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Kotak Mahindra Bank announced today that the Reserve Bank of India (RBI) has approved the appointment of C S Rajan, Independent Director of the Bank, as the Part-time Chairman. The approval is effective from 1st January 2024, marking a two-year tenure. Rajan has over 40 years of experience in various government portfolios. He assumed the role of Independent Director on the Bank's Board on 22nd October 2022. A retired IAS officer of the 1978 batch. He is also chairman of the government appointed board of the IL&FS.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Qvl7fV2
SBI FD rates hiked: The State Bank of India (SBI) has announced an increase in interest rates on certain fixed deposits (FDs) for deposits below Rs 2 crore.
India's central bank has imposed new rules barring lenders from investing in alternative investment funds (AIFs) that hold stakes in their borrowers. The move aims to prevent an unstable build-up of assets in the financial system. However, lawyers and analysts argue that the rules will increase costs for AIF managers and make it harder to raise cash in the future. The top seven shadow lenders in the country had invested around $1.35 billion in these AIFs, according to their annual reports.
A pilot project has been launched in Panchmahal and Banaskantha districts of Gujarat to expand the reach and capacity of rural cooperative banks. Bank accounts of all the members of cooperative societies are being opened in the District Central Cooperative Banks and Rupay Kisan Credit Cards are being distributed. The success of this model will be replicated in all districts to increase the footprint of rural cooperative banks. The pilot project has led to an increase in the flow of funds and number of transactions through Rupay Kisan Credit Cards.
CBDT has released the new ITR forms - ITR-1 and ITR-4 - for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY 2024-25 with the last date of July 31, 2024, unless extended.
