RBI’s Crackdown on Non-Compliance: Citibank, Bank of Baroda, and IOB Face Penalties of ₹10.34 Crore
The Reserve Bank of India (RBI) has imposed significant penalties on three major banks — Citibank, Bank of Baroda (BOB), and Indian Overseas Bank (IOB) — for a total of ₹10.34 crore due to non-compliance with various banking regulations.
Tata Tech IPO Sees Stellar Response, Bids Reach Rs 1.56 Lakh Crore, Setting Stage for Growth
Tata Technologies Limited’s initial public offering (IPO) witnessed an overwhelming response from investors, with bids reaching a staggering Rs 1.56 lakh crore on the final day of subscription. The issue was subscribed 69.4 times, indicating strong demand for shares in the IT services company.
The Big Selloff: Analyzing the 10-Year Low in FPI Holdings in India
As of November 2023, the aggregate holdings of FPIs in Indian stocks have decreased to ₹54.5 trillion, representing only 16.6% of overall Indian equities. This is the lowest level since 2012.
NPCI and RBI Take Bold Steps Towards Offline Digital Payment Solutions
More recently, as of August 24, 2023, the RBI has increased the transaction limit for small-value digital payments in offline mode from ₹200 to ₹500. This enhancement is part of the efforts to encourage wider adoption of this mode of payment and to bring in more use cases. Offline payments can be made using the National Common Mobility Card or UPI Lite.
October 2023’s Financial Milestone: How India Achieved a Rs 1.78 Trillion Credit Card Expenditure
On average, each credit card transaction in October amounted to Rs 18,898, marking a 16% increase. Approximately 65% of credit card users opted for online shopping, with a significant portion of these transactions attributed to online ticket booking.
India’s Energy Future Secured: GAIL to Create Strategic Gas Reserves in Depleted Wells
Oil Minister Hardeep Singh Puri has directed key players like Oil and National Gas Corporation, Oil India Limited, and GAIL to prepare a detailed feasibility report. The targeted gas storage facility, estimated to cost between 1-2 billion dollars, is aimed to be a mix of strategic and commercial storage.
India’s Online Gaming Faces ₹1 Lakh Crore GST Hurdle: What’s Next?
Among the companies served with notices, Dream11 and casino operator Delta Corp are notable mentions. GamesKraft, another prominent player in the industry, received a notice in September 2022 for an alleged GST evasion of ₹21,000 crore.
“From Statistics to Solutions: Addressing India’s 27% Gender Wage Gap in 2023”
Overall Pay Gap: The gender pay gap in India stands at an alarming 27%, with women earning on average 73% of what men earn for identical roles. In some sectors, such as technology, the gap widens, with women earning just 60% of what their male counterparts do. Another perspective puts this gap at 19%, indicating some variability in these findings.
ADB’s $500 Million Loan to Boost Medical Infrastructure and Education in Maharashtra
The Asian Development Bank (ADB) has approved a significant loan package of $500 million, specifically aimed at enhancing the healthcare infrastructure and medical education in Maharashtra, India.
Challenges and Growth of EPS ’95: Navigating Low Pensions Amidst Expanding Corpus
Only 26,769 members received a monthly pension above Rs 5,000. In contrast, a vast majority, about 3.64 million members, received a monthly pension of up to Rs 1,000, which is the mandated minimum under the scheme.