The ITR forms were put on hold by the ministry last month.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
It is not the job of regulators to ensure that users make profits. It is not the job of regulators to prevent people from making losses. It is not the job of regulators to prevent people from doing stupid things, argues Ajay Shah.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
These jobs don't necessarily require a degree in engineering or specialisation in coding.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
The three new laws -- the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Act -- will replace the colonial era Indian Penal Code, the Code of Criminal Procedure and the Indian Evidence Act of 1872.
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
The bad loans of public sector banks were at 4.4 per cent in March 2014 compared with 2.09 per cent in 2008-09, it said, adding, the gross NPA increased by almost four times from March 2010 (Rs 59,972 crore or Rs 599.72 billion) to March 2014 (Rs 2,04,249 crore or Rs 2,042.49 billion).
'There are deeper, underlying, forces at work and we need institutional arrangements to guard against them.'
The newly enacted laws are -- the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Act
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
The government's target of hitting $52 billion to $58 billion in mobile phone exports in FY26 has been faltering; an Indian corporate group with financial muscle will help.
Each bottle of pickle that leaves FarmDidi, headed to a consumer, has a little kahani behind it -- it's linked to the tale of a life, the life of a simple, striving village woman who created it, and that's what gives Manjari Sharma satisfaction and happiness.
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
'The last year's growth is a foretaste of things to come in the retail credit market.'
The culture of these firms is alien to the Indian financial system. Distressed assets funds are known for their ruthless recovery ethics. Slicing and dicing a company and selling it on a piecemeal basis is their usual practice. This is something Indian banks are finding a little uncomfortable.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
In a landmark overhaul of colonial-era criminal laws, the Centre on Friday introduced in the Lok Sabha three bills to replace the IPC, CrPC and the Indian Evidence Act, proposing among other things repeal of the sedition law and introducing a new provision with a wider definition of the offence.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Defining challenge in India is augmenting state capacity, says Finance Minister P Chidambaram.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
For the Mizo people, tribal and family identity are important. But so are jobs, farmers' access to markets, roads, and health facilities for a young population where drugs are a big affliction.
RBI says haste in easing norms for banks harmful to economy.
Finance Minister P Chidambaram, while addressing the Carnegie Endowment for International Peace on "Recapturing India's Growth Momentum" in Washington on Thursday, said that the leading think tank need not launch an initiative to explore how India will vote in 2014, declaring that the Indian polity will vote the Congress back into power.
The challenge for Indian software is clear. A good part of its bread and butter business - writing code and maintaining software systems - is being automated, reducing revenue streams and work for lower level employees
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
The governor's move has been welcomed by a large segment of the Indian-American community who were opposing the bill.
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