Finance Current Affairs

Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for PSBs

FM Nirmala Sitharaman has launched EASE (Enhanced Access and Service Excellence) 5.0 ‘Common reforms agenda’ for Public Sector Banks (PSBs) under EASENext program EASE has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with […]

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Airtel Payments Bank offer gold loans in partnership with Muthoot Finance

Airtel Payments Bank has partnered with Muthoot Finance to offer gold loans through Airtel Thanks app. There will be no-processing charge on the loan. Muthoot Finance will provide up to 75% of the pledged gold value as a loan. The loan facility will be available at the 5 lakh banking points for Airtel Payments Bank. Gold Loans are secured loans that can be availed to

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India’s digital payments market will be tripled to $10 trillion by 2026

According to the latest study which was conducted by digital payments firm PhonePe and Boston Consulting Group (BCG) states that India’s digital payment market is expected to more than triple to $10 trillion by 2026. Presently, 40% of all transactions in India are digital, and payments worth $3 trillion were processed by digital instruments in 2021. India’s UPI continues to grow, clocking $5.95

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Premium rates of PMJJY and PMSBY revised from June 1

The Finance Ministry has approved hiking the premium rates of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). The premium rates have been revised by making it ₹1.25 per day premium for both schemes. Revised premium rate for PMJJBY is ₹436, earlier it was ₹330 and PMSBY hiked from ₹12 to ₹20. Government set a target to increase the

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Fiscal deficit of India improves to 6.7% in FY22

Fiscal deficit of India for 2021-22 has improved to 6.71% of the GDP over the revised budget estimate of 6.9% mainly on account of higher tax realisation. The fiscal deficit in the absolute terms was Rs 15,86,537 crore (provisional). The finance ministry had estimated the deficit at Rs 15,91,089 crore or 6.9 per cent of GDP in February 2022. The tax receipts were at

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SEBI imposed monetary penalty of Rs 1 cr on IIFL for misusing client funds

SEBI has imposed a penalty of Rs 1 crore on India Infoline Ltd (IIFL) for misutilisation of client securities. The amount has to be paid by IIFL within 45 days. The penalty came after the SEBI’s inspections of the books of account of IIFL for the period April 2011 to January 2017. It was found that IIFL had misused client funds in

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Public Sector Banks doubled their Net Profit to almost Rs 66,500 crore in FY22

Public sector banks (PSBs) more than quadrupled their net profit in the fiscal year 2021-2022. During the financial year 2021-22, the aggregate profit of 12 state-owned banks was Rs 66,539 crore, up 110 percent from Rs 31,816 crore in the previous year. For the first time in years, all 12 state-owned banks made a profit. This was also a significant

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IRDAI Established Committees to Recommend Changes to Insurance Industry

Insurance Regulatory and Development Authority of India (Irdai) has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such as regulation, product, distribution, among others. According to a GIC spokesman, these panels include leaders of private and public sector insurance companies, members of Irdai, and

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India’s GDP growth likely to be 8.2-8.5 per cent in FY22: SBI report

SBI’s research report Ecowrap, in its latest edition has projected India’s Gross Domestic Product (GDP) growth at 8.2 to 8.5 per cent for FY22. For Q4FY22, the SBI research report expects growth of 2.7 per cent. Early trend of Q4FY22 results for corporates, in the listed space, Sectors like IT-software, auto ancillary, steel, FMCG, chemicals,

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Sebi withdraws permanent recognition granted to ICEX

SEBI has withdrawn the recognition granted to the Indian Commodity Exchange Limited (ICEX). The withdrawal of recognition follows an order passed by SEBI on May 10 after finding the bourse non-compliant on several grounds like net worth and infrastructural requirements. After this, the ICEX has been directed to transfer the money available in the Investor Protection Fund and Investor Services Fund of

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