Savings account holders will see reduced returns as major banks, including State Bank of India (SBI), HDFC Bank, and ICICI Bank, have lowered their interest rates following a 50 basis point repo rate cut by the Reserve Bank of India (RBI) in June 2025. The cumulative rate cut for this year now stands at 1%….
NEW DELHI: Air India will reduce its international services on wide-body aircraft by 15% with immediate effect “at least” till mid-July, reports Saurabh Sinha. AI operates about 70 international flights daily on its wide-body fleet. Multiple factors, including airspace closures, have increased flying times to and from the west and enhanced checks on Boeing 787s…
The Ministry of Finance issued a notification in January, introducing UPS as an alternative under NPS. (AI image) Cheer for UPS subscribers: Central government employees opting for the Unified Pension Scheme or UPS will now be entitled to retirement and death gratuity benefits that were previously available under the Old Pension Scheme (OPS).Union Minister of…
India’s current account deficit (CAD) faces upward pressure in FY25 amid rising global crude prices, with every $10 per barrel increase in oil potentially worsening the annual CAD by $15 billion, according to a report by Union Bank of India (UBI).The bank has retained its CAD forecast at 0.9% of GDP for FY25, but cautioned…
In a move aimed at boosting long-term foreign investment in Indian debt markets, Sebi on Wednesday approved several compliance relaxations for Foreign Portfolio Investors (FPIs) that invest exclusively in Indian government securities (G-Secs).The decision, taken at the regulator’s board meeting, is expected to simplify onboarding, reduce paperwork, and improve ease of doing business for these…
The Sebi board on Wednesday approved a set of amendments aimed at improving ease of doing business for Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and merchant bankers. The key changes include greater cash-flow flexibility for REITs and InvITs, a sharper definition of public unitholding, harmonised reporting timelines, and a reduction in the…
The Institute of Chartered Accountants of India (ICAI) has begun reviewing the financial statements of IndusInd Bank and Gensol Engineering and expects the process to take at least six months before any action is taken against auditors for alleged lapses.ICAI president Charanjot Singh Nanda said the review is being handled by the Financial Reporting Review…
Vodafone Idea on Wednesday announced a strategic partnership with US-based satellite communications company AST SpaceMobile to deliver satellite-based mobile services directly to smartphones across India, without the need for specialised hardware or apps.The telecom operator said the tie-up aims to expand coverage in India’s unconnected regions by integrating AST SpaceMobile’s space-based cellular technology with Vi’s…
The new income tax regime offers lower tax rates and higher standard deduction compared to the old tax regime. (AI image) ITR filing FY 2024-25 (AY 2025-26): When filing your income tax return every year, the choice between the old and the new income tax regime is an important one. The new income tax regime…
Wall Street held steady in early trading on Wednesday as investors awaited the US Federal Reserve’s policy decision, with the S&P 500 flat, the Dow Jones Industrial Average unmoved, and the Nasdaq composite edging up 0.1%.Around 20 minutes into trading, the Dow Jones Industrial Average ticked up 0.2 percent to 42,277.37, as did the broad-based…