In a move that has left communities across Australia in dismay, major banks have continued their trend of closing regional and rural branches, pushing individuals towards a cashless banking system. This unsettling development is raising concerns about discrimination against those who rely on in-person banking services and the urgent need for an alternative solution. Ray said “Don’t get us started on the cyber risk!”
Ray Williams went on to say “banking branches are the backbone of many towns and communities, regional and rural banks have played a vital role in providing essential financial services. The closure of these branches not only disrupts local economies but also leaves many residents without convenient access to banking”.
Many argue that the push towards a cashless society neglects the needs of individuals who are not well-equipped or comfortable with digital transactions. The digital divide in our society is real, and these closures further exacerbate the disparities.
In light of these concerns, there is a growing call for a better alternative—a citizen bank operated by the government through Australia Post. This proposed solution aims to bridge the gap created by the closure of regional and rural banks, ensuring that all Australians, regardless of location or technological proficiency, have access to secure and convenient banking services.
SFF advocates for a government-run citizen bank believe it would be a fair and inclusive way to meet the diverse banking needs of the Australian population. Such an institution could prioritize financial inclusion, community support, and accessibility, providing a lifeline for those affected by the closures of traditional branches.
The closure of regional and rural banks is not just a financial matter but a social and economic issue that deserves immediate attention. It’s time for a constructive dialogue about the future of banking in Australia—one that ensures equal access to financial services for all citizens.
U GRO Capital, a leading DataTech NBFC focused on MSME lending, is proud to announce the launch of its #TicketToBigDreams campaign on the occasion of World MSME Day. This innovative campaign aims to highlight the significance of MSMEs and their crucial credit needs, while showcasing UGRO Capital’s expertise in providing customized financing solutions.
The #TicketToBigDreams campaign centers around the concept of a pre-approved loan letter acting as a catalyst for MSME owners, enabling them to fulfill their aspirations of managing working capital, procuring new machinery, and expanding their businesses. It features a captivating series of videos and social media posts showcasing how U GRO Capital has facilitated customized credit financing for small businesses in select sectors, addressing their unique credit requirements. These videos creatively depict real-life situations faced by MSME owners, presenting their common queries related to credit and loans, while offering practical solutions. Additionally, the campaign includes heartfelt testimonials from actual UGRO Capital customers, highlighting their success stories made possible through timely access to credit.
To amplify the celebrations on MSME Day, U GRO Capital will host last-mile MSMEs across all its branches throughout India. During the event, these MSMEs will be presented with their very own #TicketToBigDreams – a pre-approved loan offer from UGRO Capital. This gesture underscores U GRO Capital’s commitment to supporting and nurturing the aspirations of MSMEs across the country.
Mr. Sangram Singh, Head – Products of U GRO Capital, expressed his enthusiasm about the #TicketToBigDreams campaign, saying, “MSMEs form the backbone of our economy, driving innovation, employment, and inclusive growth. However, lack of access to adequate credit often hinders their progress. With our unique underwriting model and expertise in leveraging data and technology, U GRO Capital is committed to empowering MSMEs with the financial resources they need to thrive. We believe that by empowering MSMEs with accessible credit, we can unlock their true potential and drive sustainable economic growth. The #TicketToBigDreams campaign is our way of celebrating their entrepreneurial spirit and showcasing our unwavering support.”
As U GRO Capital continues to empower MSMEs, the #TicketToBigDreams campaign reinforces its commitment to foster the growth and development of these enterprises. By catering the credit needs of last mile MSME, U GRO Capital envisions a future where small businesses can unleash their full potential, driving economic progress and prosperity.
Managing finances can be a daunting task, especially for salaried employees who rely on a fixed income every month. However, by implementing effective financial planning strategies, salaried employees can maximize their money and secure their financial future.
In this article, we will discuss seven essential financial planning tips that can help salaried employees make the most of their income. From budgeting to investing, these strategies can help individuals make informed financial decisions and achieve their long-term financial goals. By adopting these tips, salaried employees can build a solid financial foundation and enjoy greater financial security and stability.
Money Management Tips
Have a Monthly Budget
Creating a budget is an essential piece of financial advice, particularly for those who are just starting their careers. Despite its commonality, the importance of this basic practice cannot be overstated. There are several budgeting techniques available to determine monthly expenses and savings.
A budget is essentially a critical financial statement that predicts receipts and expenses for a specific period, typically created monthly to estimate household maintenance costs. Although it may seem basic, our mothers can demonstrate how to create an effective budget accurately and efficiently. Moreover, budgeting is a practice that can benefit individuals throughout their lives, not just at the beginning of their careers.
Insure your Family
Insurance is a critical component of financial planning, and it is essential to consider purchasing insurance policies to protect your family’s financial well-being. Life insurance, health insurance, and disability insurance are some of the most crucial insurance policies that salaried employees should consider.
Life insurance provides a safety net for your family’s financial future in the event of your untimely death. Health insurance can help cover expensive medical bills, and disability insurance can provide a source of income if you are unable to work due to an injury or illness. By investing in insurance policies, you can mitigate the financial risks and protect your family’s financial stability. However, it is essential to carefully research insurance providers and policies to ensure that you are getting the best coverage for your needs and budget.
Manage Debt
Studies indicate that a significant number of millennials, especially those starting their careers, are burdened with long-term debt. This debt is often in the form of home loans, auto loans, personal loans, and student loans. Unfortunately, many of us take on more debt than we can handle due to our desire to maintain a particular lifestyle.
As a result, new employees must exercise caution when making unnecessary or wasteful purchases to avoid falling into further debt. Credit cards are a common culprit for overspending, and new hires must be careful when using them. It is crucial to make purchases that align with one’s cash flow capacity to avoid accumulating more debt.
Prioritize Savings
Making savings a priority is a crucial aspect of financial planning. The 50/30/20 rule is a general guideline that suggests allocating 50% of your income towards essential expenses, 30% towards non-essential expenses, and 20% towards savings. However, this rule can be adjusted to prioritize savings and achieve financial goals more quickly.
By setting aside money for savings before making any non-essential purchases, individuals can ensure that their financial goals are met. It is also important to consider the best Investment schemes available to maximize savings potential. By prioritizing savings, individuals can build a strong financial foundation and enjoy greater financial stability and security in the long run.
Invest in EPFs
EPF (Employee Provident Fund) is a retirement benefits scheme that is available to all salaried employees in India. Under this scheme, 12% of the employee’s basic salary and dearness allowance (DA) are deducted by the employer and deposited in the EPF or other recognized provident funds.
To qualify for the EPF scheme, an employee must have a minimum basic salary of Rs. 15,000 per month. The EPF provides a liquidity option that allows individuals to withdraw their PF balance after two months of leaving their job, provided they do not take up employment with a PF-covered employer. The EPF interest rate for the financial year 2020-21 is 8.5%, and both the employer and employee must contribute a minimum of 12% of basic pay plus DA.
The entire PF balance, along with the interest earned, is tax-free if withdrawn after five years of continuous service. However, if the EPF/VPF contribution exceeds Rs. 2.5 lakh in any year, the interest earned on the excess contribution is taxable. The limit is increased to Rs. 5 lakh for government employees who have not contributed to the fund.
Investing in EPF as a salaried employee can be a beneficial retirement planning option for your financial future. Additionally, having a salary account makes investing in EPF convenient.
Have a Plan for Retirement
The next step in financial planning is crucial for securing your retirement years, although it is often overlooked as people spend half of their lives paying off debts and EMIs. It is important to take steps to secure your financial future in your later years and not rely solely on your children. To do this, there are some essential tips to follow:
It is recommended to save a minimum of 15-20% of your monthly income as soon as you start earning.
Investing a certain amount of your savings in an index fund for 20-30 years and adding 10% extra each year can be beneficial. By the time you retire, the total amount you have saved and invested will have grown significantly, providing you with a secure financial cushion for the remainder of your life.
By following these steps, you can ensure that you have enough financial security for your retirement years.
Have an Emergency Fund
Proper personal financial planning should include setting aside funds to deal with unforeseen emergencies. While it is advisable to have at least 3 months’ worth of expenses saved up, financial experts recommend having enough savings to cover 6 months’ worth of expenses. These savings should be kept in a separate savings account that can be easily accessed in case of any emergencies that require immediate attention.
Final Thoughts
Being mindful of your financial situation is important to ensure your money is working hard for you. By utilizing the seven strategies outlined in this article, salaried employees can begin making a plan for their future and maximize their money. Remember, financial success doesn’t happen overnight and it’s important to be patient and consistent with your goals. There are many resources available to help you with the process, so don’t hesitate to reach out for support if needed.
Author Bio:
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys travelling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
Managing finances can be a daunting task, especially for salaried employees who rely on a fixed income every month. However, by implementing effective financial planning strategies, salaried employees can maximize their money and secure their financial future.
In this article, we will discuss seven essential financial planning tips that can help salaried employees make the most of their income. From budgeting to investing, these strategies can help individuals make informed financial decisions and achieve their long-term financial goals. By adopting these tips, salaried employees can build a solid financial foundation and enjoy greater financial security and stability.
Money Management Tips
Have a Monthly Budget
Creating a budget is an essential piece of financial advice, particularly for those who are just starting their careers. Despite its commonality, the importance of this basic practice cannot be overstated. There are several budgeting techniques available to determine monthly expenses and savings.
A budget is essentially a critical financial statement that predicts receipts and expenses for a specific period, typically created monthly to estimate household maintenance costs. Although it may seem basic, our mothers can demonstrate how to create an effective budget accurately and efficiently. Moreover, budgeting is a practice that can benefit individuals throughout their lives, not just at the beginning of their careers.
Insure your Family
Insurance is a critical component of financial planning, and it is essential to consider purchasing insurance policies to protect your family’s financial well-being. Life insurance, health insurance, and disability insurance are some of the most crucial insurance policies that salaried employees should consider.
Life insurance provides a safety net for your family’s financial future in the event of your untimely death. Health insurance can help cover expensive medical bills, and disability insurance can provide a source of income if you are unable to work due to an injury or illness. By investing in insurance policies, you can mitigate the financial risks and protect your family’s financial stability. However, it is essential to carefully research insurance providers and policies to ensure that you are getting the best coverage for your needs and budget.
Manage Debt
Studies indicate that a significant number of millennials, especially those starting their careers, are burdened with long-term debt. This debt is often in the form of home loans, auto loans, personal loans, and student loans. Unfortunately, many of us take on more debt than we can handle due to our desire to maintain a particular lifestyle.
As a result, new employees must exercise caution when making unnecessary or wasteful purchases to avoid falling into further debt. Credit cards are a common culprit for overspending, and new hires must be careful when using them. It is crucial to make purchases that align with one’s cash flow capacity to avoid accumulating more debt.
Prioritize Savings
Making savings a priority is a crucial aspect of financial planning. The 50/30/20 rule is a general guideline that suggests allocating 50% of your income towards essential expenses, 30% towards non-essential expenses, and 20% towards savings. However, this rule can be adjusted to prioritize savings and achieve financial goals more quickly.
By setting aside money for savings before making any non-essential purchases, individuals can ensure that their financial goals are met. It is also important to consider the best Investment schemes available to maximize savings potential. By prioritizing savings, individuals can build a strong financial foundation and enjoy greater financial stability and security in the long run.
Invest in EPFs
EPF (Employee Provident Fund) is a retirement benefits scheme that is available to all salaried employees in India. Under this scheme, 12% of the employee’s basic salary and dearness allowance (DA) are deducted by the employer and deposited in the EPF or other recognized provident funds.
To qualify for the EPF scheme, an employee must have a minimum basic salary of Rs. 15,000 per month. The EPF provides a liquidity option that allows individuals to withdraw their PF balance after two months of leaving their job, provided they do not take up employment with a PF-covered employer. The EPF interest rate for the financial year 2020-21 is 8.5%, and both the employer and employee must contribute a minimum of 12% of basic pay plus DA.
The entire PF balance, along with the interest earned, is tax-free if withdrawn after five years of continuous service. However, if the EPF/VPF contribution exceeds Rs. 2.5 lakh in any year, the interest earned on the excess contribution is taxable. The limit is increased to Rs. 5 lakh for government employees who have not contributed to the fund.
Investing in EPF as a salaried employee can be a beneficial retirement planning option for your financial future. Additionally, having a salary account makes investing in EPF convenient.
Have a Plan for Retirement
The next step in financial planning is crucial for securing your retirement years, although it is often overlooked as people spend half of their lives paying off debts and EMIs. It is important to take steps to secure your financial future in your later years and not rely solely on your children. To do this, there are some essential tips to follow:
It is recommended to save a minimum of 15-20% of your monthly income as soon as you start earning.
Investing a certain amount of your savings in an index fund for 20-30 years and adding 10% extra each year can be beneficial. By the time you retire, the total amount you have saved and invested will have grown significantly, providing you with a secure financial cushion for the remainder of your life.
By following these steps, you can ensure that you have enough financial security for your retirement years.
Have an Emergency Fund
Proper personal financial planning should include setting aside funds to deal with unforeseen emergencies. While it is advisable to have at least 3 months’ worth of expenses saved up, financial experts recommend having enough savings to cover 6 months’ worth of expenses. These savings should be kept in a separate savings account that can be easily accessed in case of any emergencies that require immediate attention.
Final Thoughts
Being mindful of your financial situation is important to ensure your money is working hard for you. By utilizing the seven strategies outlined in this article, salaried employees can begin making a plan for their future and maximize their money. Remember, financial success doesn’t happen overnight and it’s important to be patient and consistent with your goals. There are many resources available to help you with the process, so don’t hesitate to reach out for support if needed.
Author Bio:
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys travelling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
South Indian Bank today unveiled its new branch at Mulund, Mumbai with the aim of expanding its reach and cater to the growing demand for banking services in the area. The launch is in-line with the bank’s strategy to expand its operations and attract a larger customer base within the region and provide enhanced banking services.
The new branch also houses an ATM and will cater to the financial and banking needs of the business and working class residing in and around Mumbai’s northern suburbs. Mulund is a perfect blend of residential, retail, commercial, and industrial complexes, prudently warranting the need to set up a dedicated branch office of South Indian Bank. With the opening of this new branch, the bank has increased its branch count to 45 and ATMs to 46 in the Mumbai region, further solidifying its presence in the area.
The new branch was inaugurated by Mr. Murali Ramakrishnan, MD & CEO of South Indian Bank, and Mr. Kaivalya Shah, Director of Marathon Group, inaugurated the ATM.
Speaking on the occasion, Mr. Murali Ramakrishnan, MD & CEO, South Indian Bank said, “We are committed to delivering superior banking services to our customers and empowering them to meet their diverse financial needs. As a legacy bank with a robust presence in the southern region, we are in the midst of an ambitious expansion to fortify and broaden our business operations throughout India to outreach customers at every corner. Our objective is to extend our reach and cater to a diverse customer base, including the tech-savvy GenZs, as we strive to remain at the forefront of the evolving banking landscape.”
The Mulund branch will be operational from Tuesday, May 30th, as per regular banking hours and is located at: Shop Nos:19,20,21 Ground Floor, Marathon, Monte Plaza, MMM Road, Mulund West, Mumbai – 400080.
Additionally, in order to enhance customer experience, the Bandra branch of South Indian Bank has been relocated to Ground Floor, Chitrapur CHSL, D/1, 27th road, Bandra West, Mumbai – 400050. In addition to services such as branch banking services and access to various loan options, the customers will have the convenience of availing a locker facility for the safekeeping of their valuables.
SBI General Insurance, one of the leading General Insurance companies in India, has been identified by IRDAI as the lead insurer (Non-Life) for the state of Meghalaya, to improve insurance awareness & insurance penetration across the state. The initiative is intended to accelerate the implementation process of IRDAI’s mission “Insurance for All by 2047” in the state of Meghalaya through the State Insurance Plan and to ensure last-mile delivery of insurance services to the uninsured population of the state. The proposal by IRDAI is expected to have a significant impact on overall economic growth and financial stability. IRDAI has appointed HDFC Life & Niva Bhupa as Lead Insurers for Life and Health Insurance respectively along with SBIG for Meghalaya.
In order to increase insurance awareness & penetration, the SBI General Insurance Team led by Mr. Anand Pejawar, Dy. Managing Director and Mr. Mrigendra Lal Das, Senior VP & Mr. Piyush Kumar Singh VP and Mr. Alok Mohanty RH visited Shillong and organised a series of activities in Shillong on 23-24 May 2023.
The SBI General Insurance Team met the Chief Secretary Meghalaya, Shri Donald Phillips Wahlang, IAS, and briefed him on the State Insurance Plan for Meghalaya and the initiatives taken by the insurance companies. The Chief Secretary appreciated the Vision of IRDAI to have Insurance for All by 2047. He assured full support of the Government of Meghalaya and its machinery towards the good public cause.
The SBI General Team also met Dr Vijay Kumar IAS, ACS(Finance) and discussed the road map to implement State Insurance Plan. He has readily agreed to depute one senior official from the Finance team as the Nodal Officer who would represent the Meghalaya Government in this.
On 23 May, Mr. Pejawar also chaired a State Level Insurance Coordination Committee (SLICC) meeting in the presence of the non – life insurance companies operating in the state of Meghalaya. This has been crafted to align with the SLBC of the Banks for better coordination. A detailed strategy was chalked out for spreading Insurance Awareness & Penetration in the state of Meghalaya. Additionally, unanimously it was agreed to distribute the 11 districts of Meghalaya between the insurance companies (2-3 per district) to streamline the efforts. Regular SLICC meetings will be conducted every quarter to keep track of the progress and discuss if assistance is required from the State Government authorities.
To create awareness among staff members of State Bank of India and Meghalaya Rural Bank (MRB) an RRB sponsored by SBI, SBI General Insurance conducted a workshop in Shillong Club to explain the concept and roadmap for Meghalaya State Insurance Plan. The workshop was attended by more than 100 staff members including Mr Amit Kumar, DGM(B&O) Shillong and Ms Tshering Diki, Chairman, Meghalaya Rural Bank.
Furthermore, SBI General Insurance conducted a workshop cum insurance awareness programme for Village Level Entrepreneurs (VLEs) of E- Governance CEC. The workshop was attended by Mr Atul Mohan Head Insurance E-Governance CEC with Mr. Anand Pejawar DMD, Mr M. L. Das, SVP, among others. The agenda of the meeting was to outline a comprehensive plan for implementing grassroots activities in the state, with an aim of creating an enabling environment that promotes and nurtures the growth of the insurance sector and further boosts the economy in Meghalaya. This was an initiative to promote and spread insurance literacy as a necessary life skill.
Mr. Anand Pejawar, Whole-Time Director & DMD, SBI General Insurance said, “Our partnership with the Government holds immense potential to make a significant impact on nation-building and on the vision of “Insurance for all by 2047”. We believe that insurance is a powerful tool that empowers individuals and safeguards their future financially. Our commitment, as an insurance Company is to create awareness and ensure access to insurance for every citizen of Meghalaya. To achieve this, we have taken concrete steps in close collaboration with other non – life insurance companies operating in the state to drive insurance awareness in the state by leveraging our expertise and resources.”
He further added “We are confident that our collaboration by forming the SLICC on the state, we will create widespread awareness, enhance financial inclusivity, and contribute to the overall socio-economic development of the state. This will further strengthen our efforts towards governments goal of making Meghalaya a 10-billion-dollar economy. Together, we will build a prosperous future for Meghalaya, where insurance becomes an integral part of its growth and progress.”
Mr. Piyush Singh Head – Rural, Agri & Micro Insurance (SBI General Insurance), Mr. Amit Kumar, DGM (B&O) State Bank of India, Mr. Donald Phillips Wahlang – IAS, Chief Secretary to the Govt. of Meghalaya and State Vigilance Commissioner, Mr. Anand Pejawar – Whole-Time Director (SBI General Insurance), Ms. Tshering Diki – Chairman, RRB Meghalaya, Mr. Mrigendra Lal Das – Head Bancassurance Strategy & Partnerships (SBI General Insurance).
