Bank Staff Set for 17% Wage Boost, Pending Sat Holidays
Bank employees in India have agreed to a 17% annual wage hike, which will benefit 8 lakh workers and cost public sector banks around Rs 8,284 crore more per year. The agreement also recognises all Saturdays as holidays, subject to government approval. Wage Hike Details Bank employees in India have something to cheer about as […]
CCI Updates Rules for Mergers and Acquisitions
Mergers and acquisitions (M&A) are an important mode of business expansion and consolidation in a dynamic and competitive market. However, they also pose potential risks to competition and consumer welfare, as they may result in the creation or strengthening of dominant market positions, abuse of market power, or coordination among competitors. To safeguard against these […]
PFRDA Launches App to Enhance NPS, Inclusion
The Pension Fund Regulatory and Development Authority (PFRDA) has launched a web application to provide easy access to the National Pension System (NPS) for subscribers. The app, developed by Zerodha Broking Limited, is aimed at widening financial inclusion and boosting NPS. What is NPS? NPS is a voluntary, defined contribution retirement savings scheme that allows […]
CBDT Alerts Taxpayers on Advance Tax Mismatch
The Central Board of Direct Taxes (CBDT) has started an e-campaign to notify taxpayers whose taxes paid during the current fiscal year do not match their financial transactions. The campaign aims to increase transparency and promote voluntary tax compliance. What is advance tax mismatch? Advance tax is a system of paying taxes in instalments during […]
RBI and Bank Indonesia: MoU for Local Currency Use
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to promote the use of local currencies for bilateral transactions. The MoU was signed by RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo in Mumbai on March 7, 2024. Benefits of local currency use The MoU […]
Infibeam Avenues: New Holder of RBI Payment Aggregator License
Infibeam Avenues, India’s first listed AI-powered fintech company, has received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue. The company announced in a press release that it received the final authorisation on March 4, 2024, following the in-principle approval granted in […]
RBI Tough Act: NBFCs Fear Bank Lending Impact
The Reserve Bank of India (RBI) has decided to raise risk weight on bank lending to those non-banking financial companies (NBFCs) where risk weights are below 100 per cent, by 25 percentage points. The move by RBI is expected to have significant ramifications, affecting loan growth, lending rates, and capital adequacy, particularly for weaker lenders […]
Pay to Nepalese Merchants Using UPI Now
In a landmark development, the Unified Payment Interface (UPI) is now live for cross-border transactions between India and Nepal. This follows a tie-up between the NPCI International Payments Ltd (NIPL) and Fonepay Payment Service Ltd, Nepal’s largest payment network, in September last year. What is UPI and how does it work? UPI is an instant […]
TDS Not Applicable for Certain IFSC Unit Payments
The Indian government has announced a major relief for the units of 14 service sectors in the International Financial Services Centre (IFSC) by exempting certain payments made to them from TDS (Tax Deducted at Source) provisions, effective from April 1, 2024. This move aims to reduce the tax compliance burden and to promote IFSC as […]
Cabinet Approves 4% DA Hike; ₹12,900 Cr Outgo
The Union Cabinet has approved a 4% hike in dearness allowance (DA) for central government employees and pensioners, effective from January 1, 2024. The move will boost the income and spending of over 10 million beneficiaries and stimulate the economy. The Union Cabinet on Thursday approved the release of an additional instalment of dearness allowance […]