A retailer can log on to the portal and register with it for online purchase of government bonds and securities for high annualized yield
IDBI Bank has launched the country's first online G-Sec portal 'Samriddi' to enable retailers to purchase government bonds and securities for high yield.
Pursuant to RBI's desire that government bonds and securities should be made a popular mode of investment for retailers, the bank has taken the lead and launched the Samriddhi G-Sec portal for the purpose, IDBI Executive Director RK Bansal said.
A retailer can log on to the portal and register with it for online purchase of government bonds and securities for high annualized yield, he said.
Observing that retail investors' participation in government bonds and securities were much lower in India than countries like Japan, Mexico and Argentina, he said IDBI Bank will launch a series of awareness programmes to attract the retail investors.
Bansal said retail investors money was safe in government securities and bonds as there was a sovereign guarantee to the financial instrument and there will be no TDS on sale of such securities and bond upon redemption.
India's mobile subscriber base increased to 903.73 million in January, up from 893.84 million in the preceding month
Telecom operators added 9.88 million mobile subscribers in January, taking the total telephone user base in the country to 936.12 million, sectoral regulator Trai said.
India's mobile subscriber base increased to 903.73 million in January, up from 893.84 million in the preceding month, registering a growth of 1.11%, the Telecom Regulatory Authority of India (Trai) said in a statement.
The overall teledensity (telephones per 100 people) in India reached 77.57%.
However, the number of active mobile subscribers, according to the visitor location register (VLR) data, was 659.97 million on the date of Peak VLR for the month of January 2012.
VLR numbers provide details on active customers at any given point of time, excluding switched-off and out-of-the-coverage area customers.
The growth in the wireless category was led by Uninor, which added 2.49 million users, taking its total subscriber base to 38.79 million.
It was followed by Idea Cellular, which added 1.74 million new users to take its subscriber base to 108.12 million.
The country's largest operator Airtel added 1.3 million subscribers and its base was 176.95 million users.
Reliance Communications and Vodafone added 0.94 million and 0.85 million new customers to take their subscriber base to 151.02 million and 148.60 million, respectively.
State-owned telcos BSNL and MTNL added 0.87 million and 57,564 new users in January. Their subscriber base stood at 97.63 million and 5.73 million, respectively.
Aircel, Tata Teleservices and Sistema Shyam added 0.81 million, 0.22 million and 0.14 million new subscribers, respectively.
Wireline subscriber base declined from 32.69 million at the end of December 2011 to 32.39 million at the end of January 2012. BSNL and MTNL hold 80.91% of the wireline market share.
Broadband subscriber base increased from 13.30 million at the end of December 2011 to 13.42 million at the end of January this year.
The number of requests from subscribers to change their operators under the Mobile Number Portability (MNP) facility stood at 3.55 million in January.
In MNP Zone-I (Northern and Western India) maximum number of requests were received in Gujarat (3.04 million), followed by Rajasthan (2.72 million).
In MNP Zone-II (Southern and Eastern India) maximum number of requests were received in Karnataka (3.40 million), followed by Andhra Pradesh (3.04 million).
The Life Freedom Index will serve as the primary benchmark for indicating how financial free an Indian urban consumer is in terms of her financial awareness and planning
Urban Indians are not very aware about insurance products and their investment planning is not aligned with their current needs, says a survey by private insurer HDFC Life.
"Indian urban consumers' current sense of financial freedom is low," the survey said.
HDFC Life in association with ValueNotes, a market intelligence and research firm, today launched its inaugural Life Freedom Index report where over 1,600 respondents were interviewed across 11 Indian cities.
"The Life Freedom Index will serve as the primary benchmark for indicating how financial free an Indian urban consumer is in terms of her financial awareness, planning, sufficiency and adequacy of planning," HDFC Life Executive Vice President and Head, Marketing and Direct Channel, Sanjay Tripathy said.
The Macroeconomic scenario is yet to be positive as household savings seem to have gone down because families had less money to put away in a year of high inflation, he said.
"The survey reaffirms that Indian urban consumers have realised the necessity of financial planning. They are already chalking out financial plans and are generally disciplined in adhering to them. However, on the flip side, these plans lack comprehensiveness and need to be realigned with their desired financial goals," ValueNotes Managing Director Arun Jethmalani said.
The survey indicates that while 35 per cent of urban consumers rely on their social network of friends and relatives for financial planning advice, only 27 per cent seek professional help, he said.
Given the gaps in financial plans and low awareness levels, it appears that there exists a need for proper professional advice, which will help consumers in ironing out inconsistencies in financial planning and management, he added.
The urban consumers have a long way to go before achieving a complete state of financial freedom. Child education is their primary concern, the sense of financial liberty appears inflated given the inadequacy in their financial planning and awareness levels. But they have realised the necessity of financial planning, according to the survey.