Money Saving Tips

New Small Business Ideas in India with Low Investment -2020 https://www.fundstiger.com/small-business-ideas-low-investment-2020/ If you have found this article then it’s pretty clear that you are hell-bent on starting your own venture. Going through all those Google suggested links and finally reaching this article need some patience and persistence; two good qualities to have if you want to have a start-up of your own. Well let me first clarify, no business is easy and making a business profitable and sustainable requires a lot of hard work. Here we have decided to help you out a bit in this endeavor. We have compiled a list of small business ideas that you can choose from. So read on and find out which one suits you the best. 1. Children Play Area & daycare In the 21st century, India families have become nuclear. It has become very common to see that both parents are working full-time jobs. In this case, it becomes necessary to have daycare for children between age grou...

President promulgates ordinance to bring co-operative banks under RBI supervision https://www.fundstiger.com/ordinance-to-bring-co-operative-rbi-supervision/ President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020 to bring all urban cooperative banks and multi-state cooperative banks under the supervision of the RBI in order to protect the interest of depositors. The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks, an official statement said on Saturday. The Ordinance seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to Co-operative Banks as well for sound banking regulation, and by ensuring professionalism and enabling their access to capital,” it said. The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-...

Government announces 2 per cent interest subsidy for small borrowers under Mudra Yojana https://www.fundstiger.com/government-2-interest-subsidy-mudra-yojana/ The government on Wednesday approved a 2 per cent interest subsidy scheme for Shishu loan account holders under the Mudra Yojana to help small businesses tide over difficulties created by the lockdown following outbreak of coronavirus disease. Under Shishu category, lenders provide collateral-free loans of up to Rs 50,000. The 2 per cent interest subvention is estimated cost of the exchequer approximately Rs 1,542 crore, Information and Broadcasting Minister Prakash Javadekar told reporters after the Cabinet meeting. “Union Cabinet chaired by Prime Minister approved the scheme for interest subvention of 2 per cent for a period of 12 months, to all Shishu loan accounts under Pradhan Mantri Mudra Yojana (PMMY) At end-March 2020, about 9.37 crore loan accounts under the Shishu category of PMMY with a total loan amount of about...

RBI comes to the rescue of online borrowers https://www.fundstiger.com/rbi-rescue-online-borrowers/ While the access of funds has been made easier, simpler and faster by lots of fin-tech companies, the RBI has taken a few more steps in the interest of borrowers. Many individuals are looking for online loans during lockdown to ease their cash crunch. As far as the regulations goes, banks and NBFCs are allowed to lend either directly through their own digital platforms or through a digital lending platform under an outsourcing arrangement. Already, many banks and NBFCs are engaging digital platforms to provide loans to their customers. In addition, some NBFCs have been registered with Reserve Bank as ‘digital-only’ lending entities while some NBFCs are registered to work both on digital and brick-mortar channels of credit delivery. These digital platforms have emerged in the financial sector claiming to offer hassle-free loans to retail individuals, small traders, and other borrowe...

Covid-19 impact: Medical insurance set to become dearer https://www.fundstiger.com/covid19-impact-medical-insurance/ The global pandemic has definitely helped people realize the importance of having adequate health insurance. India is among the least insured countries and as of 2019, the density of non-life (which includes health) insurance in the country was a mere 19%, according to data from the Insurance Regulatory and Development Authority of India (Irdai), and the biggest reason for this is the lack of trust. Density is measured as the ratio of premium (in US dollars) to total population. To deal with this, the regulator last year brought about a host of changes to health insurance products which could result in hike in premiums. According to Policybazaar.com, an online insurance marketplace, health insurance premiums are set to increase by 5-25% starting October 2020. “In its continuous efforts to make health insurance products more customer-centric, Irdai last year issued ...

Banks sanction over Rs 75,000-cr loans to MSMEs under credit guarantee scheme https://www.fundstiger.com/banks-sanction-75000cr-loans-msmes-credit-guarantee-scheme/ The finance ministry on Monday said banks have sanctioned over Rs 75,000 crore loans so far under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under stress due to the coronavirus-induced lockdown. However, loans worth Rs 32,894.86 crore are disbursed under the 100 per cent ECLGS for the micro, small and medium enterprises (MSMEs), starting June 1. The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month. “The total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks stands at Rs 75,426.39 crore, of which Rs 32,894.86 crore has already been disbursed,” Sitharaman said in a tweet. The latest number released by the Finance ...

SBI warns account holders of cyber-attack https://www.fundstiger.com/sbi-warns-cyber-attack/ State Bank of India (SBI) has issued a warning for its account holders to be cautious of an imminent cyber-attack. Warning the customers about the attack, India’s largest lender tweeted, “Attention! It has come to our notice that a cyber-attack is going to take place in major cities of India. Kindly refrain yourself from clicking on emails coming from ncov2019@gov.in with a subject line Free COVID-19 Testing.” We have received a worrying report from CERT-In that the phishing attack is expected to be carried out by cybercriminals using the suspicious email – ncov2019@gov.in from 21st June.” “The cybercriminals are claiming to have a 2 million individual/citizen’s email IDs and are planning to send email with subject “Free COVID-19 Testing” inciting personal details from the residents of following cities: Delhi, Mumbai, Hyderabad, Chennai and Ahmedabad,” the advisory added. ...