The Income-Tax Department has started an e-calculator for individuals to approximate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as declared in the recent Budget.
The Reserve Bank of India (RBI) will start the first tranche of its long-term repo operations on February 17 with three-year repo of Rs 25,000 crore, followed by another on February 24 for an equal amount.
WhatsApp will start its digital payments platform WhatsApp Pay to compete against similar platforms such as Paytm and Google Pay amid India’s strengthening digital payments market.
The Union Ministry of Finance has notified ‘Printing of One Rupee Currency Notes Rules, 2020’ vide Gazzette Notification G.S.R. 95(E) on February 7, 2020.
According to ‘The Banker’s Top 500 Banking Brands 2020’ report, IndusInd Bank has topped the list of ‘Highest increase in brand value’ among global banks. The brand value of Induslnd Bank has increased by 122% over the past 12 months.
India’s reinsurance company, General Insurance Corporation of India (GIC Re) has received the license from Central Bank of the Russian Federation (Bank of Russia) to commence reinsurance business in Russia.
National Bank for Agriculture and Rural Development (NABARD) has sanctioned 400.64 crore rupees to the Union Territory of Jammu and Kashmir. This sanction is for giving a uplift to the infrastructure in the rural areas of Jammu and Kashmir.
National Payments Corporation of India (NPCI) has started an industry campaign named “UPI Chalega” to uplift UPI as Easy, Safe, and Instant mode of payment. The “UPI Chalega” campaign is targeted to guide users towards the right usage of Unified Payments Interface (UPI) and help create a habitual change, use of UPI in their daily life.
“Enhanced Access and Service Excellence (EASE) 3.0” has been started by Finance Minister Nirmala Sitharaman along with the EASE 2.0 Annual Report at Indian Banks’ Association function.
The Airtel Payments Bank has released the Aadhaar-enabled Payment System (AePS). The facility has been started by the payment bank at over 2,50,000 banking points across India.
Finance Secretary Rajiv Kumar started “Baroda Startup Banking”. It is an initiative targeted at making the Bank of Baroda (BoB) a preferred banking partner for the start-up community and establishing link with at least 2,000 start-ups over the next two years.
Government has collected over one lakh five thousand crore rupees as Goods and Services Tax in February,2020 which is eight percent more than the GST collected in the same month of last year.
The Union Government of India imposed temporary prohibition of the activity of the capital-starved Yes Bank and capped withdrawals at ₹50,000 per account after considering an application created by the Reserve Bank of India. The board of Yes Bank has been superseded with immediate effect by the Reserve Bank of India (RBI). Former SBI CFO Prashant Kumar has been selected as administrator of Yes Bank.
Securities and Exchange Board of India (SEBI) has started a mobile application ‘Sebi SCORES’ for convenience of investors to lodge grievances in Sebi Complaints Redress System (SCORES). The mobile app will make it easier for investors to lodge their grievances with SEBI, as they can now access SCORES at the convenience of their smartphone.
The State Bank of India has finalized to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will buy the 725 shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.
The State Bank of India has removed the minimum balance charges on all savings bank accounts. SBI has removed charges for non-maintenance of Average Monthly Balance (AMB) for all 44.51 crore savings bank accounts.
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