Page 64 - Finance News
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
 "Govt pushes financial inclusion as banks open 559 mn Jan Dhan accounts")
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
 "I-T dept selects LTIMindtree to build PAN 2.0 for faster, unified services")
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
 "RBI's MPC meet begins today: Repo rate, stance, inflation outlook, and more")
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
 "Trump's tariff shock likely to deepen rupee's slide, hurt recovery further")
RBI's MPC likely to keep repo rate unchanged: Business Standard poll
Respondents expect downward revision in FY26 inflation forecast
 "RBI's MPC likely to keep repo rate unchanged: Business Standard poll")
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
 "Kisan Credit Card accounts in PSBs down 1.8% to 22.5 million in FY25")
Donald Trump tariff impact: Banks likely to tighten lending to MSMEs
Experts say 25% US tariff could render export-oriented firms uncompetitive
 "Donald Trump tariff impact: Banks likely to tighten lending to MSMEs")
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
 "PSBs face FinMin heat over delay in release of customers' property docs")
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
 "IDBI Bank's privatisation bids to be invited in Q3FY26: Dipam Secy")
₹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
 "₹2,000 notes worth ₹6,017 crore still in circulation, shows RBI data")
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.
 "RBI approves merger of New India Co-operative Bank with Saraswat Bank")
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%.
 "Banks park ₹1.7 trn at 7-day VRRR auction as banks roll over matured amount")
UPI tops Rs 25 trn in July; IMPS transactions rise as FASTag volumes fall
UPI transactions in July climbed to 19.47 bn in volume and Rs 25.08 tn in value, with AePS and IMPS also rising while FASTag saw a dip in both volume and value
 "UPI tops Rs 25 trn in July; IMPS transactions rise as FASTag volumes fall")
New banking law kicks in today to boost governance, protect deposits
The Banking Laws (Amendment) Act, 2025 takes effect today, introducing key reforms to improve governance, enhance PSB audits, and safeguard depositors across India
 "New banking law kicks in today to boost governance, protect deposits")
Direct tax disputes soar 198% amid rising vacancies in revenue dept
In indirect taxes, the number of cases went up from 1.13 lakh to 1.26 lakh, and the value involved more than doubled to ₹7.4 trillion during the same period
 "Direct tax disputes soar 198% amid rising vacancies in revenue dept")
RBI's net short dollar position in forwards dips to $60.29 bn by June-end
The Reserve Bank's short dollar position has declined for four consecutive months, down from its February peak of $88 billion
 "RBI's net short dollar position in forwards dips to $60.29 bn by June-end")
ICICI Bank to charge payment aggregators for UPI transactions from August 1
Private lender to charge up to Rs 10 per transaction on PAs; move follows rising infra costs and lack of MDR revenues in fast-growing UPI ecosystem
 "ICICI Bank to charge payment aggregators for UPI transactions from August 1")
Credit growth dips sharply in June as farm, NBFC offtake weakens: RBI
The pace of credit growth on a Y-o-Y basis in retail and industrial credit also moderated in June 2025, Reserve Bank of India (RBI) data showed
 "Credit growth dips sharply in June as farm, NBFC offtake weakens: RBI")
Muted response to RBI's VRRR as overnight rates rise, reducing arbitrage
With WACR and tri-party repo rates climbing, banks park only ₹13,075 crore against RBI's ₹50,000 crore offer in overnight VRRR auction
 "Muted response to RBI's VRRR as overnight rates rise, reducing arbitrage")
RBI unlikely to revive daily fixed-rate lending despite market demand
The policy, called fixed rate liquidity operations, will help banks manage their needs better, several bankers proposed to the RBI in meetings held over the last few months
 "RBI unlikely to revive daily fixed-rate lending despite market demand")