FINANCIAL INCLUSION
Not only Jeff Bezos, Sundar Pichai is also this Bengaluru engineer's follower. Who is Rohan Paul?
Bengaluru-based AI engineer and entrepreneur Rohan Paul recently gained rare recognition on X, with Google CEO Sundar Pichai following him. Already followed by Amazon founder Jeff Bezos, Paul shared his excitement online, highlighting the significance of the gesture. The acknowledgement has boosted his visibility in the tech community, reflecting his growing influence through Rohan’s Bytes and his work in AI and technology.
PGIM India AMC partners with Cybrilla to bring mutual funds on ONDC platform
PGIM India Asset Management has partnered with ONDC and Cybrilla Technologies to expand mutual fund access across India. The integration aims to empower distributors, lower costs, and introduce innovative formats like daily SIPs, reinforcing PGIM’s mission of financial inclusion and democratizing investments, especially for smaller towns and rural investors.
Gold falls Rs 200 to Rs 1,07,670/10 g, silver declines Rs 1,000 in Delhi markets
Gold prices on Monday retreated from record levels to trade at Rs 1,07,670 per 10 grams, down by Rs 200, in the national capital due to fresh selling by stockists, according to the All India Sarafa Association.
NPCI grants TPAP approval to Viyona Fintech
This milestone enables Viyona to offer Unified Payments Interface (UPI) services in collaboration with partner banks, further strengthening India's expanding digital payments ecosystem, Viyona Fintech said in a statement.
Quess adds 1.33 lakh new formal jobs, 23% includes women: Pulse report
India's formal economy is expanding, with record EPFO enrollments driven by young workers, as revealed by Quess Corp's report. Female labor force participation is rising, particularly in IT and ITeS sectors. Retail, BFSI, and telecom are key employment sectors, while states like Madhya Pradesh show strong workforce stability. Policy changes and infrastructure improvements are crucial for sustained growth and inclusivity.
Global impact investor Accion closes $61.6 million second fund, aims to allocate 30% to Indian startups
This is the second fund for Accion Venture Lab, which has invested in Indian fintech startups such as MSME lending company Aye Finance, consumer lending startup Olyv (previously Smartcoin), and fintech infrastructure startup Transbnk, among others.
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India, Israel to sign bilateral investment treaty this week
Israeli Finance Minister Bezalel Smotrich's upcoming visit to India aims to strengthen economic ties, with the signing of a bilateral investment treaty (BIT) expected. This BIT seeks to protect investors and boost confidence through assured treatment and dispute resolution. Discussions will also lay the groundwork for a free trade agreement (FTA) to further enhance trade between the two nations.
PM Modi pays tribute to social reformer Sree Narayana Guru
Sri Narayana Jayanthi is a state festival of Kerala. It is celebrated on Chathayam day during the Onam season in the Chingam month of the Malayalam calendar.
GST Council's decision to simplify tax structure will make taxation more 'transparent': IOB
The Goods and Services Tax (GST) council is set to simplify the tax structure. This move aims to make taxation more transparent. Indian Overseas Bank anticipates a boost in rural consumption by 8-10 percent. Increased demand is expected across various sectors. Farmers will benefit from reduced costs on agricultural products. Price cuts on essentials will provide relief to consumers.
PNB signs Rs 21,000 cr MoU with Rajasthan govt under Rising Rajasthan initiative
Punjab National Bank (PNB) has committed Rs 21,000 crore to Rajasthan's Rising Rajasthan initiative, aiming to boost socio-economic progress through its extensive network and digital resources. During a visit to Jaipur, PNB's MD & CEO, Ashok Chandra, distributed 2,000 loan sanction letters to women entrepreneurs and emphasized digital adoption, financial inclusion, and fraud prevention.
Explained: What is Mutual Fund - Voluntary Retirement Account scheme by AMFI and how is it similar to US 401(k)
India is preparing for a significant increase in its elderly population. Association of Mutual Funds in India (AMFI) introduces Mutual Fund-Voluntary Retirement Account (MF-VRA). This scheme is inspired by the U.S. 401(k) plan. It offers voluntary participation and employer-sponsored options. Mutual funds will manage it with tax incentives and flexibility.
GST reforms to set stage for next investment cycle, provide tailwind for growth in coming quarters and years: Sanjiv Bajaj
Sanjiv Bajaj hailed the government’s GST rate cuts as the biggest reform since 2017, calling it a major driver for demand, lending, and financial services. He expects festive spending, MSME growth, and housing finance to benefit, alongside expanded insurance coverage due to exemptions.
RBI panel on financial stability reviews US tariff impact, financial inclusion efforts
The Financial Stability and Development Council convened to address potential economic challenges arising from US tariffs and geopolitical tensions. Discussions centered on simplifying KYC procedures and advancing financial inclusion initiatives outlined in the National Strategy for Financial Inclusion 2025-30. The council emphasized coordinated regulatory efforts to bolster financial sector resilience and closely monitor emerging risks.
AMFI announces appointment of new Chairman and Vice Chairman
AMFI has appointed Sundeep Sikka as its new Chairman and Vishal Kapoor as Vice Chairman, effective immediately. The leadership change follows the tenure of outgoing Chairman Navneet Munot and Vice Chairman Anthony Heredia, as the industry body continues its work on investor protection and mutual fund growth.
GST rate cut to spur domestic demand, help build long-term growth: FMCG industry
The Goods and Services Tax Council reduced rates on essential items. This decision aims to revive domestic consumption. It will also stimulate economic momentum before festivals. Fast-moving consumer goods companies will pass on benefits to consumers. They will increase grammage or reduce prices. Analysts expect a price drop and growth in the FMCG sector.
Will insurance premiums become cheaper in GST 2.0?
The GST Council has eliminated the 18% tax on health and life insurance premiums, a move under PM Modi's GST 2.0 reforms aimed at simplifying the tax structure. This exemption is expected to lower premiums, potentially boosting demand and increasing insurance accessibility for a wider population, though insurers may face short-term margin pressures.
Axis Max Life partners with India Post Payments Bank for distribution of insurance products
Axis Max Life Insurance and India Post Payments Bank have collaborated to provide affordable life insurance in rural India, utilizing IPPB's extensive network. This partnership aims to reach Tier 3, Tier 4, and rural markets with tailored products like SWAG and Term Insurance Plans. The initiative supports financial inclusion and IRDAI's goal of 'Insurance for All by 2047'.
GST cut on insurance premiums may lower costs, insurers brace for near-term impact: Report
The GST Council is considering GST rate cuts on health and term insurance, potentially lowering premiums for policyholders. While a full exemption could reduce premiums significantly, it may lead to a revenue shortfall for the government.
AMFI proposes Mutual Fund-Voluntary Retirement Account scheme, similar to US 401(k) plan
The Association of Mutual Funds in India (AMFI) has proposed the Mutual Fund- Voluntary Retirement Account (MF-VRA) scheme, which aims to provide a voluntary, employer-linked retirement product managed by mutual funds, similar to the US 401(k) plan.
US regulators cancel bank exams as Trump rollback gathers pace
Under President Trump's administration, U.S. regulators are easing up on bank oversight, reducing exams and disciplinary notices, as reported by industry executives. The shift involves less focus on non-core issues like reputational and climate change risk, with a greater emphasis on key financial metrics. This move aims to streamline supervision and support economic growth, though some worry about potential risks.
Account Aggregator ecosystem to unlock new frontiers in formal credit access: Finmin
The Account Aggregator (AA) ecosystem, launched in 2021, is rapidly expanding, fostering secure, consent-based financial data sharing. With over 2.2 billion accounts enabled and millions of users linked, it strengthens India's digital public infrastructure. Recognized during India's G20 presidency, AA is poised to boost formal credit access, particularly for MSMEs, contributing to India's Viksit Bharat vision.
Quantum Mutual Fund collaborates with ONDC to widen access to mutual funds
Quantum Asset Management has joined the ONDC network to simplify mutual fund distribution. The move enhances financial inclusion by enabling seamless investor access to products via existing buyer apps, particularly in underpenetrated rural markets.
India to become world's third largest economy soon, says RBI Governor Sanjay Malhotra; hails PM Jan Dhan Yojana
RBI Governor Sanjay Malhotra stated that India is poised to become the world's third-largest economy, attributing this growth to the Pradhan Mantri Jan Dhan Yojana. He highlighted the scheme's success in opening 55 crore accounts, fostering financial inclusion and enabling citizens to participate in the nation's economic progress. India's recent GDP growth of 7.8% further supports this positive outlook.
More Indians now put nest eggs in MF basket: Mutual funds comprise 6% of household savings
Indian households are increasingly favoring mutual funds (MFs) over traditional bank deposits, with MF share in gross financial savings rising to 6% in FY23 from under 1% in FY12, according to RBI economists. This shift reflects a growing appetite for financial risk, influenced by factors like increased financial inclusion and business confidence.
NITI Aayog to review Aspirational Districts Programme after 7 years
NITI Aayog will evaluate the Aspirational District and Block Programmes to assess their impact on underdeveloped regions. The study will analyze the relevance, efficiency, and effectiveness of these schemes in achieving Sustainable Development Goals. It will focus on key indicators like health, education, and infrastructure, aiming to improve policy interventions and enhance program outreach.
Mobile link shields PMJDY A/Cs from fund diversion
The government reports success with the Pradhan Mantri Jan Dhan Yojana. Linking accounts to mobile and Aadhaar prevents subsidy diversion. Over 560 million accounts opened since 2014 with ₹2.68 lakh crore deposited. Nirmala Sitharaman highlights the scheme's role in direct benefit transfer and financial inclusion. A significant portion of accounts are in rural areas and held by women.
PM Jan Dhan Yojana gave people power to script their own destiny: Modi
Prime Minister Narendra Modi celebrated the 11th anniversary of the PM Jan Dhan Yojana, highlighting its role in empowering citizens and fostering national progress through financial inclusion. Launched in 2014, the scheme aimed to provide universal access to banking facilities, financial literacy, credit, insurance, and pension facilities.
More than 56 crore Jan Dhan accounts opened in last 11 years: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlights the success of Pradhan Mantri Jan Dhan Yojana. Over 56 crore Jan Dhan accounts opened in 11 years. These accounts brought millions into formal banking. Total deposits reached Rs 2.68 lakh crore. More than 38 crore RuPay cards issued for digital transactions. The scheme focuses on financial inclusion for rural areas and women.
Arohan Financial Services eyes 20 pc growth in outstanding loan portfolio
Arohan Financial Services anticipates a 20 percent growth in its loan portfolio this fiscal year. Last year, their portfolio stood at Rs 6,100 crore. They operate through 1,102 branches, serving 21 lakh customers. In the previous fiscal year, the company reported a net profit of Rs 110 crore. Arohan emphasizes the need for long-term capital in the microfinance sector.
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