Egg Seller and Juice Vendor Slapped with Crores in GST Dues Due to Alleged Identity Theft

By BPN News Desk March 29, 2025

Business Finance

In a bizarre and troubling turn of events, two small-time vendors—an egg seller from Madhya Pradesh and a juice vendor from Uttar Pradesh—have received GST notices demanding payment of taxes running into crores of rupees. Both cases appear to be instances of identity theft, where their personal

Business Finance

India Advocates for Eased Compliance to Expand UPI in International Payments

By BPN News Desk March 29, 2025

India is intensifying its push to globalize the Unified Payments Interface (UPI) by seeking regulatory support to ease cross-border compliance requirements. The goal is to position UPI as a credible global rival to entrenched payment systems like Visa, Mastercard, and SWIFT by simplifying international transaction frameworks and promoting broader adoption. UPI’s

Business Finance

Banking Laws Amendment Bill: Rajya Sabha Approves New Rules for Nominations and Bank Governance

By BPN News Desk March 27, 2025

The Rajya Sabha recently passed the Banking Laws Amendment Bill, aiming to enhance governance in the banking sector and streamline financial processes for depositors. This amendment, already approved by the Lok Sabha, introduces several key reforms to improve banking regulations and reporting. New Nomination System for Depositors One of the most notable provisions of the

Business Finance

India Simplifies Process to Reclaim ₹78,000 Crore Deposits

By BPN News Desk March 25, 2025

In a significant move to make banking more accessible and transparent, Indian banks will soon roll out a standardized process to help account holders and their legal heirs reclaim unclaimed deposits worth over ₹78,000 crore. The initiative introduces uniform application and declaration forms, along with a fixed set of required documents, aimed at streamlining the […]

Business Finance

PCI Proposes MDR on UPI and RuPay Transactions

By BPN News Desk March 25, 2025

The Payments Council of India (PCI), a representative body of digital payment service providers, has proposed the introduction of a 0.30% Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions conducted by large merchants. MDR refers to the fee paid by merchants to banks and payment facilitators for processing digital transactions. This

Business Finance

RBI Hikes ATM Interchange Fees, Transactions May Cost More

By BPN News Desk March 24, 2025

The Reserve Bank of India has approved an increase in ATM interchange fees, which may result in costlier ATM transactions for customers starting May 1. Financial transaction fees will increase by ₹2, while non-financial transactions will rise by ₹1. This move is expected to particularly affect banks with smaller ATM networks, as they may incur […]

Finance

Rising Gold Prices Turn SGBs into Fiscal Burden

By BPN News Desk March 22, 2025

India’s Sovereign Gold Bond (SGB) scheme, once praised for its innovation and potential to curb gold imports, is now turning into a fiscal challenge for the government. As global and domestic gold prices continue to rise sharply, the liabilities linked to the scheme have ballooned, forcing policymakers to reconsider the future of this gold-linked investment […]

Business Finance

New GST Rule Mandates Input Service Distributor Mechanism from April 1

By BPN News Desk March 20, 2025

The Indian government is set to implement a crucial change in the Goods and Services Tax (GST) framework, making it mandatory for businesses to adopt the Input Service Distributor (ISD) mechanism for the distribution of common Input Tax Credits (ITC) starting April 1, 2025. This change aims to streamline tax credit allocation, improve compliance, and […]

Finance

RBI Governor Urges Banks to Streamline KYC Processes and Enhance Customer Service

By Editor - News Desk March 19, 2025

Reserve Bank of India (RBI) Governor Sanjay Malhotra has urged banks and non-banking financial companies (NBFCs) to cease the practice of repeatedly requesting ‘Know Your Customer’ (KYC) documents from customers. Speaking at the annual conference of RBI Ombudsmen, Malhotra emphasized that once a customer submits KYC documents to any financial institution

Finance

NPCI to Phase Out ‘Collect Call’ Transactions to Reduce UPI Fraud

By BPN News Desk March 18, 2025

The National Payments Corporation of India (NPCI) is set to phase out the ‘collect call’ feature in Unified Payments Interface (UPI) transactions to curb rising fraud cases. The feature, which allows merchants to send payment requests to customers for approval, has been widely exploited by scammers tricking users into authorizing unintended payments. To enhance