Business
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India’s Manufacturing Activity in April: Second Strongest in 3.5 Years
India's manufacturing sector has continued its robust performance into the first quarter of the new fiscal year, maintaining its momentum from the previous year's stellar showing. In April, the HSBC India Manufacturing Purchasing Managers’ Index (PMI) revealed a buoyant picture,...
Last updated on May 3rd, 2024 11:12 am -
Unified Payment Interface (UPI) Transactions Decline Slightly in April
In April 2024, Unified Payment Interface (UPI) transactions witnessed a marginal dip of 1% in volume and 0.7% in value compared to March. Despite this, year-on-year growth remains robust, with a 50% increase in volume and 40% in value. The...
Last updated on May 2nd, 2024 02:48 pm -
Worldline ePayments India Receives RBI Approval as Payment Aggregator
Worldline ePayments India has announced its receipt of approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. This approval underscores the company's dedication to the Indian market and emphasizes its commitment to compliance within a...
Last updated on May 2nd, 2024 01:13 pm -
Indian Oil Corporation’s Investment in Renewable Energy: Rs 5,215 Crore for 1 GW Capacity
Indian Oil Corporation (IOC) has announced a significant investment of Rs 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC's broader diversification strategy beyond traditional oil and gas ventures. Investment...
Last updated on May 2nd, 2024 12:49 pm -
Record High GST Revenue Collection in April 2024
In April 2024, India witnessed a historic milestone in its Goods and Services Tax (GST) revenue collection, reaching an unprecedented Rs 2.10 lakh crore. This marked a substantial 12.4% increase from the previous year's collections. The surge was primarily driven...
Last updated on May 2nd, 2024 11:23 am -
RBI Cancels Acemoney (India) NBFC License for Irregular Lending Practices
The Reserve Bank of India (RBI) has revoked the license of Acemoney (India) Limited, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices. This action stems from the company's violation of RBI guidelines regarding excessive interest charges and inadequate...
Last updated on May 1st, 2024 03:54 pm -
India Reduces Windfall Tax on Petroleum Crude
India has adjusted its windfall tax on petroleum crude, reducing it to 8,400 Indian rupees ($100.66) per metric ton from 9,600 rupees, effective May 1. This decision comes after a recent increase in the tax from 6,800 rupees to 9,600...
Last updated on May 1st, 2024 03:45 pm -
Cred’s New Offline QR Code ‘Scan & Pay’ Service Revolutionizes Payment Landscape
In a strategic move, Cred has launched an innovative UPI-based ‘Scan and Pay’ service, marking its entry into the offline payments sphere, challenging incumbents like PhonePe, Google Pay, and Paytm. This service allows users to make payments directly from their...
Last updated on May 1st, 2024 10:32 am -
IREDA Granted Prestigious ‘Navratna’ Status by Government
The Indian Renewable Energy Development Agency (IREDA), a public sector enterprise, has been granted the coveted 'Navratna' status by the government, according to a recent filing with the stock exchanges. This prestigious designation takes the total number of Navratna PSEs...
Last updated on April 29th, 2024 05:11 pm -
Hitachi Payment Services Introduces Upgradable ATMs in India
Hitachi Payment Services has unveiled new upgradable ATMs in India, allowing banks to adapt their machines into Cash Recycling Machines (CRMs) as per evolving needs. Manufactured under the 'Make in India' initiative, these ATMs offer flexibility and efficiency to banks,...
Last updated on April 29th, 2024 02:15 pm