Union Budget 2022-23 – Key Highlights and Impact on various sectors

FM Nirmala Sitharaman presented Union Budget 2022 in Parliament. While keeping the Income Tax Slabs unchanged, FM announced a major change in taxation as far as virtual digital assets are concerned. Union Finance Minister Nirmala Sitharaman proposed a 30 per cent tax on income from transactions in such assets. Furthermore, FM Also proposed Gati Shakti Programme which will boost infrastructure and create more jobs. On education sector, FM has announced launch of a new Digital University as well as expansion of PM eVIDYA with addition of new TV channels for supplementary education.

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ECONOMIC SURVEY 2021-22 – Key Highlights

The Economic Survey 2021-22 was tabled in Parliament on Monday by Finance Minister Nirmala Sitharaman soon after the President’s address to both Houses of Parliament. The survey, presented a day before the Union Budget, underlines the state of the economy and outlines suggestions for policy actions.

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RBI’s Financial Stability Report for December 2021 – Bank NPAs may go beyond 8% by September 2022,

Reserve Bank released the 24th issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system.

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Report on Trend and Progress of Banking in India 2020-21

Reserve Bank of India released the Report on Trend and Progress of Banking in India 2020-21, a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act, 1949. This Report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2020-21 and 2021-22 so far.

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Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks & NBFCs

RBI has reviewed and revised the existing framework for SCB’s and also issued fresh PCA Framework for NBFC’s. The new PCA norms for SCB’s shall be effective January 1st, 2022 & for NBFC’s the PCA norms will be effective wef October 1, 2022.

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THE CHANGING VISION OF THE INDIAN BANKING INDUSTRY

While discussing the changing vision of the Indian Banking industry, Mr M.V.Tanksale expressed with pride that the banking industry has withstood various crises and transformed itself to meet the challenges and contribute to the economic growth of the country.

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Statement on Developmental and Regulatory Policies

Statement on Developmental and Regulatory Policies Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision; (ii) financial markets; and (ii) payment and settlement systems.

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RBI’s Bi-Monthly Policy Review – Key Highlights

The Reserve Bank of India’s (RBI’s) six-member monetary policy committee (MPC), headed by Governor Shaktikanta Das, decided to maintain key interest rates for a ninth straight meeting, retaining an accommodative stance amid the threat surrounding Omicron coronavirus variant.

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RBI launches its First Global Hackathon – HARBINGER 2021

RBI hackathon applications are open for anyone above 18 years of age with an innovative idea. The registration process began on November 15 and the last date to register and submit proposals is December 15.

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