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Government Announces Interest Rates for Small Savings Schemes

Government Announces Interest Rates for Small Savings Schemes

The government has declared the interest rates for the second quarter of the current financial year for small savings schemes such as the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana. Starting from July 1st, the PPF will yield an interest rate of 7.1%, while the Post Office Savings Scheme will offer 4% interest. The Post Office Monthly Income Scheme will provide a 4.7% return, and Kisan Vikas Patra will offer 7.5%. The National Savings Certificate will have an interest rate of 7.7% for the September quarter. Notably, there have been no changes to the interest rates from the previous quarter.

Foreign Exchange Reserves Increase

India’s foreign exchange reserves saw a rise of $816 million, reaching a total of $653 billion for the week ending June 21st. This follows a previous decline of $2.92 billion, bringing the reserves to $652 billion. The highest recorded level of foreign exchange reserves was $655.8 billion on June 7th. During this period, gold reserves increased by $988 million to $5.96 billion, while special drawing rights decreased by $57 million to $18 billion. India’s reserve deposit with the IMF remained stable at $4.57 billion.

SEBI Increases BSDA Limit to Encourage Small Investors

To boost small investor participation in the stock market, the Securities and Exchange Board of India (SEBI) has raised the limit for the Basic Service Demat Account (BSDA) from 1 lakh to 10 lakh. This new guideline, effective from September 1st, aims to reduce the burden of demat charges on investors with smaller portfolios. The BSDA is a simplified version of the regular demat account, designed to facilitate financial inclusion and encourage trading among small investors.

RBI Alerts Banks on Possible Cyber Attacks

The Reserve Bank of India (RBI) has issued a warning to all banks and financial institutions about potential cyber attacks. Banks have been advised to monitor their systems continuously to detect threats. This alert comes after receiving credible intelligence regarding possible cyber threats. The RBI has directed institutions to enhance their monitoring and response capabilities to safeguard against these potential attacks.

Increase in Personal Loan Interest Rates

Personal loans have become more expensive following the RBI’s decision to increase provisioning for unsecured loans from 100% to 125% last November. This has led to an increase in personal loan interest rates by 30 to 50 basis points, with major banks such as Axis Bank now offering personal loans at a minimum interest rate of 10.35%.

TRAI’s New Rules on Mobile Number Portability

The Telecom Regulatory Authority of India (TRAI) has announced new rules regarding mobile number portability. From July 1st, a mobile number will be eligible for porting only after seven days in case of a SIM change, reduced from the previous 10-day period. This amendment aims to curb fraud through mobile number porting.

International Film City Project in Noida

The construction of the proposed international film city in Noida is set to begin within the next six months, promising to create 50,000 jobs and indirectly benefit about 7 lakh people. The project, a joint venture between film producer Boney Kapoor and real estate developer Ashish Bhutani, has signed an agreement with the Uttar Pradesh government. Shooting and related activities are expected to commence within three years.

Extension of Daily Working Hours for IT Employees in West Bengal

The West Bengal government has announced an increase in the daily working hours limit for IT employees by 30 minutes, starting from July 1st. This change, while keeping the maximum weekly working hours at 48, aims to support the state’s IT sector.

Conclusion

In summary, today’s updates covered significant news in personal finance and business. The government has maintained interest rates for various small savings schemes, ensuring stability for investors. India’s foreign exchange reserves have shown a promising increase, reflecting economic resilience. New guidelines aim to boost small investor participation in the stock market, while the alert on potential cyber threats highlights the importance of vigilance in the financial sector. Rising interest rates on personal loans and revised mobile number portability rules are crucial updates for consumers. The upcoming international film city in Noida promises substantial job creation, and the extension of daily working hours for IT employees in West Bengal is a strategic move to enhance productivity in the sector.

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