consulting the Central Board
Interest rates on small saving schemes would be reduced marginally by 0.1 percentage points for the December quarter of 2016-17, leading to lower returns on Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and Sukanya Samriddhi Account, among others.
The burgeoning size of several equity schemes amid exceptionally high benchmark-beating returns, especially in the past three years, has made fund managers cautious about the sustainability of such a trajectory of returns in the future.