Page 293 - Finance News
Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf
Indians in Gulf are having harrowing time ever since Indian govt decided to withdraw Rs 2,000 notes from circulation, with lot of them saying that banks are claiming to be not aware of policy change
 "Rs 2,000 currency note withdrawal creating chaos for Indians in Gulf")
RBI may reduce policy repo rate in fourth quarter of 2024: Oxford Economics
Oxford Economics said RBI may cut key policy rate in fourth quarter of current calendar year as a mix of factors will allow central bank to shift focus and adopt accommodative policy stance sooner
 "RBI may reduce policy repo rate in fourth quarter of 2024: Oxford Economics")
Microfinance loans grow 21.3% YoY to Rs 3.5 trn in FY23, says report
New regulatory norms have helped industry clocking robust demand
 "Microfinance loans grow 21.3% YoY to Rs 3.5 trn in FY23, says report")
I-T dept says delayed SFT filing attracts penalty; check details here
The report also added that certain capital market players and foreign exchange dealers are also required to file the annual report
 "I-T dept says delayed SFT filing attracts penalty; check details here")
Bank of Maharashtra emerges as top performer in NPA management during FY23
The Pune-based state-owned lender was followed by HDFC Bank with net NPA falling to 0.27 per cent and Kotak Mahindra Bank clinching the third spot with 0.37 per cent of net advances
 "Bank of Maharashtra emerges as top performer in NPA management during FY23")
ICICI Bank to increase stake in general insurance arm to beyond 50%
Earlier plan was to cut stake below 30%
 "ICICI Bank to increase stake in general insurance arm to beyond 50%")
Changing of Rs 2,000 currency notes off to a slow yet smooth start
Banks continue to use discretion on filling up forms
 "Changing of Rs 2,000 currency notes off to a slow yet smooth start")
UPI to account for 90% of retail digital payments by 2026-27: PwC report
Growing at a steady pace, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90 per cent of the retail digital payments in the country, said a PwC India report
 "UPI to account for 90% of retail digital payments by 2026-27: PwC report")
Karnataka Bank appoints Srikrishnan Harihara Sarma as MD and CEO
Sarma has nearly four decades of experience spread across commercial, retail & transactional banking, technology, and payments
 "Karnataka Bank appoints Srikrishnan Harihara Sarma as MD and CEO")
RBI imposes Rs 85 lakh penalty on Central Bank of India for non-compliance
The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021
 "RBI imposes Rs 85 lakh penalty on Central Bank of India for non-compliance")
What is C-KYC? All you need to know about the centralised database
The Central-Know Your Customer is meant to facilitate faster and smoother transactions for individuals and financial institutions. Here is everything you need to know about the system
 "What is C-KYC? All you need to know about the centralised database")
Now, I-T relief for leave encashment on retirement at 2.5 million
The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023
 "Now, I-T relief for leave encashment on retirement at 2.5 million")
Invest severance package in debt funds, use SWP to create cash flows
Part of this money should also go into creating an emergency corpus equal to 12 months of expenses
 "Invest severance package in debt funds, use SWP to create cash flows")
Axis Bank launches Sarathi platform for easy PoS onboarding of merchants
The paperless onboarding procedure eliminates the need for merchants to fill out lengthy documents or wait for long periods of time to have their PoS terminals installed
 "Axis Bank launches Sarathi platform for easy PoS onboarding of merchants")
A snapshot of term insurance plans with 2 riders offered by various firms
Here is how the term insurance plan with two riders offered by various companies stack up
 "A snapshot of term insurance plans with 2 riders offered by various firms")
SBI penalised for sending bills to man despite credit card's expiry
A Delhi consumer forum has directed the SBI Cards & Payments Services Pvt. Ltd. to pay Rs 2 lakh to a person here for sending him bill even after his card's expiry
 "SBI penalised for sending bills to man despite credit card's expiry")
Restore transaction fee on RuPay cards: Banks request finance ministry
MDR is a fee charged to a merchant for the payment processing of debit and credit card transactions. It is also referred to as the transaction discount rate (TDR)
 "Restore transaction fee on RuPay cards: Banks request finance ministry")
Test : Rupees closes at 81.53 against US dollar amid heavy selling pressure
Test : On the another day, the rupee had slipped 2 paise against the US dollar
 "Test : Rupees closes at 81.53 against US dollar amid heavy selling pressure")
Public sector banks' total dividend payout 58% higher than in FY22: Report
Three out of 12 PSBs namely SBI, Bank of Baroda, and Canara Bank, declared a three-digit dividend during the year
 "Public sector banks' total dividend payout 58% higher than in FY22: Report")
Debit card-based ATM withdrawals up 235% since demonetisation: Report
The cash in circulation in the Indian economy has more than doubled since demonetisation
 "Debit card-based ATM withdrawals up 235% since demonetisation: Report")