AI-summarised news on banking, stocks, economy, crypto, budget, and RBI
Paytm Payments Bank has submitted its renewal application to the RBI ahead of the September 2026 licence expiry. The bank, which has 350 million registered users, has been operating under an enhanced compliance framework since 2024. Industry watchers expect the RBI to issue its decision by Q3 2026. Source: The Economic Times.
The Central Board of Direct Taxes launched a unified crypto tax calculator utility on the e-filing portal, allowing taxpayers to compute gains across multiple exchanges and tokens in one place. The tool supports import of transaction histories from 25 major crypto exchanges. Tax experts say this simplifies compliance but does not change the 30% tax rate on crypto gains. Source: Zee Business.
The PFRDA increased the minimum assured annuity rate for NPS subscribers retiring from June 2026 onwards to 9.5%, up from 8.5% in the previous quarter. This revision applies to the select annuity option available under the National Pension System. The rate hike reflects improved yields on government securities and corporate bonds in the current market. Source: PFRDA.
The RBI introduced simplified KYC guidelines for digital lending platforms, reducing the e-KYC authentication window from 5 minutes to 30 seconds and permitting video KYC as an alternative. These changes will enable instant loan approvals for pre-verified customers. Fintech companies have welcomed the move, estimating it could reduce loan processing costs by up to 40%. Source: MoneyControl.
