Archive for September, 2012

SIPs Beat Sensex in 5-Year Race, Yield Good Returns than Lump-Sum Investment

Thursday, September 27th, 2012

Investments in equity mutual fund schemes through Systematic Investment Plans (SIPs) has gained better returns than lump-sum unit purchases in SIPs. Buying equity scheme units through SIPs involves pre-determined periodic buying of units every month over a period of time. In the past five years, returns of these products has fetched 10% to 18% while […]

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Govt Allows Tax Breaks for First-Time Investors in Shares, Mutual Funds

Thursday, September 27th, 2012

To expand the investor base and encourage individuals to move from gold and real estate investment options, the government allowed first-time investors in top shares, equity mutual funds and exchange-traded funds to avail tax-breaks. The government’s decision on tax-breaks may help middle-class which is now increasingly looking at new investment options. According to the Finance […]

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No Charge on e-Transfer of Funds up to Rs 1 Lakh : Finance Minister

Tuesday, September 25th, 2012

To promote cashless transactions, Finance Minister asked public sector banks to reduce the National Electronic Funds Transfer (NEFT) charges to zero for funds up to Rs 1 lakh. Currently banks are charging a minimum fee of Rs 5 per transfer of funds up to Rs 1 lakh from one account to another through NEFT system. […]

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Premiums of Fire, Group Health, Motor Insurance May Go Up

Tuesday, September 25th, 2012

The insurance premiums in segments like fire insurance, third-party motor insurance and group health insurance are likely to go up in the wake of losses being incurred by various insurers in India. According to the chairman-cum-Managing director of United India Insurance, certain segments in insurance are making some kind of losses. So, there will be […]

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Banks to Provide 1% Sop for Home Loans up to 15 lakhs : RBI

Monday, September 24th, 2012

The Reserve Bank of India (RBI) asked banks to give 1% concession on home loans up to Rs 15 lakh. According to RBI’s notification, this scheme has been liberalised with effect from 2011-12 by extending it to home loans up to Rs 15 lakh, where the price of the house does not exceed Rs 25 […]

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RBI Cuts CRR by 25 bps to Unlock Rs 17,000 Cr in Banking System

Monday, September 24th, 2012

The Reserve Bank of India (RBI) left policy repo rate unchanged at 8% but cut CRR (Cash Reserve Ratio) by 25 bps to boost growth and improve the fiscal position. The CRR is the rate at which banks are required to keep its deposits with RBI. This move by central bank is expected to inject […]

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Indians Credit Card Usage 30 Times More than Debit Card Payments : RBI

Monday, September 24th, 2012

Indians use a credit card for an average payment amount of about Rs 55,000 annually. This amount is nearly 30 times the money spent through debit cards. According to RBI’s data, the number of debit cards are more than 15 times that of credit cards in the country. RBI’s data also shows that, there were […]

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Govt Asks Banks to Reduce Cheque-Based Transactions

Monday, September 24th, 2012

To promote electronic payments, the government has asked banks to cut cheque-based transactions by at least 20%. The Finance Minister asked banks to ensure that all payments and disbursements by banks, except sundry payments should be made only electronically. The aim is just to bring down the number of cheque-based transactions through identified bank branches […]

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Five Indian-Americans in Forbes Annual List of 400 Billionaires

Sunday, September 23rd, 2012

Five Indian-Americans have been named the richest people in the US by Forbes, a leading source for business news and financial information. There are 400 billionaires in the richest list topped by Microsoft founder Bill Gates. Bill Gates, 56, whose net worth grew by 7 billion dollars from the last year to USD 66 billion […]

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Make Payment With Your Phone at Kirana Stores: NPCI

Thursday, September 20th, 2012

Small payments such as local taxi fares and kirana store purchases are set to go cashless soon as the National Payment Corporation of India (NPCI) has decided to extend the facility of Interbank Mobile Payment Service (IMPS) for merchants also. According to the CEO of NPCI, there are nearly 10 million kirana stores in India, […]

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Mutual fund AUM crosses Rs 7.5 trillion mark: Crisil report

Thursday, September 20th, 2012

The mutual fund industry has experienced growth of 3% in Assets Under Management (AUM) to Rs 7.53 trillion in August 2012. This rise is contributed by the inflows of Rs 198 billion into liquid and income funds. However, these inflows are less, compared to Rs 385 billion in July 2012. According to a leading credit […]

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Avoid Birth Dates, Numerical Sequences in ATM Pin Code

Thursday, September 20th, 2012

According to the researchers at the data analysis firm Data Genetics, the four digit ATM Pin number that controls access to your bank account may become less secure. If your ATM pin code is your birth date, a year in the 1900s, there are more chances of cracking your password. The researchers from ‘Data Genetics’ […]

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RBI Asks Banks to Disable Cash Retraction Facility at ATMs

Thursday, September 20th, 2012

The Reserve Bank of India (RBI) asked banks to remove ‘cash retraction facility’, as bank notes getting sucked back by the machine if not collected immediately. Earlier, when you use your ATM card to withdraw cash, you get a few seconds (10-15 seconds) to collect notes. This time is been varying from bank to bank. […]

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Indian Bonds, Rupee Rally as Diesel Price Hiked by 5 Rupees

Wednesday, September 19th, 2012

Indian rupee rallied to its highest 2 month, hitting 55.89 per dollar, while bond yields dropped after the government’s sharp hike in diesel prices raised by Rs 5 per litre. The government’s decision on this move is to help bring down its fiscal deficit and reduce the government’s fuel subsidy burden. Analysts expect hike in […]

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Learn to Live Debt-Free Life from Germans

Wednesday, September 19th, 2012

For many people in India, debt is a part of life. They take debt for almost everything – from purchasing a small home appliance to a luxury car; a small party at home to a wedding reception and the list goes on. They feel debt as an acceptable way of living. But, there is a […]

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