It could be ‘advantage smaller banks’ with the government proposing higher insurance cover for depositors and a number of mutual funds taking a hit due to defaults and downgrades in the past couple of years. Finance Minister Nirmala Sitharaman in her second Budget proposed to raise the insurance cover on bank deposits to Rs 5 lakh from Rs 1 lakh at present. This may not augment deposits for big banks that are already safe, but smaller lenders may see more seekers for their fixed deposit products. “Small banks always offered higher rates, but people were worried about putting money there because their business risks were less known. Now, with a higher insurance cover, small bank deposits will turn attractive,” said Vidya Bala, co-founder of PrimeInvestor.in. This could potentially eat into the pie of inflows to debt mutual funds which compete for depositors money. That, too, when a number of mutual fund schemes have taken a hit due to corporate defaults and … [Read more...] about Will better safety help smaller banks wean depositors away from MFs?
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Many regard judicial review as a critical democratic check on the abuse of government power and a way of ensuring that no-one, including ministers, is above the law. However, some feel that judges - unelected and unaccountable - are now too involved in political decision-making and more should be known about their political views. … [Read more...] about Brexit Party: 12 key policies explained
Lucknow: The Uttar Pradesh government on Tuesday presented a Rs 5,12,860.72 crore budget for FY 2020-21, which also includes Rs 500-crore allocation for constructing an airport in Ayodhya. The budget, the size of which is Rs 33,159 crore more than previous year's budget, has provisions for new schemes worth Rs 10,967.87 crore. For development of the pilgrim city Ayodhya as a tourist spot, the budget has earmarked Rs 85 crore and another Rs 10 crore for renovation of Tulsi Smarak Bhawan there. Among other major allocations for Ayodhya, where the construction of a Ram temple is expected to begin in couple of months, was Rs 500 crore for an airport. The budget also earmarked Rs 180 crore for setting up a cultural centre in Varanasi and Rs 200 crore for expansion and beautification of Kashi Vishwanath temple. Finance Minister Suresh Kumar Khanna presented the budget in the state assembly in the presence of Chief Minister Yogi Adityanath. This is the fourth budget of the Yogi government. … [Read more...] about New schemes, Ayodhya focus of Rs 5.12-lakh crore UP budget
Benchmark equity indices Sensex and Nifty snapped their three-day winning run on Wednesday on account of selling in banking and metal majors amid ongoing concerns over global growth slowdown. The 30-share Sensex closed 189 points, or 0.50 per cent, down at 37,451, while the 50-share Nifty index settled 0.53 per cent down at 11,046. Vinod Nair, Head of Research, Geojit Financial Services said, “Despite reversal in tax surcharge, FPIs continued to be net sellers due to clouds over global trade discrepancies, risk of recession and fall in bond yields, which are having a ripple effect on the market.” We walk you through the key highlights of Wednesday’s session: YES Bank cracks 10%Shares of YES Bank cracked nearly 7 per cent after Moody’s Investors Service downgraded the private sector’s long-term foreign-currency issuer rating to ‘Ba3’ from ‘Ba1’, concluding the review for downgrade initiated on June 11. It also changed the … [Read more...] about After Market: RBL, YES Bank crack up to 12%; who moved my Sensex today
Don't Miss Movies Kiara Advani: Lust Stories Was A Game Changer For Me Finance India Inc. Employee To Not See Double-Digit Salary Hike This Year Sports Guardiola 'always fulfils his contracts' - agent hints at Man City stay Technology Airtel Increases Price Of Its Postpaid Plans: Check Details Lifestyle Ways To Include Chicken Breast In Your Diet And It's Health Benefits Automobiles Maruti Suzuki Ciaz Diesel Powertrain Discontinued In India: Unlisted From Company Website Travel 8 Most Appealing Summer Holiday Destinations In India Education CBSE Exam Centre Locator App: Why Class 10 & 12 Students Should Download? … [Read more...] about New schemes, Ram temple focus of Rs 5.12-lakh crore UP budget