According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
India's economic growth forecast for 2025 has been revised downward to 6.3 per cent, and despite a projected moderation, the country remains one of the fastest-growing large economies, supported by resilient consumption and government spending, the United Nations has said.
The announcement comes on the first anniversary of the project.
Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees' Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
Here are the key highlights of the BJP's 'Sankalp Patra' for the 2024 parliamentary polls.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
Nilekani said new-age technology markets work on a winner-takes-all basis.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
Watal panel had suggested an independent payments regulator be set up.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Defining "modern medicine" for the first time, the National Medical Commission (NMC), in its code of conduct, has introduced a major change, proposing the use of "Med Dr" as a prefix for those registered under the NMC Act, 2019, as practitioners of modern medicine.
The cap of Rs 10,000 on daily withdrawal has also been removed.
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'India is doing better than when we took office 17 months ago'.
'The government that is talking all the time about national security and national interests should be concerned.' 'When national interests are jeopardised by their own project, they should pause and listen.' 'Whether it is the BJP or the Congress, they all want control over the people.' 'They don't give a damn if anything happens to the people of the country; they are only interested in what they can get out of the data.'
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
US President Barack Obama on Sunday affirmed his commitment to enhancing India's 'voice and vote' in global financial institutions like IMF.
The Bharat Interface For Money app was launched on the iOS platform earlier this month. It is also available on the more popular Android platform. There have been over 17 million downloads of the BHIM app so far.
He endorsed transparency and financial stability in addition to issues related to inclusive growth and development, write Puran Singh and Nupur Pavan Bang.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
Kiran Mazumdar-Shaw points out how the adoption of information and communication technologies can provide India with a very effective health care tool.
India will get $35 billion from Japan over the next five years for developmental projects, including building of smart cities and next generation infrastructure as also cleaning of the Ganga, as Premier Shinzo Abe on Monday pledged to partner Prime Minister Narendra Modi's "ambitious" vision of inclusive development.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Things are expected to change dramatically in a few years for urban consumers.
'The information is used only to fight the COVID-19 virus and the privacy terms explicitly state that information will be used only for this purpose.'
'My God, what do I say? It's shocking!' 'They had 27 MLAs in 2012. And now they have just seven.' 'My party (the Apna Dal-S) contested 11 seats and won in nine.'
India has just had one of the worst quarters in export earnings.
Indian economy about to take-off
Biometric authentication is based on the unscientific and questionable assumption that there are parts of human body that does not age, wither and decay with the passage of time.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
To redevelop cities as 'smart', investment of at least $10 billion is required. For 100 cities, it works out to $1 trillion
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