Soon after the Budget announcement, insurance cover on bank deposits has been increased from Rs 1 lakh to Rs 5 lakh effective Tuesday, the Reserve Bank of India (RBI) said. Deposit insurance was static at Rs 1 lakh since 1993. The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned […]

The rupee opened on a weak note and declined by 18 paise to 71.51 against the US dollar in opening trade on Monday, tracking weak opening in domestic equities and strengthening of the American currency overseas. Forex traders said weak opening in domestic equities dragged the local unit, while easing crude prices and foreign fund

Days after the International Monetary Fund (IMF) marginally lowered its growth estimate for India to 4.8 per cent for 2019 citing stress in non-bank financial sector and weak rural income growth, its chief Kristalina Georgieva Friday said growth slowdown in India is temporary. “Growth slowdown in India is temporary and that it expects momentum to

As digital payment platforms thrive, Walmart-owned PhonePe has now launched its own Automated Teller Machine (ATM), a first of its kind service in India. The service launched on a pilot basis in Delhi NCR will enable people to get cash from merchant partners through transactions with their mobile devices. The company said that the service

The new information came to light on the back of a petition filed by the Internet and Mobile Association of India [IAMAI]. The IAMAI also includes some cryptocurrency exchanges, which is why they took this initiative. The central bank clarified that its 2018 circular was aimed to regulate cryptocurrency trades within the country and not

When it comes to their savings, a majority of Indians like to play it safe. They like to park their money in banks. As of September 2019, the total deposits of scheduled commercial banks in India stood at ₹130.4 trillion. Of this ₹81.6 lakh crore, or 62.5% of the total deposits, were with public sector

Finance minister Nirmala Sitharaman will present her second budget at a time when Indian economy in the middle of a deep downturn. India’s gross domestic product (GDP) is expected to grow at 5% in the current fiscal ending March, slower than the 6.8% growth recorded in 2018-19. Rising retail inflation, sluggish consumption, rising level of

The Reserve Bank of India has said it had not banned cryptocurrencies such as Bitcoin in India, but only ringfenced regulated entities like banks from risks associated with trading of such virtual instruments. The central bank said this in a response to a petition filed by the Internet and Mobile Association of India (IAMAI), which