Axis Bank, the country’s third-largest private lender, was hit with a Rs 1.9 crores (US$229,000) penalty from the Reserve Bank of India (RBI) earlier in September for regulatory non-compliance. But that didn’t come as a surprise to the employees of the 31-year-old bank. The irregularities at Axis Bank involved employees opening savings accounts for ineligible […]
Continue Reading
In addition to the Companies Act amendments, the Ministry of Corporate Affairs is also working on changes to the Insolvency and Bankruptcy Code (IBC). The proposed amendments will further clarify the priority of repayments owed by distressed companies to statutory agencies. The Government has likely finalized amendments to the Companies Act, aiming to ease capital […]
Continue Reading
Under CGTMSE, the guarantee cover available for micro enterprises is up to 85% for loans up to Rs 5 lakhs, while for loans between Rs 5 lakhs and Rs 5 crores, the cover is up to Rs 75%. Rajneesh also noted the 5-crore Udyam registration milestone achieved last week as part of the Ministry’s drive […]
Continue Reading
The number of Global Capability Centres (GCCs) set up in India, increased to around 1,700 in fiscal 2024, generating $64.6 billion in export revenue and employing over 1.9 million people, a new report has said, with the country expanding its dominance in this space even as GCCs emerge as critical nerve centres for multinational companies. […]
Continue Reading
More than half of all the businesses that secured approvals for their debt resolution schemes and about two-thirds of the cases cleared in July were in the real estate and hospitality sectors. The National Company Law Tribunal approved the debt resolution plans of 22 businesses in August, maintaining the pace of salvaging distressed companies, official […]
Continue Reading
Moody’s Ratings boosted India’s GDP growth forecast to 7.2% for 2024 and 6.6% for 2025, highlighting solid growth and moderating inflation as key factors. The update also notes improvements in corporate balance sheets, rural demand and digital infrastructure investments, signalling a robust economic outlook for the country. The ratings agency noted that growth could exceed […]
Continue Reading
Reserve Bank of India Governor, Shaktikanta Das received an ‘A+’ rating from Global Finance magazine, ranking the top central banker globally for the second year. The recognition acknowledges his adept handling of economic crises, including the Covid-19 pandemic and the war in Ukraine. Das was also instrumental in shaping the GST framework and key economic […]
Continue Reading
According to the RBI’s new guidelines, if you transfer money to the wrong UPI address, you can expect to get your money back within 24 to 48 hours. Here are 5 Ways to Recover Money Sent to the Wrong UPI Address: With the Unified Payments Interface (UPI), users can easily transfer money digitally. However, issues […]
Continue Reading
The Company registrations decreased by almost 11% year-on-year in July, following a 12% increase in June. A total of 14,887 companies, including foreign firms, were incorporated in July, against 16,698 a year ago. With this, company registrations saw year-on-year decline in three out of the first four months of this financial year, after a surge […]
Continue Reading
The Income Tax Department has announced a critical deadline for taxpayers you must verify your Income Tax Returns (ITR) within 10 days of filing to ensure your returns are processed correctly. This verification step is essential for the completion of the filing process. Taxpayers are given a 10-day window to verify their Income Tax Returns […]
Continue Reading
Reader / Viewer discretion and disclaimer :
The information provided on SME e-News (www.smeenews.com) website is intended for general informational purposes only. While we strive to provide accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or reliability of the content. The views and opinions expressed in the articles and posts on this website are those of the authors and do not necessarily reflect the official policy or position of SME-e-News website. Readers are advised to independently verify any information found on this website before making decisions based on it. We do not endorse, represent, or warrant the accuracy or reliability of any third-party content linked on this site. Furthermore, SME e-News (www.smeenews.com) website shall not be held liable for any errors, omissions, or delays in the information provided, nor for any losses, injuries, or damages arising from its display or use. Please note that the content on SME e-News (www.smeenews.com) website may be subject to change without notice.
