The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.
UN General Assembly President Philemon Yang will visit India from February 4 to 8, his first official trip as President of the 79th session. Yang highlighted India's "remarkable transformation" over the past decade, particularly in digital and technological innovation, and plans to see how these advancements have reached the grassroots level during his visit. He also praised India's contributions to peacekeeping, humanitarian efforts, and its voice for the Global South.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
The letter said the high-powered committee of the ministry, which was holding talks with representatives from Ladakh, will meet them next on December 3.
Bajaj Housing Finance Ltd's impressive stock market debut has brought cheer to the 100-year-old Bajaj Group, but the conglomerate faces the prospect of Bajaj Finserv being removed from the benchmark Sensex index. According to market expectations, Trent, a Tata group-owned fashion retailer, is likely to replace Bajaj Finserv during the upcoming index rebalancing in December.
President Droupadi Murmu on Wednesday emphasised the need to strengthen affirmative action as a tool for inclusion while urging the rejection of divisive tendencies rooted in perceived social hierarchies.
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
Paraphrasing Abraham Lincoln, Finance Minister Nirmala Sitharaman on Sunday described the Union Budget as "by the people, for the people, of the people", and said Prime Minister Narendra Modi was fully behind the idea to cut taxes for the middle class but it took time to convince the bureaucrats. "We have heard the voice of the middle class" who had been complaining about their aspirations not being met despite being honest taxpayers, she told PTI in an interview.
The top 50 exposures, amounting to Rs 7.8 trillion, of government-registered non-banking financial companies (G-NBFCs) constitute about 40 per cent of corporate credit within the NBFC sector, indicating concentration risk, according to the Reserve Bank of India's report "Trend and Progress of Banking in India 2022-23". Notably, all the 50 are tied to the power sector, a domain fraught with inherent challenges, the report said. The report highlighted recognising the escalating systemic importance of G-NBFCs, the Prompt Corrective Action (PCA) framework had been expanded to include G-NBFCs excluding those falling within the base layer.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
The development comes a day after a government resolution (GR) was issued, in which the state administration ordered disbursal of Rs 10 crore funds for strengthening the state Waqf Board.
India has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
Indian students are looking at destinations that offer quality education coupled with unique cultural and career experiences, often at more affordable costs, says Gaurav Batra, CEO, Infinite Group.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
Sri Lankan President Anura Kumara Disanayaka assured Prime Minister Narendra Modi that his country's soil will not be used against India's interests, addressing concerns over China's growing influence in Colombo. The two leaders discussed a range of issues, including a defense cooperation agreement, energy ties, and debt restructuring. They also agreed to initiate a ferry service between Rameshwaram and Talaimannar, and to adopt a "humanitarian approach" to the fishermen issue.
Delivering a thinly veiled message to Pakistan from its soil, External Affairs Minister S Jaishankar on Wednesday said activities across borders characterised by the 'three evils' of terrorism, extremism and separatism are unlikely to encourage trade, energy flows and connectivity.
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
Manmohan Singh represented the finest aspects of India, asserts Aakar Patel.
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
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.
Rahul Ramagude plays cricket from a wheelchair. Geeta Chauhan is a wheelchair racer with Olympic aspirations. Siddanth uses technology to enhance movement coordination of mentally challenged children. On the International Day of the Disabled, A Ganesh Nadar meets three youngsters making a difference.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
As many as 54 professionals will be shortlisted for the SEBI Young Professional Programme.
Finance Minister Nirmala Sitharaman on Tuesday announced the doubling of the upper limit of Mudra loans to Rs 20 lakh to promote entrepreneurship in the country. "The limit of Mudra loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category', she said while presenting the Budget in the Lok Sabha.
'It will dictate the flow of funds into the index. We will maintain caution on mid/smallcaps.'
The Prime Minister stressed on achieving financial inclusion.
An analysis by the Securities and Exchange Board of India (Sebi) has revealed that retail traders remain at the wrong end of the stick when it comes to equity derivatives trading. About 93 per cent of them incurred an average loss of Rs 2 lakh (per trader) during the last three financial years. The new report highlights an increase in the loss-making individual investors in futures and options (F&O) to 91.1 per cent in FY24 compared to 89 per cent in FY22.
'While on the one hand, terrorism continues to be a serious threat to global peace and security, on the other hand, areas such as cyber, maritime and space, are emerging as new theatres of conflict'
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
Christina Rindiki's all-women team on the India-Myanmar border in Champhai, Mizoram, delivers 300 plus Amazon packets daily. The women handle all aspects of the operation and made around 450 deliveries per day this month alone. This is their story.
'A dynamic bond fund acts like a gilt fund in a rate cut scenario and like a conservative short-term bond fund when rates rise.'
A potential risk to the rupee's appreciation trajectory lies in the event of a delay in the Federal Reserve's rate cut cycle, particularly if core inflation in the US remains elevated.
Subbarao pointed out that the non-banking financial companies could also play a significant role in deepening the process of financial inclusion. NBFCs can reach out where banks cannot, he added.
Finance Minister Nirmala Sitharman on Friday met her counterparts in Singapore and Canada and discussed various issues, including economy, health and opportunities for collaboration. Sitharaman met UK Chancellor of the Exchequer Rishi Sunak, Singapore Finance Minister Lawrence Wong and Canada's Deputy Prime Minister & Finance Minister Chrystia Freeland on the sidelines of the G-20 Joint Finance and Health Ministers' meeting. "Finance Minister Smt. @nsitharaman had an engaging discussion with @cafreeland Dy. Prime Minister & Finance Minister of Canada on the sidelines of #G20 Finance & Health Ministers Meeting in #Rome. The Ministers discussed various issues, including economic and health cooperation," a Finance Ministry tweet said.
'This year overall hiring has seen a slight improvement as compared to the dip seen during the last financial year.'
The three day MPC meeting began on Monday and the decision will be announced on Wednesday by RBI Governor Shaktikanta Das.
India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy."
331,602 Indians are studying in the US, making India the 'top sender' of international students to America for the first time in 15 years, as it overtook China for the academic year 2023-2024.
