Year: 2023

The Rule for NEFT/RTGS Change The Reserve Bank of India (RBI) modified NEFT and RTGS for transactions under the Foreign Contribution Act. The Ministry of Home Affairs urged SBI to submit a daily report about foreign donors, including money received from overseas; therefore, the RBI responded in response. Foreign donations must only go to the […]

RBI and ‘Dilemma’ of Repo Rate A 25 basis point increase was made to the repo rate, from 6.25 per cent to 6.5 per cent, on February 8, 2023, under the direction of RBI Governor Shaktikanta Das and the Monetary Policy Committee (MPC). The RBI has hiked the repo rate six times, bringing the total […]

Budget 2023: A Vision for New IndiaSmt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs presented the Union Budget 2023–24 before the Parliament. She said, “In the 75th year of India’s Independence, the Indian economy is acclaimed as a “bright light” as the growth is estimated at 7%, the most among the major economies, […]

Credit Information Bureau (India) Limited (CIBIL) is a credit information company that preserves and maintains all the data relating to credit-record of companies as well as individuals. On the basis of the preserved credit history, it provides a “CIBIL Score”. CIBIL score is basically a three-digit number that demonstrates the credit health of a person. […]