The history of the Post Office is deeply intertwined with human civilization. References to organized messenger systems appear as early as the Atharvaveda, while the oldest known letter, inscribed on clay tablets, dates back to 2095 BCE. Egypt had a postal system as early as 2000 BCE.In India, Qutb-...
The Average Monthly Balance (AMB) is the minimum amount a customer must maintain in a savings account. If the balance falls below this threshold, most scheduled banks impose a penalty. The exact amount of this penalty varies depending on the type of savings account held.The practice of maintaining a...
Finance Minister Smt. Nirmala Sitharaman seems to have hit the nail on the head. She recently expressed deep concern over the large volume of unclaimed financial assets lying idle in the system—arising from unclaimed bank deposits, insurance and mutual fund payouts, pension settlements, and more. ...
In 1987, Australian tennis player Pat Cash triumphed at Wimbledon, defeating Ivan Lendl of Czechoslovakia in the final. The Sun Sentinel, a Florida newspaper, ran a clever headline: “CASH BETTER THAN CZECH”, playing on Cash’s name and Lendl’s nationality. While the pun made for a witty headl...
Economy holds a very important role in shaping up of a country. It actually helps creating the basic social structure and physical infrastructure, of the land through integration of various sectors like agriculture, industry , service and social groups like producer, househol...
World Consumer Rights Day, observed annually on March 15, is a global event. In 1985, the United Nations adopted the UN Guidelines for Consumer Protection, reinforcing global efforts to prioritize consumer welfare. India followed suit with the Consumer Protection Act in 1986. This legislation enshri...
Banks use various benchmark rates to determine loan pricing. Initially, they had complete discretion over interest rates, leading to the adoption of the Prime Lending Rate (PLR). This internally determined rate was applied to the bank’s most creditworthy customers, with additional risk premiums ch...
The growth of digital payments in India has been significant, especially since the demonetization drive in November 2016. According to the Payment and Settlement Act of 2007, a digital payment refers to any “electronic fund transfer” initiated by a person through authorization or instructions to...
In any macroeconomic framework, the household sector plays a critical role as a driver of consumption, savings, and overall economic activity. Household consumption is primarily influenced by income and wealth. In India, the household sector has traditionally favored fixed deposits (FDs) in banks an...
