BANKING

Amitabh Kant lauded Finance Minister Nirmala Sitharaman for fiscal discipline in Budget 2026-27, noting a reduced fiscal deficit to 4.3% of GDP alongside increased capital expenditure. DP World highlighted the Rs 10,000 crore allocation for domestic container manufacturing, while Alstom praised the seven new high-speed rail corridors for boosting mobility and the economy.

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BANKING

India's GIFT City, a global financial hub, has received a significant fiscal boost with its tax holiday extended to 20 years. Entities will then be taxed at a lower 15% rate, enhancing offshore financial competitiveness. This move strengthens GIFT City's position as a globally competitive financial hub.

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BANKING

Unified Payments Interface transactions hit a new high in January. Indians made 21.7 billion UPI payments. The total value of these transactions reached Rs 28.33 lakh crore. This shows a significant increase from the previous month. The growth in UPI usage continues to be strong. This digital payment system is rapidly expanding its reach across the nation.

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BANKING

Union Budget 2026: India's banking sector is strong with improved balance sheets and high profits. Finance Minister Nirmala Sitharaman announced a high-level committee to review the system. This panel will chart the next phase of reform-led growth. It will also look at the role of Non-Banking Financial Companies. Public sector NBFCs will be restructured to improve efficiency and focus on key sectors.

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BANKING

SBI chairman C S Setty calls for equal tax treatment on returns from equity investments and bank deposits. He believes this will create a level playing field for financial savings. A banking official also requests an extension of the tax holiday for income earned in Gujarat's GIFT City. This move aims to boost activity in India's International Financial Services Centre.

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BANKING

Companies bidding on a recent opportunity must submit an unconditional offer, according to bid documents. Any conditions attached to an offer will make it invalid. The documents also state that bidders will not have the right to make changes to the share purchase agreement after it is submitted to the Department of Investment and Public Asset Management (Dipam). This information comes from people familiar with the matter.

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BANKING

In an ambitious move, the World Bank Group has committed to funneling $8-10 billion each year into India over the next five years. This groundbreaking partnership pivots around enhancing job creation through the private sector.

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