New Delhi: With the Goods and Services Tax (GST) reforms, banks expect increased credit demand across retail, MSME, and agricultural segments as incomes rise and business investment picks up.

According to Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank, the reform will create a strong effect across the economy, leading to improved cashflows for distributors and retailers, greater working capital access for small businesses, and expanded credit requirements amid rising demand.

“Overall, this decision acts as a catalyst for inclusive growth and economic transformation aligning itself to India’s vision of Viksit Bharat”, said Srivastava. This move makes taxation more transparent and easier to follow. “We expect these measures will drive an estimated growth in consumption over 8-10 per cent in the next two quarters in rural markets, particularly benefiting farmers through reduced costs on agricultural products where GST has been brought down from the 12 per cent to 5 per cent,” according to Srivastava.

The price cuts on daily essentials like dairy products, household items, and consumer durables will provide more relief and reduce the burden to the consumers. The reduced GST on vehicles, electronics, and housing materials will create demand for these segments, while making insurance policies completely tax-free will enhance financial inclusion.

According to Sanjay Agarwal, Senior Director, CareEdge Ratings, GST rate cuts result in a decrease in the final price of goods and services, which enhances consumer purchasing power and could stimulate demand across various sectors.

The impact is generally visible in the consumer durables segment. Lower GST rates on automobiles, electronics, and appliances not only make these products more affordable but also expand the addressable market to include price-sensitive consumers who were previously priced out.

“Banks could see an increase in auto loans, personal loans for electronics purchases,” he mentioned. Outstanding housing loans, vehicle loans, credit card and consumer durables account for around 16.7 per cent, 3.5 per cent, 1.6 per cent and 0.1 per cent of banking credit, respectively.

Mumbai: In a swift and coordinated operation, the Mumbai Crime Branch has arrested a 50-year-old man from Noida, Uttar Pradesh, within 24 hours after he allegedly threatened to blow up the city using human bombs and 400 kg of RDX explosives.

According to officials, on September 4, 2025, at 2:57 pm, an unidentified person sent a WhatsApp message to the government-issued mobile number of the Mumbai Traffic Control Room in Worli. The message claimed that a massive terror attack would be carried out in Mumbai using human bombs and explosives.

The threat, which came amid the backdrop of Ganesh Visarjan celebrations in the city, was taken very seriously given the potential to disrupt law and order. Acting swiftly, the Crime Branch used technical investigation and intelligence-based tracking to trace the accused. With assistance from Gautam Buddh Nagar Police in Noida, the suspect — Ashwinikumar Sureshkumar Supra (50) — was arrested. The mobile phone used to send the threatening message has also been seized.

The case has been registered under Sections 196(1)(A)(B), 351(2), 351(3) of the Bharatiya Nyaya Sanhita (BNS) at Worli Police Station.

Mumbai: As Ganeshotsav enters its final phase, Mumbai is preparing for the grand Anant Chaturdashi processions on Saturday, September 6. With lakhs of devotees expected to take part in the Ganesh Visarjan, the Mumbai Traffic Police on Friday, September 5, issued a detailed traffic advisory to ensure smooth flow of vehicles and avoid gridlock across the city.

In a statement, the police noted that Ganesh Visarjan is one of the most celebrated events in Maharashtra, drawing massive crowds to immersion spots across Mumbai. “The immersion processions attract devotees and onlookers in large numbers, leading to a surge in pedestrian and vehicular traffic,” the advisory said. To manage the situation, diversions and restrictions have been put in place across South Mumbai, central areas, and the eastern suburbs.

Among the key restrictions, no vehicles will be permitted on the stretch between Padmashree Govardhan Bafna Chowk (Prarthana Samaj Junction) and Vinoli Junction. Instead, motorists will be diverted through Raja Ram Mohan Roy Road, Bata Junction, Balaram Road, Navjeevan Junction, Tardeo Circle, and Nana Chowk. Similarly, traffic from Navjeevan Junction to M Powell Junction will be barred, with alternate routes provided via Patthe Bapurao Road, Javji Dadaji Marg, Opera House Junction, and Maharshi Karve Road.

To ease pressure between the northern and southern parts of the city, vehicles have been advised to use the Chhatrapati Sambhaji Maharaj Coastal Road during the visarjan period. Restrictions will also be enforced between Bhai Bhandarkar Chowk (Badhwar Park Junction) and Indu Clinic Junction, as well as from Zhulelal Mandir Junction to Sant Ghadge Maharaj Chowk. In Colaba, movement will be curtailed on Captain Prakash Pethe Marg and Rambhau Salgaonkar Marg.

In Chembur, vehicles are prohibited on Hemu Kalani Marg between Umarshi Bappa Junction and Basant Park Junction, and on Gidwani Marg between Golf Club and Chembur Naka. Heavy vehicles will also not be allowed on R.C. Marg from Maravali Church to Chembur Naka in both directions. Parking restrictions are in force on Nathalal Parekh Marg, Captain Prakash Pethe Marg, Pandey Road, and Rambhau Salgaonkar Road to reduce roadside congestion.

If required, northbound traffic on Netaji Subhashchandra Bose Road will be diverted from Islam Gymkhana to the coastal road. On Anant Chaturdashi itself, all vehicular movement will be banned on Sardar Vallabhbhai Patel Road from Gol Deool to Prarthana Samaj Junction.

The police have urged citizens to cooperate with authorities and use public transport wherever possible to avoid delays.