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In India these investments can be safer than Post Office Schemes as they are covered by the Indian Deposit Insurance and Credit Guarantee Corporation (DICGC). However, DICGC guarantees amount up to ₹ 500000 (about $6850) per depositor per bank. [3] In India they also offer income tax and wealth tax benefits.
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
On 30 August 2019, Finance Minister announced that Allahabad Bank would be merged with Indian Bank. The proposal would create the seventh largest PSB in the country with assets of ₹ 8.08 lakh crore (US$97 billion). [66] [54] The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020. [57]
Navi is an Indian financial services company founded by Sachin Bansal [1] and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans , [ 2 ] mutual funds , health insurance , digital gold and UPI.
Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement. The dealer then typically sells or assigns that contract to a bank, credit union, or other financial institution.
India is one of the fastest growing countries in the world. According to the annual report of the IMF, India shows a GDP growth rate of 7.3% for 2018. India is the third largest country in purchasing power parity [4] and is expected to keep their annual growth rate. India was able to lift 133 million people out of poverty between 1994 and 2012. [5]
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The Public Provident Fund (PPF) is a voluntary savings-cum-tax-reduction social security instrument in India, [1] introduced by the National Savings Institute of the Ministry of Finance in 1968.