47.8 cr Jan Dhan accounts opened, says FM Sitharaman

The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year.

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Ex-banker who built financial empire warns of India’s complexity

Shah said companies such as Hindustan Unilever Ltd. show a commitment to India pays off. Shares of Unilever’s local Indian unit have surged over decades of being listed in the country. He said some global asset managers still see the market as too small for the effort required after some global firms exited their mutual fund businesses in India.

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RBI relaxes restrictions on SBM Bank India until March 15

The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said.

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RBI partially relaxes restrictions on SBM Bank India

Last week, the RBI ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) - which allows Indian residents to send up to $250,000 abroad each financial year - until further notice, citing "material supervisory concerns" but without giving any further details.

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Everything you need to know about mutual fund taxation

How capital gains earned by residents from mutual funds are taxed

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Gold loan NBFCs seek 'priority' sector status

"Many farmers, small business owners/shopkeepers also resort to gold loans to meet their working capital needs," said George Alexander Muthoot, managing director of Muthoot Finance. "Gold loan NBFCs serve the underserved segment or the bottom of the pyramid as this segment frequently borrows less than ₹50,000 and the tenure of these loans is also typically for less than 12 months."

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Keeping a tab on development related to Adani Group: PNB MD

"Whatever exposure we are having is backed by cash flow. Total exposure include investment of Rs 42 crore and remaining credit," PNB managing director Atul Kumar Goel said while announcing quarterly numbers.

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All you need to know about National Pension System (NPS) and its tax benefits

StockHolding is the recipient of the best POP (Point of Presence) award in various categories and it provides a 360-degree insight into people looking to begin their NPS journey.

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How to invest in a hybrid fund?

Guide on how to invest in hybrid funds and the benefits that come with it

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Key highlights from Mastercard Payments Summit 2022, a powerful way to redefine commerce

Summit discussing how payments platforms are safe, simple, comfortable and trustworthy for users with seamless e-commerce payments experience and the importance of user experience in the payment space.

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Tax optimiser: Kulshreshta can yse LTA, NPS to cut tax by Rs 1 lakh

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

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Punjab & Sind Bank aims at Rs 500 cr recovery from NPAs in Q4: MD

The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added.

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Why's the insurance industry largely silent on 100% FDI demand?

He said the industry should nevertheless have this conversation with the policy makers on allowing 100 per cent FDI. According to him, one of the challenges for the global insurers is to find a suitable local partner. "With over 60 insurers between life and general insurance and a large number of them joint ventures, there is really an acute shortage of local partners, who either have the ability or the inclination to get into this space," Rau said.

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Bank unions defer two-day strike originally set for January 30, 31

According to C H Venkatachalam, General Secretary, All India Bank Employees' Association, the IBA reportedly agreed to meet with the unions on January 31 to discuss their demands - which include five day banking, updation of pension, and restoration of the old pension scheme.

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Six banks join Grant Thornton in legal fight against Winsome's Mehtas

IDBI Bank, Axis Bank, Exim, Bank of Maharashtra, Standard Chartered Bank and State Bank of Mauritius are among the financial institutions which have registered their claims in an arrangement under which GT, after collecting a generous success fee, would pay the Indian lenders pari passu in relation to the value of their claims, two persons familiar with the development told ET.

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Union Bank takes second shot at selling KSK Mahanadi loan account

The bank has set a Rs 828 crore reserve price to sell the account, a 10% reduction from the Rs 919 crore reserve price set by the bank in August. It envisages a recovery of 40% on the account, down from the 44% recovery expected last time.

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India's top banks say Adani exposure within RBI limits but remain watchful

The ports-to-energy conglomerate, helmed by Gautam Adani - one of the world's richest men, has come under attack from U.S. short-seller Hindenburg Research, leading to a sharp fall in shares of group companies and the lenders that have exposure to it.

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Dvara Holdings mulls Rs 300-crore fund to support ventures focusing on low-income households

“We are planning to launch a financial inclusion fund of Rs 300 crore with an aim to provide equity and debt funding support to ventures in their growth stage. We are in the process of beginning dialogues with prospective investors who will be willing to put their bet in the Indian financial inclusion story," Shah said.

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How to invest in a hybrid fund?

Guide on how to invest in hybrid funds and the benefits that come with it

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Maximize your SIP returns in volatile markets

Guide on how you can extract maximum returns from your mutual funds by analysing your risk profile

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Mutual fund investor: How to become good at investing?

Tips to become a better investor for someone who is new to mutual funds

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Small or big, SIP works for you

Why SIP is the best way to start your financial journey for achieving long term financial goals

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What are balanced advantage funds?

Guide on balanced advantage funds and benefits of investing in them

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Insurance Bill may not be introduced in budget session

A government official said that the suggestions are being examined and that an announcement can be made in the budget while the actual bill may be introduced later. "We will try to bring it in the first half of this (calendar) year," he said.

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No significant risk to Indian banking system from Adani Group: CLSA

“Indian banking exposure is less than 40% of total group debt,” CLSA said in its report dated January 26. Within this, private banks’ exposure is below 10% of total group debt and most banks have indicated that they have largely financed assets with strong cash flows, such as airports/ports,” it said.

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Credent Global Finance in talks to raise Rs 500 crore for tier-II projects

Investment in real estate in India grew by 32% Y-o-Y to an all-time high of $7.8 million in 2022, according to CBRE.

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Srei group companies' lenders agree to set aside ₹824-crore sale proceeds in escrow account

Amid this, the appellate tribunal of the bankruptcy court again rejected an application from Adisri Commercial, the holding company of Srei Equipment, challenging the admission of the subsidiary for bankruptcy proceedings.

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Promoter group reclassified as public: Reliance Cap

The company has made an application to BSE Ltd and National Stock Exchange of India Limited for reclassification of existing 'Promoter/Persons belonging to Promoter Group' to 'Public' in accordance with Regulation 31A of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said in a regulatory filing.

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Step up your financial journey with these to-dos in 2023

The article discusses the benefits of opening a digital bank account with Airtel Payments Bank. The account offers a high interest rate on deposits, and the bank has partnered with IndusInd Bank to offer fixed deposits with attractive interest rates.

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SBI services could be impacted after unions call for strike on January 30, 31

UFBU, which is the umbrella body of bank unions, announced that employees linked to its affiliated unions would go on strike on January 30 and 31. UFBU demanded the resolution of various issues related to the 11th wage settlement of bank employees and a five-day working week in banks.

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Nomura hires top ICICI banker to head India ECM business: Sources

Natarajan currently heads the equity capital markets - including initial public offerings and block deals - for Nomura's domestic rival ICICI Securities and has spent nearly 17 years with the firm, according to his LinkedIn profile. He worked with Morgan Stanley earlier.

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Navigating your way to Financial Freedom

A guide on financial freedom and how to achieve financial freedom

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Will Budget take a pause on bank privatisation even as lenders hit a purple patch?

The government is now convinced that the PSBs are in very good shape and are more marketable than they have ever been, said Madan Sabnavis, chief economist at Bank of Baroda, given that the financial system is quite ‘sophisticated’ today. Sakshi Gupta, Principal Economist at HDFC Bank, expects the government to reiterate the previous years’ announcement (of privatisation of two PSB banks) and commitment towards delivering the same in this fiscal year that starts April 1.

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Standard Chartered announces two senior-level appointments for India and South Asia

“Sarabjit Anand and SV Shivshanker are two strong additions to the bank’s leadership team, and their presence will provide an impetus to our growth strategy. Both bring with them a rich experience across cultures and geographies within the Standard Chartered network that will be invaluable as we continue to consolidate our position in the market,” said Zarin Daruwala, cluster CEO, India and South Asia markets (Bangladesh, Nepal and Sri Lanka), Standard Chartered Bank.

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RBI slaps Rs 26-lakh penalty on Nutan Nagarik Sahakari Bank

This action of the central bank is based on a deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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Lenders seek immunity for board members, suggest NaBFID-like shield against arrests

Bankers have been lobbying for changes in existing provisions toward this end, arguing that it will help hasten decision-making, in turn bolstering growth and economic development. Banks repeatedly raised the issue after the 2021 arrest of former State Bank of India chairman Pratip Chaudhuri in an alleged loan scam case.

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Tier II cities beat metros in sale of term insurance products: Report

India's Tier II cities like Ludhiana, Jaipur, Patna and Pune beat metros in terms of buying term insurance or pure insurance products, as per a report. According to India Protection Quotient survey (IPQ) commissioned by Max Life Insurance, awareness about term insurance products has increased post COVID-19 pandemic.

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RBI orders SBM Bank to stop transactions under remittance scheme with immediate effect

After discovering "material supervisory concerns" in SBM Bank (India) Ltd, the Reserve Bank of India on Monday ordered SBM Bank to stop all transactions under the liberalised remittance scheme with immediate effect.​

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Navigating the road to financial independence

Overall, retirement planning is an important topic that needs careful consideration. It requires a long-term perspective and a commitment to consistent savings and investments. By starting early and being consistent with your planning, you can help yourself and aim to ensure that you have the financial resources which you need to enjoy a comfortable and fulfilling retirement.

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NCLT extends the status quo in the Reliance Capital case until further order

This follows last week’s order of the bankruptcy court to maintain the status quo until January 23, in the matter, including deferring to the proposed auction for the sale of the Reliance Capital.

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ET explainer: Yes Bank and the AT-1 bonds saga, what next for investors?

In what came as a positive development for retail & institutional investors, the Bombay High Court last week invalidated the write-off of additional Tier-1 (AT1) bonds issued by private lender Yes Bank. Its CEO Prashant Kumar on Saturday said that the company has legal grounds to appeal against the court order.

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6 lesser-known facts of HRA tax exemption

HRA is an important component of your salary. ET Wealth throws light on some little known aspects.

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Japan’s Credit Saison Company invests Rs 540 crore in its wholly owned Indian subsidiary

This takes the total investment by the Japanese parent and its affiliates to Rs 1,600 crore into Credit Saison India, which expanded its portfolio of assets to Rs 5,000 crore in four years.

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Budget 2023: Govt may not give PSBs a capital infusion

The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks.

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Budget 2023: Insurers hope for tax concessions to underwrite industry's growth

Scrapping or slashing of Goods and Services Tax (GST) on insurance premiums, making pension/annuity proceeds tax-free, and creating a separate category for tax deduction for premium paid are some of the budget wishlist of Indian insurers.

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AT1 bond Case: Yes Bank to appeal Bombay HC order even as Q3 profit falls

"The court has not questioned the regulatory guidelines under which the decision was taken but only the process which was followed. Based on the legal opinion we have taken, we are preparing to appeal in the SC for which we have been granted time of six weeks," CEO Prashant Kumar said.

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IDBI sale: Fairfax sought waiver on security check

The company had said if it were to participate in the bid process, the final composition of the bidding consortium would be different, and that a security clearance on the existing firm would not remain relevant, the sources said.

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Canara Bank to sell its stake in Russian joint venture to SBI for Rs 114 crore

Canara Bank has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing.

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Bombay High Court relief to YES Bank AT1 bond holders on petition against Rs 8,415 cr write-off

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Bandhan Bank's Q3 net profit falls 66% to Rs 291 crore

Its net profit fell 66% at Rs 291 crore in the third quarter ending December last year as compared with Rs 859 crore in the year ago period. Operating profit declined by 1.4% at Rs 1992 crore. Its net interest margin for the quarter was at 6.5% as against 7.8% in the corresponding period last year. Net interest income fell 2% at Rs 2081 crore.

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