The Reserve Bank of India (RBI) has prohibited four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans due to their practice of charging excessively high interest rates. The affected entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance—which provides personal, consumption, and loans for micro, small, …
The Maharashtra government has announced the Diwali Bonus 2024 under the Mukhyamantri Ladki Bahin Yojana, which is designed to help women in the state by giving them direct financial support. In the latest update, officials will deposit ₹3,000 into the bank accounts of eligible women as the fourth and fifth payments of the Ladki Bahin …
Avul Pakir Jainulabdeen Abdul Kalam, born on October 15, 1931, in Rameswaram, India, was a renowned scientist and politician who served as the President of India from 2002 to 2007. Kalam graduated from the Madras Institute of Technology in 1958 and joined the DRDO (Defence Research and Development Organisation). In 1969, he became the Project …
In a significant move, the Reserve Bank of India (RBI) has shifted its monetary policy stance after 20 months of holding rates higher to combat inflation. The recent monetary policy committee (MPC) meeting saw the stance change from “withdrawal of accommodation” to “neutral.” This shift has sparked curiosity among market participants about what it means …
India has achieved a significant milestone in its renewable energy journey, surpassing 200 GW (gigawatts) of total renewable energy capacity as of October 10, 2024. According to the Central Electricity Authority, the current renewable energy-based electricity generation capacity stands at 201.45 GW. This accomplishment highlights India’s commitment to clean energy and its ongoing efforts to …
India’s automobile exports showed impressive growth in the June quarter, rising by 15.5% year-on-year, with all segments, except for three-wheelers, experiencing increased shipments. According to the latest data from the Society of Indian Automobile Manufacturers (SIAM), total exports reached 11,92,577 units in the first quarter of the current fiscal year, up from 10,32,449 units during …
The Growth Hub Index 2024 report highlights Asia’s dominance among the world’s top 15 growth hubs, with an impressive 14 of these cities located in the region. These cities are projected to excel in terms of wealth accumulation, economic expansion, and developmental opportunities by 2033. Indian cities stand out prominently in this landscape, with four …
After Reliance Jio, the PHD Chamber of Commerce has also asked the Telecom Regulatory Authority of India (Trai) to revise its consultation paper on the rules for allocating satellite spectrum. They argue that the paper fails to address important issues regarding fair competition between satellite and terrestrial networks. In a letter to Trai Chairman AK …
Non-Banking Financial Companies (NBFCs) have demonstrated a remarkable ability to attract deposits, surpassing traditional banks in recent years. According to the Reserve Bank of India (RBI), NBFCs collectively achieved a 21% increase in deposits during the financial year 2024 (FY24), while banks struggled with a more modest 13.5% year-on-year (YoY) growth. The allure of NBFCs …
The Reserve Bank of India (RBI) continues to drive India’s digital payment revolution by increasing the transaction limits for UPI 123Pay and UPI Lite. During the Monetary Policy Committee (MPC) 2024 meeting, Governor Shaktikanta Das announced this update aimed to enhance digital payments, especially for feature phone users. As part of the RBI’s ongoing efforts …
