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INTRODUCTION OF CENTRAL BANK DIGITAL CURRENCY ‘DIGITAL RUPEE’ ANNOUNCED

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75 DIGITAL BANKING UNITS TO BE SETUP IN 75 DISTRICTS BY SCHEDULED COMMERCIAL BANKS 100 PER CENT OF 1.5 LAKH POST OFFICES TO BE BROUGHT ON THE CORE BANKING SYSTEM IN 2022 FINANCIAL SUPPORT FOR DIGITAL PAYMENT ECOSYSTEM TO CONTINUE The Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman today announced the introduction of  Digital Rupee  to be issued by the Reserve Bank of India starting 2022-23.  Presenting the Union Budget 2022-23 in the Parliament here today, the Finance Minister said that the Central Bank Digital Currency (CBDC) will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system, the Minister stated. The Digital Currency will use block chain and other technologies.     Digital Banking:   Smt Nirmala Sitharaman said that in recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. Government is continuo...
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Truck Rentals Climb Ahead of Festive Season

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Mumbai, September 16, 2024 :Truck rentals across India have surged in anticipation of the upcoming festive season. Increased demand, driven by post-election activities and the reopening of the India-Bangladesh border, has contributed to the uptick.  "As the festive season approaches, companies across India are intensifying their efforts to boost production and supply, causing an uptick in truck rentals on key routes," said Y.S. Chakravarti, MD & CEO of Shriram Finance Ltd.  The festive season’s approach, coupled with increased post-election activities, has significantly driven demand across various transportation routes. Notably, fleet utilization in the India-Bangladesh border region saw a significant improvement, rising to nearly 60% from the previous 40%. Resumption of trade activities between India and Bangladesh has particularly increased truck rentals in the Kolkata-Guwahati-Kolkata route, registering the highest surge at 3.0%. The Delhi-Kolkata-Delhi an...
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SLBC Tamil Nadu joins in offering NPS Vatsalya Scheme

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In pursuance of the announcement in the Union Budget 2024-25, Hon’ble Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman launched the NPS Vatsalya scheme, ‘a pension scheme for minors’ on 18.09.2024 in New Delhi. Hon’ble Minister of State for Finance Shri Pankaj Chaudhary. also participated in the launch event and addressed the gathering. Secretary, D/o Financial services and Chairman PFRDA were also present along with other esteemed guests.  NPS Vatsalya launch event was organized simultaneously at 75 locations throughout the country, and the function was organized in 3 locations in Tamil Nadu – Chennai, Tiruchirappalli & Tirunelveli.  The Chennai event was attended by Shri Dhanaraj T, Executive Director, Indian Overseas Bank & Chairman, SLBC, Tamil Nadu; Shri S Ilangovan, General Manager, RBI, Chennai, Shri M  Annadurai, ADG – PIB, Southern Region; Shri Mohan M, General Manager Indian Overseas Bank & Convenor, SLBC, Tamil N...
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