In a significant step towards financial inclusion and customer convenience, the Reserve Bank of India (RBI) has announced three major measures aimed at making banking services more accessible, transparent, and user-friendly. The announcement was made on Wednesday, following the Monetary Policy Committee (MPC) meeting, with RBI Governor Sanjay Malhotra highlighting that the initiatives are designed … Read more
India’s net direct tax collection for the financial year 2025–26 has dropped by 3.95%, reaching ₹6.64 lakh crore compared to ₹6.91 lakh crore collected during the same period in FY25. The decline, according to the government’s data released on August 12, 2025, is primarily due to a significant rise in refunds issued to taxpayers. Understanding … Read more
India’s retail inflation dropped sharply to 1.55% in July 2025, the lowest year-on-year rate since June 2017. This is also the first time in over six years that inflation has fallen below the Reserve Bank of India’s (RBI) 2%–6% tolerance band. The July figure marks a significant decline from 3.16% in April 2025 and 3.54% … Read more
The banking system in India is changing, especially regarding the minimum balance needed for savings accounts. ICICI Bank has announced that starting August 1, 2025, new savings accounts will require a higher Minimum Average Monthly Balance (MAMB). ICICI Bank’s Strong Move: The New Minimum Balance Rules Starting August 1, 2025, ICICI Bank has implemented higher minimum balance rules for new savings … Read more
Consumer confidence in India saw a notable improvement in July across both rural and urban regions, signaling a more optimistic outlook on the economy. This upswing is largely credited to a decline in retail inflation and more favourable interest rates, which together have enhanced household sentiment. In rural areas, the Current Situation Index (CSI)—a measure … Read more
Global investment bank Goldman Sachs has lowered its GDP growth projections for India, citing increasing trade tensions with the United States following President Donald Trump’s decision to impose a 25% tariff on Indian exports. The bank warned that the broader issue may not be the tariffs themselves, but the policy uncertainty surrounding them—something that could … Read more
The Reserve Bank of India (RBI) will settle a $5 billion dollar-rupee swap maturing on August 4, 2025, without opting for a rollover. This move reflects the central bank’s assessment that liquidity in the Indian banking system is more than sufficient and there is no immediate need to inject additional funds. What is a Dollar-Rupee … Read more
India’s Unified Payments Interface (UPI) reached an unprecedented high on August 2, 2025, processing 707 million transactions in a single day. The figure, confirmed by the National Payments Corporation of India (NPCI), marks a historic moment for the country’s digital payments ecosystem. Over the past few years, UPI has transformed the way Indians make payments—becoming … Read more
The 56th meeting of the Monetary Policy Committee (MPC) was held from August 4–6, 2025, under the chairmanship of Shri Sanjay Malhotra, Governor of the Reserve Bank of India (RBI). Other members present were Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta, and Dr. Rajiv Ranjan. Policy Decision The MPC decided … Read more
The Central Government has officially awarded the much-anticipated PAN 2.0 project of the Income Tax Department to LTI Mindtree Ltd for a contract value of ₹792 crore.According to people familiar with the development, the project is scheduled to go live within 18 months, marking a major overhaul in how Permanent Account Number (PAN) and Tax … Read more