The pre-filled data fetched on the new income tax portal is showing a mismatch with the total TDS amount mentioned in Form 26AS. Even after correcting the amount at the time of filing ITR, it seems tax department is taking pre-filled data into account.
HDFC and Axis Bank were the only two lenders that had provided term loans to RCap, according to the company's annual report for the financial year March 31, 2021.
Large institutional investors, including LIC and Employee Provident Fund Organisation (EPFO), collectively own about ₹6,000 crore of RCap bonds. They are also expected to report considerable recoveries.
Visit Health is engaged in the business of providing healthcare and wellness through website and mobile application.
Credit growth to industry including small and medium sized firms picked up to 4.1 % in October 2021 from a contraction of 0.7 % in October 2020. Size-wise, credit to medium industries rose 48.6 % in October 2021 as compared to 20.8 % last year. Credit to micro and small industries accelerated to 11.9 % in October 2021 from 0.7 % a year ago.
The Indian crypto asset industry has witnessed exponential growth over the last five years. An estimated 15 million crypto-asset holders have put in Rs 660 crore in these crypto asset holdings.
Advances to micro and small industries accelerated to 11.9 % in October 2021 from 0.7 % a year ago. Credit growth to large industries stood at 0.5 % in October 2021 as compared to a contraction of 1.8 % a year ago, the data showed. Slowdown in credit growth of services continued, as it decelerated to 2.9 % in October from 8.6 % a year ago.
As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.
From data experience, liquidity criteria and tax point of view we have observed that debt and equity are the best investment opportunities for asset allocation which successfully covers all required aspects of investments.
Branch Network plays an important role in reaching out to the masses for investments. Where there is a branch whether it’s a category B town, village panchayat, tehsil, gram panchayat the branch is playing its part in promoting the “Mutual Funds Sahi Hai concept”.
Fintechs are promoting a vision of a world without banks. Blockchains and cryptocurrencies have taken over paper money or credit cards. In short, fintechs are facilitating a fast, seamless, immersive, cross-channel digital experience that customers have always wanted. It is satisfying their needs and bringing to them so much more that they can anticipate.
“Pickup in activity levels will drive credit growth, with positive effects to asset risks,” the global rating company said in a report on banks in the emerging market.
There are various methods to log into the portal; according to the tax department, there are 14 methods. A taxpayer can log in using various methods such as using Aadhaar OTP, Net Banking, Static password, and a few other methods.
The unraveling of Reliance Capital Ltd. shows why the Reserve Bank of India remains reluctant to allow big business groups into mom-and-pop banking, despite facing huge pressure to allow a wave of corporate capital into the industry and reignite credit growth. The financiers’ potential to do harm is lethal even without access to insured deposits.
The insurance platform will cater to both urban and rural customers and will be a pan-India initiative, offering all kinds of insurance products in the market.
In their letter to the RBI the industry bodies have argued that the strict day-to-day payments based classification would be hard to implement for the borrowers serviced by them as their cash flows and supplies are haphazard. These borrowers make lump sum payments.
This tax complication comes at a time when top companies are complaining of high attrition. The ruling in the case of Bharat Oman Refineries is set to result in scrutiny by the tax department in the coming months as there's already confusion over the issue.
According to CAG, the finance ministry had stated that bank recapitalisation was not fiscally neutral but cash neutral, as issue of securities would get reflected in the total government debt and coupon payments for the special securities when made would be reflected in the deficit of the relevant year.
"The Reserve Bank of India vide its letter dated November 29, 2021 has appointed P N Raghunath, General Manager, Reserve Bank of India, Bengaluru, Regional Office as an Additional Director on the board of the bank for a period of 2 years with effect from November 29, 2021 to November 28, 2023 on till further orders, whichever is earlier," Ujjivan SFB said in a regulatory filing.
In September, the Bengaluru-based company filed draft papers with Sebi for IPO and which is mix of fresh issues and offer for sale by promoters.
The borrowers of written-off loans continue to be liable for repayment and the process of recovery of dues from the borrower in written-off loan accounts continues.
Prior approval is required from the central bank to make an acquisition in any private banks of more than 5 per cent stake.
The total sum assured (SA) for both the private sector and LIC had increased in FY2021 and in the seven months of FY2022 from the year-ago periods. The total SA for the private sector was Rs 4.04 lakh crore in FY2021, up one % year-on-year while for LIC it had increased 7.5% Y-o-Y to Rs 8.9 lakh crore.
"The RBI inspection revealed non-compliance with rules on classification of an account as red flag account despite presence of early warning signals and also failure to disclose provisioning for Security Receipts (SRs) in its Annual Report," read the circular.
Sri Guru Raghavendra Sahakara Bank Niyamitha , located in Surya's Loka Sabha constituency Bengaluru South, received a total of Rs 753.61 crore as deposit insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC) towards 21,983 claims, he said.
Impact of the new RBI norms on unsecured loans NPA is expected to be in the range of 1.5-3.0%, for MSME finance it is expected to be in the range of 1.0-3.0% and 1.0-2.0% for vehicle finance. The impact is expected to be muted for Home loans NPA and is estimated between 0.25-1.25%m, 0.25-1% for dold loans and 0.25-1.0% for wholesale finance.
According to a report by Crisil Ratings, retail loans are expected to see reasonably broad-based growth in the current and next fiscals supported by pick-up in demand and consequently underlying sales.
Kotak Mahindra Bank informed the exchanges on Monday that the Life Insurance Corporation of India has received the Reserve Bank of India's approval to increase its stake in the company up to 9.99%.
Top executives of Bharat Financial Inclusion (BFIL), a fully-owned subsidiary of IndusInd Bank, have resigned from the company last week, the bank said on Monday. The bank said it has appointed an Executive Director and another person to oversee the day-to-day operations of the company.
The insurer's asset under management witnessed a strong growth of 28 per cent and has doubled over the past three years.
While the RBI must be lauded for its visionary stance of mandating CoFT in the interest of promoting safe and secure digital payments for consumers, there exist implementation challenges, which may bear unintended adverse consequences for consumers and merchants.
The MF industry is closely regulated and monitored by the regulator, the Securities and Exchange Board of India (SEBI). Regulations put in place by SEBI keep tight reins on the risk profile of investments, concentration of risk in funds, valuation of investments and the compliance of funds with its goals.
Fedo said that there is a very large and urgent need to simplify and bridge the financing gap between insurance policy coverage and hospitalization expenses. This offering will enhance the value proposition for insurers and banks alike, and more importantly will address the needs of consumers, with empathy.
Analysts say NBFCs face their own challenges in terms of the rising cost of funds and higher capital requirements and a bank licence is not on the horizon for the next few years.
Crypto exchanges have recorded a 15-50% drop in new sign-ups in November so far. They have also posted a dip in their monthly transactions after some investors squared off positions and adopted a “wait and watch” mode.
Post this funding, the Bengaluru-based startup is valued at over $1 billion—a five times increase since its previous funding round six months ago.
Is it legally tenable to send them money from a foreign country? More importantly, will you or they have to bear any kind of financial burden in the form of tax? Here are the rules and tax regulations governing remittances from family members who are staying abroad.
With debt recast at final stages, Religare Finvest Ltd (RFL) is all set to restart its business come new year 2022, Religare Enterprises Ltd Chairperson Rashmi Saluja said. RFL, a NBFC arm of Religare Enterprises Ltd, has been barred from undertaking fresh business as it is under corrective action plan (CAP) of the Reserve Bank of India (RBI) since January 2018, due to its weak financial health.
State-owned Punjab National Bank (PNB) has put up a Madhya Pradesh-based steel and agriculture company for sale to recover its outstanding of nearly Rs 200 crore. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.
Mastercard Inc has raised similar concerns privately with the USTR. Reuters reported in 2018 that the company had lodged a protest with the USTR that Modi was using nationalism to promote the local network.
The RBI on Friday came out with revised guidelines on private sector banks, allowing for 26 % promoter ownership but did not go ahead with an internal working group's recommendation to allow corporates to promote banks after protests from various quarters including former governors.
The company has challenged the constitutional validity of the tax department’s right to make arrests in cases where GST is exempt, as in the case of the agro products company.
The Reserve Bank of India’s decision to keep corporates away from bank licences will help the government sidestep allegations that it is selling banks to big business. However, the number of prospective buyers for public sector banks will shrink.
Credit-deposit ratio for metropolitan branches stood at 82.8 per cent in September against 88.4 per cent a year ago, reflecting the fact that deposit mobilisation outpaced lening growth. All-India credit-deposit ratio dipped to 70 per cent from 72 per cent over the same period.
The Bihar-head quartered company is working to offer its customers all-around financial products by also adding housing loans to the equation. Besides Bihar, the company will simultaneously extend its reach to other states including Delhi-NCR and UP.
The action by RBI is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said.
Blackstone, BlackRock, Abu Dhabi Investment Authority, Govt of Singapore Investment Corp and Capital International are understood to have held preliminary discussions.
Finance minister Nirmala Sitharaman had announced the privatisation of two state-run banks as part of the government's disinvestment programme in her February budget speech.
Blackstone, BlackRock, Abu Dhabi Investment Authority, Govt of Singapore Investment Corp and Capital International are understood to have held preliminary discussions.