\"We are exploring whether we can offer interest rate of more than 8.55% this financial year. Reduction of the rate is a complete no at this point in time, though the final calculation and accounts audits are still on,\" Prabhakar Banasure, a member of EPFO's central board of trustees, said.

The central government's contribution to the National Pension System (NPS) will be increased to 14 per cent from the current 10 per cent.

Default on payments has put NBFCs under scrutiny and exposed the fault lines in the commercial papers they have issued

The meeting will happen against the backdrop of the 'Alternative Mechanism' (AM) to merge three public sector banks -- Bank of Baroda, Vijaya Bank and Dena Bank -- with a view to create a global-size lender, which will be stronger and sustainable.

During his Independence Day speech on 15th August 2014, Prime Minister Modi announced the establishment of PMJDY as a scheme meant to increase banking penetration, promote financial inclusion and provide at least one bank account per household across the country in four years.

Cash savings as a percentage of gross national disposable income (GNDI) surged to 2.8% in the last fiscal, according to preliminary data released by the apex bank.

IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural areas. This will create the country's largest banking network with direct presence at village level.

PMJDY, the flagship financial inclusion drive, was launched in August 2014. The first phase ended on August 14, 2015 was focussed on opening basic bank accounts and RuPay debit card.

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Prime Minister Narendra Modi on August 21 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

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Pension fund regulator PFRDA has clarified that National Pension System subscribers will now have the option to partially withdraw funds from their accounts; the GST council meets today to simplify the return filing system into one form and developed countries that have a significant stake in the global e-commerce space are coming together to oppose India's server localisation norms. BusinessToday.In Editor Rajeev Dubey explains this and more on The Good, The Bad and The Ugly.

Partial withdrawals will now be allowed to National Pension System subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications, says the PFRDA.