India 2nd only to US in number of banks covered under deposit insurance: RBI Dy Governor

India Ranks Second Globally in Deposit Insurance Coverage

In a recent global conference held in Jaipur, India, on August 13, 2024, RBI Deputy Governor Michael Debabrata Patra announced that India's Deposit Insurance and Credit Guarantee Corporation (DICGC) has extended coverage to 1,997 banks. Aug 13, 2024
RBI forecasts 7.2 pc GDP growth on back of rising urban, rural demand

RBI Projects 7.2% GDP Growth Despite Global Uncertainties

The Reserve Bank of India (RBI) announced a projected GDP growth of 7.2% for India in the fiscal year 2024-25. This projection, made on August 8, 2024, is based on the strength of investment demand, steady urban consumption, and rising rural consumption. Aug 8, 2024
UPI

UPI transactions reach Rs 20.64 lakh crore in July: NPCI

The Unified Payments Interface (UPI)-based transactions surged once again in the month of July, reaching Rs 20.64 lakh crore against Rs 20.07 lakh crore in the previous month – a massive 35 per cent surge (year-on-year), the data released by the National Payments Corporation of India (NPCI) Aug 1, 2024
Reserve Bank of India (RBI)

RBI tightens domestic Money Transfer rules, adds new security factors

The Reserve Bank of India (RBI) has tightened rules for domestic money transfers, requiring banks to record the name and address of beneficiaries. Remitting banks must register the remitter with a verified cell phone number and an 'Officially Valid Document (OVD)'. Jul 25, 2024
Finance Minister Nirmala Sitharaman

Comprehensive review of Income Tax Act announced in Union Budget

Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961 to simplify the tax regime. The tax regime for charities, TDS rate structure, and capital gains taxation are also being simplified. The government's efforts to simplify taxes are part of a broader effort to improve taxpayer services and reduce litigation. The government also announced measures to make life and health insurance plans more affordable. Jul 23, 2024