RBI Directs Paytm Bank: Stop New Customers from Feb 29
The Reserve Bank of India (RBI) has imposed additional restrictions on Paytm Payments Bank Ltd (PPBL) due to “persistent non-compliances” with the banking regulations. The RBI has ordered PPBL to stop accepting any deposits or credit transactions or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024. The […]
CII Launches Vikram Kirloskar Series on Green Themes
The Confederation of Indian Industry (CII) has launched a lecture series in memory of Vikram Kirloskar, a visionary leader who championed the cause of green mobility and green fuels in India. The series aims to provide a platform for industry experts, policymakers and researchers to share their insights and perspectives on the emerging trends and […]
ADB’s Rs 1,250 Cr Green Bonds Issued in Local Market
The Asian Development Bank (ADB) has issued its largest local currency green bond to date, raising Rs 1,250 crore (about $150 million) to finance renewable energy and green finance projects in India. The bond is structured as a 4-year currency-linked bond, with a bullet repayment at maturity and carrying a fixed interest rate of 6.72% […]
Sebi Reviews Penalty Disclosure Norms
Sebi, the market regulator in India, is reviewing a requirement for listed companies to disclose all penalties imposed by authorities, even an insignificant amount, which increases the compliance burden. The regulator in July 2023 mandated disclosure of all penalties to stock exchanges irrespective of the amount. Earlier, companies could use their discretion in disclosing fines. […]
Amit Shah Inaugurates RCS & ARDB Computerization
Union Home Minister and Minister of Cooperation Amit Shah inaugurated the computerization projects for the Registrar of Cooperative Societies (RCS) and the Agriculture and Rural Development Banks (ARDB) of all states and union territories on January 30, 2024. The event was organized by the Ministry of Cooperation in partnership with the National Cooperative Development Corporation […]
BOB Financial Solutions Now ‘BOBCARD Limited’: A Rebranding
BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda, has announced its new corporate identity as BOBCARD Limited. The company has also unveiled a new logo and a positioning statement “Credit Reimagined”. The rebranding reflects the company’s commitment to provide innovative and customer-centric credit solutions to the Indian market. What is […]
RBI Approves Zomato Payments as Online Aggregator
Zomato, the leading online food delivery platform in India, has received the Reserve Bank of India’s (RBI) approval to operate as an online payment aggregator through its subsidiary Zomato Payments Private Limited (ZPPL). This will enable Zomato to offer integrated payment solutions to its customers and merchants, and compete with other payment aggregators like Tata […]
SEBI Revamps Reporting for Designated Depository Participants and Custodians
SEBI, the securities market regulator in India, has issued a circular on January 25, 2024, to streamline the reporting requirements for designated depository participants (DDPs) and custodians of securities. The circular aims to have uniform compliance standards, ease of compliance reporting and better regulatory oversight. What are DDPs and custodians? DDPs are entities that are […]
GSTN: Submit Bank Details in 30 Days to Avoid Suspension
The GST Network (GSTN) has issued an advisory to GST-registered businesses to furnish their bank account details within 30 days of grant of GST registration or before the due date of filing GSTR-1/IFF, whichever is earlier, to avoid suspension of their GSTIN. Why is it important to submit bank account details? According to the GST […]
Madras High Court’s Clarification on GST for Gift Vouchers
The Madras High Court has clarified the GST implications of gift vouchers issued by Kalyan Jewellers. The court held that gift vouchers are actionable claims and not taxable unless they are for specified goods and value. Gift vouchers are popular instruments for gifting and purchasing goods and services. However, their taxability under the Goods and […]