Financial News | Senior Citizens Can Now Earn Up to 7.85% on FDs — Check Full Bank List, Tax Rules & TDS Hacks

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📅July 7, 2025

India’s Banking Sector Offers Relief Amid Economic Uncertainty

In the latest financial news that’s set to benefit millions of senior citizens across India, several leading private banks have announced FD interest rates of up to 7.85% for three-year fixed deposits — exclusively for those aged 60 years and above.

Amid a landscape of moderate inflation, cautious investment, and central bank interest rate fluctuations, this comes as a safe, high-yield opportunity for retired individuals looking for stable income with minimal risk.

Here Are the Top FD Rates for Senior Citizens (3-Year Tenure)

🏦 Bank 💸 FD Interest Rate (3 Years)
YES Bank 🔺 7.85%
SBM Bank 🔺 7.80%
Bandhan Bank 🔺 7.75%
RBL Bank 🔺 7.60%
IndusInd Bank 🔺 7.50%

📌 Note: These rates are for deposits up to ₹3 crore, and are current as of July 2, 2025, according to data from Paisabazaar.com.

Why This Is Big Financial News for Senior Citizens

For Indian senior citizens, fixed deposits (FDs) continue to remain a preferred savings instrument, especially given the volatile nature of equity markets, gold prices, and real estate returns.

With FD rates touching 7.85%, these fixed deposits are currently outperforming post office schemes and many debt mutual funds, making this an ideal time for:

  • Retirement income planning

  • Emergency fund parking

  • Monthly interest income (via non-cumulative FDs)

  • Low-risk wealth preservation

Financial Tip: Always ladder your FDs for liquidity + high returns. For example, split your amount across 1-year, 2-year, and 3-year tenures.

FD Interest & Taxation — Don’t Let TDS Eat Into Your Gains

Even though FD interest is taxable, there are smart ways to reduce or eliminate TDS deductions, especially for retirees.

What is TDS on FD Interest?
Banks are mandated to deduct TDS (Tax Deducted at Source) at 10% if your total FD interest in a financial year exceeds ₹1 lakh (for senior citizens).

BUT here’s the key: TDS doesn’t mean you owe tax. It simply means your bank is deducting it in advance, even if your actual income is below taxable limits.

How to Legally Avoid TDS: Submit Form 15H

If you are eligible, you can submit Form 15H to your bank and avoid TDS altogether.

New Tax Regime (FY 2025-26):

If your total income is up to ₹12 lakh, you can claim the Section 87A rebate and pay zero income tax, making you eligible to file Form 15H and avoid TDS.

Old Tax Regime:

If your income is up to ₹5 lakh, after all deductions (like 80C, 80D, etc.), you qualify for 87A rebate and can submit Form 15H as well.

💬 Even if your tax liability is nil, banks will still deduct TDS unless Form 15H is submitted, because they don’t know your final tax calculations.

Real Example:

Let’s say a senior citizen earns ₹11 lakh annually through pension + FD interest. Under the new tax regime, there’s no tax liability due to the ₹12 lakh 87A rebate. Still, the bank will deduct TDS if your annual FD interest crosses ₹1 lakh — unless you’ve filed Form 15H.

📌 Moral: Form 15H = Higher Net Returns in Hand

Market Context: Why Banks Are Offering Higher FD Rates?

As part of the recent financial news trends, here’s what’s happening behind the scenes:

  • 📉 Repo rate pause by RBI has pushed banks to attract longer-term depositors

  • ☀️ Anticipation of strong monsoon and liquidity flow ahead of FY26

  • 📈 Increased deposit competition from Small Finance Banks

  • 🧓 Special schemes for senior citizens becoming a trust-building strategy

💬 As per CII projections, India’s economy is expected to grow 6.4%–6.7% in FY26, and retail depositors are seeing this as a chance to lock-in high FD rates before further changes.

Smart Investor Insights: What Should You Do Now?

✅ Compare rates across private and small finance banks
✅ Use a trusted FD calculator (available at CreditSamadhaan.com)
✅ Submit Form 15H before your first FD payout to prevent TDS
✅ Track your total interest across multiple banks — TDS is calculated per bank, not in total
✅ Choose interest payout options (monthly/quarterly) for regular income

FINAL WORD FROM CREDIT SAMADHAAN

At Credit Samadhaan, we keep you updated with real, actionable financial news that matters to your life — whether it’s about credit score repair, FD updates, loan strategies, or tax-saving tips.

🔔 Want help choosing the right FD or submitting Form 15H?
🧾 Need a personalized tax-saving plan for retirement?
💼 Our financial advisors are just a click away.

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Rajiv Memani Predicts 6.4–6.7% Growth for Indian Economy in FY26 — A Major Financial News Update from CII

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New Delhi | July 5, 2025 —
In a major financial news development that sets the tone for the fiscal year ahead, Rajiv Memani, the newly appointed President of the Confederation of Indian Industry (CII), has projected that India’s economy will grow at a robust rate of 6.4% to 6.7% in FY2025-26. This bold yet data-backed forecast underscores the country’s sustained momentum as the fastest-growing major economy in the world.

Delivering his first address as CII President, Memani presented the projection during a high-profile press briefing, citing strong domestic demand, an improving macroeconomic environment, and structural tailwinds as primary contributors. The estimate was generated through CII’s proprietary GDP Growth Model, which incorporates dynamic economic indicators and policy trends across sectors.

“We expect real GDP growth in the 6.4%–6.7% range for FY26,” Rajiv Memani stated confidently. “India’s economic engine continues to be powered by robust domestic consumption, improving liquidity, and sound monetary policies.”

This announcement is among the most significant pieces of financial news emerging from India in recent months and signals renewed confidence in the nation’s post-pandemic recovery and structural resilience.

Top Highlights from Rajiv Memani’s Financial Outlook: A Closer Look at Growth Drivers

Memani’s comprehensive financial news briefing highlighted a mix of short-term catalysts and long-term enablers that are expected to contribute to India’s economic expansion:

1. Favorable Monsoon Outlook

A strong monsoon forecast for 2025 is likely to boost agricultural productivity, especially in rural India, where farming still forms the backbone of economic activity. Better yields will enhance rural income, revive consumption, and indirectly benefit sectors such as FMCG, retail, and two-wheeler sales.

2. Liquidity Enhancement Through CRR Cut

The Reserve Bank of India’s decision to reduce the Cash Reserve Ratio (CRR) is another major development, injecting additional liquidity into the financial system. Banks will have more room to lend, and credit growth — a key metric for economic health — is expected to accelerate.

3. Interest Rate Moderation

Inflation in India has gradually moderated, paving the way for potential rate cuts by the central bank. Lower borrowing costs can unlock capital investments from both corporations and consumers, stimulating demand and supply across multiple sectors.

“Together, these factors create a favorable environment for a sustained growth cycle, making this one of the most optimistic financial news updates of the year,” Memani added.

External Risks Still Cast a Shadow Over India’s Growth Trajectory

Despite the positive outlook, Rajiv Memani issued a note of caution, pointing to persistent geopolitical uncertainty and international financial market volatility as key downside risks.

Key External Challenges Include:

  • Rising geopolitical tensions in the Middle East and Eastern Europe

  • Potential oil price shocks, which could disrupt India’s import bill and inflation

  • Unpredictable monetary policy moves by the U.S. Federal Reserve

  • Currency fluctuations and global capital outflows

“While our fundamentals are strong, external shocks could ripple through our economy. It’s critical we stay adaptive and resilient,” said Memani, emphasizing the importance of monitoring global financial news trends regularly.

Sectoral Outlook: Financial News You Can Use

Although Rajiv Memani did not release sector-wise growth figures, the CII’s analysis identifies several key industries likely to fuel India’s GDP expansion:

  • 🏗️ Infrastructure & Construction: Government-led capital expenditure continues to drive massive infrastructure development, boosting allied industries like cement, steel, and engineering.

  • 🛍️ Retail, FMCG & Consumer Durables: As consumer sentiment improves post-inflation, rural and urban spending is expected to rise.

  • 💻 IT & Digital Services: India’s software exports and domestic digital transformation initiatives are likely to maintain momentum.

  • 🏦 Financial Services: Increased credit demand, expanding fintech ecosystems, and capital market participation will play a critical role in driving financial inclusion.

This breakdown offers actionable financial news insights for investors, business strategists, and market analysts tracking India’s economic evolution.

Rajiv Memani’s Strategic Policy Vision for FY26

Memani also presented a blueprint of forward-looking policy recommendations, aimed at sustaining and deepening India’s economic momentum:

Key Policy Priorities:

  1. Stimulating Private Investment: Through regulatory simplification, tax relief, and infrastructure acceleration.

  2. Empowering MSMEs: By expanding access to affordable credit, digitization support, and market linkages.

  3. Green Financing & Sustainability: Encouraging eco-friendly business models through incentives and ESG-linked investments.

  4. Skilling the Workforce: To prepare India’s young population for emerging sectors like AI, green tech, and data economy.

These priorities signal a shift from short-term recovery to long-term transformation — a central theme of this financial news briefing.

Final Word: India’s Economic Narrative Continues to Inspire Financial News Headlines

This latest growth projection by CII under Rajiv Memani’s leadership comes at a pivotal moment. With global investors reevaluating emerging markets and supply chains being reoriented toward India, the country is well-positioned to seize a generational opportunity.

“This is not just a growth forecast, it’s a confidence signal to the world,” Memani concluded. “India’s story is evolving — and we must ensure that every financial news headline reflects that transformation with responsibility, purpose, and clarity.”

BREAKING: Shark Tank India Season 5 Opens the Tank Again – This Time, With a Message for India’s Burned-Out Hustlers

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“You wrote their success stories. Now write your own.” — Sony LIV calls aspiring entrepreneurs to ditch burnout and pitch brilliance in the most-awaited startup show of the year!

New Delhi | July 4, 2025 –
India’s most beloved entrepreneurial show, Shark Tank India, has just dropped a wave-making announcement: Season 5 is officially open for registrations! And this time, it’s not just about startups—it’s about redefining the very culture of building them.

With the powerful tagline “You wrote their success stories. Now write your own,” the show’s latest season comes with a bold, satirical twist that takes on India’s hustle culture and celebrates smart work over burnout. Yes, the sharks are back—and they’re hungry for big ideas, not sleepless nights.

A Disruptive Start: This Time, It’s Don’t Go to Shark Tank?

Sony LIV and the creative minds behind Shark Tank India launched the new season with a surprisingly ironic campaign: a tongue-in-cheek video titled “Don’t go to Shark Tank.”

In a dramatic departure from traditional promo styles, the video shows a young man being urged by his boss to avoid entrepreneurship and stick to a “secure job,” highlighting overwork, family pressure, and skepticism—problems every Indian dreamer knows too well.

👉 The underlying message?
“Ditch the burnout. Embrace brilliance. Build smart, not hard.”

This unexpected satire also appears to address a controversial comment by Infosys co-founder Narayana Murthy, who had once suggested India’s youth should work 70 hours per week to boost the economy. In contrast, the Shark Tank India campaign says: “Forget 70 hours. One brilliant idea is enough.”

What Makes Season 5 Special?

While previous seasons introduced us to brands like Skippi Ice Pops, Hammer Lifestyle, BluePine Foods, and The Sass Bar, Season 5 is poised to be more than just another round of pitches. It’s a cultural reset.

Here’s what’s changing this season:

Element Season 5 Upgrade
Theme “Don’t Burnout, Pitch Brilliance”
Narrative Anti-hustle, pro-smart innovation
Tone Empowering, satirical, self-aware
Message You don’t need to kill yourself to build your dream
Platform Digital-first momentum via Sony LIV

This season isn’t just recruiting entrepreneurs; it’s rallying a generation to dream responsibly and execute efficiently.

Registration Details – How to Dive into the Tank

Think your idea is pitch-worthy? Here’s how you can register for Shark Tank India Season 5:

  1. 📲 Download Sony LIV (available on Android, iOS, and web).

  2. 🔢 Enter your mobile number to receive an OTP.

  3. 🧾 Fill the form with business details, founder profiles, and key numbers.

  4. 🎥 Upload your pitch video (optional but recommended).

  5. 🚀 Hit submit and wait for the Shark Team to reach out!

💡 Note: Strong financials, innovation, and scalability remain key factors for selection.

Shark Tank India in Numbers (So Far)

Since its launch in 2021, Shark Tank India has:

  • Heard 741 business pitches

  • Funded 351 startups

  • Invested over ₹293 crore collectively

  • Created over 10,000 jobs directly or indirectly

This success story includes household names and local heroes—many of whom never had access to VC funding until Shark Tank gave them the stage.

More Than Just Funding: Mentorship, Visibility & Validation

While funding is the core attraction, many participants reveal that the mentorship, business acumen, and national exposure they receive are priceless.

For example:

  • Hammer Lifestyle quadrupled its sales post-show.

  • BluePine Foods, founded by a woman entrepreneur from Northeast India, brought momos into the gourmet space.

  • AAS Vidyalaya, a virtual school, gained massive traction in rural India after their pitch.

Who Are the Sharks This Time?

While the official list of Season 5 Sharks has not been announced yet, fans are expecting to see popular faces like:

  • Aman Gupta – Co-founder, boAt

  • Namita Thapar – Executive Director, Emcure Pharmaceuticals

  • Anupam Mittal – Founder, Shaadi.com

  • Peyush Bansal – Founder, Lenskart

  • Vineeta Singh – CEO, SUGAR Cosmetics

  • Ritesh Agarwal – OYO

  • Deepinder Goyal – Zomato (rumored return)

  • Kunal Bahl, Varun Dua, and possibly new first-time Sharks

Will there be surprise entries? A global shark? A returning legend? We’ll have to wait and watch.

Social Media Buzz: Entrepreneurs React

Twitter, Instagram, and LinkedIn are abuzz with reactions from past pitchers, startup founders, and fans:

💬 “Not just a show—Shark Tank India gave my startup a life it never had.”
— Aditi Bhutia Madan, Founder, BluePine Foods

💬 “We needed a message like this. Burnout isn’t a badge of honour. Well played, Shark Tank!”
— Rajat Mehta, Finfluencer

Final Word: India, It’s Your Turn Now!

This isn’t just another season. This is your invitation to rise above the noise, challenge the grind culture, and bring your idea to India’s biggest business stage.

You’ve seen others swim with the Sharks. Now it’s your time to make a splash.

👉 Register now on Sony LIV and take the first step toward your startup story.

SBI Declares RCom Loan as Fraud, Reports Anil Ambani to RBI

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In a major development that could have serious legal and financial consequences, State Bank of India (SBI) has officially classified the loan account of Reliance Communications Ltd. (RCom) as fraud and has reported its former director, Anil Ambani, to the Reserve Bank of India (RBI) for further regulatory action. This is a significant step against one of India’s most prominent business figures.

Why SBI Reported Anil Ambani and RCom

The decision was taken after a year-long process involving a forensic audit, multiple show-cause notices, and extensive internal reviews. According to SBI, the Fraud Identification Committee (FIC) found clear evidence of:

  • Diversion of loan funds

  • Violation of loan terms and conditions

  • Suspicious financial transactions

  • Non-transparent dealings involving related parties

The forensic report uncovered that funds borrowed by RCom were moved through group companies, temporarily invested in mutual funds and FDs, and even used for circular transactions that masked the true flow of money.

As per the bank’s findings, these activities were serious enough to classify the entire loan account as fraudulent, triggering immediate notification to the RBI.

The Financial Background: How Big Is This Loan Fraud?

Reliance Communications, once a flagship telecom company of the Reliance ADA Group led by Anil Ambani, had been struggling for several years. The company:

  • Was admitted into the Insolvency and Bankruptcy Code (IBC) process in May 2018

  • Had turned into a Non-Performing Asset (NPA)

  • Owed a total outstanding debt of ₹48,216 crore as of March 2025

While the IBC process protects the company from direct legal action, promoters and directors like Anil Ambani are not immune from prosecution, particularly if fraud is proven.

What the Forensic Audit Found

SBI’s forensic audit revealed a consistent pattern of misconduct involving RCom and its subsidiaries. Some key findings include:

  • Fund diversion: Borrowed money was routed through related companies without proper disclosures

  • Opaque transactions: Transactions lacked clarity and accountability

  • Temporary investments: Funds were parked in mutual funds and fixed deposits, contrary to the terms of the loan

  • Day-to-day circular movement: Funds were moved around to create the illusion of legitimate business activity

These findings led the Fraud Identification Committee to make the bold decision on June 13, 2025, to classify the account as fraudulent.

SBI’s Complaint to RBI: A Rare Move Against Anil Ambani

By reporting Anil Ambani to the RBI, SBI has taken one of the most serious steps a lender can take. This is more than just a financial classification — it sets the stage for:

  • Regulatory action from RBI

  • Possible investigation by agencies like the CBI (Central Bureau of Investigation)

  • Civil and criminal proceedings against the promoter

This move could have a long-term impact on Anil Ambani’s reputation, finances, and future business dealings.

Anil Ambani’s Legal Team Responds: Calls SBI’s Move Unfair

Reacting sharply to SBI’s classification, Anil Ambani’s lawyer Tarini Khurana issued a strong statement:

“State Bank of India’s order is shocking and has been passed ex-parte, violating the principles of natural justice.”

She further claimed that:

  • Anil Ambani was not given a personal hearing

  • The show cause notice sent to him was never properly answered by SBI

  • The bank ignored repeated requests to share evidence

  • Other non-executive directors were let off, but Anil Ambani was singled out

Khurana stressed that Anil Ambani was only a non-executive director at RCom and was not involved in its day-to-day management. She added that the decision goes against Supreme Court and Bombay High Court judgments, and Anil Ambani is taking legal steps to challenge it.

The Legal Road Ahead for Anil Ambani

With the fraud label now in place and the matter in RBI’s hands, Anil Ambani may face:

  • Regulatory penalties

  • Freezing of assets

  • Criminal charges, depending on investigation outcomes

  • Loss of credibility in the business and financial markets

If the CBI takes over the case, Anil Ambani could be summoned for questioning, and further forensic examination of financial records may be initiated.

What This Means for Indian Banking and Corporate Governance

This case marks a turning point in how banks, especially public sector banks like SBI, deal with high-profile loan defaults. The move to label Anil Ambani and RCom’s account as fraudulent sends a strong message:

  • Corporate fraud will not be tolerated, no matter how influential the promoter is

  • Banks are becoming more aggressive in recovering public money

  • RBI’s fraud monitoring framework is being enforced more seriously

  • More scrutiny is coming for directors, even non-executive ones

Conclusion: A New Chapter in the Anil Ambani Saga

Once considered among India’s top industrialists, Anil Ambani is now facing one of the toughest legal battles of his career. With SBI’s fraud label, RBI’s involvement, and possible CBI investigation, the pressure is mounting.

This case may redefine how financial frauds involving large corporate houses are handled in India — and Anil Ambani will be at the center of this transformation.

🔍 Key Points to Remember:

  • SBI labels RCom loan as fraud

  • Anil Ambani reported to RBI

  • ₹48,216 crore debt under scrutiny

  • Forensic audit reveals fund diversion

  • Legal action against Anil Ambani likely

  • Anil Ambani denies wrongdoing

  • Case may go to CBI

Stay tuned to CreditSamadhaan.com for updates on this high-profile financial case and more insights into how India is cracking down on banking frauds.

New PAN Card Applications, Tatkal Train Ticket Booking will need Aadhaar Verification update Starting July 1, 2025

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New Delhi | July 2, 2025 —
A sweeping set of financial rule changes affecting Aadhaar verification, PAN applications, tax filing deadlines, credit card usage, ATM charges, and more have officially come into effect across India as of July 1, 2025. These regulatory updates are expected to influence taxpayers, bank customers, train passengers, and digital financial users nationwide.

Here is a detailed breakdown of all the changes, including the critical Aadhaar Verification update that every Indian citizen should be aware of:

1. Aadhaar Verification Update: PAN Application Now Requires Aadhaar

The Aadhaar Verification update issued by the Central Board of Direct Taxes (CBDT) has made it mandatory to link Aadhaar with PAN for all new PAN card applications.

  • Applicants must provide Aadhaar at the time of PAN application.

  • Previously accepted IDs like a driving license or birth certificate are no longer sufficient.

  • Existing PAN holders are also required to complete the Aadhaar verification update by December 31, 2025.

  • Failure to comply may result in PAN deactivation, which can disrupt financial transactions, income tax filings, and access to banking services.

This Aadhaar Verification update aligns with the government’s push for greater transparency and unified identity systems.

2. Aadhaar Verification Now Required for Tatkal Train Bookings

As part of the expanded Aadhaar Verification update, Indian Railways now requires Aadhaar authentication for booking Tatkal train tickets, whether online or at physical counters.

  • Starting July 15, Indian Railways will introduce two-factor authentication (2FA) for all ticket bookings.

  • This will involve an OTP sent to the registered mobile number, further strengthening the identity verification process.

Fare Revisions Also Announced:

  • Non-AC Coaches: Fare increase of 1 paisa per km

  • AC Coaches: Fare increase of 2 paise per km

These changes are aimed at enhancing passenger security and reducing booking fraud under the broader Aadhaar Verification update framework.

3. ITR Filing Deadline Extended: More Time for Taxpayers

In a relief to salaried individuals, the CBDT has extended the Income Tax Return (ITR) filing deadline from July 31 to September 15, 2025.

  • This allows an additional 46 days to complete the return filing process.

  • However, taxpayers who are ready with their documentation are encouraged to file early to avoid potential issues with overloaded portals as the deadline nears.

This extension complements the Aadhaar Verification update, ensuring a seamless tax filing experience where PAN-Aadhaar linkage is now a prerequisite.

4. Major Credit Card Rule Changes: SBI, HDFC, and ICICI Revise Charges

Significant updates are now in effect across multiple banks, changing how customers are charged for credit card usage and rewards.

SBI Credit Cards:

  • Discontinuation of air accident insurance on SBI Elite, Miles Elite, and Miles Prime.

  • New Minimum Amount Due (MAD) calculation method rolled out.

HDFC Credit Cards:

  • 1% transaction fee (capped at Rs. 4,999) on:

    • Rent payments

    • Digital wallet loads above Rs. 10,000

    • Online gaming transactions above Rs. 10,000

    • Utility bill payments over Rs. 50,000 (excluding insurance)

This change is in line with the financial discipline goals set forth alongside the Aadhaar Verification update, aiming to improve digital accountability.

ICICI Bank Charges:

  • First 5 ATM withdrawals are free; then Rs. 23 per withdrawal

  • IMPS charges revised: Rs. 2.5–Rs. 15 based on the amount

  • Cash deposit charges apply over Rs. 1 lakh/month

  • International ATM usage:

    • Rs. 125 per cash withdrawal

    • Rs. 25 for non-financial

    • 3.5% currency conversion

5. Axis Bank Increases ATM Charges

Effective July 1, Axis Bank has updated ATM withdrawal charges for:

  • Savings

  • NRI

  • Trust

  • Priority

  • Burgundy account holders

After the free monthly withdrawal limit, customers will now be charged Rs. 23 per out-of-network ATM transaction.

These changes reflect an industry-wide shift in transaction monitoring and compliance, in parallel with the broader Aadhaar Verification update.

6. Delhi Bans Fuel for End-of-Life (EoL) Vehicles Using Aadhaar-Linked Tech

In an air quality initiative, Delhi has enforced a fuel ban on overaged vehicles from July 1.

  • ANPR (Automated Number Plate Recognition) cameras are now active at 520 fuel stations in Delhi.

  • These systems cross-check registration details with the VAHAN database, identifying vehicles unfit for use.

  • Those flagged will be denied fuel service.

The data integration and enforcement process is part of a larger ecosystem driven by Aadhaar-linked digital identity verification, mirroring the goals of the Aadhaar Verification update in other domains.

7. Railway Waitlist Charting to be Finalized Earlier

To assist passengers in planning their travel, Indian Railways will now finalize waitlist charts eight hours before train departure instead of the previous four-hour window.

This change gives waitlisted passengers more time to make alternate arrangements, improving overall travel flexibility.

This update, though logistical, also benefits from the digitized passenger verification systems being bolstered by the Aadhaar Verification update across the railway network.

8. RBI Extends Call Money Market Hours

The Reserve Bank of India has extended interbank call money market trading hours:

  • New timing: 9:00 AM to 7:00 PM IST

  • Earlier: 9:00 AM to 5:00 PM IST

This change allows more liquidity and operational flexibility for banks, supporting faster reconciliations in a time when digital verification and compliance—such as the Aadhaar Verification update—are becoming the norm.

9. GSTR-3B Returns Locked After Filing

From July onwards, once the GSTR-3B return is filed, it becomes non-editable.

  • Returns will now be auto-populated using GSTR-1/1A data.

  • Businesses must ensure that all data is accurate before final submission.

With compliance becoming more data-dependent, this aligns with the Aadhaar-based standardization initiatives, echoing the government’s broader Aadhaar Verification update strategy.

Final Note: Why the Aadhaar Verification Update Matters Now More Than Ever

The Aadhaar Verification update is not an isolated change but part of a nationwide shift toward digital identity, unified compliance, and secure financial practices.

From PAN applications to rail travel, fuel purchases, and taxation, Aadhaar verification is now deeply integrated into India’s financial and civic systems.

Citizens are urged to immediately ensure their Aadhaar details are linked wherever required to avoid disruptions in services or financial penalties.

For the latest updates, expert guidance, and Aadhaar-PAN linking assistance, visit:
🔗 https://creditsamadhaan.com

News On Anupam Mittal | Relief for Anupam Mittal as Supreme Court Puts Cheating Case on Hold

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In a significant relief for Shaadi.com founder and Shark Tank India judge Anupam Mittal, the Supreme Court of India on Thursday stayed criminal proceedings initiated against him and the matchmaking platform in a case involving allegations of cheating and identity negligence. This development has become a top news on Anupam Mittal, especially given his public image and influence in India’s startup ecosystem.

The case stems from a complaint filed by a woman in Telangana, who alleged that a man she met on the Shaadi.com platform defrauded her of ₹10 lakh and later threatened to misuse her personal photographs. The complainant accused the platform of failing to adequately verify the man’s identity, thereby enabling the fraud—sparking widespread interest and updates in news on Anupam Mittal across media platforms.

Background of the Case

Initially, the complaint did not name Anupam Mittal directly. However, during the course of the investigation, Mittal’s name was added on grounds of alleged platform negligence, suggesting that the company, under his leadership, failed to ensure user safety and allowed the fraudulent account to operate. This turn of events quickly escalated coverage of the story, making it one of the most discussed news on Anupam Mittal in recent times.

The woman claimed that the accused, posing as a prospective match, gained her trust via the platform and subsequently defrauded her of a substantial amount. After monetary exchanges, the man reportedly issued threats involving misuse of her photos, intensifying the severity of the complaint—and further fueling viral news on Anupam Mittal and his legal battle.

Platform’s Defense: Intermediary Protection

Anupam Mittal approached the Supreme Court after the Telangana High Court declined to quash the FIR and refused to discharge him from the case. His legal team argued that the platform acts merely as an intermediary, facilitating connections between consenting adults and cannot be held responsible for actions taken independently by users once they move outside the platform.

Counsel representing Mittal highlighted that the accused man had verified his Shaadi.com account using a mobile OTP, but had not uploaded a government-issued ID, which was clearly indicated on his profile. Therefore, the woman had engaged with him voluntarily, despite this visible disclaimer. These arguments are now central to all updates in news on Anupam Mittal being covered by national and digital media.

“It is unfair to hold the founder criminally liable for the actions of a third party, especially when the platform makes efforts to distinguish between verified and unverified users,” the counsel submitted.

Supreme Court’s Interim Relief

A bench comprising Justice Sandeep Mehta and Justice Joymalya Bagchi passed the interim order staying the proceedings against Anupam Mittal and the company. The court also issued notice to the Telangana Police, seeking a formal response regarding the legal basis of the allegations and the extent of platform liability. This interim relief has brought a temporary halt to the legal proceedings, but it continues to remain top news on Anupam Mittal.

While the bench refrained from commenting on the merits of the case at this stage, it observed that questions surrounding intermediary responsibility in digital platforms require careful legal consideration, especially in an era of rising online frauds and cyber crimes.

Legal Implications: The Bigger Picture

This case is likely to have broader ramifications for digital platforms operating in India, particularly those dealing with user-generated content and personal interactions. It touches upon the scope of Section 79 of the Information Technology Act, which provides a “safe harbor” to intermediaries from liability arising out of third-party content or actions, provided they follow due diligence.

Legal experts note that while platforms are expected to implement safeguards and verification processes, absolute accountability for user behavior is a complex legal and ethical territory. As a result, legal analysts continue to dissect this event through the lens of growing news on Anupam Mittal, examining its impact on India’s tech industry.

“The law is evolving in how it treats intermediaries in such cases. The challenge is to strike a balance between user safety and platform immunity,” said a Delhi-based cyber law expert, while commenting on the latest news on Anupam Mittal.

Public Reactions and Industry Watch

The news has sparked a wave of responses online, especially because Anupam Mittal is a public figure well-known for his role as a judge on Shark Tank India and for building one of India’s earliest matrimonial platforms. His legal ordeal has dominated headlines, with updates appearing under trending news on Anupam Mittal across digital and television platforms.

Supporters argue that the incident was an unfortunate case of personal deceit, and blaming a platform founder directly could set a dangerous precedent for digital companies. Critics, however, insist that platforms must take stronger steps to verify users before allowing them access to potentially vulnerable individuals.

What Lies Ahead

With the Supreme Court’s stay, the immediate legal pressure on Anupam Mittal has eased, but the case remains under scrutiny. The response from Telangana Police and the eventual judgment on intermediary responsibility will determine whether Shaadi.com and Mittal are held accountable for the actions of a user. As such, this ongoing legal journey will continue to generate major news on Anupam Mittal in the days and weeks ahead.

For now, the case highlights the increasing intersection of law, technology, and personal safety—and serves as a crucial test of how Indian courts interpret platform liability in the digital age. Every step forward will likely be tracked as key developments in news on Anupam Mittal, making it one of the most closely watched legal tech stories of 2025.

SBI Can Cancel Bank Job If You Have a Poor CIBIL Score, Accepts Madras High Court

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A Court-Backed Wake-Up Call for All Bank Job Aspirants in India

In a landmark judgment that is sending shockwaves across the banking job aspirant community, the Madras High Court has upheld the State Bank of India (SBI)’s decision to cancel the appointment of a selected Circle Based Officer (CBO) candidate—due to a poor CIBIL score.

This ruling has set a legal precedent, affirming that a poor CIBIL score is a legitimate and lawful ground for rejection, even after a candidate clears all stages of exams and interviews.

This is not just one case—it could impact thousands of careers across India’s public sector banking landscape.

The Background: Qualified Candidate, Disqualified Credit Score

The candidate had successfully cleared SBI’s multi-stage recruitment process for the prestigious CBO role:

  • Written examination

  • Interview

  • Document verification

However, a final check of the candidate’s CIBIL credit report revealed several red flags:

  • Multiple loan defaults

  • Over ten hard inquiries in a short time

  • An overall poor CIBIL score

Invoking Clause 1(E) of its recruitment policy—which disqualifies candidates with a poor credit history—SBI cancelled the job offer. The candidate legally challenged the decision.

The Verdict: Poor Financial History = Valid Disqualification

The case went to the Madras High Court, where Justice N. Mala ruled in favor of SBI, stating that financial indiscipline is a valid reason to deny appointment.

The court emphasized:
“A person who cannot manage personal finances cannot be trusted with public money.”

This statement reinforces a powerful new message: a poor CIBIL score reflects professional risk, not just personal irresponsibility.

Why This Matters: Poor CIBIL Score is Now a Career Barrier

This judgment confirms something that was already happening quietly in recruitment circles:
A poor CIBIL score is now a professional disqualifier in the banking sector.

Key Implications:

  1. CIBIL checks are now standard in final recruitment stages.

  2. IBPS and most PSBs require a CIBIL score of 650 or above.

  3. Even a poor CIBIL score unrelated to fraud or crime can disqualify you.

  4. The court ruling gives this practice legal validity across India.

Poor CIBIL Score: The New Hidden Career Risk

Until recently, most candidates viewed the CIBIL score as only relevant to loan approvals. But now, it’s clear:
A poor CIBIL score can end your banking career before it even begins.

Banks are now actively:

  • Pulling full CIBIL reports

  • Checking for defaults, settlements, missed EMIs

  • Rejecting candidates with scores below 650 or negative remarks

Whether you’re applying to SBI, IBPS, or even private sector banks, a poor CIBIL score is seen as a signal of financial unreliability.

Who Is at Risk?

You could have a poor CIBIL score even without major loans. Common reasons include:

  • Late credit card payments

  • Unpaid education loans

  • Multiple loan or card applications in a short time

  • Settled or written-off loans

  • Dormant loan disputes

Even one old unresolved issue could drop your score below 650 and land you in the poor CIBIL score category—unfit for bank jobs.

How to Prevent Rejection Due to Poor CIBIL Score

Here are 5 urgent steps to protect your career:

1. Check Your CIBIL Score Regularly
Stay updated on your report. Monitor for errors and take corrective steps if your score falls below 700.

2. Pay EMIs and Dues on Time
The most common reason for a poor CIBIL score is missed payments. Even one late EMI can hurt.

3. Don’t Apply for Multiple Loans
Each application triggers a hard inquiry. Too many in a short time can worsen your profile.

4. Resolve Past Defaults or Settlements
Old issues—even settled ones—can contribute to a poor CIBIL score if not closed properly.

5. Be Transparent in Recruitment Forms
Don’t hide your financial history. Banks do their own CIBIL checks and may reject your offer if undisclosed issues surface.

Final Thought: Your Credit Score is Now a Job Eligibility Metric

The Madras High Court’s ruling confirms that a poor CIBIL score is more than just a number—it is a valid reason to lose your job offer. This marks a shift in how candidates are evaluated: personal financial behavior is now as important as exam performance.

Even if you ace the written exam and perform well in the interview, a poor CIBIL score can be the only reason you don’t get the job.

In Indian banking, financial integrity is professional credibility.

Need Help Fixing Your Poor CIBIL Score?

If you’re preparing for SBI, IBPS, RBI, or private banking jobs and worried about a poor CIBIL score, don’t wait.

Credit Samadhaan helps you:

  • Dispute incorrect entries

  • Close or settle old accounts properly

  • Improve your credit profile

  • Get your score back above 650 in the right way

Visit www.creditsamadhaan.com to consult an expert and start rebuilding your financial reputation—before your CIBIL score blocks your job offer.

Banks can reject job applicants with poor CIBIL scores

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New Delhi – In a landmark decision that could change the future of banking recruitment in India, the Delhi High Court has ruled that banks can reject job applicants with poor CIBIL scores, reinforcing the increasing importance of maintaining a clean financial record — not just for loan eligibility, but also for employment.

This news has sent ripples across the job market, especially among young aspirants preparing for public sector bank exams. With this decision, financial credibility is no longer just a loan criterion — it’s now a career gatekeeper.

The Incident: When a Job Offer Was Denied Due to Bad Credit

The case that triggered this legal validation involves a candidate who was selected for the Junior Associate post at the State Bank of India (SBI). Despite successfully clearing the written examination and interview, the bank cancelled the offer after conducting a background check that revealed a low CIBIL score and a history of loan defaults.

The candidate challenged the decision in the Delhi High Court, arguing that their personal financial matters should not affect their professional opportunity, especially after clearing all the official selection stages.

However, the court dismissed the plea, stating that:

“A person who is financially undisciplined cannot be trusted with the responsibility of handling public funds. Banks have every right to ensure that their employees uphold financial integrity both professionally and personally.”

Why CIBIL Score Is Now a Hiring Criterion

This judgment has far-reaching implications. It officially links personal creditworthiness with professional suitability, especially for roles in the financial and banking sector. According to SBI and many other financial institutions:

  • Employees in banks deal with sensitive financial data and money handling.

  • An employee with a history of defaults, unpaid loans, or poor credit behaviour may pose a risk to the institution’s financial reputation and internal controls.

  • Hence, a background check that includes CIBIL score is not only justified but necessary.

This may set a precedent for all future public and private sector recruitments in the finance industry.

What Is a CIBIL Score, and Why Does It Matter So Much?

The CIBIL score, ranging from 300 to 900, is a numeric summary of a person’s credit history. A score above 750 is generally considered excellent, while anything below 600 raises red flags.

Banks use this score to assess:

  • Loan eligibility

  • Repayment behaviour

  • Financial discipline

  • Trustworthiness

Now, employers — particularly in finance — are treating CIBIL score as an indicator of character and decision-making ability.

Future Implications for Job Seekers

The court’s ruling indicates a possible shift in how background checks are conducted in India. Candidates applying for jobs in banking, NBFCs, insurance companies, and even fintech may soon face CIBIL verification as part of the recruitment process.

This makes it absolutely essential for job seekers to start taking their credit health seriously. While most candidates focus solely on competitive exams and interviews, they may be unaware that a poor credit record can silently sabotage their chances.

Lessons for Aspiring Bankers & Financial Professionals

If you’re planning to join the banking or financial industry, here are a few key takeaways:

  1. Monitor Your Credit Score Regularly – Use free tools or visit CreditSamadhaan.com to check your CIBIL score regularly.

  2. Avoid Loan Defaults – Even a minor default can reflect negatively and stay on your record for years.

  3. Clear Past Dues – If you’ve had missed EMIs or credit card payments, clear them and request updates with the credit bureau.

  4. Maintain Financial Discipline – Keep your credit utilization ratio low, avoid multiple loan applications, and build a good repayment track record.

Struggling with a Low CIBIL Score? Credit Samadhaan Can Help!

At Credit Samadhaan, we understand that not everyone has perfect credit — and life happens. Whether it’s due to job loss, medical emergencies, or unforeseen expenses, your credit score can take a hit. But that doesn’t mean your career should suffer too.

Our CIBIL score improvement experts offer:

  • Personalized credit repair strategies

  • Dispute resolution with credit bureaus

  • Guidance on settling or restructuring old debts

  • Regular monitoring and progress tracking

Take control of your credit before it controls your future.

📞 Contact Credit Samadhaan today or visit www.creditsamadhaan.com to speak to an expert and start your journey toward credit freedom and career success.

Stay informed with the latest updates in finance, careers, and credit only on CreditSamadhaan.com

NPCI Posts ₹1,552 Cr Net Surplus in FY25, Driven by UPI & Digital Payments Boom

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Mumbai, June 26, 2025 | Credit Samadhaan News Desk — The National Payments Corporation of India (NPCI), the driving force behind India’s digital payments revolution, has reported a massive 41.7% year-on-year rise in its net surplus, reaching ₹1,552 crore for the financial year 2024–25, according to the latest update from credit rating agency ICRA.

While NPCI operates as a not-for-profit organization, it refers to profits as “revenue surplus” — a distinction that reflects its unique operational model within India’s financial infrastructure.

Key Financial Highlights (FY25):

  • Net Surplus (Revenue Surplus): ₹1,552 crore
    ↳ Up from ₹1,095 crore in FY24 (41.7% increase)

  • Standalone Revenue: ₹3,270 crore
    ↳ Compared to ₹2,749 crore in FY24 (19% increase)

  • Net Worth as of March 31, 2025: ₹6,412 crore
    ↳ Boosted by strong internal accruals and healthy cash flows

The Business Behind UPI: How NPCI Earns Despite Being Non-Profit

Founded in 2008 by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA), NPCI operates the backbone of India’s digital payment systems. Its platforms include:

  • Unified Payments Interface (UPI) – The real-time mobile-based payment platform

  • Immediate Payment Service (IMPS) – 24×7 fund transfer facility

  • Aadhaar Enabled Payment System (AePS) – Biometric banking access for rural India

  • Bharat Bill Payment System (BBPS) – A unified platform for bill payments

  • National Common Mobility Card (NCMC) – A one-card solution for travel and payments

Despite its non-profit status, NPCI earns fees from partner banks and financial institutions that use its infrastructure. A percentage of the transaction value processed across its systems goes toward operational and surplus revenues, which then get reinvested into scaling, security, and innovation.

The UPI Effect: Fueling India’s Digital Economy

Much of NPCI’s revenue surge is attributed to the meteoric rise of UPI, which has become India’s most preferred mode of payment — surpassing credit cards, debit cards, and wallets. With over 14 billion transactions per month, UPI has played a pivotal role in pushing India toward a cashless economy.

ICRA’s report also highlights the increasing volume and value of transactions, especially in Tier 2 and Tier 3 cities, as a major growth driver for NPCI’s financial performance.

What This Means for India’s Fintech Ecosystem

  • For Consumers: Greater confidence in digital payments, improved access in rural regions

  • For Banks: More robust infrastructure and reduced dependency on legacy systems

  • For Startups: Opportunities to build on top of NPCI’s stack (e.g., UPI-based apps, lending platforms)

  • For Policy Makers: A benchmark example of how public infrastructure can drive innovation and financial inclusion

NPCI’s solid financials will likely allow for continued innovation, global UPI expansion pilots (like in Singapore, UAE, France), and deeper fintech collaborations in the coming fiscal year.

Expert View:

“NPCI has redefined how digital payments work in a country as diverse and vast as India. Its ability to grow revenue and surplus while staying not-for-profit shows the power of ecosystem thinking in financial services,”
— Sandeep Garg, Fintech Analyst, Mumbai

 Final Thoughts

NPCI’s performance reflects the maturity of India’s digital payment landscape and its potential for further global impact. With UPI 2.0, credit on UPI, and international collaborations on the horizon, FY26 may prove to be even more transformative for NPCI and India’s position in the global fintech narrative.

📌 Read more stories on India’s credit ecosystem, digital finance, and fintech regulation only on CreditSamadhaan.com

Disclaimer

This article is published for informational purposes only. Credit Samadhaan does not provide investment, legal, or financial advice. The views expressed are based on publicly available information and may be subject to change. Readers are advised to consult professional advisors before making any financial decisions.

© 2025 Credit Samadhaan. All rights reserved.

Lenskart Breaks the Norm: Plans $1 Billion IPO with Public DRHP Filing, Snubs Confidential Route Taken by Startup Peers

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India’s eyewear giant takes a bold, transparent step toward public listing, challenging the secrecy trend followed by other startups like Swiggy and Meesho

New Delhi | June 26, 2025
India’s most recognized eyewear brand, Lenskart, co-founded and led by Peyush Bansal — the visionary entrepreneur and popular Shark Tank India judge — is preparing to file its Draft Red Herring Prospectus (DRHP) publicly with the Securities and Exchange Board of India (SEBI) in July 2025, according to a report by Moneycontrol.

This move marks a major departure from the strategy adopted by many modern Indian startups, including Swiggy, Groww, boAt, PhysicsWallah, and Meesho, who have chosen to file their IPO documents confidentially in recent months.

A Bold Public Debut Under Peyush Bansal’s Visionary Leadership

Peyush Bansal, known for his sharp business acumen and candid personality on Shark Tank India, has long been seen as a disruptor in India’s retail and e-commerce landscape. Under his leadership, Lenskart has transformed from an online eyewear seller into a global omnichannel D2C eyewear powerhouse with a presence in over 10 countries.

Bansal’s decision to opt for a public DRHP filing reflects his long-standing philosophy of building with trust and transparency. In an environment where startups often avoid early public scrutiny, Lenskart’s approach underscores its readiness to be held to global standards of accountability and investor communication.

Public vs Confidential DRHP: A Game-Changing Decision

The confidential filing route, introduced in India in 2022, allows companies to submit their draft IPO papers privately, giving them the flexibility to revise documents and withhold sensitive data until later stages. While this approach is intended to protect competitive information, it also delays investor insight.

In contrast, Lenskart’s public filing will make its entire DRHP immediately available for public review. This transparent approach not only signals maturity but also instills confidence among retail and institutional investors.

The Big Numbers: What Lenskart’s IPO Looks Like

Lenskart is reportedly targeting a $1 billion IPO at an estimated valuation of $10 billion, making it one of the largest public issues by a consumer tech company in India’s recent history.

To power this high-stakes listing, Lenskart has appointed a stellar lineup of investment bankers:

  • Kotak Mahindra Capital

  • Axis Capital

  • Citigroup (Citi)

  • Morgan Stanley

  • Avendus Capital

This consortium is expected to steer both the domestic and global investor outreach for the offering.

Financials: A Growth Story with Minor Hiccups

Despite its strong brand presence and expanding international footprint, Lenskart reported a loss of ₹10 crore in FY24, even though its revenues hit an impressive ₹5,427 crore. This shift into the red follows previous years of profitability and may raise some investor questions ahead of the IPO.

As of now, the company has not publicly disclosed its FY25 financials, but the upcoming DRHP will be expected to shed light on its current fiscal health, business model, risk outlook, and future growth plans.

What Makes This IPO So Significant?

Lenskart’s public filing decision is more than just a regulatory formality — it’s a strategic statement. In an ecosystem where most startups are treading cautiously, Lenskart is signaling that it’s IPO-ready in every sense — structurally, financially, and culturally.

Its move is being closely watched by market analysts, venture capitalists, and policy advisors alike as a barometer of public trust in India’s consumer tech sector. Moreover, the listing will serve as a case study for other Indian unicorns contemplating public listings amidst volatile market conditions.

 Industry Reactions

“Lenskart is not just opening its books; it’s opening a new chapter for startup IPOs in India. This level of transparency, especially from a D2C brand, is both rare and refreshing,” said a senior analyst at a leading domestic brokerage.

“Peyush Bansal has always been ahead of the curve — this is yet another example of his forward-thinking leadership,” remarked a venture capitalist who has followed Lenskart since its early days.

What’s Next?

With the DRHP expected to be publicly filed in July 2025, all eyes will be on the finer details:

  • Revenue breakdown by channel

  • International market growth strategy

  • Customer acquisition costs

  • Profitability timelines

  • Utilization of IPO proceeds

If Lenskart manages to strike the right balance between vision and valuation, this IPO could become a milestone moment in the history of Indian consumer IPOs.

Disclaimer

This news article is published by CreditSamadhaan.com for general informational purposes only. The content is based on publicly available information and industry reports. It does not constitute financial advice or a recommendation to buy, sell, or invest in any securities.

Readers are encouraged to do their own research or consult a registered financial advisor before making any investment decisions.

Stay updated with the latest in credit health, finance, and Indian startup news at www.CreditSamadhaan.com