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Tag: deposits

Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks amidst a crisis in PMC Bank affecting lakhs of depositors. These legislations will be brought during the Winter Session of Parliament starting Monday, the minister told reporters here. "Work is on and we shall go to the Cabinet for approval to introduce a legislation in winter session. The legislation will amend the necessary Acts and the laws to make sure that banking functions undertaken by cooperatives sector will be brought under the Banking Regulation Act for complying with prudential norms," she said. Unless the prudential norms are applied, many of the things that are e...
Bank credit growth slows to 10.24%, deposits at 9.73%

Bank credit growth slows to 10.24%, deposits at 9.73%

Finance
MUMBAI: Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the year-ago fortnight, advances were at Rs 87.80 lakh crore while deposits stood at Rs 116.46 lakh crore. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. In July, the non-food bank credit rose 11.4 percent on year-on-year basis from 10.6 percent in July 2018. Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago month. Credit to agriculture & allied activities rose 6.8 percent compared with an increase of 6.6 percent in the same month las...
Cave deposits suggest Earth experienced dramatic sea level rise 4 million years ago

Cave deposits suggest Earth experienced dramatic sea level rise 4 million years ago

Science
Aug. 30 (UPI) -- Scientists have discovered ancient deposits in the Artà Cave on the island of Mallorca that suggest sea levels 3.5 to 4 million years ago were more than 50 feet higher than they are today. Analysis of the speleothems, or cave formations, could help scientists more accurately predict how modern climate change will influence sea level rise in the decades ahead. To predict how melting ice sheets will affect sea levels across the globe, scientists need historic benchmarks. Mineral deposits in the Artà Cave have provided just that. "Constraining models for sea-level rise due to increased warming critically depends on actual measurements of past sea level," Victor Polyak, research scientist at the University of New Mexico, said in a news release. "This study provides very robu
Deposits in Jan Dhan accounts cross Rs 1 lakh crore

Deposits in Jan Dhan accounts cross Rs 1 lakh crore

Finance
Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3. The deposits in the account of the beneficiaries, which has been steadily rising, was Rs 99,649.84 crore on June 6 and Rs 99,232.71 crore in the week before. The PMJDY was launched on August 28, 2014, with an aim to provide universal access to banking facilities to the people in the country. Accounts opened under PMJDY are Basic Savings Bank Deposit (BSBD) accounts with additional feature of RuPay debit card and overdraft. The finance ministry had recently said in the Rajya...
Indian Bank revises interest rates on FCNR(B) deposits

Indian Bank revises interest rates on FCNR(B) deposits

Finance
CHENNAI: Public sector Indian Bank Saturday said it has revised the foreign currency non-resident banking term deposits with immediate effect. For FCNR(B) desposits, in USD terms, the revised interest rates for deposits of one year and above, but less than two years has been fixed at Rs 3.78 per cent, the city headquartered bank said in a statement. For deposits of two years and above, but less than three years, interest rates have been revised at 3.98 per cent. Interest rates for deposits of three years and above, but less than four years have been fixed at 4.06 per cent and for deposits of four years and above, but less than five years interest rates have been fixed at 4.07 per cent. For deposits of upto five years, the interest rates have been fixed at 4.10 per cent, the release added. ...