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India’s Space Startup Agnikul Cosmos launched its Agnibaan rocket for the first time on 30th May, 2024, powered by the only Indian rocket engine to use both gas and liquid fuel in the country’s second flight of a privately-made rocket. In the last two months, the Agnibaan’s first flight had been called off four times […]
On 30th May, 2024, the Reserve Bank of India (RBI) allowed the opening of rupee accounts outside India as part of its strategic plan to internationalize the domestic currency. The Central Bank stated in its annual report that the rationalization of various guidelines would be the main priority, with an emphasis on continual synchronization of […]
Whether you are a salaried person, a businessman, a housewife, a pensioner, or anyone else, having a savings bank account is one of the basic necessities of life in terms of finance. A savings bank account is not just meant to help in investing. This type of bank account can be opened by both individuals […]
The Reserve Bank of India imposed fines on private banks ICICI Bank and Yes Bank because of their non-compliance. A fine of Rs 1 crore was imposed by RBI on ICICI Bank as it failed to comply with regulations related to ‘Loans and Advances – Statutory and Other Restrictions’. RBI’s inspection of ICICI Bank for […]
The Income Tax Department has urged the individuals to link their PAN with Aadhaar before May 31st, 2024 in order to avoid tax deduction at a higher rate. The Aadhaar-PAN linking is done automatically during the application stage for new applicants of PAN card. Existing PAN holders, who were allotted PAN on or before 01-07-2017, […]
With global tourism activities returning to pre-pandemic levels, World Economic Forum’s Travel & Tourism Development Index 2024 has placed India’s rank at 39th position. While the United States of America (USA) has topped the list, India has been ranked the highest in the entire South Asia. In the previously published WEF index in 2021, India […]
In India, treasury bills largely refer to short-term money sector instruments that act as promissory notes with the assurance of repayment in the future. The money accumulated through these money instruments is meant to help the government in its short-term requirements, thus contributing effectively to the decrease of the nation’s typical fiscal shortfall. Treasury bills […]
To simplify the process for claiming EPF benefits after the demise of a member, the Employees’ Provident Fund Organization (EPFO) has come up with a new rule. The field officers of EPFO were facing difficulties regarding the updation or rectification of Aadhaar details after the demise of its members. Hence, EPFO made a decision to […]
Muthoot FinCorp, on 21st May, 2024, announced its highest-ever loan disbursements in FY24 at Rs. 61,703.26 crore, which marked an 18.6 percent increase. Asset under management (AUM) of Rs 33,359.30 crore and a consolidated net profit of Rs 1,047.98 crore were reported by the company, which reflected a significant 62 percent rise. The company recorded […]
President of Iran Ebrahmin Raisi and his Foreign Minister Hossein Amir-Abdollahian were killed in a helicopter crash that took place on 19th May, 2024, in the East Azerbaijan Province. President Raisi had been at the Azerbaijani border for the inauguration of the Qiz-Qalasi Dam. He had been in office since 2021 and pledged Iran’s steadfast […]