RCap causing troubles for LIC

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Here are the top personal finance news of the day:

The huge amount of investments made by LIC and EPFO in debt-laden Reliance Capital can go down the drain., according to media reports. Debt-laden, Reliance Capital, the company owned by Anil Ambani, is heavily burdened with debt. This has caused significant losses to its lenders and investors. LIC and EPFO are also among the organisations which had invested in Reliance Capital. These organisations had made substantial investments in the financial services company. But, the company is now up for sale. LIC has bought bonds worth over 3,400 crore rupees of Rcap. These were retail investors money. Now, there are high chances of these investments going down the drains. After booking huge losses in Adani group stocks, now the jolt of Reliance Capital can send fresh shockwaves to LIC.

Inflation to fall further in May’23: Das

Reserve Bank Governor Shaktikanta Das on Wednesday said inflation is likely to fall next month. Retail inflation for April, 2023 had fallen to 18 month low of 4.7%. The RBI governor expects retail inflation to further fall in the current month. Das blamed sudden outbreak of Russia-Ukraine war as the reason behind soaring inflation last year. However, inflation has been falling since the beginning of this year. According to Das, inflation fell to 18 month low levels in March on the back of sharp decrease in food prices.

GPay RuPay cards for UPI transactions

Next news is for users of RuPay credit cards. Now, RuPay credit card holders can link their credit card on GPay app and make UPI transactions. Currently, customers of total of eight banks namely Axis Bank, HDFC Bank, Kotak Mahindra Bank, Bank of Baroda, Canara Bank, Indian Bank, PNB and Union Bank can access this feature. Very soon, GPay will extend this feature to other banks as well. This will make it even more easier and convenient for people to make UPI transactions. It will also further expedite rising number of UPI transactions in the country.

Utkarsh SFB hikes FD rates

Utkarsh Small Finance Bank has raised interest rates of fixed deposits. The small finance bank will give as high as 8.25% on FDs of 1,000 days. On 5 year FDs, account holders will get 7.50% interest rate. On shortest tenure of 7 days, account holders will get 4% interest rate. While, on 1 year FDs, account holders will get interest rate of 7.75%. Utkarsh Small Finance Bank gives senior citizens additional rate of 0.60% over and above applicable rates on FDs of all tenures.

Rs 3k Jio benefits on Realme Nazro N53

Jio users can now avail of benefits of up to 3,000 rupees on entry level smartphone, Realme Nazro N53. Sale of Realme Nazro N53, kickstarted on May 24, 2023 on various e-commerce websites. The affordable smartphone is available at a price of 8,999 rupees. Buyers can get instant discount of up to 1,000 rupees with credit and debit cards of ICICI and HDFC BANK. The 50 mega pixel camera smartphone is available in gold and black shades. It sports a 6.74 inch HD+ display, 8 mega pixel selfie camera, and 5,000 mAh battery. The smartphone runs on Androi 13 and comes with dual SIM support.

Nokia launches budget smartphone Nokia C32 at Rs 8,999

Another affordable smartphone has made available in the market. Nokia has launched a new budget smartphone, the Nokia C32 at 8,999 rupees. it comes with 50 mega pixel back camera. There are two variants of this smartphone. maximum storage capacity is 128 GB. Some of other striking features include Android 13, 6.55 inch display, 2 mega pixel selfie camera and 5,000 mAh battery. And again, Jio users will get benefits worth up to 3,500 rupees on the smartphone.

No retailer can ask customers’ mobile number: Govt

The government said no shop or restaurant can ask phone number of customers at the time of billing. Many customers had complained that retailers were asking for their phone numbers at the time of billing. The government said this was unfair and restrictive trade practice under the Consumer Protection Act. Hence, no retailer can ask for the same. So, next time if a shop owner asks for your phone number. You have all the right to refuse it.

HDFC Defence Fund NFO to close 3 days earlier

HDFC Mutual Fund has brought forward the closing date of HDFC Defence Fund NFO from June 2 to May 30, 2023. Now, only six days are left before the NFO closes. HDFC Defence Fund is the first defence sector fund of HDFC AMC. The NFO was launched on May 19. Those who are bullish on the defence sector of the nation after government of India’s push for Atma Nirbhar Bharat, they can take advantage of investing in defence sector through this mutual fund. Abhishek Poddar will manage the scheme. The scheme will be benchmarked against Nifty India Defence Index TRI. The fund will focus on investing in growth and quality stocks at reasonable valuations. The fund manager will invest in companies of all sizes.

IndusInd Bank fixed record date for FY23 Rs 14 final dividend

Next news is for shareholders of IndusInd Bank. The private lender has fixed Friday, June, 2, 2023 as the record date for payment of final dividend of 14 rupees per share for FY23. For the quarter ending March, 2023, the bank reported 50% year on year jump in standalone net profit to more than 2,000 crore rupees. Gross NPA on the other hand fell below 2%. Improvement in PAT and gross NPA are few of the indicators investors foresee in any bank before investing. On Wednesday, the IndusInd Bank’s scrip closed % 1 in green 1, 272 rupees per share.

Will make surety bonds lucrative: Gadkari

Road, transport and highways minister Nitin Gadkari said that changes will be made to the terms and conditions of issuing surety bonds. This will make such bonds more lucrative. Gadkari said no contractor was buying these bonds because of the strict terms and conditions. Surety Bond Insurance is a risk transfer tool. It shields the principal from losses that may arise in case the contractor fails to perform his obligations. In case the contractor fails obligations, the principal can raise a claim on the surety bond and recover the losses. Making surety bonds lucrative will encourage contractors to buy such bonds. Plus, lot of infrastructural projects will also not get stalled.