Here are the top personal finance news of the day.
If you use VISA cards then this news is for you. Now Visa users will no more be required to enter the CVV number for making transactions. This feature will be available for those customers who have tokenised their cards. This feature will not be available for those who have not tokenised their cards. Last year, the Reserve Bank of India had made it mandatory for citizens to give access to online merchants to generate token numbers when transacting through plastic cards. Citizens are no more required to enter whole 16 digit debit or credit card number while making transactions. The merchant captures the tokenised number and transaction is made through. Now, citizens will also get rid of hassle of entering the three digit cvv number. So far, Visa has tokenised 250 million cards in India.
Millennials comprise over 50% of new MF accounts
Investment in mutual funds is increasing at a rapid pace in the country. New investor accounts are being opened en masse in the mutual funds industry. In last 5 fiscals, millennials comprise more than half of new investors that have opened mutual fund accounts. Thirty per cent of these new millennials are female. Most of these new mutual fund investors have chosen the SIP route to invest in mutual funds. Rest have chosen to invest lump sum amounts in mutual funds. From FY19 to FY23, total number of 5.3 crore new SIP accounts were opened in India. Twenty nine per cent of these SIP accounts were opened by millennials.
Meesho lays-off 15% of workforce
E-commerce firm Meesho has laid off 15 per cent of its workforce. A top company official said retrenchment will help cut costs and as a result company will achieve profitability. Meesho will give one month extra pay beyond the notice period to the sacked staffers. They will also get one time severance payment of 2.5 to 9 months depending on tenor and designation. Meesho will continue to give benefits according to existing insurance packages of the sacked employees.
Vacancies open for 2.13 lakh AI engineers
According to Dainik Bhaskar, NASSCOM, has said that there is vacancy for 2.13 lakh engineers who are specialised in field of artificial intelligence. Due, to high demand for AI engineers, tech companies are offering double salary to them. Many healthcare, finance, and entertainment companies have absorbed AI engineers recently. AI experts are switching jobs with 30-50% increment. According to NASSCOM, 4.16 lakh AI engineers are already absorbed in the IT sector in India. After success of ChatGPT, big tech companies like Google and Microsoft have increased work on artificial intelligence backed search engines. Going forward, many job openings are expected to be announced in the field of artificial intelligence in India and globally.
Hero MotoCorp cuts e2w Vida prices
Hero MotoCorp has cut prices of its electric scooter Vida. The entry-level Vida V1 Plus has become cheaper by 25,000 rupees. While, the top-of-the-line Vida V1 Pro has got a price cut of 19,000 rupees. The new price of V1 Plus will be 1.20 lakh rupees. New price of V1 Pro will be 1.40 lakh rupees. These prices also include a portable charger and FAME-II subsidy. Both these scooties give a top speed of 80 kilo metre per hour. V1 Pro will run for 165 kilometre on single charge. While, V1 Plus runs for 143 kilometre on single charge.
India’s gold demand down 17% in Q4 FY23
India’s gold demand during January-March quarter has fallen inspite of strong wedding season. According to analysts, gold demand fell because gold prices have shot up considerably during this period. Demand of yellow metal has fallen 17% year on year during the March quarter to 112.5 tonnes. According to World Gold Council’s India CEO, Somasundaram, people in India deferred their plans to buy gold during the March quarter in anticipation of fall in prices. But in contrary to their view, bullion prices have only been increasing in the recent past. Only yesterday, gold prices had increased to all time high level of 61,490 rupees per 10 gram.
HDFC twins plummet on MSCI Index inclusion
MSCI may add HDFC Bank to Large Cap Segment of the MSCI Global Standard Index. According to experts, this would result in outflow of 150 to 200 million dollar from the HDFC group after merger. Earlier, market experts were expecting HDFC Bank’s inclusion in the MSCI Index would lead to inflow of 300 million dollars. But now on the contrary, as per what is coming out from the markets, it seems the group will have to see huge outflow of funds. As a result, HDFC twins cracked today and shed by up to 6% on the bourses. The HDFC Twins dragged the Sensex by almost 700 points. The 30 constituent index closed at 61,054 points
Rane Computers, GNFC get maximum complaints
Rane Computers Consultancy Ltd, J K Pharmachem, Gujarat Narmada are few of those companies against which retail investors had filed maximum number of complaints with the BSE in April, 2023. Investors had made complaints against these firms on matters like non-receipt of money, shares, debts, etc. BSE had received total of 401 complaints against 184 such companies in April, 2023.
Mindspace REIT unitholders get Rs 4.81/unit payout
Unitholders of Mindspace Business Parks REIT will get Rs 4.81 distribution per unit in quarter four of financial year 2023.Mindspace Business Parks REIT has declared a total distribution of 285.2 crore rupees in Q4 of FY 2023. Record date for distribution is May 10, 2023. Payment of distribution shall be made on or before May 17. Dividend is tax-exempt in the hand of unitholders. Mindspace Business Parks REIT has office spaces mainly in South India.
MG Comet highest variant to cost Rs 9.98 lakh
MG Motor has disclosed full price list of all the variants of newly launched MG Comet. The price of lowest variant i.e. Comet Pace will start from 7.98 lakh rupees. While, the mid variant Comet Play price will start from 9.28 lakh rupees. The highest variant Comet Plush price will start from 9.98 lakh rupees. Bookings would commence from May 15. Deliveries will begin from May 22.
These two banks hike FD rates
Dhanlaxmi Bank and Suryoday Small Finance Bank have raised interest rates on fixed deposits. Suryoday Small Finance Bank will give as high as 9.10% on FDs of 5 years. Senior citizens will get additional rate of 0.50% on all Fds. Senior citizens can get 9.60% interest rate on 5 year Fds. Suryoday Small Finance Bank has raised FD rates on balances of 2 crore rupees and above. While, Dhanlaxmi Bank will give as high as 7.25% on Fds of 555 days. On 1 year Fds, general citizens will get 6.75% interest. On 5 year Fds, general citizens will get 6.60%.
