The Reserve Bank of India (RBI) has imposed hefty penalties on three banks for non-compliance with various regulatory guidelines. These fines, running into crores, were levied following investigations that revealed significant lapses in adherence to banking norms and operational practices. While the RBI has not disclosed specific names in its preliminary statement, the violations reportedly Read More…
The Karnataka government is set to draft a new bill to address concerns over the activities of microfinance firms operating in the state. Law Minister HK Patil, speaking after a cabinet meeting on Friday, stated that the Reserve Bank of India (RBI) and other central finance agencies have been unable to effectively regulate these firms, Read More…
New York: U.S. President Donald Trump has reiterated his warning to BRICS nations, including India, against replacing the U.S. dollar with an alternative currency. Speaking after being sworn in as the 47th President on Monday, Trump declared that any such move would result in a 100% tariff on trade with the U.S. “If BRICS nations Read More…
Gold prices in India have reached an unprecedented high, with one sovereign (8 grams) now priced at ₹60,200—a sharp increase of ₹600. The surge is attributed to global economic concerns and the weakening of the U.S. dollar, which has intensified demand for the precious metal. On the international stage, spot gold prices have hit an Read More…
In their pre-budget discussions with Finance Minister Nirmala Sitharaman, RSS-affiliated unions have put forward significant proposals for the 2025 Union Budget. Among the key recommendations is raising the income tax exemption threshold to ₹10 lakh, designed to enhance the disposable income of taxpayers and address ongoing economic challenges. Further, the unions have called for an Read More…
In a recent report highlighting consumer spending patterns across India, southern states like Kerala, Telangana, and Tamil Nadu have emerged as leaders in per capita expenditure, showcasing stronger purchasing power and better living standards. Industrialized states such as Gujarat and Maharashtra have reported spending levels hovering around the national average, reflecting balanced economic growth and Read More…
The Group of Ministers (GoM) has recommended increasing the Goods and Services Tax (GST) on aerated drinks, cigarettes, and tobacco products to 35% from the current highest slab of 28%. The proposal aims to generate additional revenue to offset losses incurred by the Centre and states due to GST rate cuts on essential commodities and Read More…
By our financial correspondent Kochi: Total business turnover of the Kerala-based five private sector banks touched to Rs 8.15 trillion at the end of the second quarter of the financial year 2024-25 , the banking sources said. They are : Federal Bank (FDL) Ltd, Aluva, The Southan Indian Bank (SIB), Thrissur, CSB Bank Limited , Read More…
The Reserve Bank of India (RBI) is preparing to disrupt the cloud services market by introducing an affordable, localized cloud storage solution for financial institutions in 2025. This initiative, led by the RBI’s Indian Financial Technology and Allied Services (IFTAS), targets smaller banks and financial firms struggling with the high costs of existing cloud services Read More…
Infosys founder Narayana Murthy has stirred a debate with his remarks on the contemporary 5-day work week. Speaking at a recent event, Murthy expressed his belief that the reduced work schedule has negatively impacted productivity, innovation, and the work ethic of employees. He stressed that in the early years of Infosys, the company thrived on Read More…