 "The Finance Ministry pushes for quicker debt resolution, targeting persistent low-value cases to declog Debt Recovery Tribunals.")
The Union Finance Ministry is urging banks and Debt Recovery Tribunals (DRTs) to engage with borrowers outside of formal proceedings to tackle the backlog of cases. Many small-value cases are significantly clogging the system, with 75 percent of pending cases between Rs 20 lakh and Rs 1 crore. To streamline the process, the ministry recommends ...
 "Amidst slowing bank funding, Aye Finance secures million to empower micro-enterprises, bolstering their mission to drive financial inclusion.")
Aye Finance, a non-banking financial company based in Gurugram, has successfully raised $30 million in a Series G funding round led by ABC Impact, which is backed by Temasek. This funding comes just eight months after Aye Finance secured $37 million in its Series F round, bringing its total funding to $164 million since 2014. ...
 "Union Finance Minister Nirmala Sitharaman emphasizes banks’ vital role in achieving India’s 2047 development goals through sustainable growth and technology.")
Union Finance Minister Nirmala Sitharaman emphasized the vital role of the banking sector in achieving India’s goal of becoming a developed nation by 2047. Speaking at the 90th foundation day of the Bank of Maharashtra, she outlined key pillars for a prosperous India, including economic growth, social progress, environmental sustainability, and good governance. Sitharaman urged ...
 "Finance Minister Nirmala Sitharaman urges banks to drive India’s development goals by 2047, emphasizing the need for security in digital banking.")
Union Finance Minister Nirmala Sitharaman emphasized the vital role of the banking sector in transforming India into a developed nation by 2047 during a recent event celebrating the 90th Foundation Day of the Bank of Maharashtra. She highlighted the need for banks to support infrastructure growth, provide targeted funding for MSMEs, and include unbanked populations ...
 "IIFL Finance, a key non-bank lender, regains RBI approval for gold loans, overcoming scrutiny to restore vital business operations.")
IIFL Finance, a leading non-bank lender, recently announced that the Reserve Bank of India (RBI) has lifted restrictions on its gold loan operations. These limitations were imposed in March 2024 due to concerns about the accuracy of gold evaluations and compliance with regulations. With the RBI’s decision now effective, IIFL Finance can resume its activities ...
 "Bluecopa, an AI-driven finance automation platform, raises .8 million for expansion and innovation in financial operations solutions.")
Bluecopa, an AI-powered finance operations automation platform founded in 2021, has successfully raised $1.8 million in a pre-Series A funding round. This investment, led by Blume Ventures, Dallas Venture Capital, and Venture Catalysts, aims to help Bluecopa expand its Market presence, enhance its AI features, and further develop its products. The company specializes in providing ...
 "RBI Governor Shaktikanta Das predicts India’s growth potential at 7.5% amidst balanced inflation and economic risks, addressing global finance in Singapore.")
Reserve Bank of India Governor Shaktikanta Das, speaking at the Future of Finance Forum in Singapore, projected India’s growth potential at over 7.5 percent for the ongoing financial year, surpassing the RBI’s own estimate of 7.2 percent. He acknowledged a slower growth rate of 6.7 percent in the April-June quarter due to reduced government spending ...
 "Union Finance Minister Nirmala Sitharaman announces GST relief for automotive, advertising, data hosting, and exporters, boosting growth and competitiveness.")
The Union Finance Ministry recently provided relief to several industries, including automotive, data hosting services, and advertising agencies that work with foreign clients. One key circular clarified that demo vehicles used by dealers for test drives can still qualify for GST deductions, as they support vehicle sales. Another circular recognized data hosting services provided by ...
 "In a largely overlooked revelation, India’s Finance Minister unveiled crucial budget disclosures, signaling impending transformative changes in taxation.")
Finance Minister Nirmala Sitharaman’s Budget for 2024-25, presented on July 23 and approved by Parliament on August 8, included an important yet overlooked disclosure found in Statement No 27-A. The 54th Goods and Services Tax (GST) Council meeting made noteworthy decisions to enhance the tax system’s efficiency. However, challenges remain, such as addressing GST on ...
 "Finance Minister Nirmala Sitharaman announces key GST reforms, including a GoM to reduce insurance taxes and lower rates on cancer drugs.")
During the 54th GST Council meeting, Union Finance Minister Nirmala Sitharaman announced the formation of a Group of Ministers (GoM) to evaluate the GST rates for life and health insurance. This GoM will be led by Bihar Deputy Chief Minister Samrat Choudhary and is expected to submit its report by the end of October 2024. ...
