Finance

RuPay Captures 16% of India’s Credit Card Market, Boosted by UPI Integration

By BPN News Desk March 2, 2025

RuPay, India’s indigenous payment network, has achieved a significant milestone by capturing approximately 16% of the country’s total credit card spending. Notably, nearly half of these transactions are facilitated through the Unified Payments Interface (UPI), highlighting the growing integration of RuPay credit cards with UPI’s seamless payment system.

Business Finance

India’s GST Collections Rise 9.1% to ₹1.84 Lakh Crore in February

By BPN News Desk March 1, 2025

India’s Gross Goods and Services Tax (GST) collections for February 2025 recorded a notable increase of 9.1% compared to the same month last year, reaching approximately ₹1.84 lakh crore. This consistent rise highlights the resilience of the economy and the efficiency of tax administration. Breakdown of GST Revenues The total GST revenue collected in February […]

Finance

India Communicates Challenges in Reducing Fiscal Deficit to 3% of GDP to IMF

By BPN News Desk February 28, 2025

The Indian government has conveyed to the International Monetary Fund (IMF) that reducing the fiscal deficit to approximately 3% of the Gross Domestic Product (GDP) presents significant challenges. This communication underscores the complexities involved in achieving such a fiscal target. In a recent report, both the IMF and the Indian government acknowledged the necessity

Finance

Income Tax Department Targets 40,000 TDS/TCS Defaulters Nationwide

By BPN News Desk February 26, 2025

The Income Tax Department is initiating a nationwide crackdown on approximately 40,000 taxpayers who have failed to deduct or deposit Taxes Deducted at Source (TDS) and Taxes Collected at Source (TCS) for the financial years 2022-23 and 2023-24. This initiative aims to address significant discrepancies in tax deductions and penalize repeat offenders. The Central Board […]

Finance

RBI Eases Lending Norms for NBFCs and Microfinance Institutions

By BPN News Desk February 26, 2025

The Reserve Bank of India (RBI) has eased lending restrictions on non-bank financial companies (NBFCs) and microfinance institutions (MFIs) by lowering risk weights for bank credit. This move aims to boost lending capacity and support economic growth, reversing the slowdown observed after previous regulatory measures. In November 2023, the RBI had increased risk weights

Finance

India’s Credit Card Spending Reaches ₹1.84 Trillion in January 2025

By BPN News Desk February 26, 2025

Credit card spending in India increased by 10.8% year-on-year to ₹1.84 trillion in January 2025, according to data from the Reserve Bank of India (RBI). Despite this annual growth, spending showed a slight decline compared to the previous month. The rising usage of credit cards highlights growing consumer confidence and a shift towards digital transactions. […]

Business Finance

Economists Anticipate Repo Rate Reduction

By BPN News Desk February 25, 2025

Leading economists project that the Reserve Bank of India (RBI) may reduce the repo rate to 5.75% by mid-2025. This anticipated adjustment aims to address prevailing concerns over economic growth and inflation. The current repo rate stands at 6.5%, and a reduction of 75 basis points is expected over the next 16 months. Factors Influencing […]

Finance

RBI to Inject $10 Billion via Forex Swap to Address Liquidity Deficit

By BPN News Desk February 24, 2025

The Reserve Bank of India (RBI) has announced a significant measure to address the persistent liquidity deficit in the nation’s banking system by initiating a $10 billion dollar-rupee buy/sell swap auction. Scheduled for February 28, 2025, this operation aims to inject approximately ₹870 billion into the financial system, providing much-needed liquidity relief to

Business Finance

Amit Shah Announces First CRCS Regional Office in Pune

By BPN News Desk February 23, 2025

Union Minister for Cooperation Amit Shah has announced the establishment of India’s first regional office of the Central Registrar of Cooperative Societies (CRCS) in Pune. This initiative aims to strengthen the cooperative banking sector and provide enhanced facilities for banks, ensuring smoother operations without unnecessary hurdles. The announcement was made

Finance

RBI’s New Communication Norms May Impact Debt Recovery Processes

By BPN News Desk February 23, 2025

The Reserve Bank of India’s (RBI) recent directive to formalize communication channels between financial institutions and customers has sparked a debate among industry experts. On January 17, 2025, the RBI mandated that all transactional calls from banks, mutual funds, and other financial service providers must utilize the ‘160’ number series, while