Found 104 Articles for General Economics

A better way to build a future is by saving well today. But this won’t happen if you keep your hard cash lying idle in your lockers instead of somewhere else, say, a bank, where you can earn some additional money in the form of interest. To harness this situation, banks came up with checking accounts - one stop solution for your money parking problems. Although you have a salary or a personal savings account, you can still open a checking account and manage your finances. As the tutorial narrates about the checking account, what exactly is it? And ... Read More

Introduction Every bank has a separate headquarters, a physical setup to run its business operations, and individual branches disseminated at distinct locations across the world. Initially, the banking system started offline until fintech models swept off our feet with its quirky traits. Though new banking systems like digital banking and mobile banking garnered enough attention in the financial space, traditional banking is still considered a safe line for many. What is traditional banking? Traditional banking refers to the process of carrying financial transactions at offline bank branches, either depositing or withdrawing funds from your respective accounts. This system allows ... Read More

Introduction The best way to up your finance game is by keeping track of your account balances frequently. This will help you to understand and compare all your cash flows, giving you the full picture of your financial standings in the current year as opposed to last year. As people have authority of their funds lying in their accounts, they can withdraw anytime. So, banks came up with minimum balance requirements to encourage people to save right. Besides, these entities endure through a lot of expenses such as overheads, ATM services, customer services, account maintenance charges, and other ... Read More

Introduction The banking system has been rapidly evolving when fintech has set its foot in the financial space. The operations and transactions have become much quicker than ever before. With just a tap, one can view their bank accounts and transact at the comfort of their home. This is not the case with the traditional banking system, as it involves a lot of paperwork, documentation, and verification. Yet, these banking models have also incorporated the art of innovative technology, enabling the world to explore banking with a distinct eye. Now, what’s the difference between traditional banking models equipped ... Read More

Introduction Although the retirement age in India is not defined, given the current life expectancy of men and women, the standard norm is anywhere between 58-60 years. Now, when a person is working, they’ll be having a proper cash flow every month. But this stable income stops when you hit the retirement age. While some people get monthly pensions even after retirement, others have to survive on their savings, or may have to find some easy work to keep them going. This is because, when people retire, they’ll endure some tough financial hardships. So, to support retirees during such a ... Read More

Introduction Small-scale industries contribute a fair share to the country’s GDP. Any investment made in this sector not only augments wealth but also improves employment in the economy. Now, for small industries to go to the next level, they need extra capital in their accounts. These types of businesses are significant for overall growth and economic development. The government came forward to support MSMEs by launching multiple schemes, and one of them being MUDRA loans. So, how exactly is this initiative helpful for the MSMEs? What are MUDRA loans? MUDRA loans is a credit financing scheme launched by ... Read More

Introduction The advent of innovative technologies and the incessant growth of smartphone users has given rise to new opportunities in the banking sector. The traditional banking, initially a popular system, slowly withered from peoples’ sight and got replaced by mobile banking. This new approach enables customers to make their financial transactions virtually via the respective banking application. Unlike the traditional banking where an account opening itself used to take days to go live, with mobile banking, the same task happens in minutes. Define Mobile Banking As the name suggests, mobile banking is the process of carrying out financial ... Read More

Introduction Budget is a blueprint consisting of the past financial information and future anticipated business outlays of the company. This financial report is prepared by companies of all sizes to know where they stand when compared to last year. Budget aids the company to be abreast of perils and challenges and prepares them for the future. Some of the crucial things that’s listed in the budget includes payroll, insurance, loans, rent, debts, and other expenses. This financial tool allows the company or entity to draft both short-term and long-term plans, giving them conducive solutions to attain their business ... Read More

Introduction The most successful investor and financial legend Warren Buffett once said “don’t save what’s left after spending and spend what’s left after saving”. So, to build a secured future, one needs to start saving better. This can happen only when you diversify your funds into different investment and financial avenues. If you are a conservative investor, the best investment product to park your funds would be government schemes. It’s risk-free and attains assured returns upon maturity, which you can use on a rainy day. Now the only difference between successful and unsuccessful investors is that the former ... Read More

Introduction The government should allocate funds in such a way that it benefits the economy for a long term. On that note, the term peace dividend has garnered much attention in international and domestic circles. As wars create disruption to the country as well as economy at large, instead of splurging money on military restoration, the government diverts those funds to construct the economy and welfare at large. In simple words, this concept revolves around the idea of how military funds used for economic purposes. Definition of Peace Dividend The term "peace dividend" was first ... Read More