Page 48 - Banking Finance September 2019

FEATURE

yourself additional health insurance if you’ve been banking However, all this doesn’t mean you deprive yourself. “You
on the policy provided by your employer. are anyway feeling despondent and it is at times like these
that spending on something perks you up. But remember
If you’ve been laid off, don’t lose hope. “Start networking to keep everything in moderation," said Navlakhi.
with job consultants and industry veterans to find new
openings. Though few in number, there would still be some Don’t exit investments
openings," said Sen.
In the current scenario, the value of your stocks and returns
from your mutual funds may have plummetted, but does
Curb your spends
that mean you panic and exit? Not really.
One cannot emphasize enough on how important it is to keep
a check on your spending pattern, especially during a Each time the thought of redeeming your investments strikes
slowdown. Cut unwanted expenditure, delay spends that are
you, remind yourself of your goals. “If you looked at one-
not urgent and, if possible, try to reduce essential expenses
year returns in a small-cap index fund in January 2018 which
as well. “Take measures such as finding a tenant for the
showed a return of over 50% and put all your available
house that’s been lying vacant and invest any amount of
surplus that you may have," said Sen. money there, you are now staring at a loss of over 40%,"
said Navlakhi. But small-cap investment, typically, yields
good results in the long run. “Know what you’re getting into.
Also, try and steer clear of debt. Typically, the Reserve Bank
of India (RBI) cuts interest rates to boost spending in the That way, short-term volatility won’t disturb you," added
economy during a slowdown, which could push you towards Navlakhi.
taking loans if you are dealing with a crunch. “As RBI cuts
rates in a bid to drive consumption, banks are passing on If liquidity isn’t a problem, don’t stop those SIPs. However,
the rate cuts to customers. This means that all loans, Sen said, you can consider diverting your existing SIPs from
including personal loans, have become less expensive. It can long-terms goals to short-term funds if you think your
be tempting to splurge but don’t go overboard," said Navin emergency corpus needs a boost.
Chandani, chief business officer, Bankbazaar. Sen said
behavioural lifestyle changes are the most difficult to An economic slowdown could be a delicate situation to deal
reverse. While EMIs could help you in the moment, they with but taking necessary measures will help you sail through
could derail your finances in the long run. the rough waters. (Source: Livemint)

Iconic Hindu temple in Bahrain to redeveloped as PM Modi

launches $4.2 mn project
Prime Minister Narendra Modi has recently launched the USD 4.2 million redevelopment project of the 200-year-old
Lord Sri Krishna temple in Bahrain. He stated through this, the strong ties between India and Bahrain will be mani-
fested. Prime Minister visited the Shreenathji Temple in Manama, the oldest temple in the region.
"Spent time at Bahrain's Shreenathji Temple. This is among the oldest temples in the region and manifests the strong
ties between India and Bahrain," Prime Minister Narendra Modi said in his Tweet. Prime Minister then unveiled the
plaque, thus officially launching the redevelopment project of the iconic temple. "The establishment of the Hindu
temple more than two hundred years ago in Manama, as the oldest in the region, is a clear testament to the depth
of the ties that link us together, and the civilised qualities of peaceful co-existence and freedom of belief and religion
that have characterized Bahrain throughout its history,” the official Bahrain News Agency quoted the King of Bahrain
Hamad bin Isa Al Khalifa as telling Prime Minister Modi. The facelift will start for the Shreenathji (Shree Krishna) temple
in Manama will kick off later this year. The USD 4.2 million redevelopment project will be on a piece of land measuring
16,500 square feet and the new four-floor structure covering 45,000 square feet will have an overall height of 30
meters. The heritage and the 200-year-old legacy of the temple will be highlighted in the redevelopment and the new
iconic complex will house the sanctum sanctorum and prayer halls.

48 | 2019 | SEPTEMBER | BANKING FINANCE