Punjab & Sind Bank and WDRA: Aiding Farmers with e-NWRs
Farmers in India can now avail low-interest loans against electronic Negotiable Warehouse Receipts (e-NWRs) thanks to a Memorandum of Understanding (MoU) signed between Punjab & Sind Bank (PSB) and Warehousing Development Regulatory Authority (WDRA) on 5 February 2024 . What are e-NWRs? e-NWRs are digital documents issued by registered warehouses that certify the ownership and […]
Paytm E-commerce rebrands as Pai Platforms
Paytm E-commerce, one of the leading players in the digital commerce space, has rebranded itself as Pai Platforms. The company has also acquired Bitsila, a seller platform on ONDC, to strengthen its omnichannel and hyperlocal commerce capabilities. Pai Platforms: A New Identity for Paytm E-commerce Paytm E-commerce, which was backed by Paytm Founder and CEO […]
EPFO Raises Interest Rate to 8.25% for 2023-24
The Employees’ Provident Fund Organisation (EPFO) has announced a three-year high interest rate of 8.25% on employees’ provident fund (EPF) deposits for the fiscal year 2023-24. This is a welcome news for over 60 million EPF subscribers who will benefit from higher returns on their savings. What is EPF and why is it important? EPF […]
Paytm Under Lens: India Probes Chinese FDI Flow
Paytm, India’s leading digital payments platform, is facing scrutiny from the government over its foreign direct investment (FDI) from China. According to sources, the government is examining the FDI from China in Paytm Payments Services Ltd (PPSL), the payment aggregator subsidiary of One97 Communications Ltd (OCL), which owns Paytm . Paytm and Press Note 3 […]
UPI Goes Global! Sri Lanka & Mauritius Join Digital Payment Wave
India’s Unified Payment Interface (UPI) services will be launched in Sri Lanka and Mauritius on Monday, February 12, 2024, in a virtual ceremony that will be attended by Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth. The event will also mark the launch of RuPay card services in […]
ESIC Expands Healthcare: Superannuated Members Now Eligible
What is the ESIC Scheme? The Employees’ State Insurance Corporation (ESIC) is a statutory body that provides social security and health insurance to workers in India. The ESIC scheme covers workers earning up to Rs 30,000 per month and provides them with medical care, cash benefits, maternity benefits, disability benefits and pension benefits. Who are […]
ADB, India Ink $200M Loan for Brahmaputra Project
The Asian Development Bank (ADB) and the Government of India have signed a $200 million loan agreement to strengthen flood and riverbank erosion risk management along the 650 km long main stem of the Brahmaputra river in Assam . The loan will support the Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project […]
Tax-Efficient Pension Product by ICICI Prudential
ICICI Prudential Life Insurance, one of the leading private life insurers in India, has launched a new retirement savings product, ICICI Pru Gold Pension Savings. This product is designed to help customers build a tax-efficient retirement corpus and enjoy a regular income for life after retirement. What is ICICI Pru Gold Pension Savings? ICICI Pru […]
MSME Loans: RBI’s KFS Move Applauded for Transparency
The Reserve Bank of India (RBI) has announced a new measure to increase the transparency and fairness of lending practices for retail and MSME borrowers. The RBI has mandated that all regulated entities, such as banks and NBFCs, provide a Key Fact Statement (KFS) to their customers before signing a loan agreement. The KFS is […]
Offline E-Rupee Transactions Coming Soon: RBI
The Reserve Bank of India (RBI) has announced that it will introduce offline functionality for e-rupee transactions, which will enable users to make payments in areas with poor or limited internet connectivity. The e-rupee is the digital version of the Indian currency, which is officially known as Central Bank Digital Currency (CBDC). The RBI launched […]