Parliament has approved the Banking Laws (Amendment) Bill. This will allow account holders to have up to 4 nominees. The Rajya Sabha gave its approval on Wednesday. Objectives of the Amended Legislation The Bill seeks to strengthen governance in India’s banking sector. It also aims to improve convenience for consumers. The amended bill will enable …
The Indian government is planning to launch a new cooperative-based taxi service. It will be called “Sahkar Taxi” which will operate across the country. It aims to provide an alternative to popular ride-hailing platforms. Ola and Uber are examples of these platforms. This move will place the government in competition with existing players. Uber, Ola, …
The market for weight-loss drugs is expanding in India. American drugmaker Eli Lilly launched Mounjaro recently. This signals the arrival of powerful new treatments. Mounjaro costs ₹17,500 monthly for a 5mg dose. It has an early advantage. However, competition is expected soon. Generics could be priced much lower. Weight loss treatments are set for significant …
The Jharkhand government has extended the deadline for Mukhyamantri Maiyan Samman Yojana (JMMSY) beneficiaries without Aadhaar-linked bank accounts. They will now receive financial aid until March 31, 2025, instead of the earlier deadline of December 31, 2024. Financial Assistance for Women Under the JMMSY, women aged 18 to 50 years receive a monthly financial assistance …
The upcoming monsoon session of Parliament, typically held in July and August, is set to witness a significant discussion on the new Income Tax Bill. Finance Minister Nirmala Sitharaman made this announcement in the Lok Sabha while addressing discussions on the Finance Bill 2025. A Step Towards Simplification Introduced in the House on February 13, …
The Government of India offers various credit schemes to support small traders, farmers, and startups. These schemes are designed to provide financial assistance to promote entrepreneurship and economic growth. Below are details of some prominent credit schemes: Pradhan Mantri Mudra Yojana (PMMY) PMMY offers collateral-free institutional credit through Member Lending Institutions (MLIs), including Scheduled Commercial …
According to Minister of State for Finance Shri Pankaj Chaudhary, the government is actively reviewing the financial performance of Regional Rural Banks (RRBs) at both national and regional levels. The review meetings focus on key financial parameters, technological advancements, and strategic lending initiatives. A major agenda includes enhancing the Micro, Small, and Medium Enterprises (MSME) …
The Lok Sabha passed the Finance Bill 2025 on Tuesday, March 25, incorporating 35 government amendments aimed at tariff rationalisation, reducing input costs, and supporting domestic manufacturing. Finance Minister Nirmala Sitharaman highlighted the government’s commitment to promoting India’s industrial growth and ensuring a balanced taxation structure while discussing the bill in Parliament. Tariff Rationalisation and …
The Reserve Bank of India (RBI) has approved an ATM interchange fee hike. The revision will be effective from May 1, 2025. As per the decision, the cost of financial charges will rise by ₹2. Moreover, the cost of non-financial transaction charges increase by ₹1. As per news reports, small-size banks with a limited network …
The latest provisional payroll data from the Employees’ State Insurance Corporation (ESIC) reveals significant growth in its coverage for January 2025. A total of 18.19 lakh new employees have been added to the social security net, ensuring more workers benefit from the security provided by the ESI Scheme. Key Takeaways from January 2025’s ESIC Payroll …
