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Current Affairs

RBI Suspends Paytm Payments Bank's Core Services
The Reserve Bank of India (RBI) has prohibited Paytm Payments Bank from onboarding new customers and offering key services, including digital wallets and UPI tr... The Reserve Bank of India (RBI) has prohibited Paytm Payments Bank from onboarding new customers and offering key services, including digital wallets and UPI transactions, effective March 1, 2024. This directive significantly hampers the operations of the payments bank, preventing it from accepting deposits, issuing cards, opening accounts, and providing payment aggregator services. The restrictions also extend to transactions via UPI, IMPS, NEFT, RTGS, FASTags, and Rupay cards. Paytm Payments Bank is limited to allowing withdrawals from existing accounts and balances, with pending transactions to be settled by March 15. The RBI's concerns reportedly include issues related to KYC compliance, IT systems, and data sharing with Chinese investors. This move highlights increasing regulatory scrutiny in India's fintech sector, signaling a need for firms to strengthen risk management, compliance, and corporate governance to sustain growth amidst tighter regulations.
Interim Budget 2024-2025
In the fiscal year 2024-25 budget, the Union Government emphasizes enhancing economic growth through substantial investments in infrastructure development. The ... In the fiscal year 2024-25 budget, the Union Government emphasizes enhancing economic growth through substantial investments in infrastructure development. The total expenditure is estimated at 47.65 lakh crore, with a notable focus on capital expenditure, reaching 11.11 lakh crore. This marks a commendable increase of 16.9% in capital expenditure over the Revised Estimates for 2023-24. The budget allocates 11.11 lakh crore for capital expenditure, reflecting a 16.9% surge over the previous fiscal year. The effective capital expenditure for 2024-25 is projected at 14.96 lakh crore, indicating a substantial increase of 17.7% over the Revised Estimates for 2023-24.
Government Cuts Import Duty On Phone Components Cut To 10% From 15%
The Indian government has strategically reduced import duties on mobile phone components to boost the domestic manufacturing industry. Import duties on parts us... The Indian government has strategically reduced import duties on mobile phone components to boost the domestic manufacturing industry. Import duties on parts used in mobile phone manufacturing have been decreased from 15% to 10%. This move aligns with India's broader objectives of strengthening its position in global supply chains and fostering increased exports. India has been emerging as a key hub for mobile phone manufacturing, attracting major global players to establish production facilities in the country.