The government has slapped a penalty of Rs 9.27 crore on Bybit Fintech Limited (Bybit), a virtual digital asset service provider (VDA SP) over Prevention of Money Laundering Act, 2002 (PMLA) violations.

The Financial Intelligence Unit-India (FIU-IND) imposed a monetary penalty of total Rs 9,27,00,000 on Bybit, “with reference to the violations of its obligations under the PMLA”.

Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU-IND, according to the agency.

Union Finance Minister Nirmala Sitharaman on Saturday announced significant measures to bolster more than 1 crore registered micro, small, and medium enterprises (MSMEs), employing 7.5 crore people and generating 36 per cent of the country’s manufacturing.

With their quality products, these MSMEs are responsible for 45 per cent of our exports, the Finance Minister said while presenting the Budget 2025-26.

To help them achieve higher efficiencies of scale, technological upgradation and better access to capital, the investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively.

"This will give them the confidence to grow and generate employment for our youth," said the Finance Minister.

In a big boost to the Indian middle class, Finance Minister Nirmala Sitharaman on Saturday announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).

In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).

"The new tax structure would substantially reduce tax for the middle class," announced FM Sitharaman.

Nestle India on Friday announced a 5 per cent increase in its consolidated net profit, at Rs 688 crore, in the third quarter of financial year 2024-25, as compared to Rs 655 crore in the same period of the last fiscal.

The company witnessed profit in Q3 due to higher sales of its powdered and liquid beverages, including the popular Nescafe coffee brand.

Nestle India declared a second interim dividend of Rs 14.25 per equity share for the financial year 2024-25 which amounts to Rs 1,373.92 million.

This dividend will be paid from February 27 and follows the first interim dividend of Rs 2.75 per share, which was paid on August 6, 2024.

IndusInd Bank on Friday reported a net profit of Rs 1,402 crore for the third quarter of the financial year 2024-25 (Q3 FY25), marking a 39 per cent decline compared to Rs 2,301 crore in the same quarter last year (Q3 FY24).

The bank's financial performance was impacted by higher provisions and a slight decline in its core income.

The net interest income (NII), which represents the difference between interest earned and interest paid, stood at Rs 5,228 crore in Q3 FY25, a marginal dip of 1.2 per cent from Rs 5,295 crore in the corresponding quarter of the previous year.

India's monetary and financial sectors have performed well in the first nine months of the Financial Year 2024-25 with the gross NPAs of banks now down to a 12-year low of 2.6 per cent at the end of September 2024 while their profitability improved during H1 of FY25, with profit after tax surging by 22.2 per cent year-on-year, the Economic Survey stated.

Bank credit has grown at a steady rate in the current financial year while deposits continue to exhibit double-digit growth. As of the end of November 2024, the YoY growth in aggregate deposits of scheduled commercial banks stood at 11.1 per cent, it states.

The survey highlights that sector-wise, the growth in agriculture credit as of November 29, 2024, in the current financial year was 5.1 per cent. The growth in industrial credit picked up and stood at 4.4 per cent as of the end of November 2024, higher than the 3.2 per cent recorded a year ago. Across industries, bank credit to micro, small, and medium enterprises (MSMEs) has been growing faster than credit disbursal to large enterprises. As of the end of November 2024, credit to MSMEs registered a YoY growth of 13 per cent, whereas it stood at 6.1 per cent for large enterprises.

State-owned Punjab National Bank (PNB) on Friday posted impressive results for the quarter ending December 2024 (Q3 FY25) reporting a net profit of Rs 4,508.21 crore, a 103 per cent increase from Rs 2,222.8 crore in the same quarter last year.

On a sequential basis, profit grew by around 5 per cent from Rs 4,303 crore in the September quarter (Q2 FY25).

The net interest income (NII) rose by 7.2 per cent year-on-year (YoY) at Rs 11,033 crore, compared to Rs 10,293 crore in Q3 FY24, according to its stock exchange filing.

PNB’s total income jumped 16 per cent to Rs 34,751.7 crore from Rs 29,961.65 crore in the previous year. Quarter-on-quarter (QoQ), it saw a marginal increase of 1 per cent from Rs 34,447.10 crore in Q2FY25.

Following an estimated 12-14 per cent surge this fiscal, the India’s two-wheeler industry is set to grow by another 8-10 per cent in the upcoming year, a report said on Friday.

The Crisil Ratings report added that it will surpass the previous record of over 24 million units seen in 2019 as the sales volume is expected to reach a new peak.

This growth is driven mainly by four key factors -- strong rural demand, rising urban interest in premium motorcycles, better export opportunities, and a diverse range of models, including electric two-wheelers (e2Ws), according to the report.

The Indian smartphone market’s wholesale revenue rose 9 per cent year-on-year (YoY) to hit a record high in 2024, a report said on Thursday.

Apple maintained its position as the leader in market value for the second consecutive year, and for the first time in Q4 2024, it also ranked among the top 5 brands by volume, according to Counterpoint Research.

The smartphone shipments increased to 153 million units last year despite challenges like reduced consumer demand and macroeconomic pressures toward the end of the year.

The shift toward premium smartphones played a major role in this growth. Higher-priced devices, especially those above Rs 30,000 helped boost the market's overall revenue as this segment now account for one in five shipments in the country, the report said.

Tata Consumer Products on Thursday posted a consolidated net profit of Rs 299.75 crore, with a 5 per cent decline on a YoY basis, for the third quarter (Q3) of the financial year 2024-25, against Rs 316 crore in the same period of the last fiscal.

Despite the drop in profit, Tata Consumer’s revenue from operations grew 16.8 per cent to Rs 4,444 crore in Q3FY25 from Rs 3,804 crore reported in the same quarter last year, according to its stock exchange filing.

The company stated that excluding recent acquisitions, its revenue grew by 9 per cent year-on-year (YoY).

This was driven by a 10 per cent growth in its India business, a 4 per cent increase in international business, and an 8 per cent rise in its non-branded business.