Short Change: Survey: 47% Indians hold bank accounts but half remain dormant

State-owned banks are the most trusted financial institutions, with 72 per cent Indians saying they “fully trust” them.

By: Express News Service | New Delhi | Mumbai | Published:July 7, 2014 2:06 am

The Financial Inclusion Insights programme, operated by InterMedia and supported by the Bill & Melinda Gates Foundation, has found that while 47 per cent of Indians hold bank accounts, close to half of these accounts lie dormant. The survey says that this may, in part, be due to the fact that India is yet to tap into the potential of mobile banking and other digital financial services as compared to conventional methods. It also says that there is a significant gender divide in active account access, with 32 per cent of Indian males having an active account compared to 18 per cent of females. State-owned banks are the most trusted financial institutions, with 72 per cent Indians saying they “fully trust” them.

FII inflows hit $20 billion mark in first half of 2014

New Delhi: Overseas investors have pumped in a staggering over $20 billion into the Indian market in the first half of the year, mainly on hopes of a stable and reform-oriented government at the Centre. The net investments by foreign investors into equity markets stood at $9.96 billion (Rs 59,795 crore) during January-June 2014, while the same for debt markets was at $10.42 billion (Rs 62,834 crore) taking the total to $20.4 billion (Rs 1.23 lak crore), latest data showed. Market analysts believe that foreign investors have been betting on the Indian market mainly on hopes of a stable and reforms-oriented government.

‘Sensex cos to post double  digit earnings growth in Q1’

Mumbai: The BSE Sensex companies will continue posting double digit growth for the fourth consecutive quarter during the results season starting this week, foreign brokerage Deutsche Bank has said. “We expect a continuation in earnings turnaround…this will be the fourth straight quarter of double-digit growth in key metrics of Sensex, underscoring our positive outlook on Indian equities,” it said in a note. The brokerage said it expects the growth momentum to continue for some more time due to enabling decisions by the newly-formed government. “We believe that the new government will walk the talk on addressing economic imbalances, which should in turn lay the foundation for structurally high earnings growth,” it said.

‘Union Budget, IIP data, Infosys results to drive stock markets’

New Delhi: In an eventful week ahead, stock markets would take cues from a host of important triggers, including the Union Budget for 2014-15, industrial production data and quarterly earnings from Infosys, say experts. The week also marks the beginning of the Q1 June quarter corporate earnings season, with Infosys announcing its result on July 11. Industrial production data for May will come out on Friday. Marketmen said that majorly investors, be it domestic or global, are eyeing the Union Budget for 2014-15 on July 10. A day before the Budget, the finance ministry will table the Economic Survey for 2013-14. Railway minister Sadananda Gowda will present the Rail Budget for 2014-15 on Tuesday.

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