MONEY THIS MONTH

Increase in transaction limits, UPI Lite X, NPS contributions and other big changes

The Reserve Bank of India (RBI) raised the transaction limit for UPI payments to hospitals and educational institutions to Rs 5 lakh on December 8, 2023. This change is intended to increase the use of UPI payments, replacing the previous cap of one lakh rupees per transaction.

Uday Kotak wants you to move away from banks, keep Japan at the back of mind

In his observations on India's financial future, the founder and director of Kotak Mahindra Bank calls for businesses to go to capital markets. He warns about market bubbles and points the difficulties banks face when savers turn into investors. He draws comparisons between Japan's post-1980s stagnation and stresses the need for responsible leadership, accountability, and a review of tax policy in order to achieve long-term prosperity.

Govt notice to 9 offshore cryptocurrency platforms for non-compliance under PMLA, asks MIETY to block URLs

The Financial Intelligence Unit (FIU) of India, operating under the Ministry of Finance, has issued show-cause notices to nine offshore cryptocurrency platforms under the Prevention of Money Laundering Act (PMLA). Among the platforms served with notices are major players in the virtual digital assets domain such as Binance and Kucoin. The show-cause notices are a result of alleged non-compliance with anti-money laundering legislation.

Tata Tech's the new superhero on Dalal Street

Tata Technologies made its debut at ₹1,200, a significant rise from the issue price of ₹500. This 140% premium represents the most favorable listing in two years and the all-time best for IPOs valued at ₹1,000 crore and above. The prior record for the top listing in the ₹1,000-crore plus IPO category was held by Avenue Supermarts, the operator of the retail chain DMart, which listed at a premium of 102% in March 2017.

OpenAI in talks to raise new funding at $100 billion valuation.

OpenAI is looking for a fresh round of investment at a valuation of $100 billion or more, and that workers can sell shares at a valuation of $86 billion through a tender offer managed by Thrive Capital. Microsoft has made an almost $10 billion investment in OpenAI. With the introduction of ChatGPT, the firm gained notoriety in November 2022 and helped to pioneer generative artificial intelligence. The tender offer is anticipated to expire in early January, and funding negotiations are now underway.

Banks log 12.2% growth in FY23, gross bad loans down for 5th year: RBI report

Indian banks experienced a growth of 12.2% in the last fiscal year, primarily fueled by loans extended to retail consumers and the services sectors. However, the Reserve Bank of India highlighted in its annual report that despite this growth, the banks' customer service has not advanced at a comparable rate. The report emphasized the need for banks to move beyond merely monitoring turnaround time and take additional measures to enhance their services to customers.