GST Collections Increase by 10% to ₹1.75 Lakh Crore in August: In August 2024, India’s GST collections reached ₹1.75 lakh crore, marking a 10% year-on-year growth compared to ₹1.59 lakh crore in August 2023. This increase reflects robust domestic consumption and higher imports.
Category: Economics Current Affairs
India Post Payments Bank (IPPB) Celebrates 7th Foundation Day
India Post Payments Bank (IPPB) Celebrates 7th Foundation Day: India Post Payments Bank (IPPB), a key player in driving financial inclusion across India, proudly marked its 7th Foundation Day on September 2, 2024. Since its nationwide launch in 2018 by Prime Minister Shri Narendra Modi, the IPPB has been instrumental in transforming India’s financial landscape.
Anti-Dumping Duty
Anti-Dumping Duty: The Union Ministry of Commerce and Industry recently recommended imposing an anti-dumping duty on aluminium foil imported from China. Anti-Dumping Duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. Dumping is a process wherein a company exports a product at […]
RBI’s Five Strategic Priorities for India’s Financial Future
RBI’s Five Strategic Priorities for India’s Financial Future: At the Global Fintech Festival (GFF) 2024 in Mumbai, Reserve Bank of India (RBI) Governor Shaktikanta Das outlined five strategic priorities for India’s financial future, underscoring the country’s ambitious plans to establish itself as a leading global economy
Payment Passkey Service
Payment Passkey Service: Mastercard has debuted its Payment Passkey Service in India, offering a secure, non-OTP-based solution for online transactions.The Payment Passkey Service is a secure, non-OTP-based method for managing online transactions. Instead of using traditional passwords or one-time passwords (OTPs), this service relies on biometric authentication (fingerprints, facial scans) or PINs available on the […]
UN Allocates $100 Million for Humanitarian Crises in 10 Countries
UN Allocates $100 Million for Humanitarian Crises in 10 Countries: The United Nations has allocated $100 million from the Central Emergency Response Fund (CERF) to address critical humanitarian needs in 10 countries across Africa, the Middle East, Asia, and the Caribbean.
RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd
RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd: The Reserve Bank of India (RBI) has levied penalties on two financial entities for regulatory non-compliance. UCO Bank has been fined Rs 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification.
NHPC, SECI, Railtel, and SJVN Gain Navratna Status
NHPC, SECI, Railtel, and SJVN Gain Navratna Status: Finance Minister Nirmala Sitharaman granted ‘Navratna’ status to four Central Public Sector Enterprises (CPSEs): NHPC, Solar Energy Corporation of India (SECI), Railtel Corporation of India (RCIL), and Satluj Jal Vidyut Nigam (SJVN).
Bonus Issue
Bonus Issue: Reliance Industries Chairman recently announced a bonus issue for the company’s shareholders in a 1:1 criterion. A bonus issue, also known as a scrip issue or a capitalization issue, occurs when a company listed on a stock exchange decides to offer free additional shares to the existing shareholders. The company decides the number […]
Unified Payments Interface (UPI) block mechanism
Unified Payments Interface (UPI) block mechanism: Securities and Exchange Board of India (SEBI) proposed mandatory Unified Payments Interface (UPI) block mechanism facility for secondary market trading using the UPI-based block mechanism to their clients.It is similar to the Application Supported by Blocked Amount (ASBA) facility that allows trading with blocked amounts.
