National & International Financial news and Updates

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Covid-19 relief package on EPFO withdrawal to cover only 16% of total subscribers

The burden to fund the wages of employees still lies on the employers as the government will support them in the form of reimbursement.

2 days ago

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Covid-19 relief package: Center allows PF withdrawal for individuals to fight lockdown

An individual can withdraw the Provident fund by submitting a physical application to the EPFO office or filing an online application on the EPFO official website.

3 days ago

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Mobile Phone prices in India to get dearer: Here are the new GST rates

At the 39th GST Council meeting held in New Delhi, Finance Minister Nirmala Sitharaman announced rationalization of tax rates on five sectors - mobile phones, fertilizers, footwear, renewable energy equipment, and man-made textiles. The GST rate on mobile phones will be hiked from the current 12% to 18%.

15 days ago

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Good news for depositors as Moratorium on Yes Bank to be removed on March 18

On March 5, the Reserve Bank of India superseded the board of Yes Bank after it was unable to raise fresh capital.

16 days ago

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SBI, ICICI Bank, HDFC Bank, LIC, others to invest Rs 11,700 crore to revive Yes Bank

Public-sector undertaking State Bank of India will be joined by seven other private lenders namely HDFC Bank, ICICI Bank, Kotak Bank, Axis Bank, Damani, Jhunjhunwala, and Azim Premji Trust to pick up stake and support revival of Yes Bank. LIC has also been roped in by the RBI to revive the private-sector lender

16 days ago

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Here's why SBI cut interest rate on its saving banks account to 3%, issued AMB waiver

State Bank of India (SBI) has cut the interest rates on its savings bank account to 3 per cent and has also done away with the need for customers to maintain an average quarterly balance.

17 days ago

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Deposited money is safe: RBI asks state government to stop withdrawals from private banks

The trigger of such heavy withdrawal is believed to be the Yes Bank crisis that was superseded by the RBI placed restrictions on withdrawals.

17 days ago

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Coronavirus scares: Contingency planning on top of the agenda for global financial firms

Large financial institutions and corporates are ramping up their contingency planning efforts to combat the spread of coronavirus amongst its staffers, which include telling them to self-quarantine for 14 days if exposed to someone suffering from the virus, deep cleaning of offices and splitting operations such that some staff can work-from-home in affected regions.

17 days ago

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SBI removes minimum balance charges for all saving accounts

SBI had already announced slashed MCLR or marginal cost of fund-based lending rate by up to 15 basis points that would come into effect from March 10.

18 days ago

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Yes Bank enables inward IMPS, NEFT transactions; customers can now pay dues

In a tweet, Yes Bank said the customers can pay their credit card dues and loan from other bank accounts using the two wire transfer services.

20 days ago

Founder and former managing director of Yes Bank Ltd, Rana Kapoor

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Aftermath of Yes Bank crisis: 40,000 customers abroad panic, CBI files FIR against Kapoor and his family

Post moratorium issued by RBI on Yes Bank, and Rana Kapoor's residence being raided, CBI has now registered FIR against Yes Bank founder Rana Kapoor, his wife and three daughters accusing them of bribery, money laundering and cheating under the PMLA and Prevention of Corruption act.

20 days ago

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Yes Bank crisis: Founder Rana Kapoor arrested by ED for money laundering

The ED had Friday registered a money laundering case against Kapoor and raided his Samudra Mahal residence at Worli, Mumbai, in connection with the large sum of loans granted to Dewan Housing Finance Ltd (DHFL).

22 days ago

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Exclusive: PhonePe is back with ICICI as new UPI partner; nothing changes for 20cr users

After RBI's moratorium on Yes Bank, PhonePe now has a new UPI partner, ICICI Bank.

22 days ago

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Yes Bank crisis explained: What led to the downfall of India's fifth largest private lender?

An RBI moratorium was the last resort to ensure Yes Bank lives through its crisis of deteriorating financial health and a huge pile of bad credits, while State Bank of India stepped in to save the bank by suggesting schemes of reconstruction or amalgamation.

23 days ago

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SBI keen to acquire 49% stakes in Yes Bank: How much will it cost?

SBI Chairman Rajnish Kumar told reporters at a press conference today that the rescue of Yes Bank was a "must," less than two days after the RBI took control of the capital-starved bank.

23 days ago

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Katrina Kaif to be part of Ali Abbas Zafar's superhero flick; the budget will shock you!

5 minutes ago