'You cannot have only one product or one market or one customer segment.'
The digital transformation should not be confined to a small part of the "human race" and its greater benefits will be realised only when digital access becomes "truly inclusive", Prime Minister Narendra Modi said at the G-20 summit on Wednesday. Modi also strongly pitched for a pledge by the G-20 leaders to work for bringing digital transformation into the life of every human being in the next 10 years so that no person is deprived of the benefits of the new technologies. In a session on digital transformation, the prime minister also said that principle of "data for development" will be an integral part of the overall theme of India's upcoming G-20 Presidency.
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.
The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax. The Central Board of Direct Taxes (CBDT) notified the exemption from capital gains tax any unit of investment trust; a unit of a scheme; and a unit of an Exchange Traded Fund (ETF) launched under the International Financial Services Centres Authority (Fund Management) Regulations, 2022. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.
Modern Masters aims to showcase Rajamouli's enigmatic career and paints a context of what makes him the singular voice that defined his generation of film-makers, for millions, observes Arjun Menon.
To ensure seamless settlement of funds and convenience to investors, Sebi on Thursday said stock brokers should maintain current accounts in appropriate number of banks for holding clients' funds. The clarification comes after Sebi received representations regarding the issue being faced by stock brokers. They requested the regulator to issue instructions in respect of maintenance of current accounts in multiple banks.
In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
The 30-share Sensex closed at a record high of 26,391 and the Nifty gained 83 points to close at a high of 7,874.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
The Confederation of Indian Industry (CII) on Sunday urged Indian startups to keep their valuation "realistic" and distinguish between the goals of the organisation and its founder. "Startups may strive for long-term value creation rather than short-term valuations. "The valuations of businesses should be kept as realistic as possible," CII said in its Corporate Governance Charter for Startups.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
'India's fundamentals are a lot better (than those of other emerging market economies).' 'India will suffer (witness a fall in its stock market) what I call the second order effect.' 'And the second order will happen when these funds (belonging to macro and hedge fund investors and which have leveraged Japanese yen-carry trades), because they lose money elsewhere as lot of their positions were financed by borrowing Japanese yen, will have to book profits in investment destinations where they are making money, including in markets like India.' 'They (these investors) will have to effectively sell in countries like India and which is the consequence (the crash in equity markets) that Indian markets might see.'
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Rejecting IMF and World Bank's "unduly" pessimistic projections, Prime Minister's key economic advisory council chairman C Rangarajan on Thursday exuded confidence that the growth would be around 5.5 per cent in the current fiscal.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
Chairing a meeting to review the security situation in LWE-affected states, Shah said the Modi government has adopted a policy of zero tolerance against left wing extremism since 2014.
The organisation established its electoral presence post-Independence in states such as Tamil Nadu, Andhra Pradesh, Kerala and Assam, with West Bengal being its main stronghold, but eight decades down the line, the party, now limited to just some pockets of the country, has no MP or MLA in its kitty.
Payment banks may not be viable option to attain financial inclusion.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
The panel also recommended unified Financial Redress Agency under Finance Ministry for customer grievances.
In an address at a security conclave of the Shanghai Cooperation Organisation in the Kazakh capital, he also underlined the need for holding accountable the sponsors, financiers and facilitators of terrorism, in remarks that came amid Pakistan's continuing support to various terror groups.
The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday. Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits. PHD Chamber of Commerce and Industry president Sanjay Aggarwal said that the move is a significant step to enhance the digitisation process of the country.
Banerjee highlighted that despite repeated reminders over the last seven months, the Congress remained inactive in sealing the seat-sharing agreement.
Global financial firm J P Morgan has said that it plans to include Indian government bonds (IGBs) or government securities (G-Secs) into its benchmark Emerging Market index from next year, a move that will bring down borrowing cost for the government. The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, indicating one per cent increment on its index weight. "India's weight is expected to reach the maximum weight threshold of 10 per cent in the GBI-EM Global Diversified, and approximately 8.7 per cent in the GBI-EM Global index," J P Morgan said in a statement on Friday.
Stock markets are likely to remain range-bound in this holiday-shortened week amid a lack of any major domestic triggers, analysts said. Stock indices may also face volatility during the week amid the monthly derivatives expiry on Thursday. Equity markets would remain closed on Monday for Christmas.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
Financial inclusion has two parameters- access and use of banking services.
Financial inclusion has two aspects- access and use of banking services.
Here are the key highlights of the BJP's 'Sankalp Patra' for the 2024 parliamentary polls.
The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.
The finance ministry has put out a revised draft in public domain.
'Baseball/softball, cricket (T20), flag football, lacrosse (sixes) and squash will be in the programme at LA28.'
India has been ranked very low, mostly in the bottom half, globally on most of the parameters for inclusive growth and development even as it fares much better internationally when it come to business and political ethics.
According to an Election Commission statement, the two have decided not to avail exemption from income tax on sumptuary allowance and to surrender two of the three Leave Travel Concessions (LTC) available each year.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
In view of the "runaway success" of the scheme, now it has been decided to make it open-ended with more incentives
India's G20 priorities will be shaped in consultation with not just our G20 partners, but also our fellow-travellers in the global South, whose voice often goes unheard, he said.
