Launched in 2015 to democratise access to finance, the Pradhan Mantri Mudra Yojana (PMMY) has emerged as a cornerstone of India’s entrepreneurial transformation, disbursing over ₹32.61 lakh crore in loans to more than 52 crore beneficiaries. The scheme has redefined the country’s credit space by shifting the focus from politically influenced corporate lending to empowering … Read more
Kotak Mahindra Asset Management Company Ltd (KMAMC) has announced the launch of ‘Choti SIP’, a novel initiative to make mutual fund investments more accessible to Indians. This new offering allows individuals to start investing with a minimal monthly contribution of Rs 250, a move intended to broaden the reach of mutual funds in line with … Read more
RBI MPC repo rate: The Reserve Bank of India’s Monetary Policy Committee may go for an interest rate cut on February 7 for the first time in almost five years. During its December meeting, the RBI decided to keep the repo rate steady at 6.5% for the 11th consecutive time due to ongoing inflationary challenges. … Read more
There is a growing demand to reduce or eliminate the current 18% Goods and Services Tax (GST) rate on life and health insurance policies. The high GST rate on insurance premiums poses a significant obstacle, especially for individuals with limited incomes. The combination of high premiums and GST makes insurance products inaccessible to many. Ajit … Read more
Investment options: The State Bank of India (SBI) has announced the introduction of two new deposit schemes for its customers, namely the Har Ghar Lakhpati RD scheme, SBI Patrons FD scheme. Har Ghar Lakhpati is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof. ‘SBI Patrons,’ is a … Read more
Fixed Depsit rates: In December 2024, several banks, including Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank, and Bank of Maharashtra, changed their fixed deposit interest rates. These changes have implications for the general public’s and senior citizens’ savings. One of the most widely chosen investment options is a fixed deposit, where an individual deposits … Read more
The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
The launch of the Bima Sakhi Yojana by Prime Minister Narendra Modi on Monday marks the initiation of an ambitious project by the Life Insurance Corporation (LIC) aimed at empowering women financially. The goal of the scheme is to enlist 100,000 Bima Sakhi within a year to provide rural women with the opportunity to become … Read more
Microfinancing company Muthoot Microfin has commenced the disbursement of loans through its co-lending arrangement with the State Bank of India (SBI), the largest lender in the country. Under the partnership, the SBI has approved a Rs 500 crore limit, to be distributed in increments of Rs 100 crore. The loans, ranging from Rs 50,000 to … Read more
The Unified Payments Interface (UPI) has been a game-changer in the digital payments sector since its inception in 2016. Developed by the National Payments Corporation of India (NPCI), UPI has seamlessly integrated itself into the everyday financial activities of countless Indians. Data analyzed by the global payments hub Paysecure earlier this year revealed that the … Read more