Citizens Financial News

Mutual Funds vs bank deposits: A change in how consumers view money, shifting from saving to investing, is tightening the availability of funds in banks. The shift from saving to investing among consumers is reducing the amount of available money in banks, as more people are choosing mutual funds over traditional savings accounts. Adhil Shetty, CEO of BankBazaar, explained that this change in consumer behavior is tightening liquidity in banks. 

AFP. The United States, Britain, France, China, Russia and members of the Southern African Development Community (SADC), a regional bloc, are among the countries that will benefit from this visa waiver.

Indian Navy veterans, previously sentenced to prison terms in Qatar, have been released and returned to India, marking a significant diplomatic achievement for New Delhi. The Ministry of External Affairs confirmed the return of seven out of the eight veterans, who had faced dire legal circumstances in Qatar. Who are the eight ex-Navy veteran? The roster of the detained veterans comprises esteemed naval officers and a sailor, each with a distinct professional journey.

In a continuing effort to strengthen its presence across the wealth management and private banking spaces, Citizens Financial has bolstered its leadership with two critical hires.

Bengaluru to protest the proposed construction of a 10-storey annexe for the Karnataka High Court in the city's famous Cubbon Park. Biocon founder Kiran Mazumdar-Shaw added her voice to the protest, posting on social media platform X that courts could not rule on environmental issues if they themselves were culprits!.. “High Courts must be future-looking as they will need to transform into online and virtual courts, not buildings that destroy the environment,” she tweeted. The Bengaluru Residents Welfare Association organised Sunday’s protest with the Cubbon Park Walker’s Association (CPWA) under the hashtag #ChaloCubbon. The associations have invited the public to protest in the park every weekend until the government withdraws the proposed construction.

ALSO READ: What comes under India's Free Movement Regime with Myanmar and why was it scrapped? Top points Myanmar has been gripped by chaos since the military seized power from an elected government in a 2021 coup. Since October, the Tatmadaw, as the military is known, has suffered personnel losses while battling a coordinated offensive by an alliance of three ethnic minority insurgent groups, as well as allied pro-democracy fighters who have taken up arms against the junta.

ANI has reported. As per the report, in the email, the unknown sender identified himself as an absconding US citizen, the police informed. The accused in the email threatened to blow up the American consulate and kill all US citizens working there.

ICICI Bank has recently raised its fixed deposit (FD) interest rates for large sums that are larger than ₹two crore and less than ₹five crore. Now the private bank offers 7.40 percent on its one-year fixed deposits to both regular and senior citizens. The new interest rates came into effect on Feb 8, 2024.

Mizoram Chief Minister Lalduhoma on Saturday held meeting with Union Home Minister Amit Shah. Officials said the chief minister discussed the fencing along the India-Myanmar border issue and shelter of refugees of the neighbouring country in his state. The FMR allowed citizens residing close to both sides of the border to move 16 km into each other's territory without passport or visa.

Congress on Saturday said the White Paper on the economy was brought by the government to hide the "dark truths" of this country and divert attention from the burning issues of unemployment, price rise, farmers' stress and the state of the economy. Speaking in the short-duration discussion on the White Paper brought by the government, Congress leader K C Venugopal alleged in Rajya Sabha that the government has used this as a defence for itself by diverting from the issues before the country. He also accused the government of using the Bharat Ratna award for political purposes, even though he welcomed the award to former prime ministers Narasimha Rao and Chaudhary Charan Singh and agriculture scientist M S Swaminathan. Venugopal asked why the finance ministry did not even mention the impact of demonetisation in the White Paper and why it does not make any mention of unemployment rate, poverty and rupee value in the White Paper on the Indian economy.

For the fiscal year 2023–2024, the CBT suggested crediting members' EPF accumulations with an annual rate of interest of 8.25%. The interest rate earlier was 8.15%. According to the PIB release dated February 10, 2024, “The Board has recommended a distribution of historic income amount of Rs. 1,07,000 crores to EPF members' accounts on a total principal amount of about Rs. 13 lakh crores, which was Rs. 91,151.66 crores and Rs. 11.02 lakh crores in the financial year 2022-23, respectively. The total income recommended for distribution is the highest on record.” <div data-placement=«Mid Article Thumbnails» data-targ

fixed deposit (FD), it is advisable to compare the interest rates offered by different banks. Here we present the interest rates offered on term deposits of different state and private banks. Interest rates of most banks hover around 6.8 to 7 percent on their 1-year deposits.

Chinese New Year 2024: The global celebration of Chinese New Year 2024 commenced on February 10 with joy and cultural reverence, marking the advent of the ‘Year of the Dragon’. This cherished festival, deeply rooted in Chinese culture, unites people of Chinese heritage in festivities that symbolize fresh beginnings and familial bonds. The occasion signals the beginning of the lunar calendar, inviting vibrant parades, dragon dances, and feasts amid fireworks and reunion dinners.

reported Business Line . This average annual return of 29.35 per cent in equities in the first week of February is more than triple the return of about 7.87 per cent seen in corporate bonds. It is even higher than the 9.61 per cent in government securities, about 11.43 per cent in Central and 11.39 per cent in State government schemes, data showed.

The private sector lender IndusInd Bank has revised its interest rates on fixed deposits of less than ₹2 crore Following the revision, the bank is now offering interest rates ranging from 3.50% to 7.75% for the general public and 4% to 8.25% for senior citizens. According to the IndusInd Bank's official website, these rates are effective from 6 February 2024.

German Chancellor Olaf Scholz has pushed for further U.S. and European aid for Ukraine as he set off for a visit to Washington

Notwithstanding the Reserve Bank of India (RBI) keeps repo rate constant at 6.5 percent, HDFC Bank has raised its interest rates on fixed deposits (FDs). The new rates will come into effect from Feb 9 i.e., Friday.

Sam Lee, 35, an Australian citizen residing in Dubai was charged for allegedly co-founding 'too-good-to-be-true' online investment platform HyperFund. Rodney Burton, 54, of Miami, and Brenda Chunga, 43, of Maryland, were promotors of HyperFund.According to court documents, HyperFund’s promotional materials allegedly made various false claims, including that investors who purchased HyperFund “memberships” would receive between 0.5% to 1% daily in passive rewards until the company either doubled or tripled the investor’s initial investment. To convince investors that it could make such payments, HyperFund allegedly claimed that its payments would be disbursed in part from its revenues from large-scale crypto mining operations, when in truth, HyperFund did not have such operations.

₹1.10 trillion, was now controlled by the state. How are these two events connected? Finance Commissions and their work might seem remote from the concerns of most citizens, but in fact they are highly contentious. Most of the controversy centres around how taxes are shared with states, and how certain types of taxes, such as surcharges and cesses, are kept out of the shareable tax pool.

RBI deputy governor Swaminathan J countered the popular notion that a small entity like an Urban cooperative Bank (UCB) is not systemically important and underscored the importance of governance standards among others to strengthen them. “Some may argue that UCBs are not systemically important in view of their size and turnover” RBI deputy governor Swaminathan J.” However, if we consider the inter-connectedness that binds the entire spectrum of financial entities, it becomes evident that any vulnerable link has the potential to erode public trust and confidence” Mr Swaminathan J said in his speech titled “ Urban Co-operative Banks: Upholding Governance and Professionalism with Capacity Buidling and Technology Upgradation” delivered to the South based UCBs at Hyderabad last week. In an increasingly interwoven financial landscape, the ripples of even an apparently small disturbance can resonate far beyond its initial impact, said citing that the failure in 2001 of a Gujarat based UCB and more recently in 2019 to a Mumbai based UCB attest to the contagion risks posed by even relatively smaller banks. UCBs form a critical layer of the financial system of the country. Despite the sector's consistent 3-4% presence in the overall banking business, its significance should not be underestimated, he said.

Uttarakhand Chief Minister further said that after receiving the report on February 2, it will be brought to the Uttarakhand Cabinet. After that, action will be taken in the state assembly to enact the Uniform Civil Code Act. The Uniform Civil Code (UCC) proposes a common set of laws dealing with a range a issues, including marriage, inheritance, adoption and gender equality for every citizen in India.