Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 1, 2026
Show AI Summary
Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
Show AI Summary
Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
Show AI Summary
Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
Show AI Summary
Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
Show AI Summary
GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
Show AI Summary
Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
Show AI Summary
Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
Show AI Summary
Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
Show AI Summary
Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
Show AI Summary
Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
Show AI Summary
Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
Show AI Summary
Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
Show AI Summary
GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
Show AI Summary
Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
Show AI Summary
Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
Show AI Summary
Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
Show AI Summary
Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
Show AI Summary
Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
Show AI Summary
Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
Show AI Summary
Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters

Transformational Technologies and Banking: Key Issues - Keynote Address delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India at the 12th SBI Banking & Economics Conclave - 2025 in Mumbai on November 7, 2025

November 10, 2025

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Shri Setty, Chairman, SBI, Shri Amara, MD, SBI, distinguished leaders and members of the financial fraternity. It gives me immense pleasure to be a part of what feels like, and perhaps is, the nerve centre of the Indian financial system.

2. The theme of the Conclave ‘India’s Quest for Self-Reliance in a Fragmented World Order’, makes this event particularly timely and critical. The comfortable assumptions of the post-Cold War era of globalisation are fading as we are seeing a re-emergence of protectionist tendencies and re-shoring of critical supply chains. Economies and societies are struggling to adjust not just to the rapid pace of change of technology, but also as the fundamental nature of technology itself is undergoing a paradigm shift. Technology has always been a catalyst for improving efficiency in delivering financial products, but now it has become the very foundation upon which the future of financial intermediation rests.

Technology and Banks

3. Today I want to dwell on a theme that reverberates in the current era of disruptions and fast-paced changes, the role of technology in banking. Every aspect of finance, from payments and credit to savings, investments, regulation and supervision, is already being redefined through technology.

4. With powerful technologies like artificial intelligence (AI) and quantum computing already under way, our challenge is how to embrace them with wisdom and purpose, and ensure that technological evolution is secure, inclusive, resilient, and future-ready.

5. India’s experience in digitisation shows that countries who harness technology with foresight and responsibility will not only adapt to change but shape it. Our uniquely successful model of leveraging Digital Public Infrastructures (DPIs) like Aadhaar or UPI has not only positioned India as a leading example of digitisation, but also it has set an example for other countries to follow. For transformational change, it is not enough that technology is ubiquitous, it should also be foundational.

Lessons from India’s Digital Journey

6. If we look back today, we can see that India’s banking system has passed through two-and-a-half decades of innovations in payment technology – starting from ATM networking and moving through a gamut of retail and wholesale digital payment instruments like RTGS, NEFT and IMPS to the game-changing UPI and continuing on to experimenting with digital currency. The journey has been gradual yet, transformational. What are the main lessons that we can glean from this experience that has placed India as a leading example of payments innovation?

  1. The very first thing to note is that virtually all of these initiatives came from the public sector, whether it is the ATM Switch, or NEFT/RTGS or UPI or, moving slightly away from the financial sector, the Aadhaar. Even the initiatives to set up key institutions – IDRBT, NPCI, IFTAS, and more recently, RBIH – were all public sector initiatives.

  2. The second aspect is that all of these initiatives were by way of creating infrastructures, specifically digital public infrastructures. They were situated in what can be termed a public goods space; they were priced like public goods – minimal charges or free; they were accessible by all, like public goods.

  3. Thirdly, these DPIs were made available as a foundational layer for technology firms to create innovation. This gave the Indian approach a uniquely public-private cooperation character, an approach that resulted in the best of both worlds - while the public sector focuses on what it does best – create public infrastructure, the private sector focuses on where it has clear competitive advantage - innovation.

  4. Fourthly, open access to DPIs led to a rise of new fintech players such as payment aggregators, PPI issuers, third-party app providers, etc, bringing agility, innovation, and particularly scale. DPI has thus contributed to the growth of the fintech sector itself.

  5. Finally, there is a general realisation that the new fintech players, mainly because they had no legacy systems that tied them down, were far more nimble and innovative than incumbent banks. While this did not undermine the role of banks as such, it exposed the Achilles heel of the banking system – that banks could be vulnerable to strong inertia in adapting to new technology. This leads me to the basic theme of my talk – the nature of the challenges new technology poses for banks.

Banks and new Fintechs

7. Let me first explain the vulnerability by using the context of UPI. UPI is essentially a payment instrument that transfers funds from one bank account to another (it can also use wallets, but that is a negligible part of the volume, so we will ignore it for this purpose). All UPI transactions are therefore payment transactions made through banks. Yet when we talk of UPI, the first entity that comes to mind is not a bank but a non-bank UPI app. It is well recognized that these fintech entities have taken UPI to where it is today, and that but for them UPI would not have been able to reach the nooks and corners of the country. Acquisition of customers and their payments data, was enough of an incentive for these app providers to extend these services even in the absence of any revenue. It is also important to appreciate that these FinTechs had certain basic advantages -

  1. Technology edge – Fintechs are more agile as they have no legacy IT systems, enabling them to use technology that is more conducive to scale up, integrate and upgrade. Banks, with their core banking systems find it difficult to modernise and upgrade.

  2. Data advantage - Fintechs can access wider, larger and more comprehensive data sources (for example across multiple banks and spending channels).

  3. Cost advantage – With asset light balance sheets, no physical branches and very little due diligence requirements (KYS, AML/CFT etc), these fintechs incur a lot less cost than banks.

8. These advantages were large, and it can be reasonably argued that banks were unfairly disadvantaged (higher regulatory burden, frictions of KYC process and AML checks). In a competitive market, banks would have recovered their higher costs from the fintechs, but then, adoption of new technology would probably have suffered. But even without these disadvantages, it would be reasonable to assume that banks just did not foresee the potential in UPI that the FinTechs did. Part of the explanation lies in the very nature of banks.

9. Banks are special entities, unlike any other business. They have an important socioeconomic role, that of creating money. Because of this role, banks are licensed and closely regulated and supervised. This arrangement works to the benefit of banks, because entry is not free and there is some degree of underwriting by the State. It also has a disadvantage that banks have to bear the cost of regulation, both financially and in terms of the obligation to follow prudential processes. One corollary of this somewhat protected environment within which banks operate is that their innovation edge is blunted. This is probably the reason banks did not fully appreciate the potential benefits of UPI, as keenly as the fintech players did.

10. If this indeed is true, it is time the banking system thought hard and deep about the challenges from the transformational technology changes we are living through. Technologies like artificial intelligence, blockchain, quantum and digital currencies, will shape the next decade of financial transformation. These technologies pose challenges that are fundamental to banks.

  1. Most money in modern economies is bank money. Creating money through extending credit is the most basic function of a bank. The advent of digital currencies is now providing an alternative. We can no longer assume that banks would always remain because who else would create money, that is the lifeblood of modern economies. The risks from private digital currencies to banks appears existential, yet not well understood or debated globally. Even with CBDCs, which become a necessary bulwark against private digital currencies, banking business is likely to change significantly, and these impacts need to be understood by banks. It is not just the responsibility of a central bank, the issuer.

  2. Banks are the core intermediaries in financial markets. Every financial transaction, whether or not it requires other types of intermediaries (e.g., brokers or market-makers) would always require a bank to authenticate the payment leg. This is something only a bank could do. With the blockchain technology, this could well change. The basic function of a blockchain is to authenticate financial transactions in the absence of a trusted intermediary. It is now possible that banks may not be required to authenticate payments, substantially impacting their role as intermediaries.

11. Apart from these fundamental challenges, new technology poses various other risks to the roles that banks traditionally play. For instance, digital currencies can provide a superior alternative to banks in cross-border payments. Quantum computing, though nascent, could one day revolutionise encryption, risk modelling, and portfolio optimisation. AI can interpret blockchain data; CBDC can embed smart contracts; IoT devices can trigger automated financial settlements. Together, they signal a shift from a system of intermediated finance to one of intelligent interconnections.

12. The risks emanating from these technological shifts need to be recognized and understood. True, at this stage these risks are more conceptual than actual, yet at the very least they can eat into the exclusive domain of banks. Banks, therefore need to be prepared well to meet these challenges and maintain their central role in monetary transmission and financial stability.

13. While by now banks have a fairly good understanding of how to approach technology adoption, I would only reiterate a few aspects that need to be kept in mind with respect to adopting the new transformational technologies.

  1. Banks have inherent strengths - credibility, balance sheet depth and customer base. Technology asymmetry tends to dilute these benefits. The ability to leverage these strengths would depend on the agility and speed with which banks modernize their systems and reimagine their business processes.

  2. The nature of technology change facing banks is different. Many technology changes are no longer incremental, they are re-architectural. Platform technologies effectively enable nonbanks to come into the banks’ domain. Distributed ledgers undermine the traditional institutional guarantees that banks provided. Therefore, competitiveness may no longer depend as much on balance sheet strength but on data capability and technology flexibility.

  3. Since banks are structurally vulnerable because of their monolithic IT systems and high fixed costs arising from branch network and compliance costs, incremental digitisation is unlikely to be enough to keep them competitive.

14. In this context, what can be the strategic imperatives for banks to prepare for transformative technologies? Modernising core infrastructure to make it less monolithic and rigid is one such imperative if banks have to compete with the fintech ecosystem. Adopting a platform orientation and API based collaboration with fintechs is another. Perhaps the most important requirement is reengineering the culture of innovation within banks and creating incentives for learning and skill upgradation from within. Human expertise to innovate, govern, and responsibly deploy technology remains the differentiator in a digital world. Institutions must cultivate deep digital and data skills at all levels, ensuring teams are equipped to navigate complexity and seize opportunities.

15. Equally importantly, banks need to treat fintechs as partners in innovation and create a mutually beneficial or symbiotic strategic partnerships with them. The objective should be to benefit from the agility of fintechs without compromising prudential discipline.

Concluding thoughts

16. As we reflect on the transformative absorption of technology in finance, one truth is unmistakable i.e., while technology is inevitable, its direction is intentional. The choices banks make today will shape not only the architecture of their IT systems but the experience, inclusion, and trust of millions of citizens tomorrow. As technology is rewriting the very DNA of finance, the preparedness of banks will determine whether they lead this transformation or are led by it. Institutions that adopt technology strategically, embed strong governance principles, develop human capital, and collaborate across the ecosystem will not only navigate change but will shape it.

Topics

Acts Income Tax