The Reserve Bank of India (RBI) has issued updated directions under the E-mandate framework for digital payments, aimed at strengthening the safety, transparency, and customer control over recurring transactions. These provisions apply to all Payment System Providers (PSPs) and participants processing recurring payments—both domestic and cross-border—through instruments such as cards, prepaid payment instruments (PPIs), and…
In its Press Release dated April 8, 2026, the Reserve Bank of India (RBI) outlined a series of significant developmental and regulatory policy measures aimed at enhancing efficiency, reducing compliance burdens, and strengthening the financial ecosystem. Below is a structured overview of the key announcements: I. Banking Regulation 1. Relaxation in CRAR Computation Norms The…
The Monetary Policy Committee (MPC) met on April 6, 7, and 8 to deliberate on the policy repo rate. After a detailed assessment of evolving macroeconomic and financial conditions, as well as the broader outlook, the MPC unanimously decided to keep the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25%. Accordingly,…
India has further reinforced its regulatory framework governing cash-based transactions with effect from 1 April 2026. This evolving regime expands the practical scope of existing provisions under the Income-tax Act, 1961, while strengthening the reporting and monitoring responsibilities of banks and financial institutions. For a banking-focused audience, the framework represents a convergence of tax law…
The government of India today announced that the interest rates on small savings schemes, including PPF, SSY, NSC, and post office deposits, will remain unchanged for the First Quarter of FY 2026-27 (from April 1, 2026 to June 30, 2026), according to a Finance ministry notification. The rate of Interest chart: Scheme Interest rate for…
Starting April 1, 2026, India introduces a significant change in its tax documentation system: Form 130 will replace the current Form 16 as the mandatory annual certificate for Tax Deducted at Source (TDS). This update comes under the framework of the new Income Tax Act, 2025, and aims to simplify and modernize tax reporting for…
🚀 New Numbers, Smarter Filing & Easier Compliance The income tax landscape is set for a major refresh in FY 2026–27 (AY 2027–28) under the Income Tax Act, 2025, effective April 1, 2026. With a strong focus on simplification, digitization, and user convenience, the government has introduced renumbered forms, redesigned ITRs, and improved compliance mechanisms.…
From April 1, 2026, the Government of India has introduced Form 121, replacing the existing Form 15G and Form 15H for TDS declarations. This change is part of the updated Income Tax rules aimed at simplifying the process for taxpayers who want to avoid Tax Deducted at Source (TDS) on eligible income such as bank…
India’s ATMs are evolving rapidly to ensure uninterrupted service amid power challenges. Combining Uninterrupted Power Supply (UPS) technology with NPCI’s Interoperable Cardless Cash Withdrawal (ICCW)—UPI-based ATM withdrawals—banks now offer cardless cash access even during blackouts. Launched in 2020 and scaled by 2025, ICCW lets users withdraw via apps like Google Pay, PhonePe, Paytm, or BHIM,…
With the revised income tax slabs and new regime thresholds applicable for FY 2025–26, Forms 15G and 15H have been updated to align with India’s evolving tax framework. These changes aim to simplify compliance, enhance digitization, and ensure that eligible individuals and HUFs can avoid unnecessary TDS on interest and dividend income—provided their total taxable…
