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

Business Finance

Bank of India CEO Advocates for Reduced Government Stakes

By BPN News Desk February 22, 2025

In a recent address at the ‘IIMK-NSE Annual Conference on Macroeconomics, Banking & Finance’, Rajneesh Karnatak, the Managing Director and Chief Executive Officer of Bank of India, proposed that the government consider reducing its equity holdings in public sector banks (PSBs) to accommodate the growing capital requirements of an expanding economy.

Finance

RBI Survey Highlights Cash Preference Among Indian Farmers Amidst Digital Payment Growth

By BPN News Desk February 21, 2025

A recent survey by the Reserve Bank of India (RBI) reveals that cash remains the primary mode of transaction among Indian farmers, even as digital payment methods gain traction nationwide. The study indicates that while digital payments have seen significant growth, cash continues to be the favored instrument for agricultural transactions. Digital Payment Adoption on […]

Business Finance

India Considers GST Hike on Tobacco Products Post Compensation Cess

By BPN News Desk February 20, 2025

The Indian government is evaluating a proposal to increase the Goods and Services Tax (GST) on tobacco products, including cigarettes, following the scheduled conclusion of the compensation cess in March 2026. This initiative aims to maintain consistent tax revenue from the tobacco sector after the cessation of the compensation cess. Maintaining Revenue Post-Cess The

Business Finance

India Reduces Customs Duty on Bourbon Whiskey to 50%

By BPN News Desk February 14, 2025

In a significant policy shift, India has announced a reduction in customs duty on bourbon whiskey imports from 150% to 50%. This decision, effective from February 13, 2025, is part of India’s broader strategy to strengthen trade ties with the United States. Details of the Duty Reduction The revised tariff structure imposes a basic customs […]

Business Finance

Rupee Rises Above 87 Against USD After RBI Intervention

By BPN News Desk February 11, 2025

The Indian rupee reclaimed the 87-mark against the U.S. dollar in early trade, supported by aggressive intervention from the Reserve Bank of India (RBI). The central bank’s actions helped reverse recent losses, bringing temporary relief to the currency amid global economic pressures. RBI’s Intervention and Market Response The rupee had recently faced downward

Business Finance

RBI Introduces Exclusive Domains to Enhance Digital Payment Security

By BPN News Desk February 9, 2025

In a strategic move to bolster digital payment security and mitigate rising cyber threats, the Reserve Bank of India (RBI) has announced the introduction of exclusive internet domains for financial institutions. This initiative aims to enhance trust in digital banking and payment services. Addressing Rising Digital Payment Frauds The RBI has expressed significant concern

Business Finance

RBI Governor Highlights Need to Enhance Credit Accessibility

By BPN News Desk February 9, 2025

In a recent address, Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasized the central bank’s ongoing commitment to facilitating credit accessibility within the financial system. He acknowledged that while efforts have been made, there remains “room for improvement” in ensuring the ease of credit for businesses and individuals. RBI’s Focus

Business Finance

Cabinet Set to Approve New Income Tax Bill for Reforms

By BPN News Desk February 6, 2025

The Union Cabinet is set to approve a new Income Tax Bill on February 7, with plans to introduce it in the Lok Sabha during the ongoing Budget session. This bill seeks to replace the existing Income Tax Act of 1961 with a more streamlined and taxpayer-friendly system. Objective of the New Tax Bill The […]

Business Finance

GST Fraud Racket Uncovered: Fake Invoices Worth ₹658.55 Crore Detected

By BPN News Desk February 5, 2025

In a significant crackdown on tax evasion, the Central GST Itanagar Commissionerate has unearthed a fraudulent scheme involving the issuance of fake invoices valued at ₹658.55 crore without any actual supply of goods. This illicit activity has resulted in an estimated loss of approximately ₹100 crore to the government exchequer. Discovery of the GST Fraud […]