Economic Times Personal Finance News
Personal Finance India
- View: How to pay depositors when borrowers don't?
Banks work on the simple principle of taking money from savers and lend to those who are in need. It's a well-oiled cycle as long as it rolls on. What if borrowers don't repay? Just rewind a few months back and replay the visuals of teary eyed widows and neighbourhood shopkeepers in front of the Punjab and Maharashtra Co-Operative Bank branches to get their money back.
The government has extended various financial deadlines from March 31, 2020, to June 30, 2020.
Despite the rising equity markets, the weak underlying economy kept investors uneasy. This in turn supported gold above $1700 for most of the month.
Traditionally, the ATM has been using a magnetic stripe card for identification of the accountholder and the PIN for authorisation. To use the contactless ATM, the customer has to use the bank’s smartphone app to scan a QR code on the screen and enter the amount and ATM PIN in his mobile, and collect the cash without touching the machine.
After a lull of almost two months, mutual fund houses seem to be back in business. Fund houses have filed draft documents for 10 new schemes across categories since May 21.
While 10-year SIP returns of various equity schemes have been in single digits, there are some that managed to outperform peers and the benchmark indices.
"The railways has successfully refunded Rs 1885 crore towards cancellation of tickets to passengers during the period March 21 to May 31 on tickets booked through the online mode," the railways said.
The non-life insurance company has received over 480 claims for damage to property and vehicles post cyclone Amphan, which killed 98 people and left behind a trail of destruction in West Bengal on May 20.
As India emerges from one of the world’s longest shutdowns to check the pandemic’s spread, Prime Minister Narendra Modi is under pressure to spur growth in the economy. Activity came to a standstill as almost all of the nation’s 1.3 billion people stayed at home since March-end, setting the economy on course for its first annual growth contraction in four decades.
The usage-based insurance (UBI) private car policy for car owners is launched under the IRDAI’s Regulatory Sandbox regulations. It is personalized, affordable and offers a customized solution towards your driving profile.Tags : economic times,personal finance,mutual funds,fixed deposits,insurance,property,art,loan,interest rates,credit cards,tax saving,investment,investments,investing,financial planning
