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In a tough disciplinary action, the Reserve Bank of India (RBI) on Wednesday barred Kotak Mahindra Bank from issuing fresh credit cards and onboarding new customers through online and mobile banking channels. The RBI cited “serious deficiencies” in the private lender’s IT system and repeated failures to fix them as the reason for its action. […]
Fixed deposits (FDs) remain a crucial aspect of financial planning in India. They offer safe and predictable returns on your investment, making them ideal for risk-averse individuals seeking guaranteed income growth. Here’s a look at three banks – Ujjivan Small Finance Bank, AU Small Finance Bank, and YES BANK – that offer FD interest rates […]
The Income Tax department has released an interim action plan for the fiscal year 2024-25. The plan will focus on tax collections, dispute resolution, and data updating for better fiscal management. The focus is on areas such as identifying cases of TDS short-payment, expediting appeals processing, and other processes. The plan sets deadlines for refund […]
Ernst and Young (EY), a global consultancy firm, has submitted its pre-Budget 2024 recommendations to Finance Minister Nirmala Sitharaman. One of the key suggestions is to expand the list of metro cities for calculating the House Rent Allowance (HRA) exemption in Income Tax filings. Currently, only Delhi, Mumbai, Chennai, and Kolkata are considered as metros […]
Gautam Adani, the founder and chairperson of the Adani Group, has dethroned Mukesh Ambani, the chairperson and managing director of Reliance Industries, as the richest person in India and Asia, according to the Bloomberg Billionaires Index (BBI). Adani’s net worth reached $97.6 billion, making him the 12th richest person in the world, while Ambani’s net […]
The price of cryptocurrency Bitcoin continues to rise on January 3, with the rates still trading above $45,000 a day after breaching the mark. For the first time since April 2022, cryptocurrency Bitcoin crossed the $45,000 mark on Tuesday, touching its 21 month high. Bitcoin, which is the world’s largest cryptocurrency, recorded a hike of […]
The Western Region, Ahmedabad Chapter of The Institute of Company Secretaries of India (ICSI) conducted elections for its key office-bearers. CS Mehul Rajput emerged as the new Chairman of the Western India Regional Council (WIRC). CS Yash Mehta also became the chairman of the Ahmedabad Chapter. For the Ahmedabad Chapter, CS Jaymeen Trivedi and CS […]
Veteran Indian banker Uday Kotak has presented a comprehensive plan with seven key recommendations to propel India towards achieving a $30 trillion GDP by 2047. In a post on social media platform X, he says, “In the early 80s, the Indian saver had low confidence in financial assets versus gold and land. Slowly, the saver […]
In a significant move aimed at expanding the utility of Unified Payments Interface (UPI), the Reserve Bank of India (RBI) announced that it has increased the transaction limit for UPI payments to hospitals and educational institutions to Rs 5 lakh, up from the previous limit of Rs 1 lakh. During the announcement of the Monetary […]
