India’s UPI Revolution Reaches Stocks: Beta Launch of ‘UPI for Secondary Market’ Announced
The National Payments Corporation of India (NPCI) has announced the beta launch of the ‘UPI for Secondary Market’ slated for January 1, 2024. This innovative step marks a significant milestone in the integration of digital payments into the Indian equity market. Key Features and Benefits Pilot Phase and Customer Participation: Initially, the service will be […]
Board Approves: PowerGrid Taps Bond Market for Rs 2,200 Crore
In a significant financial move, Power Grid Corporation of India has announced its board’s approval to raise a substantial sum of Rs 2,250 crore through the issuance of bonds. This decision is part of the company’s broader strategy to support its capital expenditure needs for the upcoming financial year (FY24). The fundraising will be carried […]
Big Borrowing for Bengal: State Gears Up for Rs 59,955 Crore Fiscal Push
The government of West Bengal has announced plans to borrow a substantial amount of Rs 59,955 crore in the fourth quarter of the fiscal year, as per the indicative calendar on market borrowings released by the Reserve Bank of India (RBI). This decision forms part of a broader trend where various states and Union Territories […]
Taxman Rejoices! ITR Filings Smash Records, Crossing 8 Crore Mark this Year
In a groundbreaking development for India’s fiscal landscape, the Income Tax Department has reported an unprecedented number of Income Tax Returns (ITRs) filings for the Assessment Year (AY) 2023-24. Surpassing the 8 crore mark, this achievement marks a first in the nation’s tax filing history. This milestone represents a significant increase from the previous year’s […]
Centre Calms Nerves: India’s Debt Levels Manageable, No Cause for Alarm
New Delhi, India – The Union Finance Ministry has sought to dispel certain factually incorrect presumptions being made about India’s indebtedness levels from a scenario-based assessment by the International Monetary Fund (IMF) that warned government debt could hit 100% of GDP by 2027-28 under adverse circumstances. The IMF had warned that India’s general government debt could […]
Government Plans Steel Sector PLI Revamp: 2024 Focus on Import Substitution
The Indian government is gearing up for the launch of the Production Linked Incentive (PLI) scheme 2.0 for the steel sector in 2024, as confirmed by the Minister of State for Steel, Faggan Singh Kulaste. This initiative is part of the government’s broader strategy to bolster the steel industry, a crucial sector for the nation’s […]
Tap it and Pay it! Introducing UPI Tap & Pay – The Next Level of Digital Transactions
In an exciting development for digital payment enthusiasts, the National Payments Corporation of India (NPCI) is all set to launch the UPI Tap and Pay feature by the end of January 2024. This innovative feature, which was announced by RBI Governor Shaktikanta Das during the Global Fintech Fest in September 2023, is poised to enhance […]
Moditaxonomy: India’s Tax Collection Triples Under 10 Years of Modi Rule
New Delhi: In a significant fiscal development, India is witnessing a projected threefold increase in its tax collection under the decade-long governance of Prime Minister Narendra Modi. The net direct tax collections, a combination of personal income tax and corporate tax, have shown a remarkable upward trajectory. Historical Growth: The net direct tax collections have […]
Punjab National Bank Eyes Rs 7,500 Crore Boost through Capital Infusion in FY25
Punjab National Bank (PNB), one of India’s largest public sector banks, has announced a significant fundraising plan for the financial year 2024-25. The bank’s board of directors has approved a proposal to raise equity capital amounting to Rs 7,500 crore. This capital increase will be conducted in one or more tranches using different methods such […]
Green Funds Optional for Banks & NBFCs: RBI Clarifies Framework in FAQs
The Reserve Bank of India (RBI) recently clarified that it is not mandatory for banks and Non-Banking Financial Companies (NBFCs) to raise green funds. However, if they choose to do so, they must adhere to the prescribed framework. This announcement was made in a set of Frequently Asked Questions (FAQs) regarding the ‘Framework for Acceptance […]