Since February 2019, the Reserve Bank of India has reduced repo rate by 250 bps. Large surplus systemic liquidity, the regulator’s continued accommodative stance on monetary policy and the external benchmark linked pricing of loans have helped faster transmission of policy rates.
One of the initial objectives of UPI, to replace cash for low value transactions, seems to have been met. Half of transactions through UPI were below Rs 200, as per detailed transaction data of National Payments Corporation of India.
The cold chain industry has had to accommodate for the lack of assets and infrastructure by working overtime for the last two years. Onboarding native entrepreneurs and helping them start their cold chain journey will give the industry more assets to work with, said Swarup Bose, founder and CEO, Celcius.
The city police had earlier arrested the promoter, Ajay Ajit Peter Kerkar, and former chief financial officer Anil Khandelwal, who are now in jail in the case.
These suggestions have been made in the investor feedback sought by KPMG, the transaction advisor for the IDBI Bank strategic sale, according to officials with knowledge of the matter.
Kumar should start by opting for the NPS benefit offered by his company. Under Sec 80CCD(2), up to 10% of the basic salary put in NPS is tax free.
Several individuals - including those who were investigated, re-assessed and taxed - have been asked by the Foreign Assets Investigation Unit (FAIU) to share details of offshore bank accounts since 2001, residency status for the past two decades, passport copies and names of overseas service providers. Overseas service providers are professional outfits setting up tax haven vehicles and trusts to hold the funds.
According to sources, the National Bank for Financing Infrastructure and Development (NaBFID) is awaiting clearance for the appointment from the regulator Reserve Bank of India (RBI). After approval from the RBI, NaBFID will intimate BBB for issuance of advertisement for the post of MD and DMDs, sources said.
The appellate tribunal observed that NCLT has passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had already by an overwhelming majority approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval.
PNB Housing Finance is focussing on its high-yielding affordable housing business 'Unnati' in tier-II and -III cities, and targets to operationalise 25 new branches by March this year. Besides, the housing financier targets to increase the Unnati business from nine per cent currently to about 12-14 per cent going forward. PNB Housing opened 13 Unnati locations during the quarter ended December 2021.
The bank said, "In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter."
The company, a wholly-owned subsidiary of Piramal Enterprises Limited, continues to hire extensively for retail operations pan-India and has rolled out 2,000 offers already in the last three months in the merged entity.
In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter, the bank said in a statement. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than three months.
The bank's move has elicited criticism from some quarters, including from the All India State Bank of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.
In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment.
"The aim is to increase the efficiency in exchange of information in the consortium arrangement," said a senior bank executive aware of the developments, adding that the proposed structure will provide for loan identity number, monitoring mechanism, stock statement maintenance and DP allocation."The aim is to increase the efficiency in exchange of information in the consortium arrangement," said a senior bank executive aware of the developments, adding that the proposed structure will provide for loan identity number, monitoring mechanism, stock statement maintenance and DP allocation.
The Union Budget 2022 is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, rationalisation of tax rates and certain social security investments. Some of the changes expected on the personal taxation front in Budget 2022 are as under.
CEOs of state-owned as well as private banks have discussed the subject during the managing committee meetings of the industry lobby Indian Banks' Association (IBA) in December and January.
A Liquid Fund typically invests in fixed income securities wherein a portfolio is created having a mix of debt and money market instruments.
This funding is likely to support Avanse's business growth in the education financing space. The transaction was facilitated by Northern Arc Capital.
IMGC is in partnership with Muthoot Homefin (India) Limited (MHIL) to offer mortgage guarantee backed home loan products to customers in the affordable housing segment. A mortgage guarantee will enable MHIL to sanction higher loan amount (LTV ratio) to the customers at lower rates of interest, a joint statement said.
"The growth in deposits is an endorsement of the trust that customers have placed with us. With our strong distribution and digital banking platform, the bank offers a market-leading proposition to both the urban digital and the retail customers," Biswas said.
It is easy to increase your budget by cutting down your investments and savings, but that is not the best way to do it. Cutting down your investments and saving can jeopardize your financial future.
“Future Enterprises progresses on its plans to monetise its investment in its insurance joint ventures with Generali, agrees to sell 25% equity in the general insurance JV,” Future Enterprises Ltd said in a filing to the stock exchanges.
"FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction," the regulatory filing by the Future Group firm said.
"We expect the budget to consider creating a separate section for tax deduction on premium paid towards life insurance. This would enable a more logical segregation of customer's funds into long-term and short-term kitties," Edelweiss Tokio Life Insurance Executive Director Subhrajit Mukhopadhyay said.
In August 2021, the regulator had extended the deadline for stressed companies to meet the parameters related to operational performance to October 2022.
The plan proposed by Religare Finvest management needed an infusion of Rs 700 crore of fresh loans from lenders over a period of two and a half years. Bankers are reluctant because the account is classified as a non performing asset (NPA).
If the income tax (I-T) department has good reasons to believe that a fund's 'place of effective management' (or POEM in tax parlance) is somewhere else-where the key decision makers are located -and not Mauritius, many funds could find themselves exposed to large tax demands.
“The scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme,” the Reserve Bank of India said citing the government's sanction on the amalgamation plan.
India's largest NBFC-MFI has invested the fund in the form of subordinate debt on Tuesday, the company said in a regulatory disclosure to stock exchanges.
"The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date," read the circular in the official site of the Reserve Bank of India."The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date," read the circular in the official site of the Reserve Bank of India.
"Indian banks are ready to shift into a growth phase, just in time to meet rising demand as the country's economy recovers," said Nikita Anand, associate director for credit risk at S&P Global Ratings. "Faster loan growth will be bolstered by improving asset quality and a normalization in credit costs over the next 12-18 months."
The AP Mahesh Co-operative Urban Bank authorities after detecting suspicious transactions on Sunday night were able to stop further transfer of funds/transactions and also contacted managements of those banks to block such accounts and managed to get some amount (from the diverted funds) frozen, he said.
"The securitisation volumes in Q4 (FY22), which should have otherwise seen a healthy improvement, could be impacted by the concerns around the third wave of COVID infections that may affect the repayment capabilities of the borrowers who have a marginal financial profile," the rating agency said in a report released on Tuesday.
Finance Act 2021 inserted a provision in the Income Tax Act to make income from ULIPs taxable as capital gains, just like redemption from mutual funds. It had also delegated power to the Centre to prescribe a method of calculation of capital gains, while it was notified on January 18.
A dedicated tax provision allowing deduction of principal repayment (currently forming part of 80C deduction) will incentivise homebuyers through higher tax benefits.
Hero Fincorp has initiated a valuation exercise before the equity funding round will be finalised. The final contributions of the existing and new investors could change based on the valuation report, according to people cited.
A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and non-compliance with the Master Directions on 'Know Your Customer (KYC)'.
Loans create a vicious trap of EMIs for you and to pay the EMIs you’ll have to keep on working. So, this may make your financial independence a far-off dream.
The focus of this year’s Budget is expected to be on speeding up India's recovery from the pandemic shock, as well as strengthening the country's healthcare system to protect against future outbreaks.
Even as the wait goes on for the National Asset Reconstruction Company (NARC), or 'bad bank', which was announced in the previous Union Budget and proposed reforms for the private asset reconstruction companies (ARCs) to take off, the dead weight of old accounts continues to languish on the banks' books.
India has about 200,000 villages with a population of more than 2000 people. The company is focused on targeting this demographic through an assisted model that consists of business champions who are present in 100 villages and smart cash kiosks that are present in 10 villages.
BSE-listed National Steel & Agro owes about Rs 1,600 crore to its lenders. On Friday, the Mumbai bench of the National Company Law Tribunal, presided over by Justice Pradeep Narhari Deshmukh, allowed the substitution of JM Financial ARC, to whom the lenders have assigned their debt as petitioner in an oral order and have posted the hearing of the matter to March 9.