75 Digital Banking Units to Promote Digital Payments

To promote digital payments in India, the Finance Minister in Budget 2022 announced setting up of 75 digital banking units in 75 districts through scheduled commercial banks in the country. The financial technology or fintech sector has developed rapidly. Online transactions have increased very rapidly since the demonetization implemented in the country in 2016. Fintech companies like Paytm, PhonePe to Google Pay have made life easier for people through online transactions, and have led the country towards a cashless economy.

75 Digital Banking Units to Promote Digital Payments

The Fintech sector was expected from the upcoming budget that, the government would give up to 1% tax exemption for further development of this sector, so that companies would have more capital to invest in this sector. The Bombay Stock Exchange (BSE) Sensex closed 814 points higher at 58,014 and the National Stock Exchange's Nifty rose 231 points to 17,339. The shares of IT companies were higher. The market cap of the listed companies was Rs 264.45 lakh crore. Investors earned more than Rs 3 lakh crore during this period.

There was a strong rally in the stock market today on the day of budget. The Bombay Stock Exchange (BSE) Sensex rose 848 points to 58,862, while the National Stock Exchange's Nifty rose 237 points to end at 17,576. Tata Steel's stock was up 7.57%. Pharma and banking stocks rose. Sun Pharma's stock rose 7%. In other Sensex stocks, Axis Bank, IndusInd Bank, ICICI Bank closed up 2-2%. UltraTech Cement, ITC, Titan, Infosys, Tech Mahindra also closed higher. The market cap was Rs 264.45 lakh crore, which stood at Rs 267.48 lakh crore today.

The Nifty of the National Stock Exchange closed at 17,576, up over 236 points. It made a high of 17,622 and a low of 17,244 during the day. Reliance, Mahindra & Mahindra, Power Grid, Airtel, Maruti and others were among the 7 losers. 323 stocks of Sensex are in upper circuit and 340 are in lower circuit. This means that in a day, these shares can neither fall nor gain more than a certain limit.

Earlier in January, the GST collection stood at Rs 1.38 lakh crore, which is 15% higher than January 2021. This was the fourth consecutive month in which the collections exceeded Rs 1.30 lakh crore. April 2021 had the highest collection which was Rs 1.39 lakh crore. After that, the highest GST has been received in January 2022. The share of the states was Rs 32,016 crore and that of the central government was Rs 24,674 crore. 35,181 crore tax was collected from imported goods.

Data show that in January, domestic investors i.e. DII have invested Rs 18,279 crore. The maximum investment in this was on January 25, which was Rs 4,534 crore. FII has also made the highest withdrawal on the same day which was Rs 7,094 crore. On this day, however, the Bombay Stock Exchange (BSE) Sensex closed higher by more than 350 points.