Sunday, October 2, 2016

Prajna Capital

Prajna Capital


Monetary Policy Committee

Posted: 02 Oct 2016 07:26 AM PDT


Monetary Policy Committee

 

-            Dr. Urjit Patel (Chairman of MPC) was appointed as the RBI Governor effective September 4, 2016. In his earlier role, he was the Deputy Governor of the RBI in charge of monetary policy amongst other responsibilities. Dr. Patel chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework. Dr. Patel has also served at the International Monetary Fund (IMF). He was on deputation from the IMF to the Reserve Bank during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market. He was a Consultant to the Ministry of Finance (Department of Economic Affairs), Government of India, from 1998 to 2001. Dr. Patel has worked closely with several central and state government high level committees, including the Task Force on Direct Taxes (Kelkar Committee), the High Level Expert Group for Reviewing the Civil & Defense Services Pension System, the Prime Minister's Task Force on Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms and the Ministry of Power's Expert Group on State Electricity Boards. Dr. Patel has several publications in the areas of Indian macroeconomics, monetary policy, public finance, the Indian financial sector, international trade, and regulatory economics. Dr. Patel has a Ph.D. in economics from Yale University, an M. Phil from University of Oxford and a B. Sc. from the University of London.

 

-            Mr R. Gandhi was appointed Deputy Governor, RBI on April 3, 2014 and has been with the RBI for over 33 years. He currently has the responsibilities of Economics and Policy Research, Monetary Policy, Foreign Exchange management, debt management amongst other departments. He has expertise and experience in varied fields which include, payment systems and information technology, financial markets (money, securities, forex and capital market) operations and regulation, currency operations and management, personnel and human resources management, industrial credit and international banking. He had a three-year secondment to the Securities and Exchange Board of India (SEBI). He has also been the head of two regional offices of the Reserve Bank and held charge as the Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. He was the Executive Assistant to the Governor of the Reserve Bank of India for three years. He was also a Reserve Bank nominee on the Board of Directors of four public sector banks (at different points in time) for five years. He has been associated with various committees, working groups and task forces. Mr Gandhi has a Master's degree in Economics from the Annamalai University, in Tamil Nadu, India. He also has post graduate level certificates in Management Information System from The American University, Washington DC, USA and in Capital Market from the City University of New York, New York, USA.

 

-            Dr Michael Patra has been the Executive Director, RBI since 2014 and has been with the RBI for over 30 years. He is in-charge of the Department of Economic and Policy Research and Monetary Policy Department (including Forecasting and Modelling Unit). He has been a Senior Advisor to the Executive Director of Bangladesh, Bhutan, India, and Sri Lanka at the IMF. He is an accomplished researcher with various publications in national and international journals. Dr Patra is a Fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability. He has a Ph.D. in Economics from the Indian Institute of Technology, Mumbai.

 

-            Dr Chetan Ghate is the Professor at Indian Statistical Institute, Delhi and in his previous roles has taught at University of Sydney and the Colorado College in the US. He was a member of the Urjit Patel Committee to revise and strengthen the Monetary Policy Framework. He is a member of the Technical Advisory Committee on monetary policy. He was also RBI Chair Professor of Macroeconomics in ICRIER (2012-2013).  His specialisations include economic growth and development, political economy, trade and monetary and fiscal policy in developing and emerging market economies. Dr. Ghate has a Ph.D from Claremont Graduate School, California.

 

-            Dr Pami Dua is the Professor and Head of Department of Economics at Delhi School of Economics. She has been associated with the Delhi School of Economics since 1996 prior to which she has taught in the University of Connecticut (1987-1998) and Wayne State University (1987).  Dr Dua has also served as the Vice President of the Indian Econometric Society, Senior Research Scholar at Economic Cycle Research Institute, New York, visiting Research Associate at Center for International Business Cycle Research, Columbia University and visiting Faculty Fellow at Yale University. Her specialisations include Business cycle analysis, Macroeconomics, Econometrics and Forecasting. She has written several publications in these areas. Dr. Dua has a Ph.D and M.Sc in Economics from London School of Economics (LSE) and B.A. (Hons) Economics from University of Delhi.

 

-            Dr Ravindra Dholakia is on the faculty of Economics at IIM Ahmedabad since 1985 and has also taught at the European Management Institute (ESCP-EAP), Paris from 2002 to 2005. He has been an instrumental member in the policy making and evaluation bodies for the government. He chaired a Committee on Cost Saving and Resource Use Optimization in Air India, appointed by Ministry of Civil Aviation, Government of India. He has served as a member of the High Level Committees on Public Expenditure Management (2009-10), Savings and Investment Estimation (Jan 2008- Mar 2009), Sixth Central Pay Commission (2006 - 08), Restructuring of the State PSUs (2004-08), Public Debt Management Committee (2005-06), and Gujarat State Public Finance Reform Committee (1998-2000). He has carried out numerous consulting assignments in the private and public sector companies in India and has worked for the international organizations like WHO, UN, World Bank and Hewlett Foundation. He was also President of the Indian Health Economics and Policy Association during 2012-13. Dr Dholakia has a Ph.D and M.A in Economics from Baroda University and Post-Doctorate from University of Toronto.

 

Monetary Policy Framework

 

The new monetary policy regime will target the headline CPI inflation rate in a band of 4% (+/-2%) and the target will remain fixed for next five years. In case the RBI fails to achieve this target for three consecutive quarters, it would have to submit a report to the central government stating the reasons for failure to achieve the inflation target; remedial actions proposed to be taken by RBI; and an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions.

 

The Monetary Policy Committee will a six member body with three RBI members and three government appointed members. The RBI members would be the Governor (as Chairman of MPC), Deputy Governor in charge of monetary policy, and senior RBI official. The government nominated members of the MPC are chosen for four years without re-appointment. With the formation of the MPC, the decision on policy rate (repo rate) will be through voting. The casting vote (in case of a tie) will be with the RBI Governor. In the current regime, the RBI Governor decided on the policy after deliberations and consultations with both internal and external experts.






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6. ICICI Prudential Long Term Equity Fund

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Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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HDFC Dual Advantage Fund Series

Posted: 02 Oct 2016 05:31 AM PDT



HDFC Dual Advantage Fund - Series III- 1267 D  October 2016 "- NFO for your reference and consideration.


Key Scheme Details.


  · Portfolio comprising a judicious mix of Debt securities & money market instruments and also equity and equity related instruments 

  · The debt portion of the scheme will aim to provide relatively stable return while the equity portion will aim to generate capital appreciation

  · Approximately 88% of the portfolio shall be invested in debt and money market instruments which would be targeted to reach 100% of the original investment over the tenure of the Plan  and remaining corpus would be invested in equity and   equity related instruments to achieve capital appreciation.
 
 ·Suitable for Investors who do not want to take interest rate risk and want to earn prevailing yields over the tenure of the Plan
 
· Investors can take benefit of indexation and get an opportunity to earn better tax adjusted returns


    HDFC Dual Advantage Fund Series Asset Allocation Pattern of the scheme







    -----------------------------------------------
    Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

    Top 10 Tax Saver Mutual Funds to invest in India for 2016

    Best 10 ELSS Mutual Funds in India for 2016

    1. BNP Paribas Long Term Equity Fund

    2. Axis Tax Saver Fund

    3. Religare Tax Plan

    4. DSP BlackRock Tax Saver Fund

    5. Franklin India TaxShield

    6. ICICI Prudential Long Term Equity Fund

    7. IDFC Tax Advantage (ELSS) Fund

    8. Birla Sun Life Tax Relief 96

    9. Reliance Tax Saver (ELSS) Fund

    10. Birla Sun Life Tax Plan

    Invest in Best Performing 2016 Tax Saver Mutual Funds Online

    Invest Online

    Download Application Forms

    For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

    -----------------------------------------------

    Leave your comment with mail ID and we will answer them

    OR

    You can write to us at

    PrajnaCapital [at] Gmail [dot] Com

    OR

    Leave a missed Call on 94 8300 8300

    ----------------------------------------------- 

    New Savings Accounts In India

    Posted: 02 Oct 2016 12:15 AM PDT

    How to Choose your Bank Account
     
     
      When everything from life insurance to a bank fixed deposits is customized to your exacting financial demands, why should savings bank accounts be far behind? Today, you can choose from a variety of savings bank account types depending on your needs and sensibilities.
     
    Here is a list of a number of popular savings bank account types offered by various PSU and private banks that you can choose from depending on your requirements and financial health.
     
    1: Regular savings bank account
     
     These are offered by all banks when you approach them to open an account. You can open a savings bank account in your individual capacity or jointly. With this account, you get access to ATM and debit cards offered by the bank while you can opt to choose other additional services like internet and phone banking. For most regular savings bank accounts, you will need to adhere to the minimum or an average quarterly balance requirement as decided by your bank. This can range from Rs. 2500 to Rs. 10,000 depending on your bank. Your account balance up to Rs. 1 lakh is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), making your capital relatively safe. The amount of interest you will earn also varies from bank to bank and can range between 4% and 6%.
     
    2: Zero balance or no-frills savings bank account
     
    If you are not able to opt for a regular savings bank account because of limited capital, you can opt for a no-frills account with a zero balance facility. People belonging to economically weaker sections of society, for example, opted for such accounts under the Pradhan Mantri Jan Dhan Yojana -PMJDY with zero balance facility. For most banks, if your minimum balance exceeds a certain limit (usually fixed at Rs. 50,000) or if your overall transactions exceed a Rs. 1 lakh limit for the financial year, your account would be converted into a regular savings bank account with applicable criteria.
     
    3: Salaried bank accounts
     
    If you are working with any company, you will be offered a salaried bank account depending on the organization you are working for. The salary bank account comes with many concessions including free multi-city cheque-issuing facility and relaxation or zero minimum balance. Usually, your salaried account is active as long as you are working with that entity although you can get it converted into a regular savings account if you choose to stop working with the company anymore.
     
    4: Sweep-in savings bank account
     
    Sweep-in account is a combination of savings bank account and a fixed deposit account.
     
     
    Any surplus funds over a pre-fixed limit are automatically fixed in multiples of a pre fixed sum as a one year fixed deposit. Sweep-in accounts have an automatic reverse sweep facility whereby when your money falls below the limit you can earn interest applicable for the time period. A service tax is charged for services to operate a sweep-in bank account.
     
    5: Miscellaneous savings bank accounts: Banks have come up with various savings bank account types for various targeted customers.
     
    These include the likes of: Children's savings bank accounts: Now, children below the age of 18 years are also allowed to have their own bank accounts, with their parents as guardians of the account.
     
     
    The account can be converted into a full-fledged savings bank account once the child attains 18 years of age. Privilege savings bank accounts: Banks offer privileged banking accounts where you are supposed to keep more than a pre-fixed sum in your bank account as a bare minimum.
     
     
    Bank offers services like priority banking, home pick-up requests, and no commission on regular banking facilities like no charges for NEFT, demand drafts, etc. Senior citizens savings bank accounts: Banks have also come up with accounts for senior citizens offering multiple services including separate counter for ease of usage in cash withdrawals and other banking services.
     
     Choosing appropriate bank account type Instead of opening just a regular savings bank account, you should look at your financial parameters and choose the best possible option for you. For example, if you plan to use the bank account as an investment account, opting for a sweep-in facility enabled account is likely to give you better returns.
     
    If you know you will have less working capital on ongoing basis, there is no point in opting for a privilege account and the pay fines for shortages in maintaining your average or minimum quarterly balance.
     
    Opting for a no frills zero balance account should be preferred in such situations. Savings bank accounts have come a long way from just one single bank account type available for all.
     
    Choose your bank account depending on your needs and the amount of capital you are likely to keep in your savings bank account.

    -----------------------------------------------
    Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

    Top 10 Tax Saver Mutual Funds to invest in India for 2016

    Best 10 ELSS Mutual Funds in india for 2016

    1. BNP Paribas Long Term Equity Fund

    2. Axis Tax Saver Fund

    3. Franklin India TaxShield

    4. ICICI Prudential Long Term Equity Fund

    5. IDFC Tax Advantage (ELSS) Fund

    6. Birla Sun Life Tax Relief 96

    7. DSP BlackRock Tax Saver Fund

    8. Reliance Tax Saver (ELSS) Fund

    9. Religare Tax Plan

    10. Birla Sun Life Tax Plan

    Invest in Best Performing 2016 Tax Saver Mutual Funds Online

    Invest Online

    Download Application Forms

    For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

    ---------------------------------------------

    Leave your comment with mail ID and we will answer them

    OR

    You can write to us at

    PrajnaCapital [at] Gmail [dot] Com

    OR

    Leave a missed Call on 94 8300 8300

    -----------------------------------------------

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