The Reserve Bank of India (RBI) has issued the framework for recognition of self-regulatory organisation (SROs) in financial markets. This framework released on Monday was done in the aftermath of ‘Omnibus Framework for recognition of SROs’ which were issued early this year in March, 2024. It is noteworthy that RBI recently invited applications for recognition … Read more
Have you ever wondered what you would do if you had a fixed deposit with an NBFC but wanted to prematurely withdraw it due to an emergency? Well, the latest guidelines issued by the Reserve Bank of India (RBI) make provision for this. The banking regulator released a regulatory framework via a circular dated August … Read more
Fixed-income investments such as fixed deposit (FD) interest, bond interest, and debt mutual funds are typically taxed at the marginal rate (slab rate). The 2023 budget had abolished the benefit of long-term capital gains tax or LTCG for debt mutual funds. However, there’s a notable exception in the tax system for certain bond transactions. If … Read more
A new Bill proposed in the Parliament has a provision which says that deposit and locker holders can name up to four nominees instead of one. The Bill that carries this provision is Banking Laws (Amendment) Bill which was introduced in Lok Sabha on Friday. The Bill also has provisions for new reporting dates among … Read more
The Reserve Bank of India (RBI) recently instructed banks and credit information companies (CICs) to update the credit information they collect at shorter intervals, i.e. once a fortnight rather than once a month. The instructions were issued on Thursday via a notification after the monetary policy statement by RBI Governor Shaktikanta Das. The central bank … Read more
Reserve Bank of India (RBI) Governor Shaktikanta Das announced Thursday that the central bank will create a public repository of digital lending apps (DLAs) deployed by regulated entities, i.e., banks and other financial institutions. This means any digital lending app deployed by a bank or non-banking financial corporation (NBFC) must be part of the repository. … Read more
The Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the ₹2,000 banknotes in circulation have been returned to the banking system. The total value of ₹2,000 banknotes, which was ₹3.56 lakh crore on May 19, 2023, when the withdrawal was announced, has declined to ₹7,409 crore, the central bank said. For … Read more
And while the economy is galloping, there are pain points that are beginning to hurt. India has emerged as the fastest growing large economy with an enviable gross domestic product (GDP) growth of over 8%. However, the economic expansion has been uneven. The rural economy, particularly, has been sluggish and there simply aren’t enough jobs … Read more
New Delhi: Privatisation of central public sector enterprises has not been put on hold, but is not a priority under the government’s calibrated approach to disinvestment, said Tuhin Kanta Pandey, secretary of the department of investment and public asset management (DIPAM). He said that the focus will be on ‘value creation’ from disinvestment, dividends and … Read more
Mumbai: The Union budget has proposed to subsidize loans of up ₹10 lakh for students seeking higher education in domestic institutions, a move aimed to benefit 100,000 students every year. However, only those who have not benefited from any other government scheme can benefit from this scheme. Given in the form of vouchers to students, … Read more