Author: Chahat Saini

https://www.rbi.org.in/scripts/FS_Overview.aspx?fn=2752

Indian billionaire Uday Kotak established Kotak Mahindra Bank in 2003. He holds the positions of Kotak Mahindra Bank’s CEO and Managing Director. It received a banking license from the Reserve Bank of India on March 22, 2003, making it the first corporation in India’s corporate history to do so. He also serves as Chairman of Infrastructure Leasing & Financial Services, an organization that develops and finances infrastructure in India (IL&FS). His estimated net worth as of March 2022 is $14.5 billion. https://twitter.com/udaykotakBy the end of this year, Kotak Investment hopes to finish its fundraising and start investing. It will concentrate…

According to the Microfinance Institutions Network (MFIN), the microfinance industry grew by 24% to Rs 2.93 lakh crore, with banks maintaining their dominance with a 38.4% market share. Micro loan disbursals increased by nearly 80% during the June quarter to Rs 45,830 crore from Rs 25,503 crore during the same period last year. Compared to 7.1 million throughout the same period, 11.6 million loans were disbursed. The Nifty futures contract on the Singapore Exchange rose 71.5 points, or 0.4%, to close at 17,511, indicating that Dalal Street would open higher on Thursday. The following twelve stocks may be the most…

At the World Bank Development Committee meeting, Minister Of Finance Nirmala Sitharaman encouraged the World Bank to refrain from taking a “unidimensional” perspective of the subsidies that the Indian government offers. She said that it’s critical to distinguish between “targeted support” for needy households and “distortive subsidies.” “We admonish the Bank against taking a one-dimensional approach to subsidies. Differentiating between distorted subsidies and targeted assistance for needy households is crucial “added Sitharaman. She went on to elaborate, stating that over the last six years, the Pradhan Mantri Ujjwala Yojna, which provides free LPG connections, has ensured that families all over…

Real-time data indicate a quiet but growing economy. Russians today do not have many things to be proud of, so they accept what they can. Trolls on social media are posting footage of gas stoves that are left on full blast that is intended for European viewers. In Moscow, what may cost hundreds of euros is only a few roubles. The mocking is juvenile, but it alludes to a more serious reality: the economic conflict between Russia and the West is delicate at the moment. Russia is coming out of a recession as Europe teeters on the verge of one.…

Finance Minister Nirmala Sitharaman advocated for an efficient tax reporting system and information sharing between jurisdictions for cryptocurrency assets on Thursday to address offshore tax evasions. Finance Minister Nirmala Sitharaman approved an efficient tax reporting system and information sharing between jurisdictions for crypto assets on Thursday to address offshore tax evasions. Sitharaman spoke during the G20 Finance Ministers and Central Bank Governors meeting that took place here in conjunction with the annual meetings of the IMF and the World Bank. She addressed important themes such as international taxation, investments, and infrastructure. In the Narendra Modi-led Bharatiya Janata Party (BJP) administration,…

In today’s opening session, the rupee was following a downward trend in domestic equities and dismal domestic macroeconomic data while trading in a small range against the US dollar. In early trade on Thursday, the rupee was following a muted trend in domestic equities and dismal domestic macroeconomic data while trading in a small range against the US dollar. The rupee traded range-bound in the early dealings at the interbank foreign exchange. It started at 82.30 versus the US dollar before rising to 82.29, gaining 4 paise from the previous close. In the early trade, it was trading in a…

In today’s opening session, the rupee was following a downward trend in domestic equities and dismal domestic macroeconomic data while trading in a small range against the US dollar. In early trade on Thursday, the rupee was following a muted trend in domestic equities and dismal domestic macroeconomic data while trading in a small range against the US dollar. The rupee traded range-bound in the early dealings at the interbank foreign exchange. It started at 82.30 versus the US dollar before rising to 82.29, gaining 4 paise from the previous close. In the early trade, it was trading in a…

The National Payments Corporation of India invented the instant real-time payment system known as UPI (NPCI). The interface makes it possible to conduct P2P and P2M transactions between banks. It allows for the immediate transfer of money between two bank accounts using mobile devices. The device must be registered with the bank using the mobile number on it. The recipient’s UPI ID can be used to send funds. It utilizes IMPS as its foundation and is governed by the Reserve Bank of India as an open-source application programming interface (API) (RBI).  358 banks were available on the platform as of…

  In the morning trade on Tuesday, the rupee fell 1 paisa to 82.41 against the US dollar due to the strengthening of the American currency and continued outflows of foreign funds. In the morning trade on Tuesday, the rupee fell 1 paisa to 82.41 against the US dollar due to the strengthening of the American currency and persistent outflows of foreign funds. The local currency also reached 82.33 against the American dollar in the first deals of a highly volatile session. Additionally, the local unit was impacted by investors’ risk aversion and a weak domestic equity trend. The domestic…