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India’s deposit insurance coverage among the lowest: SBI

Customers with balances between Rs 15 lakh and Rs 1 crore get protection only to the extent of 2.8 per cent of their deposits.

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deposit insurance coverage
Picture Credit : TheHinduBussinessline

Mumbai, Oct 7 : A state-run State Bank of India (SBI) report on Monday said that the deposit insurance coverage in India is one of the lowest in the world.

A deposit insurance coverage ensures that the depositor gets a certain amount, before the bank pays other parties at the time of liquidation.

In India, deposits are insured up to Rs 1 lakh, while the comparable number for BRICS countries like Brazil and Russia stand at Rs 42 lakh and Rs 12 lakh, respectively.

“Data on Cross Country Deposit insurance Coverage limit shows that deposit insurance coverage in India is one of the lowest at Rs 1 lakh / $1508 / 0.9 times India’s per capital income, ” an SBI Ecowrap report said.

According to the report, another diverging trend that appeared pertained to the number of accounts – over 60 per cent of the total accounts are less than Rs 1 lakh, while around 70 per cent are less than Rs 2 lakh, and 98.2 per cent are less than Rs 15 lakh.

“So clearly, it seems on paper that the number of small depositors are adequately covered in terms of insurance cover, but in terms of quantum of deposits, we observe that percentage of deposits less than Rs 1 lakh is only 7.8 per cent of the deposit base,” the report said.

Besides, 20.4 per cent of the deposits are contributed by customers having deposits of more than Rs 15 lakh but less than Rs 1 crore, with average deposits of Rs 35 lakh.

Effectively, customers with balances between Rs 15 lakh and Rs 1 crore get protection only to the extent of 2.8 per cent of their deposits, though the premium is paid on the entire value of deposits held by them, the report added.

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Amazon Quiz Answers Today, November 23, 2020: Answer and Win Rs.10,000 Amazon Pay Balance

Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance.

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Amazon quiz Answers Today, November 23, 2020: The Amazon Quiz for November 23, 2020, is live and today you have the chance to Win Rs.10,000 Amazon Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs.10,000 Amazon Pay Balance
Amazon Quiz Date: November 23, 2020:
Amazon Quiz Time: 8 am–12 pm
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Answers for today’s Amazon quiz contest- November 23, 2020

Question 1. The 2020 Women’s T20 Challenge played in Sharjah was branded as the ____ Women’s T20 Challenge. Fill in the blanks

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Answer:- Union Finance Minister

Question 3. One of the songs from the movie Laxmii starring Akshay Kumar is named after which famous building?

Answer:- Burj Khalifa

Question 4. To visit this place, which country do you have to travel to?

Answer:- Peru

Question 5. These guards protect what?

Answer:- Vatican City

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 23: Yellow metal price rises today, check here

The price alter is mainly due to various factors such as political and economical issues happening in the world.

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Gold Wealth Price

Gold prices in India on Monday, November 23 have gone up following the global rates. On MCX, the gold rates have increased to ₹50,241. Today, silver price in India has gone up to ₹62,221 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

CITY24 KARAT22 KARAT
CHENNAI₹52,052₹47,662
MUMBAI₹50,886₹49,896
BANGALORE₹51,475₹47,145
DELHI₹53,895₹49,425
KERALA₹49,674₹45,914
HYDERABAD₹51,472₹41,752
KOLKATA₹52,505₹50,105
PUNE₹50,809₹48,399
GOLD PRICE IN INDIA (*MCX)₹50,241₹46,054

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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IMF chief urges G20 leaders to maintain policy support

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Kristalina Georgieva IMF

Washington: International Monetary Fund (IMF) Managing Director Kristalina Georgieva has urged the Group of 20 (G20) leaders to maintain policy support and reinforce the economic bridge to recovery as the global economy is “not out of the woods.”

“I commended the G20 countries as a whole for taking unprecedented actions to mitigate the impact of Covid-19 –including fiscal and monetary measures — that have helped to prevent massive bankruptcies and an even deeper crisis,” Georgieva said in a statement following a virtual meeting of G20 Leaders’ Summit hosted by Saudi Arabia.

“I also emphasized that the world is not out of the woods yet in terms of this crisis. Cooperation is going to be even more important going forward,” Georgieva said, urging G20 leaders to maintain macroeconomic policy support to businesses and workers “until we exit the health crisis.”

There must be no premature withdrawal. It is also time now to prepare for a synchronized green and digital infrastructure investment push to invigorate growth, to limit scarring, and address climate goals,” she said.

With vaccines on the horizon, Georgieva noted that “we must ensure they reach everyone, everywhere,” which could add almost 9 trillion US dollars to global income by 2025, according to the IMF’s estimate, Xinhua reported.

The IMF chief also said the most consequential uncertainty facing us today is “how we can use the momentum of disruption caused by this crisis to build a better economy for all.”

Georgieva called on G20 leaders to revitalize the international trading system, foster an international system of taxation where everyone pays their fair share, and accelerate the transition to the new climate economy.

“The IMF will continue to count on the G20’s support to have all the necessary resources to best serve our member countries, and especially those who need our assistance the most,” she said.

In its World Economic Outlook report released last month, the IMF revised up the 2020 forecast for global economy to a contraction of 4.4 per cent. Despite the upward revision, the IMF said the ascent out of this crisis is likely to be “long, uneven and highly uncertain.”

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