Bank deposits to get doubly safer: This clause in FRDI bill is music to the ears of depositors, National : Today Indya

Bank deposits to get doubly safer: This clause in FRDI bill is music to the ears of depositors

National

NDTV

The latest move comes at a time when fraud-hit Punjab and Maharashtra Co-operative Bank is facing a grave crisis and customers have been demanding their entire money back, apart from lifting the daily withdrawal curbs.

Bank deposits to get doubly safer: This clause in FRDI bill is music to the ears of depositors

The government is considering raising the insurance cover for bank deposits to anywhere between Rs 2 lakh and Rs 3 lakh from the current level of Rs 1 lakh under a modified Financial Resolution and Deposit Insurance (FRDI) law, a source told FE. The finance ministry is also debating whether the minimum insured amount can be allowed to be withdrawn by the depositors of a troubled bank even when it is continuing operations as a going concern, said the source. Under the extant rules, depositors are entitled to the insured amount of Rs 1 lakh only when the bank is liquidated, he added.

“The deposit insurance cover could be at least doubled. There is also a thumb rule in some countries that such a cover should be at least the double of the per capita GDP. This possibility is also being looked at. So the cover can be hiked up to Rs 3 lakh as well. A final decision will be made soon,” said the source. The country’s per capita GDP was Rs 1,42,719 in FY19.

After a meeting with chiefs of state-run banks on October 14, finance minister Nirmala Sitharaman had said the government would soon introduce the revised FRDI Bill in Parliament and that there were discussions in the government to raise the cover on deposits. The Bill is still in the works.

The government has kept the deposit cover unchanged at Rs 1 lakh since May 1993, when it was raised from Rs 30,000 after the security scam in 1992 had led to the liquidation of Bank of Karad in Maharashtra. The hike then was aimed at placating angry and concerned depositors of this private bank so that a run on even other banks could be avoided.

Banking analysts say there is no hard rule for deposit insurance in India, although there are two thumb rules, based on international experiences. First, the cover should be double the per capita GDP. Second, it must cover 80% of the number of depositors fully but only 20% of the value of deposits, which is also known as the ‘80-20 rule’.

According to the Reserve Bank of India’s (RBI’s) latest data, deposit insurance covers 92% of the total number of accounts in India but only 28% of the total deposits with the banking system.

In its 2018-19 annual report, the central bank said: “With the current limit of deposit insurance in India at Rs 1 lakh, the number of fully protected accounts stood at 200 crore at the of end-March 2019, which constituted 92% of the total number of accounts, as against the international benchmark of 80%.” As of March 2019, the number of registered insured banks in India stood at 2,098 —157 commercial banks and 1,941 cooperative banks.

However, analysts say although the current cover of Rs 1 lakh satisfies the so-called “80-20 rule”, such an international experience should not ideally be applicable to India. Unlike in the West, the high incidence of fully-covered accounts is mainly due to the aggressive opening of small accounts, especially under the Jan Dhan scheme, where the deposit per customer is typically low. In fact, according to the 2018 International Association of Deposit Insurers Survey, India was ranked 102nd out of 115.

Interestingly, the Report of the Committee on Customer Service in Banks of the RBI had in 2011 suggested that the cover be raised dramatically to at least Rs 5,00,000 to draw more people to the banking fold.

Article Original Source : https://www.financialexpress.com/industry/banking-finance/bank-deposits-to-...

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Wardrobe Staple: 16 Traditional Sarees Of India That Every Woman Needs In Her Wardrobe

National

stylecraze

Saree is the pride of the Indian clothing industry. Even on the most high-profile ramps in India, saree is a hit ensemble. No matter how much the fashion world evolves, saree will always be the first love of the Indian woman. Of course, you have your expensive pair of jeans and a leather jacket, but wearing a saree is an entirely different feeling! You feel at home, a part of your culture and most of all, you feel beautiful. There’s no clothing item that looks more elegant than a well-draped saree. Saree has been an integral part of our culture for centuries. And for a huge plot of land that was divided into provinces, saree was one among the emotions that remained common.

However, the geographical and cultural differences within the country gave birth to various types of sarees. Well, we are a diverse country and this diversity reflects in the variety of sarees that Indian women wear. Today, let’s take a look at some of these amazing sarees that are so beautiful (and popular) that they deserve to find a place in each of our wardrobes. Now let’s dig in!

1. Kanjeevaram- Tamil Nadu

Kanjeevaram is known as the queen of sarees. And why not? Just look at the shiny silk and the golden thread work! There’s no saree that is as royal as a Kanjeevaram saree for sure.

2. Kasavu- Kerala

Also known as the settu saree or the Onam saree, Kasavu saree is Kerala’s most popular clothing item. Women wear them mostly during temple visits and festivals. It is characterized by its white/ off-white body, and golden color border and pallu.

3. Pochampally- Andhra Pradesh

The famous Pochampally silk hails from the town of Boodhan in Andhra Pradesh. These sarees are a perfect blend of cotton and silk, and are super comfy to wear. Their specialty is the intricate, geometric ikkat design on them.

4. Ilkal Saree- Karnataka

From the town of Ilkal in the Bagalkot, Karnataka hails the Ilkal sarees. These are mostly cotton sarees with a plain (or lines/checks) body, a very simple border, and pallu.

5. Mysore Silk- Karnataka

In 1912, the Maharaja of Mysore established India’s first silk weaving company known as the Mysore Silk Weaving Factory. Mysore silk sarees can be spotted from miles away owing to their rich texture and simple design. They have a very beautiful luster, which is an outcome of the excellent quality of silk with which these sarees have been woven.

6. Chanderi- Madhya Pradesh

Chanderi is a mix of silk, zari, and cotton. These sarees have a bright sheen and they are perfect for any occasion. The best thing about Chanderi is that they are super comfortable and easy to manage.

7. Bandhani- Gujarat And Rajasthan

Bandhani has its roots in Gujarat as it is believed that the first bandhani dying work was started by the Khatri community of Gujarat. However, even in Rajasthan, Bandhani is a very important design. The design isn’t printed and is created using the tie and dye process. These sarees are usually brightly colored and are beautiful and to die for.

8. Leheriya – Rajasthan

Leheriya is a design that is produced by another form of tie and dye practice, which is native to Rajasthan. The pattern resembles ripples on a bright-colored piece of fabric.

9. Taant- West Bengal

Taant makes an excellent daily wear for office-goers, because they are made of cotton and are very light. You can drape them easily as well. However, this doesn’t mean that they look dull, because they have very pretty borders and designs. If you are a fan of the simple, you can always wear these sarees to events like weddings and make your own style statement.

10. Bomkai- Odisha

Bomkai sarees come with traditional motifs and designs that are added through intricate thread work. These are also known as Sonepuri silks and are made in cotton as well as silk.

11. Paithani- Maharashtra

Paithani sarees is named after Paithan, a town in Aurangabad, Maharashtra. These sarees are hand-woven in pure silk and golden zari. They look very royal and are considered to be one of the most expensive types of sarees in India. Recurrent peacock and bird designs are a special feature of these sarees.

12. Banarasi- Uttarakhand

Who hasn’t heard sagas of Banarasi sarees and their beauty? These sarees are from the holy land of Varanasi and were worn only by the royals back in the days. No wonder every woman who drapes one of these looks like a queen!

13. Phulkari- Punjab

Phulkari made its debut in the story of Heer and Ranjha. It literally means “flower work” and these designs are made with bright-colored threads on bright khadi or cotton fabric. Phulkari dupattas are as popular as phulkari sarees.

14. Chikankari- Lucknow

Chikankari is exclusive to Lucknow and is a type of thread work done on muslin cloth (traditionally). Chikankari sarees are very beautiful, which is why you should make sure that you get your hands on one of these!

15. Muga- Assam

Muga silk is a very durable form of silk that it thicker and glossier. It is made by silkworms that feed only on two particular types of leaves and are found only in Assam. If you are a fan of silk sarees, you must definitely have one of these.

16. Sambalpuri- Odisha

The threads are dyed before they are woven to make the Sambalpuri sarees. These sarees are hand-woven and are very lightweight, which makes it a must-have if you are fond of sarees.

Sarees may not be the easiest outfits to wear but we promise you it’s going to be a cakewalk once you wear it a couple of times. Also, no matter what saree you wear, you’re going to look amazing in it!

Article Original Source : https://www.stylecraze.com/trending/traditional-sarees-of-india/