Page 396 - Finance News
GST Council likely to consider changes in monthly tax payment form
Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B
 "GST Council likely to consider changes in monthly tax payment form")
Puducherry and Punjab have the highest GST revenue shortfall, shows data
The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level
Axis Bank reappoints Rajiv Anand as Dy Managing Director for three years
Anand joined Axis AMC in 2009 and was its founding MD and CEO. He subsequently went on to become the President (Retail Banking) of Axis Bank in 2013 and then joined the bank's board in 2016
 "Axis Bank reappoints Rajiv Anand as Dy Managing Director for three years")
RBI acts in forwards market to protect forex reserves, pulls down premiums
This move by the central bank results in premiums crashing
 "RBI acts in forwards market to protect forex reserves, pulls down premiums")
RBI extends deadline for card tokenisation by another 3 months till Sept 30
Encourages cardholders to tokenise data themselves for preventing fraud
 "RBI extends deadline for card tokenisation by another 3 months till Sept 30")
RBI explores ways to ensure customer safety while dealing with PPIs
Earlier this week, RBI issued an advisory clarifying that non-bank PPI issuers cannot load their wallets and cards from credit lines or preset borrowing limits
 "RBI explores ways to ensure customer safety while dealing with PPIs")
Annapurna Fin eyes Rs 8,500 cr in assets by March 23; mulls SME credit arm
Gets $15 mn in equity from French investors, total fundraise reaches $100 mn
 "Annapurna Fin eyes Rs 8,500 cr in assets by March 23; mulls SME credit arm")
Fintechs seek 1 yr sunset clause on RBI's PPI issuer credit lines directive
Earlier this week, the RBI directed the non-bank prepaid payment instrument (PPI) issuers to stop providing credit lines on such PPI cards and asked them to stop the practice immediately
RBI policy action likely to be moderate than other nations: Michael Patra
Speaking at a session on 'Geo-Political Spill-overs and Indian Economy' at PHDCCI here, Patra said there are indications that inflation may be peaking
 "RBI policy action likely to be moderate than other nations: Michael Patra")
Fintech firms seek six month-extension to comply with RBI credit line norms
RBI had barred the loading of prepaid payment instruments (PPIs) from credit lines
 "Fintech firms seek six month-extension to comply with RBI credit line norms")
RBI's credit line norms: Card-based fintech players may have to stop offers
Some of the players expected to take a hit due to the RBI's diktat are Slice, Uni Cards, Jupiter, EarlySalary, etc
After govt clarity on TDS, will it be smooth sailing for crypto in India?
Recently the govt had announced to impose 1% TDS crypto assets. As the TDS regime is slated to come into effect from July 1, will it be smooth sailing for domestic crypto exchanges and traders?
 "After govt clarity on TDS, will it be smooth sailing for crypto in India?")
Former SBI official appointed member of advisory committee of SIFL & SEFL
The RBI Venkat Nageswar Chalasani, former Deputy Managing Director of SBI, as a member of the Advisory Committee of SIFL and SEFL on Thursday
 "Former SBI official appointed member of advisory committee of SIFL & SEFL")
Irdai may extend testing period to 3 years under regulatory sandbox
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years.
 "Irdai may extend testing period to 3 years under regulatory sandbox")
Regulator shouldn't view co-op banks with suspicion, says Amit Shah
Central government working to set up a national-level cooperative university
 "Regulator shouldn't view co-op banks with suspicion, says Amit Shah")
Decoded: The tizzy over RBI's ban on loading PPIs from credit lines
PPIs are instruments that facilitate the purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored in them
 "Decoded: The tizzy over RBI's ban on loading PPIs from credit lines")
Private banks are better money managers, state-owned lenders grow faster
They witnessed higher gains from parking funds with RBI and income from investments; as rates rise, space for both would shrink
 "Private banks are better money managers, state-owned lenders grow faster")
RBI proposes norms for outsourcing of IT services by banks, NBFCs
Regulated entities (REs) will not require prior approval from the central bank for the outsourcing of IT and IT-enabled services
Reserve Bank likely to raise interest rates twice before weighing a pause
June's jumbo hike, which followed a 40 basis points increase in May, is prompting analysts from Nomura Holdings Inc. and Barclays Plc to pencil in a 35 basis-point move in August
 "Reserve Bank likely to raise interest rates twice before weighing a pause")
MPC members indicate more rate hikes to tackle rising inflation
The rate-setting committee has increased the policy repo rate by 90 basis points in May and June, to 4.9 per cent