As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its 'Ratings Watch Negative' list, the first upgrade by an international ratings agency since the US indictment. Fitch affirmed AESL long-term foreign and local-currency issuer default ratings (IDRs) at 'BBB-'.
The Indian rupee is likely to depreciate further against the US dollar through the end of 2024. This is due to the continued strengthening of the greenback, combined with the weakening of the Chinese yuan, which is expected to keep pressure on the Indian currency.
The Sebi board on Wednesday approved a series of measures, including stricter regulatory norms for SME IPOs, a comprehensive overhaul of investment banking regulations, and an expanded definition of Unpublished Price Sensitive Information (UPSI). Also, the board approved reforms to boost ease of doing business for Debenture Trustees, ESG rating providers, InvITs, REITs, and SM REITs.
The Supreme Court of India has refused to halt the redevelopment project of Dharavi in Mumbai, allowing the Adani Group to proceed with their project. The court rejected a plea from Seclink Technologies Corporation, the original highest bidder for the project in 2018, which challenged the tender process and the award to Adani Properties Pvt Ltd in 2022. The court directed Adani Properties to make payments through a single bank account and ordered Seclink Technologies to file an affidavit detailing their increased offer for the project. The project work has already commenced, with constructions underway and 2,000 people employed on the site.
ITRs with zero tax liability have increased to 55.7 million in FY25.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Four members of a gang have been arrested for kidnapping actor Mushtaq Mohammad Khan from the Delhi airport and holding him hostage in Bijnor, Uttar Pradesh. The gang was also plotting to abduct veteran actor Shakti Kapoor on the pretext of inviting him to an event. The gang members were involved in abducting film stars by sending advance payments and air tickets under the guise of event invitations. Police recovered Rs 1.04 lakh from their possession and are investigating whether the gang was involved in the kidnapping of other film stars. In a related development, Arjun, one of the kidnappers involved in comedian Sunil Pal's abduction, was shot and injured during an encounter with police in Meerut. Arjun, who was arrested on Saturday, attempted to escape while being escorted for a medical checkup by snatching the pistol of a sub-inspector. The police team retaliated, and Arjun was shot and injured in the exchange of fire.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
'They are ideal for short-term financial goals like children's education or a down payment for a house.' 'They are also useful for transitional savings, such as during job switches or while starting a business.'
'The impact of CBDC on deposits and deposit insurance is largely unknown.'
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
'We also realised that locking customers to our Cloud was not fair to them.'
Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
All sectoral indices ended lower. BSE Telecommunication tanked 2.18 per cent, metal (1.77 per cent), auto (1.70 per cent), energy (1.64 per cent), oil & gas (1.59 per cent), commodities (1.39 per cent) and financial services (1.37 per cent) were the major laggards.
'We now understand things that we have to correct.'
The private corporate sector showed improvements across various segments in the third quarter of the current financial year (Q3FY25), with the operating profit margin of listed non-financial companies increasing sequentially by 50 basis points (bps) to 16.2 per cent, according to the Reserve Bank of India (RBI) data released on Monday. Sales of listed private non-financial companies increased by 8.0 per cent during Q3FY25, compared to 5.5 per cent in the corresponding quarter a year ago. It was, however, 5.4 per cent in Q2FY25.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
More than three weeks have passed since the Reserve Bank of India's (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions they are facing. This comes as most stakeholders in the ecosystem have not put in place systems in accordance with the new rules, resulting in many transactions not going through. Industry sources said most banks are still not ready, especially the smaller ones.
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Using credit or debit cards abroad can prove costly.
Upcoming payment banks will lift lower income groups in distant villages.
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
MSIL, which currently has a subscription service that allows customers to lease its petrol-run and strong hybrid vehicles on a flexible, long-term basis without ownership commitments, will introduce a leasing service as well.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Private sector banks reported the maximum number of frauds in 2022-2023.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
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