Category: Economics Current Affairs

Cheque Truncation System: The Reserve Bank of India (RBI) has decided on the transition of the Cheque Truncation System (CTS) from the current approach of batch processing to continuous clearing with settlement on realisation in two phases. It is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of […]

US National Debt Hits Record $37 Trillion Amid Rising Government Spending: The U.S. national debt has reached a historic $37 trillion, according to a recent Treasury Department report. This record-breaking figure has arrived years ahead of projections, highlighting the rapid accumulation of federal debt due to pandemic-related expenditures, tax cuts, and new government spending initiatives. […]

Ravi Narayanan, former Axis Bank executive, has been appointed CEO of SMFG India Credit: Ravi Narayanan, former Group Executive at Axis Bank, has been appointed CEO of SMFG India Credit, according to sources familiar with the matter. This marks a pivotal leadership change since Sumitomo Mitsui Financial Group (SMFG) acquired Fullerton India Credit in 2021.The […]

India Poised to Become the World’s Most Sought-After Consumer Market: Morgan Stanley According to a recent report by Morgan Stanley, India is on track to become the world’s most sought-after consumer market, driven by a mix of economic stability, financial reforms, and shifting investment patterns. The report paints an optimistic picture of India’s economic future, […]

Bank of Baroda Introduces Global UPI Services via bob इ Pay App: Bank of Baroda has rolled out international UPI features on its official app, bob इ Pay. This update enables cross-border UPI transactions, making it easier for resident Indians and NRIs to engage in secure and real-time global payments. With this, the bank becomes […]

Government Appoints Merchant Bankers & Legal Advisors for Minority Stake Sales in LIC and PSBs: Department of Investment and Public Asset Management (DIPAM) finalized the empanelment of merchant bankers and legal advisors for a tenure of three years, with provision for extension up to five years, to lead the government’s minority stake sales in Life […]

Revised Income Tax Bill, 2025: Finance Minister has tabled the revised Income Tax Bill, 2025 in the Lok Sabha, incorporating most of the 566 recommendations made by the Parliamentary Select Committee. A new legislation to consolidate, streamline, and modernise India’s direct tax framework, replacing the six-decade-old Income Tax Act, 1961. Features of the Revised Bill: […]

Cabinet Approves ₹4,600 Crore Semiconductor Manufacturing Projects in Odisha, Punjab, and Andhra Pradesh: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved ₹4,600 crore for four new semiconductor manufacturing projects in Odisha, Punjab, and Andhra Pradesh. These will be set up under the India Semiconductor Mission (ISM), bringing the total number of approved […]

Karnataka’s GST evasion in FY25 rose to ₹39,577 crore: Karnataka recorded a dramatic surge in Goods and Services Tax (GST) evasion during the 2024–25 financial year, with the Central GST (CGST) department detecting evasion worth ₹39,577 crore—over five times higher than the previous year. The data, presented by Finance Minister Nirmala Sitharaman in a written […]

Bank Credit Growth Slows to 1.4% in FY26: Bank credit growth in India has slowed to 1.4% in FY26 so far, down from 2.3% in the same period last year, according to the Reserve Bank of India’s latest weekly statistical survey. Meanwhile, deposit growth has remained steady at 3.4%, compared with 3.5% during the same […]