Page 86 - Finance News

UPI numbers hit all-time high in May, cross ₹25 trn for the first time

The previous record was in March 2025, when it clocked 18.3 billion in volume and ₹24.77 trillion in value

Allow gig workers the option to choose between EPF and NPS schemes

If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge

Signs bright for MSME sector as lending and financial stability improve

Issues like corporate governance, expertise in international trade and digital transformation fester

UPI transactions rebound in May with 18.68 bn payments; 33% yearly surge

The rebound follows a dip in April, when UPI volumes declined from 18.3 billion in March. That slump was attributed to multiple service disruptions that affected payment flows

RBI imposed penalties on 353 banks, other regulated entities in FY25

The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms

Draft gold loan norms: FinMin seeks exemption for small-ticket borrowers

The ministry has suggested exempting gold loans below ₹2 lakh from RBI's proposed norms. This move may benefit 60-70% borrowers

Govt to buyback ₹25,000 crore in bonds via RBI auction on June 5

The government will repurchase select 2026 and 2027 securities via an RBI auction to reduce liabilities and improve the fiscal and debt profile

Bank credit growth slows to 6.7% in first half of April, shows RBI data

Bank credit growth slowed to 6.7% in April, with faster growth in metals and textiles but slower in infrastructure and agriculture. RBI data highlights changes in services and personal loans credit

RBI's LRS review to align with wider economic, geopolitical conditions

The central bank is reassessing annual limits, permitted uses, currency options and compliance alignment in its Liberalised Remittance Scheme amid evolving economic realities

Banks' gold loan growth more than doubles in April on price surge

Gold loan growth rises 119.6% YoY to Rs 2.23 trillion in April 2025; RBI data shows slowdown in retail and NBFC credit growth despite robust rise in gold-backed lending

Govt approves ₹81,735 crore additional tax devolution to states

Finance ministry says additional tax devolution to help states accelerate capital spending, fund welfare and development, and support priority schemes ahead of regular release

RBI plans guidelines to curb mis-selling of financial products in FY26

As complaints rise, RBI will frame rules in FY26 to curb mis-selling of financial products by banks and NBFCs, with possible impact on insurers' banca channels

Centre announces unified pension scheme for retired NPS subscribers

The new scheme provides a guaranteed monthly pension, lump sum payout, and interest-bearing arrears for NPS subscribers who retired on or before 31 March 2025

Jharkhand govt urges finance commission to raise tax share to 50%

The finance commission team on Thursday visited Jharkhand's temple town of Deoghar and offered obeisance at the Baba Baidyanath temple

RBI to prepare framework for ethical adoption of AI in financial sector

It has constituted an external committee in December 2024, comprising experts with a mandate to recommend a Framework for Responsible and Ethical Enablement of AI in the financial sector

Banks set to miss fourth deadline to roll out cassette-swap system for ATMs

Banks, cash handling firms, and managed service providers are yet to work out the absorption of costs involved in the trade as well as the logistics of switching to the new system

Rupee snaps two-month rally; reverses early gains to end lower at 85.36/$

Indian Rupee today: The domestic currency ended 6 paise lower at 85.36 against the US dollar, after closing at 85.52 on Thursday

Sixty one per cent of floating rate loans linked to EBLR as of Dec 2024

Meanwhile, loans linked to marginal cost of funds based lending rate (MCLR) has reduced to 36 per cent as of December 2024, Reserve Bank of India (RBI) annual report revealed

Net financial savings likely to touch Rs 22 trn in FY25: SBI report

The net financial savings during 2023-24 stood at 5.1 per cent of GNDI, an increase from 4.9 per cent in the previous fiscal

Rupee snaps three-day fall; opens at 85.36/$ as dollar revival fizzles out

Indian Rupee today: The domestic currency opened 16 paise stronger at 85.36 against the US dollar, after ending at 85.52 on Thursday