Finance News

Central govt disburses ₹36,754 crore under PLI schemes as on June 30

The government launched the PLI schemes in 2020 for 14 key sectors, with an approved outlay of ₹1.91 trillion, to enhance India's manufacturing capabilities, attract investment, promote exports

UPI MDR decision purely professional, no external pressure: FM Sitharaman

Sitharaman said the decision was completely professional, and it was taken jointly by the NPCI, payment banks and merchant banks, and not imposed by the government.

UPI MDR is not a tax, won't mean extra cost for customers: FM Sitharaman

Finance Minister Nirmala Sitharaman has said the charge on specified merchant transactions above ₹2,000 will be borne within the payments ecosystem, while UPI payments by customers will remain free

Irdai's fee cap proposal rattles distributors; insurance stocks tumble

Irdai's proposed commission caps could hit distributor incomes, with banks and NBFCs facing pressure from lower payouts on insurance products

75% traders may not face UPI levy, says NPCI MD & CEO Dilip Asbe

18% GST on merchant discount rate could be reviewed

MDR on UPI payments: What customers, merchants need to know from Oct 15

From October 15, MDR will apply to certain UPI payments above ₹2,000 made to large merchants, while customers and eligible small vendors will continue to pay no fee

Fintechs race to expand merchant networks as MDR returns to UPI payments

PhonePe, Paytm, Pine Labs and MobiKwik are stepping up merchant acquisition and device deployment as UPI MDR returns and NPCI plans a Rs 3,000-crore fund

FCNR(B) funds find a runway ahead of festival season-led credit demand

RBI Deputy Governor Rohit Jain said banks have an opportunity to deploy FCNR(B) liquidity in the coming months, while maintaining healthy credit standards

Credit card spends fall 2.8% to ₹2.02 trillion in August, shows RBI data

Credit card spending fell to Rs 2.02 trillion in August as online spends declined 7 per cent, while the number of outstanding cards rose to 124.05 million

Datanomics: PSBs lead among UPI senders, private banks top receivers

Proposed UPI MDR will give remitter banks the largest revenue share, while private banks dominate the merchant-side transactions

RBI carries out currency swaps worth at least $10 bn to reduce liquidity

The Reserve Bank of India has conducted sell-buy dollar-rupee swaps with lenders over the past two weeks, taking rupees out of the financial system to contain risks from surplus liquidity

Rupee falls 11 paise to 95.84 against US dollar during early trade

The rupee weakened 11 paise in early trade as geopolitical tensions pushed crude oil prices and US bond yields higher, while a stronger dollar and equity outflows added pressure

SBI expects new UPI merchant fee to cover costs and yield a small surplus

An SBI official says the UPI merchant discount rate could cover the bank's transaction costs and leave a small surplus, while merchants may split payments to avoid the fee

Sitharaman calls for stronger Brics voice in global tax negotiations

Sitharaman said India has proposed working groups on international taxation and transfer pricing, and revenue statistics to deepen cooperation among Brics tax administrations

RBI clarifies novation rules for over-the-counter derivative contracts

The central bank says subsequent novation after an OTC derivative contract has been accepted for settlement by a central counterparty will follow the revised directions

Irdai eases dividend repatriation rules for foreign-owned intermediaries

The insurance regulator has removed the requirement for prior approval to repatriate dividends by insurance intermediaries with majority foreign ownership

How reforms in banking shifted from boosting competition to building scale

On July 21, 1993, RBI provided in-principle approval to HDFC and Unit Trust of India, or UTI (its lender later became Axis Bank), for starting banking companies

RBI OMOs reduce liquidity to ₹6 trn; GST outflows help absorb surplus

The increase in currency in circulation and the rise in reserve requirements as the deposit base expands could absorb a part of the surplus over the coming months

FinMin asks PSB chiefs to limit impact of proposed 3-day bank strike

Public sector banks have issued advisories asking customers to complete important transactions in advance and use digital channels during the September 28-30 strike.

RBI tightens trading book rule, allows exclusion of structural FX positions

The new framework, effective April 2027, also tightens investment reclassification rules and revises capital treatment for debt funds and other instruments.