Page 53 - Finance News

Bank credit raised by India Inc drops to 22% in Q1FY26, shows data

Corporates increasingly turn to debt capital markets as bank credit share in fundraising hits multi-year low, signalling shift in funding dynamics

GST evasion of ₹7.08 trn detected in 5 yrs, includes ITC fraud of ₹1.79 trn

In the 2023-24 fiscal, ₹2.30 trillion worth GST evasion was detected by CGST field officers, involving ITC fraud of ₹36,374 crore

Parl panel urges FinMin to expedite full enforcement of GSTAT benches

In May last year, the government had appointed Justice (Retd) Sanjaya Kumar Mishra as the first President of the GST Appellate Tribunal (GSTAT)

Parl panel suggests regional fintech clusters on lines of GIFT City

The finance ministry stated that the reason for this strategy is that the mainland activities are not affected by the offshore activities

NCAER suggests ₹14K cr annual green grant for states to meet RE target

To meet the 500GW renewable energy target by 2030, NCAER suggests providing Rs 14,000 crore in green grants annually to states, with significant allocations to Jharkhand, Maharashtra, and others

Banking system liquidity surplus reaches ₹4.09 trillion amid govt spending

The surplus liquidity has kept the overnight weighted average call rate below the repo rate of 5.50%, and overnight tri-party repo rate below the standing deposit facility (SDF) rate of 5.25%

Banks complete re-KYC of over 1.42 mn accounts in first month of campaign

In the first month of the nationwide re-KYC campaign, over 1.42 million bank accounts were re-verified, and thousands of new enrollments were made under various government schemes

PNB Housing Finance to consider external, internal candidates for MD & CEO

PNB Housing Finance explores internal and external candidates for MD&CEO following Girish Kousgi's resignation. Jatul Anand, newly appointed Executive Director, is in the running for the role

Govt pushes financial inclusion as banks open 559 mn Jan Dhan accounts

As of date, over 55.90 crore accounts have been opened under the PMJDY, Minister of State for Finance Pankaj Chaudhary said in a written reply

I-T dept selects LTIMindtree to build PAN 2.0 for faster, unified services

LTIMindtree will act as the Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of the project

RBI's MPC meet begins today: Repo rate, stance, inflation outlook, and more

After keeping rates unchanged for 11 meetings, the RBI has slashed repo in the last three policy reviews; economists await the August 6 outcome

Trump's tariff shock likely to deepen rupee's slide, hurt recovery further

Analysts at Deutsche Bank AG and Barclays Plc expect the currency to drop to new record lows by the year-end amid muted foreign inflows and headwinds from US tariffs

RBI's MPC likely to keep repo rate unchanged: Business Standard poll

Respondents expect downward revision in FY26 inflation forecast

Kisan Credit Card accounts in PSBs down 1.8% to 22.5 million in FY25

Union Finance Minister Nirmala Sitharaman in her budget for FY26 increased the loan limit for farmers holding KCC to Rs 5 lakh from Rs 3 lakh earlier

Donald Trump tariff impact: Banks likely to tighten lending to MSMEs

Experts say 25% US tariff could render export-oriented firms uncompetitive

PSBs face FinMin heat over delay in release of customers' property docs

State Bank of India has 18,000 pending cases and Bank of Baroda has around 1,000 cases, said the official. The two companies had not responded to Business Standard's emails till Friday evening

IDBI Bank's privatisation bids to be invited in Q3FY26: Dipam Secy

He said that the DIPAM is expecting to receive a financial bid by December 2025 and the complete transaction of this deal will be done by FY26

₹2,000 notes worth ₹6,017 crore still in circulation, shows RBI data

On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 denomination banknotes from circulation

RBI approves merger of New India Co-operative Bank with Saraswat Bank

Saraswat Bank will take over all assets and liabilities of New India Co-operative Bank, with its branches becoming part of Saraswat Bank from August 4, 2025.

Banks park ₹1.7 trn at 7-day VRRR auction as banks roll over matured amount

The Reserve Bank of India's 7-day VRRR auction saw robust participation, with banks parking Rs 1.7 trillion, rolling over maturing funds. The auction's cut-off rate was 5.49%.