How a daily budget of Rs 120 helped a Japanese woman buy 3 houses and start a cat café
The woman named Tamogami began her journey towards financial freedom in her early twenties. She adopted a strict budget, meticulously tracking her expenses and cutting back on unnecessary costs. She cooked her meals at home, opting for affordable and nutritious ingredients, and limited her spending on entertainment and leisure activities. Key Points
Business TodayHousehold financial wealth still higher than the pre pandemic levels
A research paper by RBI economists has found that the net financial wealth (NFW) of Indian households is still higher than pre-pandemic levels, at 97% as of March 2023. The total household financial assets are estimated at Rs 363.8 lakh crore, equivalent to 135.0% of the GDP, while the outstanding liabilities amount to ₹101.8 lakh crore, accounting for 37.8% of GDP. Key Points
Economic TimesModi’s top coalition ally Chandrababu Naidu seeks more than Rs 1 lakh crore handout
Key allies in Modi's coalition government, N Chandrababu Naidu and Nitish Kumar, are seeking substantial financial support for their states. The demands include funds for building a new capital and infrastructure projects. This puts pressure on the national budget and raises concerns about increasing debt. Key Points
Economic TimesSavings down, financial liabilities up: RBI says household debt warrants close monitoring
The Reserve Bank of India highlighted rising household financial liabilities post-Covid, with overall savings dropping to 18.4% of GDP in FY23 from an average of 20% between 2013-22. Household debt, driven by increased retail loans, is mostly held by prime credit quality borrowers. Savings are now shifting towards physical assets and non-bank investments. Key Points
Economic TimesGovt renewable power co IREDA achieves all-time high profit
New Delhi [India], April 20 (ANI): Indian Renewable Energy Development Agency Ltd. (IREDA) achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crore in its audited financial results for the fiscal year 2023-24, the company informed in an exchange filing on Friday. The loan disbursement amount of IREDA also increased to all […] Key Points
ThePrint
Building wealth together: A guide to joint investment accounts for kids
Financial education for children is crucial, with executives recognizing the importance of early money management skills. Opening investment accounts for kids is a key strategy to instill financial responsibility and long-term acumen. Key Points
mintIncome Tax dept is calculating your advance tax liability by tracking these financial transactions: Here's
The Income Tax Department said, The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions in the AIS has been used for carrying out this analysis. Read here to know what are these 'specified financial transactions'. Key Points
Economic TimesInternational Women’s Day: 5 common money mistakes women should watch out for
Financial illiteracy is a prevalent concern that can impact individuals across the board. Nevertheless, certain societal factors can disproportionately influence the financial knowledge and confidence of women. Key Points
mintHow single women can become financially independent
ingle women in India face a myriad of challenges on their path to financial equality. Income disparities persist, with women earning less on average than men due to gender-based pay gaps, necessitating strategic financial planning to maximise income potential. Here are a few financial tips to empower single women in building a prosperous future for themselves and their loved ones. Key Points
Economic Times8 easy tips for women to achieve financial freedom
Women in India face societal pressures and a gender pay gap. They must ensure that they are investing in themselves and their future, without neglecting their family's needs. Whether you're single, married, or divorced, navigating these challenges can be tough. Key Points
Economic Times
'Shall fully cooperate with SEBI': JM financial on investigation into public debt issue
Market regulator Sebi imposed curbs on the parent company JM financial from acting as the lead manager for any new debt public issue. It, however, ruled that it can continue as lead manager for existing debt public issue mandates for another 60 days. Key Points
Business TodayRBI, Sebi roil stock market with new crackdowns on IPO financing, gold
The RBI has been warning financial services firms to improve their governance and risk assessment systems for months. Even though bad debts are at a more than a decade low, the regulator has clamped down on unsecured lending and asked banks to make more provisions for other loans. Key Points
Economic TimesInternational Women's Day 2024: This is how fintech enables financial inclusion of women
The fintech sector drives transformation in banking and finance. India's progress to the fifth-largest economy highlights the importance of financial inclusion. However, empowering women and bridging the gender gap remain significant challenges. Key Points
mintInternational Women's Day 2024: How can women ensure long-term wealth generation?
International Women's Day highlights the need for women to prioritize self-care and financial planning to ensure long-term health and well-being. Empowering women through financial literacy and early healthcare interventions can lead to a more secure future. Key Points
mintJM Financial: RBI concerned about KYC, AML rule violations, wide sharing of customers' details, says report
On Tuesday, the RBI said the action was taken after observing certain serious deficiencies in the financial services firm's loan process. It highlighted serious concerns on the governance issues in the company, apart from violation of regulatory guidelines. Key Points
Business Today
JM financial shares plunge 19% after RBI restrictions. Here's what happened
Shares of JM financial plunged 19% after RBI barred JM financial Products from undertaking business in shares and bonds funding. RBI directed JM financial to cease and desist from financing against shares and debentures. The stock has been on the downtrend for the fourth straight session. Key Points
Economic TimesRegulation, conducive environment among top factors to fuel crypto trading among Indian investors: Sumit G
Sumit Gupta, Co-Founder of CoinDCX, discusses the key drivers for crypto trading in India and the challenges of building in the evolving environment. He highlights the need for regulatory clarity and a conducive environment to incentivize more activity on Indian exchanges. Key Points
Economic TimesRBI bars JM Fin from doing any form of financing against shares & debentures after it finds 'serious defic
The Reserve Bank of India (RBI) has prohibited JM financial Products from engaging in any form of financing against shares and debentures due to serious deficiencies found during a review of its books. This includes the sanctioning and disbursing of loans against initial public offerings (IPOs) and subscriptions to debentures. JM financial Products has been allowed to service existing loan accounts through the usual collection and recovery process. Key Points
Economic TimesWomen's Day 2024: Meet women who learned to manage finances and now drive the investment decisions of fami
This weeks cover story showcases women like Jain who have taken charge of their familys finances. Some of them are driving the investment decisions of their household, while others are equal partners in financial matters. The International Womens Day this week is an appropriate time to celebrate such women who are working to spread financial literacy among their friends, relatives, and colleagues. Key Points
Economic Timesfinancial Literacy: 5 key reasons why it matters more than ever
In the face of evolving financial landscapes and products, it is crucial to consistently acquire knowledge and adjust your financial strategies. financial literacy involves dedicating time and effort to understanding financial concepts. Key Points
mint
Seven in 10 Indian employees believe they are underpaid: Report
Seven in 10 employees in India believe they are underpaid. Salary is considered the most important aspect of a job. Organizations plan to improve payroll accuracy, timeliness, data security, and privacy. Employee wellbeing, including financial health and wealth creation, is a top priority. Employers are embracing AI in payroll management and exploring alternative compensation methods. Key Points
Economic TimesPlans afoot to digitalise KYC, curb illegal online lending
The financial Stability and Development Council (FSDC), led by Nirmala Sitharaman, plans to digitalize the KYC process and curb unauthorised lending. Recent restrictions on Paytm Payments Bank Ltd highlight non-compliance with KYC norms. FSDC focuses on inter-regulatory coordination, stability risks, and GIFT IFSC's role as an international centre. Key Points
Economic TimesIndia set to standardise 'know your customer' banking checks
India's financial stability panel aims to standardize customer verification processes across the financial sector to curb illegal lending through online applications. The plan, discussed at a meeting of the financial Stability and Development Council, seeks to ensure uniformity in Know Your Customer (KYC) norms. This move follows regulatory action against Paytm Payments Bank for non-compliance. The panel also addressed measures to prevent the negative impacts of illegal online lending apps, which have surged during the COVID-19 pandemic. Key Points
Economic TimesGovernment plans to simplify KYC process across financial sector. Check details
At present, KYC verification processes vary across most banks and financial institutions. The government plans to simplify and digitise the process completely. Key Points
India TodayFSDC holds 28th meeting; to formulate strategy to simplify and digitalise KYC process in financial sector
The Union Finance Minister, Nirmala Sitharaman, chaired the 28th meeting of the financial Stability and Development Council (FSDC), focusing on implementing council decisions and Union Budget announcements. Key discussions included prescribing uniform KYC norms, inter-usability of KYC records, simplification and digitalisation of KYC processes, promoting fund-raising by social enterprises, and addressing unauthorised lending through online apps. Key Points
Economic Times
Finance Minister Nirmala Sitharaman chairs 28th FSDC meeting in presence of RBI, SEBI top brass
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, led the 28th meeting of the financial Stability and Development Council (FSDC) in New Delhi. The meeting aimed at ensuring macro-prudential supervision of the economy, including monitoring the functioning of large financial conglomerates. Key Points
Economic Times10 stocks from different sub-segments of financial service space with more than 25% upside potential
There have not been many instances where one would have seen PSU banks strongly out performing the private banks. But we have seen a divergence in recent times. This probably is a reflection that finally the street has realized that it is wrong to paint all the companies in the banking sector with the same brush. It is even more true for the other parts of the financial service sector with the same brush. While they come under the umbrella of the BFSI, the operating matrix of each segment of financial service is very different and hence it is extremely important to have a look at segments with different lenses. The only common thing which binds the financial service sector is the GDP growth rate as the growth in all segments have a certain well defined relationship with growth in GDP. Key Points
Economic TimesDon't paint them with the same brush: 18 financial services stocks from different segments with more than
Just because of the stock, HDFC bank came under pressure, a narrative got built, that the whole banking and financial services sector is facing headwinds. But the fact is financial service is a very broad term, it would be wrong to look at them with the same lens. Each segment is an industry in itself which is governed by an operating matrix which is very different from another. For example, a Housing finance company can be happy with 10 percent net margins, but for an average asset management company ( AMC) the net margin would be more than 30 percent. Similarly, a gold loan company is best of the NPA provisioning ability but the margins are not very high. The only common thing which binds the financial service sector is the GDP growth rate as the growth in all segments have a certain well defined relationship with growth in GDP. Key Points
Economic TimesHow to Handle Making More—or Less—Money Than Your Friends
A change in someone’s financial situation can upend relationships. The best advice: Talk about it. Key Points
mintBill for NFIR almost ready; likely to be introduced in next session: DEA Secretary
The government is preparing a draft Bill for the establishment of the National financial Information Registry (NFIR), which will serve as a central repository of financial and ancillary information. The objective is to provide lending agencies with the right credit-related information. Economic Affairs Secretary Ajay Seth stated that the draft Bill is almost ready and may be introduced in the July session. Key Points
Economic Times
10 essential rules of personal finance that you should follow
Personal finance involves budgeting, saving, investing, and making informed decisions about income and expenses. It includes creating a budget, establishing an emergency fund, managing debt, and understanding insurance and retirement planning. Key Points
mintThere is more to BFSI than just banks: financial Services index stocks with “Buy” rating which may delive
Three years of underperformance when topped by a decline of more than 15 in just one month and makes the management come out with clarification is bound to rattle many and is bound to have rub off on other players in the sectors which may not be banks. However because they are part of the financial service sector they tend to get clubbed together. But the fact is that just because one bank is facing headwinds does not mean the whole financial sector is facing the same. While banks might be under pressure, AMC's have been doing well. Similarly, life insurers are under pressure but the general insurance companies have done well. So be selective as analysts are bullish on many companies in the financial services space. Key Points
Economic TimesWhat Budget 2024 may credit in account for banking of the future
Interim Budget: The upcoming budget will be an interim budget rather than a full annual budget. The budget becomes a strategic pause that allows stakeholders to reassess and prepare for the unfolding landscape. financial service providers are establishing 'Digital Banking' committees to assess and improve digital inclusion. Regulatory and tax relaxations are being considered to protect against fraud, ensure data privacy, and encourage digital innovation. The International financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) is an example of India's ambitions to become a global financial leader. Key Points
Economic TimesReal fine print in SC Adani-Hindenburg case is investor safety. Buyers, sellers not aligned
Sellers will act in the interest of buyers only if it benefits them too. Regulations can ensure that the seller is incentivised to do the right thing, and penalised for not doing so. Key Points
ThePrintTax exemption notified for non-residents' investments in offerings by IFSC
The relaxation will allow non-residents to claim tax exemption in India on income from financial products offered by GIFT city intermediaries and is expected to give a boost to financial products and solutions offered from GIFT City, Rajesh Gandhi, Partner, Deloitte India said. Among various intermediaries, the foreign clients of the brokers trading on various financial products on the IFSC stock exchanges are likely to be major beneficiaries of this exemption, Sunil Gidwani, Partner- financial Services, Nangia Andersen LLP said. Key Points
Economic Times
Achieving early financial freedom is simple but starting the process is challenging
The concept of financial freedom is highly personal and subjective, and cannot have a clear, universally accepted definition. Achieving it by a certain age will mean different things to different people based on their personalities, interests, responsibilities and outlook on life. Key Points
Economic TimesCompanies give crash course to make staff financially healthy and wise
P&G India, NetApp, MG Motor and Dell Technologies are among organisations enhancing their employee wellbeing offerings to include financial wellness and awareness. With a predominantly young workforce that is looking to understand not just personal finances better but also invest effectively for maximum returns, the focus is on driving knowledge around mutual funds, shares, derivatives, as well as government-provided investment plans, industry insiders said. Key Points
Economic Times6 major financial mistakes you must avoid making in the coming year 2024
Minor financial missteps have the potential to plunge individuals into significant economic challenges. Despite the impact of inflation causing financial difficulties for many, implementing slight adjustments can contribute to securing long-term financial stability. Key Points
mintSIP starting at Rs 250 is about financial inclusion, not money: Dhirendra Kumar
“The talk is that since KYC compliance is done by one financial entity, you do not need to go through it time and again. This could be another game changer because for Rs 250 SIP, if you have a bank account, then you do not need to do your KYC. Just provide your bank account and you are good to go. So, getting started becomes easy. I think it is badly needed.” Key Points
Economic TimesRBI issues warning against deceptive loan waiver campaigns
New Delhi [India], December 11 (ANI): The Reserve Bank of India (RBI) has raised concerns over unauthorized campaigns misleading borrowers with promises of loan waivers. According to RBI, these deceptive entities are actively promoting their campaigns through print media and various social media platforms, targeting unsuspecting individuals seeking financial relief. Show Full Article Reports indicate […] Key Points
ThePrint
AI designing a financial portfolio for investors? Is the human element necessary?
“Human expertise comes in at various points like setting up your goals. A lot of times, you have to nudge an investor to help him understand what his goal should be. Only when he understands what his goal would be, can you feed it in your robo system, risk tolerance.” Key Points
Economic TimesWhat Your Friends Can Teach You About Money
Millennials and Gen Z are turning to peers instead of professionals for financial advice. They don’t trust banks, and they are tired of information overload. Key Points
mintFintech startup Pontera raises $60 million, plans more hiring in Israel
International Business News: Fintech startup Pontera raises $60M in funding led by ICONIQ Growth, bringing its total funding to $160M. Its valuation is now over $550M. Pontera's p Key Points
Times Of IndiaCiti's 2023 revenue expected to be at lower end of forecast, CFO says
Citigroup's (C.N) full-year revenue is expected to be towards the lower end of its previous forecast, at around $78 billion, Chief financial Officer Mark Mason said at a conference on Wednesday. Key Points
ReutersFedbank financial Services IPO sails through on Day 3
Fedbank financial is one among five private bank promoted NBFCs in India. It focuses on catering to the MSMEs and the emerging self-employed individuals sector. Key Points
Economic Times
New Year 2024: 4 personal financial advisors advise important money mantras
As the new year begins, adopt the belief that you are a magnet for money. By doing so, you'll draw in more opportunities to earn and save money. Next, establish key money mantras that contribute to both your investments and your wallet. Key Points
mintIndia's Jio financial Services in talks for maiden bond issue - bankers
India's Jio financial Services (JIOF.NS) is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday. Key Points
Reuters