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New Indian Express
an hour ago
- Business
- New Indian Express
Financial inclusion drive targets 12,708 panchayats
HYDERABAD: A massive three-month Financial Inclusion campaign is currently underway across Telangana, targeting all 12,708 gram panchayats in the state. Launched on July 1 and running until September 30, the campaign aims to saturate enrolments under key social security and banking schemes at the grassroots level. The initiative is being carried out under the directives of the Centre's Department of Financial Services. As of July 27, special camps have been held in 4,400 gram panchayats. A total of 67,541 applications have been received for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), of which 42,027 beneficiaries have already been covered. Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 53,460 applications were received, and 30,803 individuals have been enrolled. For the Atal Pension Yojana (APY), 9,244 applications have been submitted, and 5,535 enrolments have been completed. Re-KYC procedures have been carried out for 9,313 PMJDY accounts and 9,138 non-PMJDY accounts. Additionally, 15,932 account nominations have been updated. This statewide campaign is being spearheaded by the State Level Bankers' Committee (SLBC), in collaboration with the Press Information Bureau (PIB), Telangana. Banks across the state, under the supervision of lead district managers and respective district collectors, are conducting camps to ensure the financial inclusion schemes reach every eligible citizen. The campaign focuses on opening new bank accounts, especially for unbanked adults, completing Re-KYC formalities for inactive accounts, and enrolling citizens in PMJJBY, PMSBY, and APY. It also aims to promote awareness about digital fraud prevention and the process for claiming unclaimed deposits, along with updating nominations in deposit accounts. Each gram panchayat is hosting at least one special camp, with banks assigned to areas based on their local presence. Citizens are strongly encouraged to attend these camps, complete necessary formalities, and update nominations to avoid future inconveniences, as accounts without Re-KYC may be frozen.
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Business Standard
19 hours ago
- Business
- Business Standard
Raising FDI in insurance aims to unlock sector's full potential: FM
Raising the FDI limit in insurance to 100 per cent will help the sector achieve its full potential by growing at 7.1 per cent per annum over the next 5 years, outpacing the global growth, Finance Minister Nirmala Sitharaman informed Parliament on Monday. The finance minister in Union Budget 2025-26 had proposed to raise the limit of foreign investment in insurance sector from the existing 74 per cent to 100 per cent. Raising the limit will eliminate the need for foreign investors to find Indian partners for the remaining 26 per cent, easing the process of setting up their operations in India, effectively increasing the number of insurers in the country, she said in a written reply to Lok Sabha. This will attract stable and sustained foreign investment, increase competition, facilitate technology transfer, and improve insurance penetration in the country, she said. The decision to increase FDI component in a particular insurance company is made by its promoters, depending upon various factors such as capital requirement of the company, solvency requirement, future business plans etc, the minister said. Replying to another question, Sitharaman said in order to increase coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), regular campaigns were held at grass root level with active participation of banks and local administration. Further, she said, a 3-month 'Financial Inclusion Saturation Campaign' has been launched across the country in 2.70 lakh gram panchayats and Urban Local Bodies (ULBs) from July 1, 2025, with the aim of increasing enrolments in PMJJBY, PMSBY and APY. To achieve saturation in these Jansuraksha schemes, camps are being organized at gram panchayat level and ULBs by banks, providing residents with direct access to information and assistance for enrolling in the scheme, she said. The initiative is aimed to raise awareness and improve participation, helping to bridge gaps in enrolment under the scheme. The Centre for Financial Literacy (CFL) project was initiated by the Reserve Bank of India in 2017 with an objective to adopt community-led innovative and participatory approaches to financial literacy, the minister said. As on March 31, 2025, a total of 2,421 CFLs have been set up across the country with one CFL covering three blocks on an average, she added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Today's High-Yield Savings Rates for July 28, 2025: Up to 4.66%
Pay attention to restrictions that sometimes come with HYSAs. For example, some savings accounts limit the number of withdrawals and transactions you can complete in a month. Others might require a minimum deposit to open an account or have limits on your APY based on your balance. How traditional savings accounts work Traditional savings accounts work the same as HYSAs. However, unlike high-yield accounts that are often found online with no brick-and-mortar branches, traditional savings accounts are usually held at banks that have physical branches. In some cases, you can get above-average yields with more traditional accounts held at local credit unions and community banks with physical locations, but often the best savings rates are found with online-only accounts. Traditional savings accounts might have transaction limits, deposit requirements and tiered rates based on your balance. HYSA dependency on Fed rate The Federal Reserve meets eight times a year to announce its benchmark federal-funds rate (sometimes called the Fed rate). This is the rate banks charge each other for short-term lending. High-yield savings accounts are highly dependent on the Fed rate. When the target rate rises, savings yields generally rise as well. For savers, this can mean higher returns for letting their money sit at a bank or credit union. On the other hand, when the Fed cuts its benchmark rate, yields tend to fall. Savings yields can fluctuate regularly, but they are most likely to significantly change when the Federal Reserve announces a cut or increase of its benchmark rate.
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Today's CD Rates for July 28, 2025: Highest APYs Range From 4.25% to 4.75%
Certificates of deposit (CDs) often offer the best rates for savings. However, to get the highest annual percentage yield (APY), you need to agree to keep your money with the financial institution for a set time period. Right now, the best CD rates are on short-term CDs. The Federal Deposit Insurance Corporation (FDIC) reports that the average rate on a 12-month CD is 1.75%. However, the average for the top high-yield CDs is 4.62%, according to There are also six-month CDs with competitive rates, depending on the institution, as well as promotional CDs with higher rates. Top CD rates today The best CD yield from a national bank is Northern Bank Direct, with a 4.45% APY on a nine-month CD with a $500 minimum deposit requirement. The best local bank CD rate is T Bank with a 4.55% APY on a 12-month CD with a $1,000 minimum to earn the APY. If you're looking for the highest yield, no matter where you live, review the top CD rates today.
Business Standard
a day ago
- Business
- Business Standard
Gross enrollments in Atal Pension Yojana surpass 8 crore
The Atal Pension Yojana (APY), a flagship social security scheme of the Government of India administered by PFRDA, has achieved a significant milestone by surpassing 8 crore total gross enrollments with an addition of 39 lakh new subscribers in the current Financial Year (FY 2025-26) alone. The scheme has celebrated its 10th anniversary since its launch on May 9, 2015. Launched with a vision to create a universal social security system for all Indians, APY is a voluntary, contributory pension scheme, focused on the poor, the underprivileged, and workers in the unorganized sector. Its remarkable success is a result of the dedicated and untiring efforts of all Banks, Department of Posts (DoP) and SLBCs/UTLBCs and the continued support of the Govt. APY is meticulously designed to provide 'Sampurna Suraksha Kavach' (Complete Security Shield), by ensuring a guaranteed monthly pension of Rs 1,000 to Rs 5,000 for the subscriber post-60 years of age, the same pension to the spouse after the subscribers demise, and return of the accumulated corpus to the nominee after the death of both. It is open to all Indian citizens between the age of 18-40 years except those who are or have been income tax payers.
