Category Archives: Personal Finance

Personal Finance

Tripura village gets Aadhar enabled micro ATM facility

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The Unique ID Authority of India, along with United Bank of India and Tripura Gramin Bank undertook field trial of the Aadhar-enabled payment system on October 18, 2012. The trials were carried out with bio-metric online authentication of  beneficiaries in Mandwi block.

With the help of the new system, Rampati Debbarma, a 71 year old tribal woman of Burakha village in West Tripura pressed her finger on an Aadhar-enabled micro ATM and got her pension in cash. Apart from Rampati many other old age pensioners were able to collect their pensions in the same way with the Aadhar-enabled payment system.

Earlier, Rampati and other old residents in the village had to walk for about 10 kms from their village to Mandwi Block headquarters to withdraw pension from Gramin Bank. Dinesh Mushahary, the chairman of Gramin Bank Tripura said, “Our endeavor was successful today”.

Mushahary also appealed to the people to get their Aadhar card registered with the bank so that they could also get the benefit of getting their money directly without any middleman. The bank had launched the flagship project Unique Identification (UID) to provide old age pensions directly to the beneficiaries. The digitization of the identities was started on a pilot basis in Mandwi Block.

Personal Finance

NHB says housing to be more affordable

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In some good news for people who are planning on buying a new house, NHB, the housing finance firm regulator said that there might be a price correction in the housing segment. The correction might be due to the inventory build up in some areas.

RV Verma, the chairman of NHB said that there is an inventory build up in some areas, and projects there are not selling due to the high price perception. The price correction might be in light of the current trend of downward revision in housing loans.

The chairman, while talking to reporters announced the annual results, marking a 39% increase posted by NHB in net profit of Rs. 387 crore for the financial year that ended in the month of June 2012. The banks had increased its loan disbursements by just 20% and the total loans that were disbursed amounted to Rs. 14,454 crores as compared to Rs. 12,035 in the previous financial year.

It has also been noticed that most of the bank,s including the private sector ones, have reduced their interest rates.  Home loan rates were cut by 100 bps by ICICI Bank. HDFC bank has reduced its loan rates of up to Rs. 30 lakh  by 10.25 % as well.

Personal Finance

Max Bupa launches new Health Assurance health policy

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Health insurance company Max Bupa Life Insurance as launched its new health insurance policy. The new policy which is known as the Health Assurance, offers defined benefits to its policy holders. The new policy is available as an individual policy as well as a family floater.

According to the new policy, a fixed payout is handed out in the event in the event of critical illness and accidental death or permanent, partial/total disability. The policy will also pay for incidental expenses incurred on travel, accommodation expenses and food of family members who accompany the insured patient.

Moreover, the policy holders will have the option of buying all the covers or any one of them. The policy covers about 20 ailments listed in the policy documents. In case of critical illness, the insurer offers minimum of Rs. 3 lakh and the upper limit is Rs. 10,00,000.

But the policy holder will only receive the amount only after the survival period of 30 days as passed. In case of personal accident, the minimum and maximum cover is Rs. 5 lakh and Rs. 25 lakh respectively. And if the policy holder dies due to an accident, then the amount will be passed on to the nominees.

Personal Finance

Indian government launches project to build house for displaced people in Sri Lanka

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The Indian government on October 2, 2012 launched an ambitious housing project with a value of Rs. 1,300 crores in northern Sri Lanka. The project will be building brand new houses for 43,000 ethnic Tamil families who have been displaced due to the civil war in the country.

This is the second phase of the housing scheme which is launched in three districts of Jaffna, Mullaitivu and Mannar. The project was launched by the Economic Development Minister Basil Rajapaksa and Indian High Commission to Sri Lanka Ashok K Kantha. The civil war has displaced about 1,500 Muslims and Tamils.

The launch saw the displaced families getting certificates for building houses in the lands owned by them or the government. Kantha announced that 10,000 houses will be built by the month of August 2013. The certificates were handed over by Kantha and Rajapaksa to the beneficiaries at the Muslim dominated Mannar district and other district were the project was launched.

Meanwhile India has already handed over the 1,000 houses to the people of northern region, which is a part of its pilot project that was completed in the month of July this year. The beneficiaries under the owner driven model will get 5.5 lakh Sri Lankan rupees each to build houses.

Personal Finance

Indian railways increased AC and freight charges by 3.7 percent

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The Finance Ministry of India has said that it will levy service tax on the AC class and also the freight service fares . The ministry said that the fare would be increased by 3.7 percent from October 1, 2012.

A senior official from Railway Ministry said that the fares of AC First Class, Executive class, AC 2 tier, three tier and chair car will be increased by 3.708 percent from October 1, 2012. A notification for the recent development has been issued on September 27, 2012.

In a meeting between the Railway minister CP Joshi and finance minister P Chidambaram it was decided to levy the service tax on the AC classes, freight and auxiliary services. The meeting took place on September 26, 2012.

The new service tax will be levied on the tickets which are issued in advance for the journeys to commence on or after the date of the implementation. If the tickets are already issued, then the railways will ensure that the service tax is recovered through the TTEs in the train or by the booking offices before the commencement of the journey. If the tickets are cancelled the service tax will not be refunded by the railways.