Finance News

B2B payments firm Infibeam Avenues to roll out RediffPay after NPCI nod

This is the first step in the company's foray into consumer facing businesses

Mid-Year Review: Govt sets focus on public spending, social security net

Targets fiscal deficit 'lower than 4.5% of GDP'

Banks lobby RBI to approve new benchmark for overnight indexed swaps

The move is intended to improve price discovery in the interest-rate swap market

Rupee fails to recover, remains flat at 85.04 against dollar in early trade

Forex traders said the rupee stayed weak due to significant dollar demand amid higher crude oil prices

CII calls for reforms in priority sector lending framework ahead of Budget

The CII pointed out that despite being successful, the PSL framework required recalibration to stay relevant

NPS Vatsalya growing, onboards 75,000 people since launch: PFRDA chairman

Finance Minister Nirmala Sitharaman had in September launched NPS Vatsalya, a scheme for minors to secure their future

Number of UPI apps grows in 2024, yet top two command maximum market share

In 2024, NPCI issued 20 third party application approvals. This was much higher than three and four issuances in 2022 and 2023 respectively

Punjab demands greater financial support during pre-Budget meet with FM

The Punjab government has proposed an incentive of Rs 2,500 per acre, with Rs 2,000 per acre from the Centre and Rs 500 per acre from the state

Losses of Himachal's 30 PSEs rose from Rs 3,953 cr to Rs 4,778 cr: CAG

Out of the 13 PSEs which were not in the red and earned a profit of Rs 20.21 crore, four did not earn enough to declare dividend while the remaining which earned an aggregate profit of Rs 14.88 crore

55th GST Council takes key decisions, defers rate cuts on insurance premium

GST Council addresses disaster levy, clarifies tax exemptions, and revises ITC norms, while deferring insurance premium GST cut and key rate rationalisation decisions

States not in favour of bringing aviation turbine fuel under GST: FM

She further said that the GST Council has also deferred the decision with regard to rate rationalisation as more time is required by the GoM for a comprehensive study

GST Council issues clarification on proposal of taxation on popcorn

"Ready-to-eat popcorn", which is mixed with salt and spices, and has the essential character of namkeens currently attracts a 5 per cent GST if it is not pre-packaged and labelled

NPS' assets under management to touch Rs 15 trn by FY end: PFRDA Chairman

Of the 16 million NPS subscriber base, 6.2 million are from the private sector and 1.8 million from the corporate sector

GST Council defers decision to reduce tax on health, life insurance

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

GoM on rate rationalisation defers report submission to GST Council

It was widely expected that the GoM would submit its report to the GST Council meeting today

GST Council postpones decision on slashing tax on life, health insurance

A Group of Ministers (GOM) set up by the Council under Chaudhary, in its meeting in November had agreed on exempting insurance premiums paid for term life insurance policies from GST

Supreme Court removes 30% interest cap on late credit card bill payments

RBI stated that while it has directed banks not to charge excessive rates of interest, it does not directly regulate the rates charged by banks

Malhotra chairs his first RBI board meet; acknowledges Das' contributions

The central board of directors of the RBI reviewed the global and domestic economic situation and outlook and discussed the activities of select central office departments

States seek higher interest-free capex loans, increased borrowing limit

Infrastructure development emerged as a key focus area, with states calling for dedicated funding for state-specific road and railway projects

India's foreign exchange reserves decline by $1.9 bn to almost 6 month low

The reserves stood at $655 billion in the week ended December 6, having declined by $3.2 billion during that week