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It is no secret that women often outlive men. The global average life expectancy in 2021 was about 68.4 years for men. In contrast, this stood at 73.8 years for women. As such, it is far more important for women to begin planning for their golden years as early as possible. Perhaps realizing this, more women are getting into investing than ever before! Even better, women save about 5% more each month than men. A recent Max Life's India Retirement Index Study (IRIS 4.0) also highlighted a similar sentiment: women are increasingly taking charge of their retirement and finances. Per the study, urban Indian working women are now keeping pace with men, with 66% being confident that their current investments will guarantee a financially secure retirement life. In terms of health, 48% of urban Indian working women feel confident that they will continue to stay fit and healthy in their retirement years. Encouragingly, a whopping 68% of urban Indian women have already started investing for their retirement. Amongst their preferred investment avenues are life insurance (65%), bank FDs/RDs (45%), medical insurance (36%), and mutual funds and SIPs (14%). The awareness is not limited to women; young urban Indians are awakening to the realization that retirement planning should be kicked off as soon as possible. Per IRIS 4,0, 44% of Indians consider the right age to start planning for retirement to be before 35 years, a jump from 38% in IRIS 3.0. An overwhelming 93% of respondents aged above 50 regret delaying their retirement planning. Says Priyanka Bhatia, Co-Founder of Women on Wealth, "Women, by and large, live longer than men and may confront professional interferences, which influence retirement reserve funds essentially. Beginning in your 20s permits women to create strategies that account for longevity risks and potential income gaps. Investments like annuities and dividend-paying assets guarantee a consistent income stream post-retirement, permitting ladies to explore monetary freedom even in later years.". Not to mention, beginning early also permits individuals to take advantage of tax-efficient investments over a more drawn-out period. In India, instruments like the National Pension Scheme (NPS) offer tax benefits that develop over the long haul. By expanding these exceptions from a young age, women can grow their retirement reserve funds while reducing taxable income in each financial year. Bhatia notes that even if one is planning to retire early, it does not only mean putting something aside for your 60s. It is also about adaptability to pick semi-retirement choices, work in sectors driven by passion, or even pursue entrepreneurial ventures without financial pressure. "Beginning in your 20s allows you to amass funds that can allow for early retirement, empowering a change to lifestyle-oriented work or community contributions later in life," Bhatia signs off.

Planning for your retirement in your 20s? Here's why it is a smart move!

Top monthly income investment plans in India

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

The Reserve Bank's FI, or <keyword id="20377974" type="General" weightage="100" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> index, which captures the extent of financial inclusion across the country, rose to 64.2 in March 2024, marking growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said in a statement today. During FY23, the FI Index stood at 60.1. Improvement in <keyword id="18794777" type="General" weightage="20" keywordseo="FI-Index" source="Orion">FI-Index</keyword> is mainly contributed by usage dimension, which further reflects deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -access, which has a 35% weightage, usage, which has a 45% weight and quality, which has a 20% weight. Each of these parameters further consist of various dimensions, which are computed based on a total of 97 indicators. Breaking these parameters ahead, access is made up of 26 indicators, which capture the number of banking outlets NBFCs, and post offices, total number of <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword> accounts (including small savings), <keyword id="22348444" type="General" weightage="20" keywordseo="electronic-payment-infrastructure" source="Orion">electronic payment infrastructure</keyword> and more. Usage comprises 52 indicators, which aims to capture the demand side, and is essentially a barometer for understanding how actively financial infrastructure is being utilized in our country by way of savings, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword>, availing of credit and remittance facilities, etc. And lastly, quality, which consists of 19 indicators, takes into account the efficacy of existing grievance redressal mechanisms and awareness efforts undertaken by stakeholders and more. In August 2021, the central bank said FI-Index has been conceptualized as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators. The index is responsive to ease of access, availability and usage of services, and quality of services. According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services. <h2> India added 4.7 crore jobs in 2023-24, says RBI</h2>In another significant data release during the day, the apex bank of the country noted that India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore, which are spread over 27 sectors covering the entire economy. The number of employed people was 59.67 crore at the end of March 2023, as per the RBI's update on 'Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database'. The bank said the annual growth in employment during 2023-24 was 6% compared to 3.2% in the year-ago period. In the last five years, <keyword id="22348445" type="General" weightage="20" keywordseo="The-India-KLEMS" source="Orion">the India KLEMS</keyword> database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The 'agriculture, hunting, forestry and fishing' employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. Notably, for the purpose of this database, 27 industries are clubbed together to form 6 major sectors, namely <ul><li>Agriculture, Hunting, Forestry and Fishing</li><li>Mining and Quarrying</li><li>Manufacturing</li><li>Electricity, Gas and Water supply</li><li>Construction</li><li>Services</li></ul>

Rise seen in financial inclusion index, jobs in the country, notes RBI

New Delhi [India], July 19 (ANI): Households are choosing the <keyword id="20033427" type="General" weightage="20" keywordseo="capital-markets" source="keywords">capital markets</keyword> over the <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> to park or invest their <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword>, highlighted <keyword id="64190" type="General" weightage="20" keywordseo="RBI-Governor" source="Orion">RBI Governor</keyword> <keyword id="3083263" type="General" weightage="20" keywordseo="Shaktikant-Das" source="Orion">Shaktikant Das</keyword> during his address at FE Modern BFSI (Banking, Financial Services, and Insurance) Summit 2024 on Friday. Governor Das highlighted that traditionally, banks were the primary choice for households to invest their money. However, there has been a noticeable change in consumer behaviour, with a growing preference for capital markets and other <keyword id="5869841" type="General" weightage="20" keywordseo="financial-intermediaries" source="Orion">financial intermediaries</keyword>. He noted, "Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to the capital markets and other financial intermediaries." This trend indicates a broader diversification of <keyword id="22469312" type="General" weightage="20" keywordseo="household-investments" source="Orion">household investments</keyword> into <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and other savings tools, moving away from traditional investment tools. The Governor stated, "While bank deposits continue to remain dominant as a percentage of the financial assets owned by the households, their share has been declining, with households increasingly allocating their savings to Mutual Funds, Insurance Funds, and Pension Funds." Governor Das also pointed out that this shift in investment patterns has significant implications for the banking sector. Banks now need to explore alternative methods to bridge the gap between credit and deposits. He added, "On their part, banks have sought to fill the credit-deposit gap by increasing their reliance on other sources like short-term borrowings and certificates of deposit, etc. This increases their sensitivity to interest rate movements and poses challenges to liquidity management." The Governor further elaborated on the implications of the shift from CASA (Current Account Saving Account) deposits, stressing that banks must remain vigilant and adaptive. He stated that banks need to continuously focus on improving and refining their credit underwriting standards and the pricing of risks to maintain stability and profitability. Reflecting on recent global banking events, Governor Das drew attention to the banking crises in the US and Switzerland in 2023, which highlighted the risks and vulnerabilities inherent in certain business models. He emphasized the importance of learning from these crises to enhance the resilience of the banking sector. "The banking crisis in the US and Switzerland in 2023 has again brought into focus the risks to banking stability from certain business models and their inherent vulnerability," he added.

Household savings are choosing mutual funds over banks to invest savings: RBI Governor

If you have a younger sibling, chances are that you’ve turned down their request for some money by saying you aren’t carrying your wallet or are simply not carrying enough cash. Well, here is some bad news—you might not be able to give this excuse in the near future. <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> has recently introduced <keyword id="22728221" type="General" weightage="20" keywordseo="delegate-payments" source="keywords">delegate payments</keyword>. And this means that your <keyword id="22728220" type="General" weightage="20" keywordseo="UPI-account" source="keywords">UPI account</keyword> can now be used by others to make payments. <h2><keyword id="19900911" type="General" weightage="100" keywordseo="upi" source="keywords">UPI</keyword> payments from a single account</h2> As mentioned already,<a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" data-type="tilCustomLink" target="_blank"> a single UPI account </a>can now be used by other users to make payments from the same account. RBI introduced the feature, called delegated payments, during the August monetary policy review. The feature allows a primary user to authorise another individual, such as a family member or employee, to make transactions from their bank account. The primary user sets limits on these transactions, giving them control while enabling others to manage finances within predefined boundaries. RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> highlighted the potential of this feature to expand <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> usage across diverse segments of society. "Delegated Payments will enhance financial inclusivity, especially in rural areas where banking access is limited," Das said as per a TOI report. Mohit Bedi, Co-Founder and CBO of Kiwi, a third-party payments application, told ET that this feature could transform how UPI is used by families. "The RBI is essentially making parents the approving authority for transactions, which means UPI can now be used by minors with parental oversight," Bedi said. <h2>Only permissible through <keyword id="20708705" type="General" weightage="20" keywordseo="savings-accounts" source="keywords">savings accounts</keyword></h2> But can all types of accounts make payments using this new feature? Not really. It is important to note that these delegated transactions will only be permissible through savings accounts, excluding credit lines or credit cards, as industry experts confirm. This focus on savings accounts underscores a commitment to secure and manageable transactions. In addition to delegated payments, the RBI also raised the limit for tax payments via UPI. Previously capped at Rs. 1 lakh per transaction, the new limit is of Rs 5 lakh. With this increase, taxpayers can avoid the cumbersome NEFT process, which requires manual entry of account details, and benefit from the speed and convenience of UPI. On a related note, UPI transactions are immensely popular in India and people have started preferring them over cash payments. Right from a vegetable vendor to a small business owner, almost everyone has started accepting payments via UPI. In April this year, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> revealed that the<a href="https://www.businessinsider.in/finance/news/upi-transactions-cross-rs-20-trillion-for-third-successive-month-in-july-2024/articleshow/112226370.cms" data-type="tilCustomLink" target="_blank"> Unified Payments Interface (UPI) has seen an unprecedented volume</a> of transactions in the fiscal year 2024. The platform recorded around 131 billion transactions, with a total value of Rs 200 trillion.

You can let your family members use your UPI account for payments, RBI introduces delegate payments

When it comes to smartphones, there are a few brands that have established themselves in the market and <keyword id="19900518" type="General" weightage="20" keywordseo="OnePlus" source="keywords" meta.keywordsubtype="org" meta.entityname="OnePlus" meta.hostid="261" meta.entityid="OnePlus">OnePlus</keyword> is one of them. The smartphone maker has carved a niche for itself in the industry over the years and its name is often associated with reliability. Now, as per latest reports, <keyword id="24155009" type="General" weightage="100" keywordseo="OnePlus-13R" source="keywords">OnePlus 13R</keyword> is all set to make its debut in India soon. According to a report in GSM Arena, the company is set to release its <keyword id="24224578" type="General" weightage="20" keywordseo="Ace-5-series" source="keywords">Ace 5 series</keyword> in China, with one of the models expected to make its way to global markets under the name OnePlus 13R. The phone will launch in China next month and is expected to make its debut in India in January 2025. <h4>A glimpse at the upcoming OnePlus 13R</h4><h4></h4>The OnePlus 13R, likely to be a rebranded Ace 5, is shaping up to be a powerful addition to the smartphone market. Reports suggest it will be powered by the cutting-edge <keyword id="20182185" type="General" weightage="20" keywordseo="Snapdragon-8-Gen-3" source="keywords">Snapdragon 8 Gen 3</keyword> chipset, paired with a stunning <keyword id="24224579" type="General" weightage="20" keywordseo="6-78-inch-AMOLED-display" source="keywords">6.78-inch AMOLED display</keyword> boasting 1.5K resolution. A trio of cameras on the back – including a 50MP primary sensor, an 8MP ultra-wide lens, and a 2MP macro camera – promises versatility for photography lovers. Battery life looks impressive, with the 13R rumoured to house a 6,500mAh powerhouse supporting <keyword id="24224580" type="General" weightage="20" keywordseo="100W-fast-charging" source="keywords">100W fast charging</keyword>. Leaked renders hint at a sleek and durable design, featuring a flat screen and premium materials. Meanwhile, the Ace 5 Pro, which will reportedly remain exclusive to China, will pack the Snapdragon 8 Elite chip – the same processor as the flagship OnePlus 13. Expected features include a telephoto camera and a slightly smaller battery than the Ace 5, but still substantial at over 6,200mAh. <h4>What else to expect?</h4><h4></h4>Rumours also point to the launch of a next-generation OnePlus Watch alongside the new smartphones. The anticipated <keyword id="24224583" type="General" weightage="20" keywordseo="OnePlus-Watch-3" source="keywords">OnePlus Watch 3</keyword> is expected to combine Google’s WearOS with a power-saving mode powered by a secondary operating system. Durable with an IP68 rating, it could cater to both tech lovers and fitness enthusiasts. With the global release of the OnePlus 13R expected in January 2025, fans worldwide won’t have to wait long to experience OnePlus’s latest innovations. Whether it’s the premium design, powerful specs, or new features, the December launch is likely to set the stage for an exciting year ahead in mobile technology.

OnePlus 13R expected to launch in India soon, here is everything we know

The <keyword id="19901179" type="General" weightage="20" keywordseo="international-cricket-council" source="keywords">International Cricket Council</keyword> (<keyword id="19901177" type="General" weightage="20" keywordseo="ICC" source="keywords">ICC</keyword>) is mulling a dedicated fund of at least USD 15 million for <keyword id="19935483" type="General" weightage="100" keywordseo="Test-cricket" source="keywords">Test cricket</keyword> that will help increase the players' match fee and address the migration of talent to lucrative <keyword id="22888428" type="General" weightage="20" keywordseo="T20-franchise-leagues" source="keywords">T20 franchise leagues</keyword>. The initiative, which was was proposed by <keyword id="19897940" type="General" weightage="20" keywordseo="Cricket-Australia" source="keywords">Cricket Australia</keyword> (CA), has the support of <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="261" meta.entityid="BCCI">BCCI</keyword> Secretary <keyword id="19930802" type="General" weightage="20" keywordseo="jay-shah" source="keywords">Jay Shah</keyword>, who is the front-runner to become the next ICC Chairman, and the <keyword id="20312896" type="General" weightage="20" keywordseo="England-and-Wales-Cricket-Board" source="keywords">England and Wales Cricket Board</keyword> (ECB), a report in 'The Sydney Morning Herald' stated. The fund would increase the minimum match payment for Test players and cover the cost of sending teams on overseas tours. It would support national boards like the West Indies that currently struggle to compete with the wages offered in global T20 competitions. "The fund would ensure a minimum Test payment for all players, thought to be USD 10,000, and pay the costs of overseas tours for struggling countries," the report stated. "It's fantastic to see some momentum behind the Test match fund," CA chairman <keyword id="21076759" type="General" weightage="20" keywordseo="mike-baird" source="keywords">Mike Baird</keyword>, who floated the concept in January, said. "We need to take away the barriers and encourage Test cricket to be the best of the best. To retain that history and that legacy, which goes alongside the newer forms of white ball cricket," he added. The fund is unlikely to benefit the three wealthiest cricket nations — India, Australia, and England — since they already offer substantial salaries to their players. However, how much money is available for Test cricket from the ICC is also likely to depend on a dispute with broadcaster Star, the report added. The Star network wants to renegotiate a 2022 broadcast deal with the ICC and reduce its value to half of the original cost of over USD three billion. The BCCI had introduced an incentive scheme for India's men's Test cricketers earlier this year to encourage players to prioritise Test cricket and reward consistent performances in the longest format of the game. Under the new scheme, a player who plays at least 75 per cent of India's Test matches in its annual cycle, from October to September, will earn a whopping Rs 45 lakh per match in addition to the Test match fees of Rs 15 lakh. The players who feature in the 50-75 per cent games bracket will earn a bonus of Rs 30 lakh per match. The non-playing members — if selected in the squad — will be paid half the amount.

ICC planning multi-million dollar fund to save Test cricket: Report

Emerging technologies are set to revolutionise India’s workforce and can generate an additional 2.73 million tech jobs by 2028, according to ServiceNow’s AI Skills and Jobs Report. This growth comes amid India’s overall workforce expansion, expected to reach 457.62 million by 2028—a 33.9 million increase since 2023. ServiceNow, through partnerships and its ‘RiseUp’ program, aims to bridge the skills gap, positioning India as a competitive force in the global tech arena. Retail, manufacturing, education, and healthcare are projected to experience robust job creation, with retail alone expected to add 6.96 million roles. Professionals in these sectors have opportunities to upskill in areas such as software development and data engineering. Meanwhile, demand for tech roles like Software Application Developers, Systems Software Developers, and Data Engineers is expected to surge, driven by expanding sectors like manufacturing and telecommunications. Generative AI is also reshaping tasks within tech roles, increasing efficiency and automating routine processes. Systems Administrators, AI Systems Engineers, and Implementation Consultants, for example, will gain hours back each week as AI automates tasks. ServiceNow reports a $5 million cost savings and productivity boost from using generative AI across its operations, illustrating the practical impact of AI-led automation. To build a tech-ready talent pipeline, ServiceNow has been proactive, training over 97,000 Indians through its ‘RiseUp with ServiceNow’ initiative in the past year. The company’s University Academic Program, launched with government partnerships and institutions like NASSCOM’s FutureSkills Prime, is ensuring graduates possess job-ready digital skills, strengthening India’s tech ecosystem. With AI as a critical driver, India is expected to see a significant workforce transformation, meeting both domestic and global demand for skilled tech professionals.

AI can create 2.7 million tech jobs by 2028 in India, study says

New Delhi, <keyword id="21565143" type="General" weightage="20" keywordseo="net-household-savings" source="keywords">Net household savings</keyword> declined sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation. The net <keyword id="20751315" type="General" weightage="20" keywordseo="Household-savings" source="keywords">household savings</keyword> peaked at Rs 23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed. The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23. The previous low of net household savings was Rs 13.05 lakh crore in 2017-18 which increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20. The data showed that the <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> almost trebled to Rs 1.79 lakh crore in 2022-23 in three years from Rs 64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22. The household investment in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> and debentures almost doubled to Rs 2.06 lakh crore in 2022-23 from Rs 1.07 lakh crore in three years from 2020-21. It was Rs 2.14 lakh crore in 2021-22. Bank advances (loans) to households have also doubled in three years to Rs 11.88 lakh crore in 2022-23 from Rs 6.05 lakh crore in 2020-21. It was Rs 7.69 lakh crore in 2021-22. Loans to households by financial corporations and non-banking financial corporations increased also fourfold to Rs 3.33 lakh crore in 2022-23 from Rs 93,723 crore in 2020-21. It was 1.92 lakh crore in 2021-22. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank">Apple Let Loose event today – What to expect, where to watch the live stream and everything you need to know</a><a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a>

Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23

In 2007, <keyword id="21532126" type="General" weightage="20" keywordseo="brian-chesky" source="keywords">Brian Chesky</keyword> and Joe Gebbia, two hustlers in San Francisco, were struggling to pay their rent. To make ends meet, they devised a creative solution: renting out air mattresses in their living room to travellers. This simple yet innovative idea, dubbed "Air Bed &amp; Breakfast," aimed to offer affordable lodging options by leveraging the unused space in people's homes. It created a new industry in itself and made <keyword id="19900375" type="General" weightage="20" keywordseo="AirBnB" source="keywords" meta.keywordsubtype="org" meta.entityname="AirBnB" meta.hostid="261" meta.entityid="AirBnB">AirBnB</keyword> a startup worth dozens of Billions. But it did create a dilemma for travellers! As the service quality tends to vary quite a lot based on the location and the host, how can you be sure that your stay will be comfortable? <h2>A monsoon staycation in <keyword id="19895061" type="General" weightage="20" keywordseo="goa" source="keywords">Goa</keyword></h2>In mid-August, my friend and I planned a week-long budget staycation in Goa to relish the monsoons and enjoy the hospitality of this tourist paradise of India. But the very first day, the long and arduous bus travel from Goa’s Dabolim airport to our AirBnB in Palolem wringed out every bit of our zeal for adventure from our bodies. It was dark, raining cats and dogs and we could not see a thing on our two-wheeler journey from the bus stop to our AirBnB. Only our strong desire to find a mattress (hopefully dry) to rest our weary backs on got us to our destination. It was 10 PM when we reached our homestay and it was still raining, giving us a real taste of the Goan monsoon we were so eager to experience. The caretaker was nowhere to be found, but our host assured us via WhatsApp that all had been taken care of and that we just needed to get the keys from the security guard stationed outside the gated community. <div type="Article" hostid="261" msid="112809655" title="Hosts have ruined Airbnb with excessive fees, high demands, and bad customer service, travel experts say" mstype="2" mssubtype="0"></div> <h2>Struggles at the Goa AirBnB </h2>Soaked to our bones and shivering, we were quick to follow his bidding. As the key turned in the door, I was already thrumming with excitement at the prospect of a hot bath and warm blankets. However, as we stepped inside, the musty scents of mould and rotting wood hit our nostrils. Still optimistic, we warily ventured inside, reassuring each other that the room just needed a little bit of airing out. Peak monsoon was still in its last vestiges and the place had been closed for a long time, it was only normal for the place to smell musty, we comforted each other. But once we’d taken care of our sodden selves and equally sodden luggage, we got a closer look at our accommodation — the one we had booked after much deliberation and thoroughly going through the reviews. The place didn’t just reek of mould, the black stuff was everywhere and the smell wasn’t going anywhere. One asthmatic looked to the other, knowing that staying here for the entire duration of our trip was out of the question. Amongst them, the socially awkward one told the people-pleasey one to speak with the host and inform him of what was going on. When we texted our “superhost”, he offered to shift us to another property he owned in the same building. But lo and behold, that flat was just as bad, if not worse. We finally made the tough call of possibly upsetting our host and asking for a refund so we could find another property. Simultaneously speaking with him and AirBnB <keyword id="19925749" type="General" weightage="20" keywordseo="customer-support" source="keywords">customer support</keyword>, we shared why we couldn’t continue our stay there and attached a bunch of pictures — clearly displaying the mould and dust. The response was pleasantly surprising! <h2>Experience with the customer service</h2>The customer service executive immediately agreed to cancel our reservation and our host agreed to refund all of our money as well. In the meantime, we were panicking about finding another accommodation in the short window of time we had. Every passing moment felt like we were inching closer to a night stranded in the storm. Our refund was guaranteed, but there was a twist! The hosting platform said that it would need about 2 weeks to process our refund. And since we were overly confident about our meticulous planning, we didn’t have enough cash to book a whole other property without the refund. We communicated the same to our hosting partner’s customer service and they turned out to be empathetic to our situation. After much back and forth, mostly to get a better understanding of our situation, and which location we wanted to shift to, we finally went to bed at the same property, hoping for amicable resolution in the morning. Within a few hours, the AirBnB asked for our preferences for relocation. We also spoke with our potential new host to make sure their place was mould-free. Soon, customer service got back to us saying that they had reserved the new accommodation for the rest of our week-long trip and also gave us a “one-time courtesy” coupon for the same amount that the new place would cost us. It slowly dawned on us that this meant that our stay would be practically free! All the hopelessness from starting the trip full of rain and rot turned into glee and we wasted no time packing up our bags and riding off to our new destination — which turned out to be much cleaner, mould-free and in a much better location! <h2>Takeaway</h2>Our main takeaway from the whole experience was that you cannot research a place enough! When looking at reviews, firstly make sure that there are enough of them, and then ensure that they’re recent. Read between the lines and ask your potential host very specific questions. Most importantly, document any issues that you’re having immediately because Airbnb generally sides with the guest if there’s clear evidence, as per reports. Have a few alternative listings saved in case something goes wrong, especially during peak travel times or in popular locations and keep some extra funds handy for emergencies, like needing to book a hotel for a night while sorting out an issue with Airbnb or the host. This way, you can possibly skirt past the problems we faced during our stay and increase your chances of having a positive homestay experience! <div type="Article" hostid="261" msid="112495578" title="Airbnb&amp;#39;s struggles go beyond people spending less. They&amp;#39;re losing some travelers to hotels." mstype="2" mssubtype="0"></div>

You Searched For "India savings" and got 13 results

Planning for your retirement in your 20s? Here's why it is a smart move!

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Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

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Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

PTI

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

ANI

Rise seen in financial inclusion index, jobs in the country, notes RBI

Ira Alok Puranik

Household savings are choosing mutual funds over banks to invest savings: RBI Governor

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You can let your family members use your UPI account for payments, RBI introduces delegate payments

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OnePlus 13R expected to launch in India soon, here is everything we know

BI India Bureau

ICC planning multi-million dollar fund to save Test cricket: Report

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AI can create 2.7 million tech jobs by 2028 in India, study says

BI India Bureau

Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23

PTI

An AirBnB property almost ruined our Goa staycation, but customer support saved the day with another free accommodation!

Ashmita Gupta

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