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Daily Archives: November 1, 2023

RBI To Directly Regulate Entities Facilitating Cross Border Payment Transactions

RBI To Directly Regulate Entities Facilitating Cross Border Payment Transactions

  In a recent circular, Reserve Bank of India (RBI) has announced its decision to directly regulate all entities that facilitate cross-border payment transactions related to the import and export of goods and services. This directive is aimed at ensuring transparency, security, and adherence to financial regulations in these cross-border transactions. New Regulation for Cross-Border …

RBI Prescribe Norms For Closure Of DCCB Branches

RBI Prescribe Norms For Closure Of DCCB Branches

Introduction The Reserve Bank of India (RBI) has recently made an important announcement regarding District Central Co-operative Banks (DCCBs). These banks are now permitted to close their un-remunerative branches without seeking prior permission from the central bank, although they will require approval from the Registrar of Cooperative Societies of the respective state. This decision aims …

PFRDA Makes 'Penny Drop' Verification Mandatory For NPS Fund Withdrawal

PFRDA Makes ‘Penny Drop’ Verification Mandatory For NPS Fund Withdrawal

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced new National Pension System (NPS) withdrawal rule changes, providing subscribers with greater flexibility in managing their retirement funds. In addition, the PFRDA has made ‘penny drop’ verification mandatory for NPS fund withdrawals. Systematic Lump Sum Withdrawal (SLW) Phased Withdrawal Option: PFRDA has introduced the Systematic …

Education Minister Reports 37% Increase In Women's Workforce Participation In India For FY23

Education Minister Reports 37% Increase In Women’s Workforce Participation In India For FY23

  The participation of women in India’s workforce has seen a significant increase, reaching 37 per cent during the 2022-23 fiscal year, according to Union Education Minister Dharmendra Pradhan. This remarkable upsurge, compared to the 23 per cent recorded in 2017-18, reflects the impact of the government’s focused efforts to empower women in the workplace. …

SBI Card Partners With Reliance Retail To Introduce 'Reliance SBI Card'

SBI Card Partners With Reliance Retail To Introduce ‘Reliance SBI Card’

  SBI Card, one of India’s leading credit card issuers, has joined hands with Reliance Retail to introduce the co-branded Reliance SBI Card, a lifestyle-focused credit card aimed at revolutionizing the shopping experience for customers. This partnership allows cardholders to access a world of rewards and benefits while engaging within Reliance Retail’s extensive and diverse …

NMC to launch “one nation, one registration platform’‘ for doctors

NMC to launch “one nation, one registration platform’‘ for doctors

In a significant development, the National Medical Commission (NMC) has embarked on a mission to assign a unique identification number to every doctor in the country by the end of 2024. The cornerstone of this initiative is the creation of the National Medical Register (NMR), which will serve as a centralized repository for doctors practicing …

7 Indian States & 2 UTs Celebrated Their Formation Day on November 1st

7 Indian States & 2 UTs Celebrated Their Formation Day on November 1st

Introduction 1st November is recognized as the formation day of seven Indian states and 2 Union Territories. This special day marks the historical moment when Andhra Pradesh, Chhattisgarh, Haryana, Punjab, Karnataka, Kerala and Madhya Pradesh, along with the Union Territories of Lakshadweep and Puducherry, came into existence. In this article, we will delve into the …

Celebrating Karnataka Rajyotsava: 50 Years of Karnataka's Formation

Celebrating Karnataka Rajyotsava: 50 Years of Karnataka’s Formation

November 1, 2023, marks the 50th anniversary of Karnataka’s formation, a significant day in the state’s history. Originally founded on November 1, 1956, as a result of the State Reorganisation Act, Karnataka was initially known as Mysore State. It was later renamed Karnataka on November 1, 1973. This day, known as Karnataka Rajyotsava, celebrates the …