Provident Financial News

Moh-Juj (buffalo) fights were held in Ahatguri. Assam chief minister Himanta Biswa Sarma attended the event. In December last year Assam cabinet gave in-principle approval to the issue of detailed procedure/SOP for permitting traditional buffalo and bull fights to be organised during Magh Bihu at Ahatguri, Morigaon district, Nagaon district or in any other part of Assam.

The use of cryptocurrencies is growing with each change in the time of year. This led to the emergence of specialized services that allow users to exchange digital coins for other coins or fiat money.

NEW DELHI : India plans to announce an extension to Prime Minister Narendra Modi's flagship federal housing scheme in next month's budget and an increase in available subsidies for low-cost housing loans, three sources said, ahead of elections this year. Finance Minister Nirmala Sitharaman, who will present an interim budget on February 1, is likely to raise allocations for low-cost housing by more than 15% to ₹1 trillion ($12 billion) for 2024/25 from ₹79,000 crore in the 2023/24 budget, two of the government sources said.

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Mint. The move aims to integrate godowns built at the Primary Agricultural Credit Society (PACS) level with the national food grain supply chain, providing essential market linkages for PACS. DoCA will permit NCCF to utilize its warehouses for storing various commodities like pulses, oilseeds, onions, and grains under various government schemes like the Price Support Scheme (PSS) and Price Stabilisation Fund (PSF).

NEW DELHI : India is taking a tough stand on non-tariff barriers being imposed on Indian exports by other countries and would also take similar measures on a reciprocal basis, Commerce and Industry Minister Piyush Goyal said on Tuesday. He asked the industry to share a list of such measures so that India can flag them with the respective nations. Many of India's exports suffer due to such barriers which include cumbersome prior registration requirements, higher pesticide levels, and unreasonable domestic standards/rules in many countries.

Some people may want to fast-track their savings because they have early retirement goals or want to catch up after a period of not saving as much as desired

Winzo on Tuesday said it has launched the 'Bharat Tech Triumph' initiative which is aimed at enhancing the global export of culturally relevant games and related technology originated in Bharat. The company said this program focuses on nurturing homegrown startups by providing crucial resources for growth such as offering a global platform and access to FDI.

Karnataka Bank and non-banking finance company (NBFC) Clix Capital on Tuesday signed up for a strategic digital co-lending partnership through the platform Yubi Co.Lend. The partnership is focused on providing loans to the Indian MSME sector which is one of the biggest contributors to India's GDP and employment growth. The agreement is in line with the Reserve Bank of India's guidelines on co-lending by banks and NBFCs to priority sectors. The partnership combines Karnataka Bank’s low cost of funds, end-to-end digital capabilities and expertise to offer credit facilities to this segment along with Clix Capital's strong & easy lending tech platform and robust due diligence.

interim budget on February 1. This means less likelihood of any major announcement or showering of freebies on the poor. The government is also likely to slow the pace of capital expenditure to rein in fiscal deficit. The fiscal deficit target of 5.3% will be set by the government in FY25, keeping in view the fiscal consolidation path till FY26, as it normalises capital spending and refrains from any major announcements in the interim budget before the general elections, Icra and Barclays economists have said. ICRA expects the fiscal deficit target for FY25 to be set at 5.3% of GDP, midway through the expected print of 6.0% for FY2024 and the medium-term target of sub-4.5% by FY26. India has set a target of a 5.9% fiscal deficit for FY24. The interim budget is expected to follow the tradition and just seek a vote on account, Parliament’s nod for a grant in advance to meet the Centre’s essential expenditure for the first four months of FY2024-25. But the government may not totally ignore pressing issues that demand action especially just months before elctions. One such issue of economic as well as electoral importance is sluggish rural demand as the poor in India's rural areas are hit more by rising prices. The government may not wait till the full budget to address the issue and might declare welfare schemes for the rural poor in the interim budget.

Uncertainty and volatility that have kept many investors on the sidelines recently means cash holdings are elevated, but ETFs and model portfolios are likely to be among the temptations to put that cash back to work.

Investing.com — U.S. stock futures fell Tuesday ahead of the release of more important bank earnings, which, along with a speech by Fed Governor Christopher Waller, could provide more clues as to the economic health of the world’s largest economy. 

Former BitMEX CEO Arthur Hayes believes the emergence of spot Bitcoin (BTC) exchange-traded funds (ETFs) would be a game-changer for traders worldwide.

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PhonePe and jewellery brand CaratLane on Monday announced their partnership to enable consumers to purchase jewellery by redeeming their accumulated Digital Gold. «Consumers who have invested in 24K Digital Gold on PhonePe in partnership with CaratLane can redeem it for a jewellery of their choice at CaratLane and can also avail up to 7% extra on redemption amount (7% for Diamond jewellery, 4% for Gold jewellery, and 2% for Gold coins),» the companies said in a joint press release. The above said offer is valid till the end of this month. This strategic alliance aims to revolutionise the way people acquire and gift beautiful everyday jewellery. «Gold Savings is one of the key investment options for customers in India, and we have seen a strong inclination towards Digital Gold investment on our platform in the last few years. We are confident that this partnership will transform the way people invest in Gold,» said Sonika Chandra, Chief Business Officer — Consumer Payments at PhonePe. Avnish Anand, Chief Executive Officer at CaratLane finds that this initiative is very similar to digitisation of payments. «The whole point of building the Digital Gold business is to provide a simpler cost-effective solution to consumers who buy and gift gold for future jewellery purchases. Today most such customers buy gold coins. This strategic partnership with PhonePe is a crucial step in making that happen,» said Anand. PhonePe and CaratLane have also said that they offer 99.99 per cent purity-certified 24K Digital Gold through this partnership.

WASHINGTON—A government-controlled mortgage giant has a plan that could help more Americans save around $1,000 on closing a mortgage, the latest attempt to chip away at high costs that officials say discourage home buying. Fannie Mae last month said it would expand the types of mortgages it will purchase that rely on a cheaper alternative to title insurance, which is one of the biggest fixed costs tied to closing a mortgage. The alternative, called an attorney-opinion letter, allows a real-estate attorney to essentially attest that there are no problems with a property’s title.

India's engineering goods exports recorded a year-on-year growth of 10.20 per cent to USD 10.04 billion in December 2023. While this represents a strong rebound, the sector still faces uncertainties due to the prevailing global economic conditions, an EEPC official said. «It has been a challenging period for engineering exporters. Tensions in Europe and now in West Asia have posed significant downside risks,» Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said. «Projections indicate a potential slowdown in global growth in 2024, and factors such as high interest rates and low consumer spending are expected to continue affecting the sector this year,» he said. Considering these factors, EEPC maintains a cautious optimism and hopes that geo-political tension will ease, leading to an improvement in the global macroeconomic situation, Garodia said.

Mallikarjun Kharge hit out at the Narendra Modi-led BJP government for pushing the country's startup entrepreneurs, creative people and jobless youth “to the wall.” On the eve of National Startups Day, Kharge took to social media platform X and said the government’s Startup India initiative has become a vehicle to garner publicity for Prime Minister Modi as it has miserably fallen short on delivery.

Ministry of Ports, Shipping, and Waterways (MoPSW) has constituted a high-level task force to oversee the establishment of the Indian Maritime Centre (IMC), in a bid to build global credibility for the Indian maritime sector. The main objective of the task force is to provide policy direction for the formation of IMC for smooth and sustainable operationalisation, the ministry said in an office memorandum.