Economic & Finance News
The RBI said monetary penalty on Payment System Operators (PSOs) Manappuram Finance and Ola Financial Services has been imposed for non-compliance with certain provisions of Know Your Customer (KYC) directions. [...]
The Reserve Bank selected five entities for testing innovative financial solutions under a regulatory sandbox. These include Indian Banks' Digital Infrastructure Company, Signzy Technologies, Connectingdot Consultancy, Epifi Technologies, and Finagg [...]
The Reserve Bank of India (RBI) reported a 12.6% increase in digital payments across the country as of March 31, 2024, according to its Digital Payments Index (RBI-DPI). The index, [...]
Net issuances of the sovereign gold bonds (after factoring in redemption) are now pegged at ₹15,000 crore in this fiscal, against ₹26,138 crore in the interim budget and ₹25,352 crore [...]
Pandey said there has been an improvement in the performance of public sector entities and markets have started valuing these entities in a much better manner. Also, LIC has contributed [...]
The government plans to streamline customs duty rates, aiming to reduce them from about a dozen to five, according to Revenue Secretary Sanjay Malhotra. This initiative, part of a comprehensive [...]
Deloitte India highlighted the positive impact of Budget announcements on capital inflows, emphasising simplified FDI regulations, reduced corporate tax rates, and the abolition of the Angel tax to boost investment [...]
NSSF consists of public investments in schemes like postal deposits, savings certificates, public provident fund and senior citizens' savings scheme, among others. [...]
FM Nirmala Sitharaman announced ₹1.5 lakh crore 50-year interest-free loans for states collaborating on reforms. The Special Assistance outlay increased by ₹20,000 crore. States must reduce stamp duties, property duties [...]
Fitch Ratings acknowledges India's achievable fiscal deficit targets, noting ongoing financial weaknesses. The government's commitment to deficit reduction is evident through the lowered target. Significant investments announced for job creation [...]
Budget Tax Measures: India on Tuesday announced income tax rate cuts to boost consumption amid economic struggles. The revised system now taxes annual income between 0.3-0.7 million rupees at 5%, [...]
Budget Tax Collection Target: Finance Minister Nirmala Sitharaman proposed to increase gross tax collection in Budget 2024 to boost income and consumption, aiming for India to become the world’s third-largest [...]
PM Modi's 2 trillion rupees pledge targets jobs, education. Sitharaman's budget aims at a smaller deficit, employment, skilling, and small businesses. Revenue windfall supports coalition. Allocations: Andhra Pradesh, 2.66 trillion [...]
INDIA-BUDGET/BORROWING (UPDATE 1, PIX)UPDATE 1-INDIA BUDGET-India government cuts gross market borrowings to 14.01 trillion rupees for 2024-25 [...]
Finance Minister Nirmala Sitharaman announced that the government has reduced its fiscal deficit target for FY25 to 4.9% of GDP, down from the interim budget's goal of 5.1%. It aims [...]
Market News
Central banks from the U.S., Japan, and Britain reassessed lending rates, while the U.S. tech earnings' impact and Venezuela's presidential elections took center stage. The Fed's rate cut expectations and [...]
Investors faced a jittery week with crucial earnings reports from top tech giants, a Federal Reserve policy meeting, and vital employment data. Following recent market turmoil, earnings from Microsoft, Apple, [...]
Global equities rebounded on Friday as U.S. economic data indicated improving inflation, which lowered Treasury yields. The PCE price index rose 0.1% in June, aligning with expectations and raising confidence [...]
Dexcom shares plummeted over 40% due to a revenue forecast cut linked to a problematic salesforce restructuring. The changes led to fewer new patients and boosted competition from Abbott and [...]
Wall Street indexes closed higher on Friday, with tech megacaps rebounding after mid-week sell-offs. Inflation data fueled optimism for potential Federal Reserve interest rate cuts. The Dow Jones ended positive [...]
Sebi's order relates to actions by L&T asset management company, which was acquired by HSBC Group last year in May and was merged with its asset management company in October [...]
The NSE Nifty rose 428.75 points, or 1.76%, to close at a record of 24,834.85. The index hit a lifetime high of 24,861.15 during the day. The BSE Sensex rose [...]
The net interest income - the difference between interest earned and paid - rose 11.1% to ₹5,408 crore. Net interest margin (NIM) for the June quarter came in at 4.25%. [...]
Sebi's investigation is based on the findings of Financial Conduct Authority, its counterpart in UK, for the period from January 1, 2006 to March 31, 2008. [...]
"Banks led by State Bank of India had come in to support the reconstruction scheme. As per regulations, banks cannot remain invested in other banks," managing director and chief executive [...]
Mankind Pharma announced a ₹13,630 crore acquisition of Bharat Serums and Vaccines (BSV) to be funded through internal accruals and a mix of debt and equity. This strategic move will [...]
Sebi was examining if the fund house had adequately recorded reasons for its investment decisions, among other things. Also, the market regulator looked into the reasons for the sale of [...]
The Thrissur-headquartered lender saw its total loan book growing 14.3% year-on-year to Rs 19,664 crore even as the first quarter disbursements stood at Rs 4,503 crore as against Rs 4,509 [...]
The Reserve Bank of India (RBI) governor Shaktikanta Das expressed his concerns about structural changes taking place in the financial sector as a faster pace of credit growth than deposit [...]
SBI Card's revenue for the quarter rose 11% from last year to Rs 4,359 crore, driven by a 24% increase in interest income. Earnings before credit costs also grew, up [...]