MUMBAI: Amid pushback from industry, National Payments Corporation of India (NPCI) has deferred the rollout of merchant discount rate (MDR) on select UPI transactions until after Diwali. In a statement on Tuesday, NPCI said that a new date of implementation will be notified separately. The merchant fee was earlier supposed to come into effect from…
NEW DELHI: The International Monetary Fund (IMF) has upgraded India’s growth forecast for the current year to 7%, from 6.4%, making it the fastest-growing major economy.The agency joins others – including the World Bank, ADB, S&P and Moody’s – in upgrading its projections after official data estimated first-quarter growth at 7.8%. Most global agencies have…
NEW DELHI: Apple is making a renewed push into the smart home market, unveiling three new devices – HomeView, HomePod mini 2 and Apple TV 4K – as it looks to take its newly launched Siri AI beyond smartphones and establish a stronger presence in connected homes. The launches mark Apple’s latest attempt to challenge…
MUMBAI: The rupee rose 49 paise to close at 95.28 per dollar on Tuesday from 95.77 in the previous session, outperforming Asian currencies after RBI introduced measures to curb dollar demand and speculative positions. The measures have widened bid-ask spreads in the forwards market and shifted some activity to the non-deliverable forward market.Meanwhile, RBI governor…
The coaches, which come in seven different variants, are being built at the Rail Coach Factory (RCF) in Kapurthala, Punjab. Indian Railways has exported the first batch of LHB passenger coaches to Bangladesh under a new deal. RITES Ltd announced on Tuesday that it had sent the first batch of 18 broad-gauge passenger coaches to…
MUMBAI: Consumer durable loans, such as buying a mobile phone on EMI, are helping lenders build credit histories for younger borrowers, contributing to a decline in two-wheeler loan delinquencies to a seven-year low of 1.4% in June 2026 from 2.7% in June 2019, according to TransUnion CIBIL.First-time borrowers accounted for 39% of two-wheeler loan originations…
A currency is said to be undervalued when it is weaker than what experts believe is its fair value. Where is the rupee headed? The Indian currency has been in a free fall for several quarters now. At one time its one-year forward even breached the 100 mark prompting experts and economists to wonder if…
The department questioned the farmer’s financial activities after he deposited large sums of cash into his bank account. (Image for representative purpose only) Is your income from agricultural sources taxable? A farmer from Bengaluru who grew vegetables and fruits and sold them to Agricultural Produce Market Committee (APMC) for cash faced a tax notice for…
File photo: Union finance minister Nirmala Sitharaman Union finance minister Nirmala Sitharaman on Tuesday declined to indicate whether the government would make changes to long-term capital gains (LTCG) tax or securities transaction tax (STT), saying it was too early to comment as preparations for the upcoming Union Budget had begun.Replying to a question at an…
Govt defers 0.4% merchant discount rate on UPI payments MUMBAI: Its official. There will be no MDR on UPI until the festival season is over. The National Payment’s Corporation of India’s The UPI and Services Steering Committee has deferred the implementation of merchant discount rates (MDR) on select person-to-merchant UPI transactions until immediately after Diwali,…
