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 […]

Business Finance

Rupee Falls to Record Low as US Tariffs Shake Markets

By BPN News Desk February 3, 2025

The Indian rupee has depreciated to a record low of 87.29 against the US dollar, following heightened global trade tensions. The sharp decline is attributed to new US tariffs on major trading partners, which have caused uncertainty in financial markets and increased demand for the dollar. US Tariffs and Market Reaction The United States recently […]

Finance

Indian Stock Market Suffers Rs 24 Lakh Crore Wipeout

By BPN News Desk January 31, 2025

The Indian stock market has witnessed a sharp decline, erasing Rs 24 lakh crore in valuation amid a prolonged losing streak, making it the worst market downturn since 2001. Investors have been hit hard as benchmark indices continued their downward trajectory due to concerns over global economic uncertainties and domestic market volatility. “This is the […]

Finance

UPI’s Remarkable Growth in India’s Digital Payments

By Editor - News Desk January 28, 2025

Since its inception in 2016, the Unified Payments Interface (UPI) has revolutionized India’s digital payment ecosystem, experiencing exponential growth over the past five years. In 2019, UPI accounted for 34% of the country’s digital transactions; by 2024, this figure had surged to an impressive 83%. In 2024 alone, India recorded 208.5 billion digital payment

Finance

Former IMF Executive Director Advocates for Personal Tax Reductions in India

By Editor - News Desk January 28, 2025

Former Executive Director of the International Monetary Fund (IMF), Subhash Chandra Garg, has called for a reduction in personal income tax rates in India, emphasizing that the current tax burden on individuals is excessively high. He suggests that the government should prioritize tax relief for individuals over corporations, noting that while corporate tax rates have […]

Finance

RBI Announces Measures to Inject ₹1.5 Lakh Crore into Banking System

By BPN News Desk January 28, 2025

The Reserve Bank of India unveils initiatives to infuse ₹1.5 lakh crore into the banking system, aiming to address liquidity deficits and stabilize interest rates.

Business Finance

RBI to Inject ₹60,000 Crore via OMO to Boost Liquidity

By BPN News Desk January 27, 2025

The Reserve Bank of India (RBI) has unveiled a significant measure to enhance liquidity in the financial system, announcing an Open Market Operation (OMO) worth ₹60,000 crore. This initiative is part of the central bank’s strategy to address liquidity concerns and support economic stability in the face of evolving domestic and global challenges. “Steps to […]

Business Finance

RBI Utilizes $77 Billion from Forex Reserves to Stabilize Rupee Amid Depreciation

By BPN News Desk January 27, 2025

The Reserve Bank of India (RBI) has deployed $77 billion from its foreign exchange reserves to stabilize the Indian rupee, which has witnessed a sharp depreciation in recent months. This move reflects the central bank’s efforts to manage volatility in the currency market and maintain investor confidence amid global economic challenges. “Sharp Rupee Depreciation