Finance

HMPV Scare in Bengaluru Sends Sensex Plummeting 800 Points

By BPN News Desk January 6, 2025

Investor sentiment took a hit as news of a detected case of the Human Metapneumovirus (HMPV) in Bengaluru led to heightened concerns about potential health crises and their economic fallout. The benchmark Sensex plunged 800 points in response, reflecting growing unease among market participants. HMPV Detection Sparks Fear The Human Metapneumovirus, which has been making

Finance

GST Notice to Pani Puri Vendor Sparks Online Uproar

By BPN News Desk January 4, 2025

A pani puri vendor recently received a Goods and Services Tax (GST) notice for transactions amounting to ₹40 lakh, drawing widespread attention and amusement on social media. The incident highlights the growing scrutiny of unorganized businesses and their tax compliance. The Notice and Its Implications The GST department issued the notice after detecting high-value

Business Finance

India Inc Starts 2025 with Record ₹7.6 Lakh Crore Cash Reserves

By BPN News Desk January 3, 2025

India Inc has entered 2025 with a record-high ₹7.6 lakh crore in cash reserves, reflecting a remarkable 51% increase since the onset of the COVID-19 pandemic. This robust cash position underscores the resilience and strategic financial management of Indian companies amid global economic challenges. Significant Post-Pandemic Recovery The cash pile is attributed to a

Finance

UPI Transactions Surge to Record 16.73 Billion in December

By BPN News Desk January 3, 2025

Unified Payments Interface (UPI), India’s flagship digital payment system, achieved a historic milestone in December 2024, clocking 16.73 billion transactions, according to data released by the National Payments Corporation of India (NPCI). This figure underscores the rapid growth and widespread adoption of digital payments across the country. UPI Growth Accelerates

Finance

India’s GST Collections Rise by 7.3% in December, Totaling ₹1.77 Lakh Crore

By BPN News Desk January 3, 2025

India’s Goods and Services Tax (GST) revenue for December 2024 has shown a significant increase, reaching ₹1.77 lakh crore. This marks a 7.3% rise compared to the same period last year, reflecting sustained economic activity and improved tax compliance. Breakdown of GST Revenues The December collections comprise: Central GST (CGST): ₹32,836 crore State GST (SGST):

Finance

UPI Transactions Surge to Record Levels in December

By BPN News Desk January 2, 2025

India’s Unified Payments Interface (UPI) continues to redefine digital payments, hitting an all-time high of 16.73 billion transactions in December 2024. The National Payments Corporation of India (NPCI) reported that these transactions amounted to a staggering ₹23.25 trillion in value, reflecting the increasing adoption of UPI across the country. Unprecedented Growth in

Finance

Electronics Industry Seeks Import Duty Cuts in Budget 2025

By BPN News Desk December 28, 2024

The Indian electronics industry has urged the government to consider significant reductions in import duties and enhanced incentives in the upcoming Union Budget 2025. The sector, a cornerstone of India’s manufacturing and export ambitions, seeks measures to lower costs and bolster its global competitiveness. Key Demands from Industry Leaders Industry stakeholders have

Finance

RBI Plans Stricter Norms for Top-Up Loans

By BPN News Desk December 27, 2024

In a move to address potential financial risks and bolster banking sector stability, the Reserve Bank of India (RBI) is considering tightening the eligibility criteria for top-up loans. This step comes in response to concerns about rising leverage and the associated risks to borrowers and lenders alike. Why Tighten Top-Up Loan Norms? Top-up loans, often […]

Finance

Supreme Court Allows Banks to Impose 30% Interest on Credit Card Dues

By BPN News Desk December 27, 2024

The Supreme Court of India has permitted banks to charge interest rates of up to 30% annually on unpaid credit card dues. This ruling reinforces the autonomy of financial institutions while emphasizing the need for transparency in credit card terms for consumers. Key Ruling Details The court’s decision came after extensive deliberations on the reasonableness […]

Finance

Finance Ministry Blames RBI Policies for Economic Slowdown

By BPN News Desk December 27, 2024

The Finance Ministry has pointed to the Reserve Bank of India’s (RBI) monetary policies as a contributing factor to the recent economic slowdown. In its latest report, the ministry highlighted that restrictive measures, including successive interest rate hikes, have dampened credit growth and suppressed domestic demand. Policy Tightening and Its Impact The ministry’s