Reserve Bank of India is reviewing the retail inflation targeting framework behind monetary policy decision as well as its effectiveness. The review is expected to provide a clear picture of the impact of change in repo rate in inflation and banking system.

The much-awaited Bank merger is expected to come into effect after April. As per the new merger, Canara Bank and Syndicate Bank will merge; Union Bank, Andhra Banka and Corporate Bank will amalgamate into one and PNB, OBC and United Bank of India will become one lender. Further, Indian Bank and Allahabad Bank will merge. The proposed merger will increase the effectiveness of Banks and will also spur retail loans like personal and home loans and business loans.

State Bank of India and hospitality conglomerate Landmark Group launched co-branded credit cards. The venture launched Lifestyle Home Centre SBI Card, Max SBI Card and Spar SBI Cards. These cards will provide one-stop payment solution across categories such as fashion, home furnishing, furniture and grocery. The cards are introduced to ease the payment process for users.

Reserve Bank Of Indian devised a plan that will aim to provide access to formal financial services in an affordable manner by 2024. It recommended increasing the outreach of Scheduled Commercial Banks, Payment Banks and Small Finance Bank to poorest and middle sections of the society. The plan is expected to increase retails loans like home and personal loans and business loans. Further, it will augur well for the Fds and Rds.

Income Tax department launched a new facility for taxpayers allowing them to get an instant PAN card instantly without any cost. The PAN card is issued in a PDF format. The government through this is striving to ease the allotment of PAN cards.