January 4, 2025 -

RBI Approves Merger of National and Cosmos Co-operative Banks

January 4, 2025

The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective from January 6, 2025. This decision is part of ongoing consolidation efforts within India’s banking sector. Following the merger, the branches of National Co-operative Bank will operate as part of Cosmos Co-operative Bank. The …

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BharatPe to Sell 25% Stake in Unity Small Finance Bank

January 4, 2025

India’s leading fintech company BharatPe is planning to sell up to 25% of its 49% stake in Unity Small Finance Bank (Unity Bank). The move is aimed at raising around $800 million (approximately Rs 6,500 crore) and is part of the company’s plan to meet RBI’s regulatory requirements. BharatPe, a major player in the digital …

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Mike Johnson Re-Elected as US House Speaker

January 4, 2025

Mike Johnson, a Republican from Louisiana, was re-elected as the Speaker of the U.S. House of Representatives in a tense, high-stakes vote on the first day of the new Congress. Despite opposition from hard-right Republicans and the looming challenges of unified GOP control, Johnson secured the position with the support of President-elect Donald Trump. This …

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SBI Introduces ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Deposit Schemes

January 4, 2025

The State Bank of India (SBI) has launched two innovative deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aiming to enhance financial inclusion and cater to diverse customer needs. Har Ghar Lakhpati: Pre-Calculated Recurring Deposit Scheme ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit designed to help customers accumulate ₹1 lakh or multiples thereof. This …

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EPFO’s Centralized Pension System

January 4, 2025

The Employees’ Provident Fund Organisation (EPFO) has successfully implemented its Centralized Pension Payments System (CPPS) across all regional offices in India, marking a significant advancement in pension disbursement. This initiative benefits over 68 lakh pensioners, enabling them to access their pensions from any bank branch nationwide. Key Features of the Centralized Pension Payments System (CPPS): …

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India is set to update the base year for calculating its Gross Domestic Product (GDP) from 2011-12 to 2022-23

January 4, 2025

In a significant move to enhance the accuracy of economic assessments, the Government of India has announced plans to update the base year for calculating Gross Domestic Product (GDP) from 2011-12 to 2022-23. This revision, the first in over a decade, aims to better reflect the current economic landscape and structural changes. Key Developments Formation …

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Nomura Lowers India’s FY25 GDP Growth Forecast to 6.7%

January 4, 2025

Nomura has adjusted its forecast for India’s fiscal year 2025 GDP growth to 6.7%, down from the previous estimate of 6.9%. This revision follows official data indicating a slowdown in the April-June quarter, where GDP growth was 6.7%, below expectations and a decline from the 7.8% growth in the previous quarter. Key Factors Influencing the …

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India Gets Its First Glass Bridge at Kanniyakumari

January 4, 2025

Tamil Nadu Chief Minister MK Stalin, along with several dignitaries, inaugurated India’s first-ever glass bridge in Kanniyakumari. The bridge connects two iconic landmarks Vivekananda Rock Memorial and the 133-foot Thiruvalluvar Statue enhancing Kanniyakumari’s appeal as a premier tourist destination. Built under a Rs 37-crore initiative by the Tamil Nadu government, the glass bridge aims to …

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Telangana’s Rythu Bharosa Scheme Expansion

January 4, 2025

The Telangana government’s Rythu Bharosa scheme has been expanded to provide financial assistance to all farmers cultivating crops, aiming to enhance agricultural support across the state. Key Details of the Expansion Financial Assistance: The scheme will credit ₹7,500 per acre for each crop season to approximately 70 lakh farmers in Telangana. Implementation Timeline: The government …

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Government Forms Committee to Update WPI Base Year

January 4, 2025

On January 2, 2025, the Government of India established an 18-member committee to revise the base year of the Wholesale Price Index (WPI) from 2011-12 to 2022-23. This initiative aims to enhance the accuracy of factory-gate inflation measures, reflecting structural changes in the economy over the past decade. Committee Leadership and Composition The committee is …

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Daily Archives: January 4, 2025

RBI Approves Merger of National and Cosmos Co-operative Banks

BharatPe to Sell 25% Stake in Unity Small Finance Bank

Mike Johnson Re-Elected as US House Speaker

SBI Introduces ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Deposit Schemes

EPFO’s Centralized Pension System

India is set to update the base year for calculating its Gross Domestic Product (GDP) from 2011-12 to 2022-23

Nomura Lowers India’s FY25 GDP Growth Forecast to 6.7%

India Gets Its First Glass Bridge at Kanniyakumari

Telangana’s Rythu Bharosa Scheme Expansion

Government Forms Committee to Update WPI Base Year

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