India Financial News

Credit card transactions surged 30% year-on-year in January despite regulatory restrictions on some business payments through this mode as reward points offered by banks were lucrative, as were the repayment terms, said experts. Reserve Bank of India (RBI) data showed that credit card transactions increased to ₹1.7 lakh crore in January from ₹1.3 lakh crore a year ago. In volume terms, the increase was 26%, to 330 million from 260 million, during this period. Ecommerce transactions and bill payments formed more than half the total transactions, the data showed. Experts said the bulk of the online purchases were by the younger generation who also enjoyed the additional credit benefit of equated monthly instalments (EMIs) and 'buy now, pay later' (BNPL) schemes.

Allahabad High Court on Friday declared the UP Board of Madrasa Education Act, 2004, as unconstitutional, ruling that it was violative of the principle of secularism, articles 14, 21, 21-A of the Constitution as well as section 22 of the University Grants Commission, Act of 1956. The court, considering the large number of madrasas and madrasa students in the state, directed the state government to accommodate these students in regular schools recognised under the primary, high school and intermediate education boards of the state. It also said that additional seats be created (in these schools) and even new schools be established, if needed. The court gave the verdict on a plea filed by advocate Anshuman Singh Rathore, who had challenged the constitutionality of the law passed by the then Mulayam Singh Yadav government .«No doubt the state has sufficient power to frame laws with regard to education to be provided at school level, both primary and thereafter up to intermediate; however, such education has to be secular in nature,» the court said. «The state has no power to create a board for religious education or to establish a board for school education only for a particular religion and philosophy associated with it. Any such action on part of the state violates the principles of secularism, which is in the letter and spirit of the Constitution of India.»

copyrights, trademarks and patents in technical textiles, which are meant for non-aesthetic purposes. The textiles ministry has proposed 10 years of exclusive rights for the industry to commercialise the intellectual property (IP) if their funding contribution is at least 50% in projects funded under the National Technical Textiles Mission (NTTM). Similarly, the industry would get exclusive rights for two years for contributing at least 10% in the projects. As per the draft rules, the IP of the research outcome will generally vest with the host institution on behalf of the ministry. For all Indian patents, the government will have march-in rights, including the option of compulsory licence, in case of any exigency arising for the patent and technology to protect the interest of public, it said. The ministry has sanctioned 137 projects valuing around ?474 crore under the NTTM.

interference in India's domestic affairs, the German foreign ministry, reacting to Arvind Kejriwal's arrest, stated on Friday, «We have taken note, India is a democratic country. We assume and expect that the standards relating to independence of Judiciary and basic democratic principles will also be applied in this case.

electoral bond data offers several insights, but there are at least five key takeaways on the current state of corporate funding of political parties. First, the electoral bond scheme has brought in new entrants into the corporate funding space with the emergence of Future Gaming, Megha Engineering, and Quik Supply Chain Pvt Ltd as top donors to major national and regional political parties. The corporate funding field — as seen largely from reports of electoral trusts submitted to the Election Commission — has so far been dominated by the likes of Bharti Airtel, DLF, Vedanta, ArcelorMittal, Torrent and real estate groups like Navayuga Constructions, besides occasionally the Tata group.

Australian government aims to make sure that foreign students come to the country to study, and not just work. The government estimates that the changes will halve the migrant intake in over two years. Among several measures, the Australian government will introduce the ‘Genuine Student Test’.

An expert reasons that it is to do with the draining of two major lakes on the city’s eastern side — Varthur and Bellandur — that have kept the city’s underground aquifers underfed. Bangalore and its surroundings are a rainwater-fed civilisation. The nearest river, the Cauvery, is about 100 kilometres away, and can only meet the city’s water needs partially.

Vedanta Ltd are concerned about the lack of clarity on how their debt will be split among the various business units following the mining behemoth’s proposed demerger, said two bankers aware of the discussions. The lenders’ consortium, whose clearance is required for the merger to go through, is yet to schedule a meeting to decide on the matter. The bankers, who are part of the consortium, said the lead lender State Bank of India (SBI) has informed them that its subsidiary SBI Capital Markets (SBI Caps) is looking at the demerger proposal floated six months ago.

Also Read: Germany deputy foreign minister 'optimistic' about multi-billion dollar submarine deal with India The Bundesbank has also highlighted that Germany is probably in a six-month slump, though it’s made a point of saying a severe downturn is unlikely. The Economy Ministry said most research institutes “expect GDP to fall again in the first quarter of 2024." “Despite positive trends in industrial production, construction and foreign trade at the start of 2024, a noticeable economic recovery isn’t yet in sight," it said in its monthly report.

Metro Brands over high growth prospects driven by the Sports & Athleisure (S&A) category business and key structural trends such as premiumization. ‘’We believe Metro Brands is better positioned with respect to key structural trends like premiumization and rising S&A penetration,'' said Goldman Sachs in its report.

Indian stock market to witness volatile FPI inflow amid US Fed rate cut; earnings growth key driver, say analysts Whereas, US is also witnessing a cool-off in foreign flows. However, US smallcap flows continues to show strong momentum since Jan 2024. “After record inflow of $56bn in the US last week, we saw flows cooling off with outflow of $22.6bn.

Mumbai: Promotions handed out like candy may be a thing of the past, as companies that rushed to retain and motivate talent at a time of hiring frenzy take a closer look at the practice as attrition falls. Consultants and companies said that fintechs, BFSI firms and startups which had frequently used promotions as a retention tool are finding that it has hurt internal parity and raised employee costs. In the last fiscal year, promotions were used to retain middle and senior level executives with institutional knowledge and client relationships, consulting and audit firm Deloitte said in a report.

pollution led to more than 2.3 mn premature deaths in India. Such an environmental crisis makes a mockery of the 'ease of living' index and is no help to any 'ease of doing business' index either. Air pollution impacts a significant proportion of the global population. In 2022, WHO pointed out that almost 99% of people breathe air that breaches its standards. As India gears up for a higher growth trajectory to build a ₹5 tn economy, substandard air can derail the India story in multiple ways. When people are ill, productivity plunges, absenteeism increases, healthcare expenses rise and savings fall. Women, socially entrusted with care-giving tasks, are compelled to take leave to look after impacted family members. They could even drop out of the workforce.

financial services, the gold loan (GL) sector, particularly NBFCs, has substantially evolved over the past two decades. It has become indispensable for lower- and middle-income households, emphasising that GLs are a crucial financial safety net for many. GLs enable individuals to access cash using gold as collateral without losing ownership. This shows its vital contribution to financial stability. They are short-term, low-obligation debt where borrowers anticipate future financial resources for repayment. GLs go beyond mere financial transactions. They encompass legacy, emotions, promises and deep-rooted trust. They are more than monetary support. They're a testament to the borrower's confidence and determination to face future challenges, fuelling aspirations in their endeavours. Efforts by GL NBFCs have propelled gold loans into a recognised financial category across India. This push has initiated a noteworthy migration from the unorganised to the formal market. Despite these strides, about 70% of gold loans are still disbursed in the unorganised sector, indicating significant room for growth and integration into the mainstream financial system.

The firing of Shohei Ohtani’s interpreter by the Los Angeles Dodgers over allegations of illegal gambling and theft has highlighted an issue many outside of California don’t realize: Sports betting is still against the law in the nation’s most populous...

Central Board of Secondary Education (CBSE) has disaffiliated 20 schools, including five in Delhi, for enrolling dummy students and ineligible candidates, its secretary Himanshu Gupta said on Friday. The board has also downgraded the affiliation of three schools. «Pursuant to a surprise inspection conducted in CBSE schools across the country to check whether the schools are running according to the provisions and norms contained in the affiliation and examination bye-laws, it was found that some schools were committing various malpractices of presenting dummy students, ineligible candidates and not maintaining records properly,» Gupta said. «After a thorough inquiry, it has been decided to disaffiliate 20 schools and downgrade three schools,» he added.

Arvind Kejriwal was arrested by the Enforcement Directorate, a delegation of leaders of the INDIA bloc parties approached the Election Commission of India alleging «unrelenting, blatant and illegal deployment of Central Agencies» by the ruling BJP to stifle the opposition parties. In a memorandum submitted to the EC, the INDIA party leaders submitted a list of recent instances of central agencies targeting opposition parties and alleged an absence of a level playing field for the opposition. The leaders also suggested that the poll panel should change the heads of the probe agencies during the election to ensure a fair play. Speaking to the media after the meeting, Congress leader Abhishek Manu Singhvi said, «We pointed out this is not a normal complaint, it is a larger issue of effecting, impairing, undermining, and sabotaging the basic structure of the Indian constitution.

Archaeological Survey of India (ASI) on Friday conducted survey of the controversial Bhojshala/Kamal Maula Mosque complex situated in the tribal-dominated Dhar district of Madhya Pradesh and made preparations for using carbon-dating equipment, officials said here. A 15-member ASI team along with senior local police and district administration officials readied the site for scientific assessments following a Madhya Pradesh High Court directive to conduct a 'scientific survey' within six weeks. The high court, on March 11, directed the ASI to carry out a 'scientific survey' within six weeks of the Bhojshala complex, a medieval-era monument that Hindus believe is a temple of Goddess Vagdevi (Saraswati), while the Muslim community calls it Kamal Maula Mosque. During the first day of the survey, members of the Muslim community gathered to offer Friday prayers amidst tight security arrangements, the officials said.

NEW DELHI : Domestic carriers registered a 22% increase in international air traffic to and from India at 7.7 million passengers, as per the latest data available for the October-December period, the fruits of a likely sustained post-pandemic focus by Indian airlines to expand their international network. As per data from the regulator Directorate General of Civil Aviation, Indian airlines also registered an increase in the cumulative market shareof international flights to and from India at 44.6% in the period.

income tax for the investments made in this financial year (2023-24), do not forget to invest before March 31 this year. With only a few days remaining in this financial year, taxpayers are urged to invest as soon as they can. Meanwhile, RBI has told all agency banks dealing with government business to keep their branches open on March 31.

M K Stalin. In December, due to Ponmudy's conviction his portfolios were reshuffled. The swearing-in of Ponmudy as Minister in the Tamil Nadu cabinet is believed to be the end of a face-off between the Chief Minister and the Governor.