The Reserve Bank of India's (RBI's) draft guidelines on gold loans, if implemented in their current form, are expected to impact non-banking financial companies (NBFCs) and mid-tier banks in the near term, more significantly than larger banks, according to analysts.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
United States President Donald Trump has warned that countries aligning with the BRICS economic bloc will face additional 10 per cent tariffs on their goods, as he seeks to protect the dollar's global dominance.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in Teheran next week.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
The central government's fiscal deficit fell to 0.8 per cent of the full-year target at the end of May, mainly due to a whopping Rs 2.69 lakh crore dividend received from the Reserve Bank of India. The fiscal deficit, or gap between the government's expenditure and revenue, had touched 11.9 per cent of the Budget Estimates (BE) for 2025-26 or Rs 1.86 lakh crore in April.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
Reserve Bank has directed banks to provide their eligible customers with an option to choose from multiple card networks at the time of issuing credit or debit cards, a move which will benefit card users. The central bank also asked issuers of credit cards not to enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
The Enforcement Directorate (ED) has alleged that some Congress leaders pressured individuals to donate funds to the Young Indian and Associated Journals Limited (AJL) on instructions from senior party functionaries. The ED's chargesheet in the National Herald case claims that these individuals made payments to the company "under the influence" from senior leaders who promised them "certain favours" in party politics. The chargesheet, filed on April 9 before a local court, names Sonia Gandhi and Rahul Gandhi as accused, along with five others, under the Prevention of Money Laundering Act (PMLA). The agency alleges that these donations were not made voluntarily but in expectation of political benefits. The ED also found that YI and AJL received funds from various entities through "quid pro quo" arrangements, where individuals were asked to make payments for advertisements in the National Herald in exchange for past favours from Congress leaders.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
Digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022, as per the RBI's latest index that measures the adoption of online transactions. The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 per cent in March 2021. "The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent years," the RBI said in a statement on Wednesday.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
'A mule operates someone else's account to transfer illegal money.'
Registering the agreement for sale remains the most reliable way for a homebuyer to secure their legal and financial interests.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
The government's stake in Vodafone Idea will more than double to 48.99 per cent as it is set to acquire shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues, the company said in a regulatory filing on Sunday.
The International Monetary Fund (IMF) has said its executive board granted $1 billion in assistance to Pakistan this month after finding out that the country met all conditions and targets for it.
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SBI will hold 30 per cent in RIL joint venture
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
Absconding diamond jeweller Mehul Choksi has been detained in Belgium following an extradition request by Indian probe agencies for his alleged involvement in the Rs 13,000 crore PNB bank loan 'fraud' case, official sources said Monday. The action against the diamantaire was taken on Saturday.
PhonePe said on Tuesday it has launched a service that will allow the fintech firm's Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI). 'UPI international' supports merchant outlets in UAE, Singapore, Mauritius, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards.
The biggest risk in under-construction projects is delay and non-completion.
RBI had received 72 applications for small finance bank licences.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
The fear of losing purchasing power due to inflation and low-interest rates has led many to explore safe alternatives to fixed deposits with high returns
Jean Dreze, who is also member of the Central Employment Guarantee Council, Ritika Khera and Anirban Kar - all from the Delhi School of Economics -- have pointed out that though bank payment of wages is seen as a magic solution to delayed payment and non-payment of wages under the Rs 25,000-crore (Rs 250-billion) scheme, making bank payments mandatory is a step taken without necessary precautions.
Isn't there something significant in the UPI example for all of us to learn from and execute to enable world-scale success for our startups?, asks Ajit Balakrishnan.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
A mother and daughter in Punjab are accused of defrauding men by promising marriage and emigration to Canada. The mother allegedly used her daughter's photos and videos to lure victims, collecting large sums of money with false promises of a wedding and relocation.
Saurav Ghosh's step-by-step guide will help you understand what bonds are, how they help investors make money, how much money they make and which bonds to invest in.
