The year 2017 is on the brink of finish. the primary few months of this year saw the commoner grappling with changes demonetization brought in. Since it had been introduced within the fag finish of 2016, the economy was still adjusting to the unexpected transition. Cashless, paperless, low-interest rates, GST, RERA, Benaami dealings Act were a couple of crucial Money moves/reforms that set the tone for the year 2017.All this and far a lot of player the contours of the year 2017.
Let’s examine five huge money takeaways of 2017:
Rise In net Penetration :
Higher penetration resulted in a rise in awareness amongst commoner concerning helpful money merchandise and popularised the employment of apps for utility services.
The government took the initiative to launch its integrated digital app ‘UMANG’. This app can give an oversized range of state services to customers. Banks and money establishments too came up with their own pocketbook services. many companies firms launched payment banks to extend the service span for its purchasers. ‘BHIM’, a Unified Payments Interface (UPI) primarily based app, was additionally launched this year. BHIM permits users to transfer cash between accounts by smartphone.
Mutual Funds On A Roll :
Mutual Fund schemes remained on AN upswing within the post-demonetisation era. With a crumbling black securities industry, individuals shifted their investment focus from property and gold to open-end fund schemes.
Paperless Revolution :
The paperless revolution created its mark in 2017 with a rise in customers accessing services online like Mutual Funds, Loans, investments, Insurance, Credit Cards, etc. Paperless gave customers the convenience to use online and created the documentation hassle-free. Customers not solely custom-made to the new setup however used on-line facilities wide to check, appraise and fetch themselves a decent deal.
Big Policy Changes And money Reform :
Some huge policy announcements of 2017 like realty Regulation and Development Act (RERA) left a large impact on the Indian money market. Adopted by many states, RERA reinstated buyers’ trust within the realty market.
It’s still undergoing several changes to form it remunerator friendly. the precise impact of GST are clear solely within the semipermanent.
Home shopping for created Easier For 1st Timers :
Home sales remained sluggish throughout the year, however, the govt. relaxed norms for Pradhan Mantri Awas Yojana (PMAY) theme by increasing the eligible space below the theme similarly as shifting the point in time of the theme to March 2019. For PMAY edges, the Financial gain block is currently up to Rs. 18 lakh. The grant profit is within the vary of three to four-dimensional of the eligible loan quantity for tenure up to twenty years.
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