Finance - NewNerve

Fintech’s Wishlist for Budget 2024: A Call for Digital Infrastructure and Innovation

20Jul

By Ankit1 Comment

Economics, Finance, Fintech

Fintech’s Wishlist for Budget 2024: A Call for Digital Infrastructure and Innovation

The Indian fintech sector, a dynamic force driving financial inclusion and innovation, is eagerly awaiting the Union Budget 2024. With its rapid growth and potential to transform the financial landscape, the sector is looking for policy measures that can further propel its trajectory. Here are some key expectations from the fintech industry for Budget 2024: 1. Boosting Digital Public Infrastructure: Investment in UPI and Digital Payments: The fintech industry is calling for increased investment in the Unified Payments Interface (UPI) and other digital payment infrastructure. This includes expanding UPI's reach to rural areas, enhancing its security features, and exploring potential for cross-border payments. Promoting Open Finance: Encouraging the adoption of open finance fra...

PM Modi Unveils ₹29,400 Crore Infrastructure Bonanza for Mumbai

14Jul

By AnkitNo Comments

Blog, Economics, Finance, Goverment Notice/Circulars

PM Modi Unveils ₹29,400 Crore Infrastructure Bonanza for Mumbai

Prime Minister Narendra Modi visited Mumbai today, July 13, 2024, and announced a slew of major infrastructure projects worth over ₹29,400 crore.[1][3] The key projects launched by PM Modi include: Laying the foundation stone for the Thane-Borivali Tunnel Project, valued at ₹16,600 crore. This 11.8 km tunnel will create a direct connection between the Western Express Highway at Borivali and Ghodbunder Road in Thane, reducing travel time by 1 hour.[1] Launching the Goregaon Mulund Link Road (GMLR) project, worth over ₹6,300 crore. This will connect the Western Express Highway at Goregaon to the Eastern Express Highway at Mulund, cutting travel time from 75 minutes to just 25 minutes.[1][3] Initiating the Kalyan Yard remodelling project and the Gati Shakti Multi...

PM Modi Shifts Gears: Overhaul for State-Run Firms, Not Privatization

13Jul

By Ankit1 Comment

BFSI, Blog, Economics, Finance

PM Modi Shifts Gears: Overhaul for State-Run Firms, Not Privatization

In a surprising move, Prime Minister Narendra Modi has announced a shift in strategy regarding state-owned enterprises (SOEs). While the government had previously indicated a strong push for privatization, Modi has now opted for a complete overhaul of these firms, aiming to improve their efficiency and competitiveness. This change in direction comes after extensive consultations with industry experts and stakeholders. The government acknowledges that while privatization can be a viable option in certain cases, it believes that a comprehensive revamp of SOEs is crucial for their long-term success. The overhaul will include a multi-pronged approach: Modernization of Operations: SOEs will be equipped with cutting-edge technology and streamlined processes to enhance thei...

Union Budget 2024: Continuity and Challenges

10Jul

By Ankit2 Comments

BFSI, Economics, Finance, Startups

Union Budget 2024: Continuity and Challenges

Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget 2024, including the Interim one earlier this year. This continuity is remarkable, but there’s more to it. Let’s delve into the key points: Fiscal Consolidation Path: Officials suggest that the full Budget will likely adhere to the fiscal consolidation path set in the Interim Budget, maintaining the fiscal deficit target for the current financial year at 5.1% of GDP. The robust GDP growth and a record dividend from the Reserve Bank of India provide support. Tax Breaks vs. Welfare: There’s buzz about tax breaks for the salaried class, especially those at the bottom rung. Some argue that tax breaks are more effective than welfare schemes in boosting consumption by putting more disposable income ...

World Bank Projects in India: Understanding its Key Priorities and Focus Area

6Jul

By AnkitNo Comments

Blog, Development Projects, Economics, Finance

World Bank Projects in India: Understanding its Key Priorities and Focus Area

The World Bank, a global financial institution dedicated to fighting poverty and fostering development, plays a significant role in India's economic and social progress. The World Bank projects in India are carefully aligned with the country's development priorities, reflecting a collaborative approach to achieving shared goals. Here's how: 1. Aligning with National Development Plans: The World Bank projects in India are designed to support India's national development plans, such as the Sustainable Development Goals (SDGs) and the National Development Strategy. This ensures that projects address key areas of focus for the Indian government. For example, the "India Climate Resilient Agriculture Project" directly contributes to achieving SDG 2 (Zero Hunger) and SDG 13 (Climate Ac...

RBI Announces Withdrawal of ₹2000 Denomination Banknotes

3May

By Ankit1 Comment

Banking, Economics, Finance, Goverment Notice/Circulars

RBI Announces Withdrawal of ₹2000 Denomination Banknotes

The Reserve Bank of India (RBI) has recently released a press release announcing the withdrawal of ₹2000 denomination banknotes from circulation. This significant move aims to streamline the currency system and ensure the smooth functioning of the Indian economy. The RBI's decision comes into effect based on the guidelines provided in Press Release 2023-2024/257, dated May 19, 2023. Let's delve into the details of this crucial development. Withdrawal Status and Process: According to the press release, the ₹2000 banknotes' withdrawal status is regularly updated by the RBI. The most recent update was published on April 01, 2024. As part of the withdrawal process, individuals and entities were initially given the opportunity to deposit or exchange their ₹2000 banknotes at any bank branch un...

Punjab National Bank (PNB) Revises FD Rates, Implements Rate Cuts of up to 15bps

2May

By AnkitNo Comments

BFSI, Banking, Finance

Punjab National Bank (PNB) Revises FD Rates, Implements Rate Cuts of up to 15bps

Punjab National Bank (PNB), one of India's leading public sector banks, has recently announced a revision in its fixed deposit (FD rates) interest rates. The bank has implemented rate cuts of up to 15 basis points (bps) across various tenures. This move comes as a response to the evolving market conditions and aims to align the bank's offerings with the prevailing interest rate environment. Let's delve deeper into the revised FD rates offered by PNB. Revised FD Rates: Effective from April 12, 2024, PNB has adjusted its FD interest rates for different categories of depositors. The revised rates are as follows: Regular Citizens: For regular citizens, PNB now offers FD interest rates ranging from 3.50% to 7.25%. The rates vary based on the tenure of the fixed deposit. Senior Citize...

Decoding the RBI Circular: Opens Doors for SFBs to Become Universal Banks

29Apr

By Ankit1 Comment

Banking, BFSI, Finance, Goverment Notice/Circulars

Decoding the RBI Circular: Opens Doors for SFBs to Become Universal Banks

In a recent circular issued by the Reserve Bank of India (RBI), significant changes have been introduced that pave the way for Small Finance Banks (SFBs) to apply for Universal Bank status. This move aims to enhance financial inclusion and broaden the banking landscape in India. The circular outlines the eligibility criteria and requirements for SFBs aspiring to become Universal Banks. This article provides a summary of the circular and its key provisions. Eligibility Criteria: To be eligible for consideration, SFBs must meet the following requirements: Operational Experience: The SFB should have successfully operated for at least five years, demonstrating their ability to function effectively in the banking sector. Listing on Stock Exchange: The SFB must be listed ...

India’s Journey from Crisis to Confidence: Decoding the Shaktikanta Das’s Vision

26Apr

By Ankit1 Comment

BFSI, Banking, Blog, Digital Lending, Finance, Fintech, Goverment Notice/Circulars, NBFC, Payments, Review, Technology

India’s Journey from Crisis to Confidence: Decoding the Shaktikanta Das’s Vision

In a recent speech, Reserve Bank of India Governor Shaktikanta Das outlined India's remarkable journey from crisis to confidence. Drawing on historical events and economic data, Das paints a picture of a nation that has overcome numerous challenges to emerge as a global economic powerhouse. Overcoming the 1991 Crisis Das begins by acknowledging the various crises India has faced in recent decades, including the 1991 balance of payments crisis, the 2008 global financial crisis, and the ongoing COVID-19 pandemic. He emphasizes the crucial role played by the RBI in steering the economy through these turbulent times. The 1991 balance of payments crisis was a defining moment for India. With dwindling foreign exchange reserves and a ballooning fiscal deficit, the country faced the threa...

INR on the World Stage: Challenges and Opportunities”

22Apr

By AnkitNo Comments

BFSI, Economics, Finance

INR on the World Stage: Challenges and Opportunities”

The Indian Rupee (INR) is strategically positioning itself to become an alternative reserve currency on the global stage, despite its recent decline against the US Dollar (USD). This situation, while challenging, has spurred India into action, leading to significant agreements aimed at bolstering the INR’s international standing. India’s Strategic Moves Toward Reserve Currency Status Oil Trade Agreements: India, heavily dependent on oil imports, has taken proactive steps to mitigate the impact of the INR’s devaluation. Last July, India signed a pact with the United Arab Emirates (UAE) to pay oil bills in INR. This arrangement helps reduce the vulnerability caused by fluctuations in the USD-INR exchange rate. Additionally, India has executed INR trades for Russian oil import...