Rising Tide of Complaints: RBI Takes Action Against Credit Bureaus
The Reserve Bank of India (RBI) has recently taken significant steps to address the increasing number of customer complaints against Credit Information Companies (CICs). This move reflects the RBI’s commitment to ensuring the accuracy and reliability of credit reporting in India, which plays a crucial role in the country’s financial system. Key Developments and RBI’s […]
EU Solidarity: France and Germany Pledge 100 Million Euros to Support India’s AMRUT Urban Infrastructure Project
The recent announcement by France and Germany to provide a €100 million loan for India’s Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0 marks a significant development in international cooperation for sustainable urban development. This financial assistance is a substantial commitment towards enhancing urban infrastructure in India, particularly focusing on sewerage and septage management […]
Investment, Debt, and Growth: Decoding India’s Economic Pursuit Against China
India and China, two of the largest and fastest-growing economies in the world, have often been compared to each other. While China has emerged as a global economic superpower, India is rapidly catching up. However, several factors are hindering India’s ability to match China’s economic prowess. Historical Context and Growth Trajectories China’s Economic Reforms: China […]
Supreme Court Ruling Redefines Benami Law: A New Era for Property Transactions
The recent ruling by the Supreme Court of India on the Benami Transactions (Prohibition) Act has substantial ramifications for the legal and financial landscape in the country. This Act, first introduced in 1988, was significantly amended in 2016 to strengthen its provisions. However, the Supreme Court’s decision has introduced a new dimension to the interpretation […]
RBI mandates yearly assessment of inactive bank accounts in India
The Reserve Bank of India (RBI) has recently issued guidelines for banks to conduct annual reviews of accounts that have been inactive for over a year. This directive is part of a comprehensive set of guidelines on unclaimed deposits and inoperative accounts. Specifically, the RBI has asked banks to focus on accounts where there have […]
RBI Signals More Bank Dividends: Relaxed Norms on the Horizon
The Reserve Bank of India’s (RBI) proposal for new norms on dividend declaration by banks is a significant regulatory development in the Indian banking sector. The draft norms, which are open for comments until January 31, 2024, introduce several key changes and requirements that will affect how banks in India manage and distribute their profits. […]
Landmark Move: GST Dispute Resolution Gets a Boost with Principal Bench Notification
The Central Government of India has recently taken a significant step in the domain of Goods and Services Tax (GST) by establishing the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi. This development, effective immediately from the date of publication in the official Gazette, marks a pivotal moment in […]
Unlocking Growth Potential: SOP for IEM Changes Empowers Entrepreneurs and Boosts Investment
In a significant move to enhance ease of doing business and transparency, the Department for Promotion of Industry and Internal Trade (DPIIT) has revamped its Industrial Entrepreneurs Memorandum (IEM) portal. This update, initiated in March 2021, introduces a streamlined, paperless process for the grant of IEM. The IEM is a mandatory filing for industrial undertakings […]
Short-Term Fix for FCI: Rs. 50,000 Crore Loan to Meet Funding Requirements
The Food Corporation of India (FCI) had planned to raise Rs 50,000 crore as short-term loans from banks to finance its operations due to the insufficient release of food subsidy expenses by the Centre. However, following the release of Rs 20,000 crore by the finance ministry towards food subsidy bills, FCI has deferred this plan. […]
RBI Statement: 97.38% of Rs 2,000 Notes Withdrawn, Remaining Notes Still Valid
The Reserve Bank of India (RBI) has confirmed that the Rs 2,000 banknotes continue to be legal tender despite the announcement of their withdrawal from circulation on May 19, 2023. This development comes amidst the central bank’s ongoing efforts to manage the country’s currency system. As of the latest update, approximately 97.38% of the Rs […]