Banker Outlook

The Importance of Women Customers in the Indian Banking Industry The Indian banking industry has witnessed a remarkable transformation in the past few decades, with the introduction of new products, services, technologies and regulations. However, one aspect that remains largely untapped is the potential of women customers, who constitute nearly half of the country's population and a significant segment of the workforce. According to a report by McKinsey Global Institute, advancing women's equality in India could add $770 billion to the country's GDP by 2025. However, women face several barriers to economic participation and empowerment, such as lack of access to education, health care, finance and social protection. These barriers also limit their ability to use banking services and benefit from financial inclusion. According to the World Bank's Global Findex Database 2017, only 77% of Indian women have an account at a financial institution or with a mobile money provi...

Introduction India's growing economy and the ever-increasing number of non-resident Indians (NRIs) working and living abroad has led to a significant rise in the demand for specialized banking services catering to their needs. NRI banking in India is tailored to meet the financial requirements of NRIs by offering a wide range of services, from remittances and investment options to loans and deposit schemes. In this blog, we will discuss the various aspects of NRI banking in India and how it benefits the NRI community. Types of NRI Accounts Non-Resident External (NRE) Account: An NRE account allows NRIs to hold and manage their income earned outside India in Indian Rupees. The account can be opened as a savings, current, or fixed deposit account, and the funds can be easily repatriated. Additionally, the interest earned on NRE accounts is tax-free in India. Non-Resident Ordinary (NRO) Account: An NRO account is designed for NRIs to manage their income earned in India, such as rent, ...