Finance

India Pushes for Global Consensus on Cryptocurrency Regulation

By BPN News Desk December 25, 2024

The debate over cryptocurrency regulation in India has intensified as Finance Minister Nirmala Sitharaman emphasized the need for a global consensus to effectively manage and regulate digital currencies. While the Reserve Bank of India (RBI) has called for a complete ban on cryptocurrencies, the government believes that international cooperation is crucial to address the

Finance

Supreme Court Removes 30% Cap on Credit Card Late Payment Interest

By BPN News Desk December 21, 2024

In a landmark decision, the Supreme Court of India has removed the 30% per annum interest cap previously imposed on late credit card bill payments. The ruling provides financial institutions greater autonomy in determining interest rates on overdue payments, sparking widespread discussion in the financial and consumer sectors. Interest Rate Regulation Left to Banks The

Finance

Sanjay Malhotra Takes Charge as 26th RBI Governor

By BPN News Desk December 11, 2024

Sanjay Malhotra officially took charge as the 26th Governor of the Reserve Bank of India (RBI) on Monday, succeeding Shaktikanta Das. With extensive experience in financial and economic management, Malhotra’s appointment signals a continuation of efforts to bolster India’s monetary and fiscal stability. Upon assuming office, Malhotra expressed his commitment to

Finance

Gold Prices Drop by ₹190, Silver Gains ₹350 Amid Market Volatility

By BPN News Desk December 10, 2024

Gold prices fell by ₹190 to ₹78,960 per 10 grams in the Indian markets on Monday, reflecting shifts in global and domestic demand. However, silver prices climbed ₹350, reaching ₹98,900 per kilogram, signaling mixed trends in precious metal markets. This movement in prices came amid varying international spot market trends. Gold traded lower internationally at […]

Finance

India’s Logistics Costs to Drop to 9% of GDP by 2026

By Editor - News Desk December 9, 2024

India aims to bring down its logistics costs from 16% of GDP to 9% within the next two to three years, as announced by Union Minister Nitin Gadkari. This ambitious target seeks to strengthen economic competitiveness by streamlining the nation’s supply chain infrastructure. Infrastructure Development Initiatives The government is accelerating infrastructure projects,

Finance

India’s Inflation Expected to Ease to 5.4% in November

By Editor - News Desk December 9, 2024

Decline in Vegetable Prices Expected to Ease India’s Inflation India’s inflation rate is anticipated to decrease to 5.4% in November 2024, down from 6.21% in October, primarily due to a significant drop in vegetable prices. This decline is expected to provide relief to consumers and may influence the Reserve Bank of India’s (RBI) monetary policy […]

Finance

Economists Advocate New Manufacturing Policy in Pre-Budget Meet

By BPN News Desk December 7, 2024

In a pre-Budget consultation chaired by Finance Minister Nirmala Sitharaman, economists called for the introduction of a new manufacturing policy to stimulate economic growth. The meeting, held as part of preparations for the Union Budget 2024-25, focused on strategies to boost private investments and revitalize India’s industrial sector. Push for Manufacturing and

Finance

Direct Tax Code 2025: Simplified Tax Laws to Benefit Middle-Class Taxpayers

By BPN News Desk December 5, 2024

The Indian government is set to unveil the Direct Tax Code (DTC) 2025, a comprehensive reform of the country’s income tax laws, in the Union Budget on February 1, 2025. The new code will replace the Income Tax Act of 1961, aiming to simplify the taxation process, reduce compliance burdens, and align tax laws with […]

Finance

No Plans for Public Sector Bank Mergers, Finance Ministry Confirms

By BPN News Desk December 4, 2024

The Finance Ministry has clarified that no proposals are currently under consideration for merging public sector banks (PSBs). This statement was made in the Rajya Sabha on Tuesday, with the Ministry also acknowledging the positive impact of previous consolidations in the sector. Mergers Yield Positive Results In recent years, India has seen significant consolidation in

Finance

Lok Sabha Approves Banking Laws Amendment Bill

By BPN News Desk December 4, 2024

The Lok Sabha has approved the Banking Laws Amendment Bill, aimed at improving financial security and streamlining nominee management in banking operations. This significant move allows account holders to designate up to four nominees for a single bank account, providing flexibility and enhanced safety for depositors and their families. Key Provisions of the Amendment The