India Post Payments Bank

All 1.55 lakh post offices to offer payments bank service

India Post Payments Bank is gearing up to provide its financial services through all of 1.55 lakh post offices and 3 lakh employees by the end of 2018, which will create India's second-largest payments bank in terms of reach. 

India Post Payments Bank (IPPB) Chief Executive Officer AP Singh said this at an event organised by United Nations on Financial Inclusion in New Delhi yesterday. He said that India Post will have bank footprint in every district by March 2018.

Retail Inflation Rises

Retail inflation rises to five-month high of 3.36 per cent in August

Retail inflation rose to a five-month high of 3 (point)36 per cent in August due to costlier vegetables and fruits. According to the data released by the Central Statistics Office, the consumer price index (CPI) based inflation stood at 2.36 per cent in the previous month. 

The August inflation number is the highest since March this year, when it was recorded at 3.89 per cent. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52 per cent.

Banks Credibility

Banks should maintain their credibility: Arun Jaitley

Union Finance Minister Arun Jaitley has said that Banks should maintain their credibility. He was speaking in Pune on the occasion of the centenary year of Pune District Co-operative bank. Jaitley said that Maharashtra has done tremendous progress in the field of co-operatives and finances. If other states in the country follow this example, the whole scenario of rural India will be changed.

Former Union Minister Sharad Pawar presided over the function. Speaking on this occasion, the Chief Minister of Maharashtra Devendra Fadnavis announced that the loan waiver amount will be deposited in farmers account before Diwali.

Pranab Mukherjee Hails GST

Deadline for filing of GST Returns for July and August extended

Businesses will have more time to file the final GST returns as the government has extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August.

Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.

GDP Of India

The huge drop in GDP, Decreased from 7.9% to 5.7%

GDP figures have also come out after a day, the release of the figures of Demonetisation from the Reserve Bank of India. GDP growth at 5.7% in the quarter ended in the first quarter of 2017-18 i.e. June 30. This is a major drop in GDP. On the basis of year-on-year basis, GDP growth was 7.9% in the April-June 2016 quarter of the previous year. This fall in the GDP is a major drop, which is being directly linked to the Demonetisation.