RBI Eases KYC Rules
Your daily dose of business news
🗞️ RBI Allows KYC Update via Banking Agents
In a boost for financial inclusion, the RBI has allowed Business Correspondents (BCs) to update KYC information. This is expected to benefit rural populations who rely on agent-assisted banking.
💬 Expert Take:
“This is a welcome boost to digital financial inclusion—it removes key roadblocks for last-mile customers,” says Anil Verma, Financial Inclusion Specialist, CGAP.
🗞️ India’s Exports May Cross $900 Bn
India’s goods and services exports are on track to cross $900 billion in FY25, according to Commerce Minister Piyush Goyal. Growth is attributed to robust demand and government-led facilitation.
🗞️ EV Incentives Only for Zero-Emission Vehicles
NITI Aayog has recommended that central incentives be reserved for only zero-emission vehicles, such as electric and hydrogen-powered vehicles. Hybrids may be excluded from subsidies.
💬 Expert Take:
“Focusing incentives on fully electric or hydrogen vehicles sharpens policy impact and sends a clear signal for manufacturers,” says Dr. Meera Rao, Senior Energy Policy Fellow at TERI.
🗞️ Govt Cuts Duty on Crude Edible Oil
To tame inflation, the government has slashed basic customs duty on crude edible oils from 20% to 10%. This is expected to bring relief to consumers ahead of festive demand.
🗞️ No MDR on UPI Payments to Continue
The government has reiterated that no Merchant Discount Rate (MDR) will be levied on UPI transactions, preserving the zero-cost structure for both merchants and consumers.
🗞️ Banks Warn Against Business Card Misuse
In response to misuse reports, banks and police are asking business credit card users to sign declarations ensuring purchases are business-related.
🗞️ Bank of Maharashtra Cuts Loan Rates
Bank of Maharashtra has reduced retail loan interest rates by up to 50 bps, making personal and home loans more affordable.
🗞️ Groww Reports 3X Profit Surge in FY25
IPO-bound fintech platform Groww has posted a three-fold increase in profit for FY25, driven by growing retail investor engagement and monetization.
📊 Market Updates
📉 Sensex: 81,691.98 ↓ 823.16 (−1.00%)
📉 Nifty 50: 24,888.20 ↓ 253.20 (−1.01%)
💵 USD/INR: ₹85.46 ▶ Rupee strengthened slightly
🛢️ Brent Crude: $68.46 ↓ −1.9%
🪙 Bitcoin: ~$111,250 ▲ modestly
🪙 Gold (24K): ₹7,202/gram ▶ unchanged