How your salary perks, NPS investments can cut tax outgo 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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Special drive by public sector banks likely to recover written-off loans

A senior official told ET that the government has asked public sector banks (PSBs) to focus on written-off loans and try to recover at least ₹2 lakh crore in this financial year.

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Uday Kotak clarifies his statement, calling dollar as "financial terrorist"

Uday Kotak, the CEO of Kotak Mahindra Bank, clarified his earlier statement regarding the US dollar as the "biggest financial terrorist in the world" on Twitter. He said he meant that the US dollar's reserve currency status gives it disproportionate power that can regulate global trade, putting other countries in a position of dependency when transacting. Kotak urged India to build strong independent institutions & frameworks as prerequisites to make the Rupee a reserve currency

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Irdai asks insurance companies to lay down social media guidelines for employees

India's Insurance Regulatory and Development Authority (Irdai) has called on insurers to devise social media guidelines that prevent employees from disseminating unverified and confidential information about their employer via the platforms. The regulator said any information received by staff in any form should be cleared by the organisation's compliance team and corporate communication team before being posted on social media.

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Kotak Mahindra Bank says Uday Kotak's appointment as non-exec director in accordance with law

Since the announcement of Uday Kotak as a non-executive director on the board, some concerns were raised about whether this will get the regulatory nod because, in its April 2021 circular, the RBI also makes it clear that there should be a three-year cool-off period before an MD and CEO is reappointed.

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Satin Creditcare Network's net profit jumps 59% year-on-year in March quarter

The rise in net profit was buoyed by improvement in asset quality and business expansion. Net interest income rose 39% at Rs 251 crore.

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Bankers are key to regional economic development & successful implementation of central government schemes: G Kishan Reddy

The Northeast Banking Conclave was organized by Ministry of Development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry in New Delhi on Friday.

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Debadatta Chand to take charge of BoB, Rajneesh Karnatak appointed Bank of India MD & CEO

The central government has appointed Debadatta Chand as the Managing Director & Chief Executive Officer of the Bank of Baroda for a period of three years, as per a Finance Ministry notification. Meanwhile, Rajneesh Karnatak will take the reins of the Bank of India.

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ET Awards: India has quite efficiently managed its geopolitics: Uday Kotak

Uday Kotak said that high-value investments are wanting to come to India across sectors. “The nature of investments is moving to more real economy areas,” said Kotak. “We are talking to some of the largest sovereigns and pension funds around the world. They're wanting to come in scale and size and are actually looking at a lot more flowers to bloom.”

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India govt appoints Siddhartha Mohanty as LIC Chairman

India's government on Friday appointed Siddhartha Mohanty as the chairman of state-run Life Insurance Corp of India until June next year, and chief executive for at least a year after that. Mohanty, who is one of the four managing directors at LIC, was already named as chairman in March for three months.

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View: India's banks have it all, except caution

Across most of Asia, muted big-ticket consumer expenditure — such as on housing — and restrained capital expenditure by firms have led to only a mild post-pandemic recovery in credit, which makes India’s double-digit loan growth a notable exception, according to economists at Australia & New Zealand Banking Group Ltd.

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Reliance Capital Resolution: More challenges ahead

Although Reliance Capital's (RCap) lenders succeeded in concluding the second auction with an improved offer, they will have to cross several hurdles before completing the sale of the Anil Ambani financial services company as part of the insolvency process.

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Tata Capital board approves plan to consolidate arms

Subsidiaries, Tata Capital Financial Services and Tata Cleantech will merge with Tata Capital, top executives close to the group said. Tata Housing Finance will be housed separately under the holding company.

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ICICI Pru Life refutes GST dept contention of tax liability due to input tax credit claims

In the absence of receipt of a formal show cause notice detailing the grounds and rationale on which the tax demand is proposed to be raised on the company, the company evaluated the possibility of a tax obligation, which as of now appears to be remote, it added. In September last year, the Mumbai unit of the DGGI had said that an ITC of Rs 824 crore had been availed by 16 insurance companies on the basis of fake invoices. Out of this, insurers had voluntarily paid Rs 217 crore after the DGGI investigation.

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Reliance General to accept CBDC e-Rupee through Yes Bank

Customers who have an active e-wallet with any bank can scan Reliance General Insurance's eRupee QR code to make immediate payment, it said. With this pioneering launch, the company is presenting its customers with an easy, safe, instant and green payment solution, and taking its promise of providing excellent customer experience to the next level. eRupee is a digital token that is equivalent to a banknote i.e. legal tender, and is a sovereign currency backed by the RBI, it noted.

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RBI approves reappointment of N Kamakodi as City Union Bank MD and CEO

"We hereby inform that based on the recommendation of the Board of Directors of the Bank, the Reserve Bank of India...has given its approval for the re-appointment of Dr N Kamakodi as the Managing Director and CEO of the bank for a further period of three years with effect from May 1, 2023," the bank said in a BSE filing on Wednesday.

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North East Bankers Conclave to be held in Delhi on 28th April

PVSLN Murty, Chairman and Managing Director, NEDFi stated that North East Bankers' Conclave is the first of a kind leadership event specifically organized to brainstorm the challenges of banking sectors of North East and come up with actionable strategies to address the same at various level starting from policy planning up to grass root level implementation.

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Bajaj Allianz Life declares bonus worth Rs 1,201 crore in FY23

Bajaj Allianz Life has declared a bonus of Rs 1,201 crore for the financial year 2022-23, marking the 22nd consecutive year of bonus payment to eligible and participating policyholders. This bonus includes a regular reversionary bonus of Rs 872 crore and a terminal and cash bonus of Rs 329 crore. Out of its 3.5 million policyholders, 11.43 lakh participating policyholders will benefit from the announcement.

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Income tax dept releases offline forms for ITR 1, 4 for FY 2022-23 (AY 2023-24)

The income tax return forms were notified by the Central Board of Direct Taxes (CBDT) in the February 2023, well after Budget 2023. This was a departure from norm of notifying the ITR forms in April. Though the forms are notified, the ITR cannot be filed by an individual or any other taxpayer till utility form or online forms are enabled on the e-filing income tax portal.

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High balance bank accounts without updated KYC details under the lens

Banks are also in discussion with the regulator to further strengthen the central KYC format to avoid multiple accounts in the banking system with different identifications.

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PSU general insurers may monetise realty assets

The monetisation of commercial and residential real estate asset is part of a five-pronged strategy being worked out by the insurers--which also includes further expansion of their motor and health portfolios and upgrade of risk management systems - to improve their profits and solvency ratio, a senior finance ministry official told ET.

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The Intelligent Investor by Benjamin Graham

Touted by Warren Buffet as ‘by far the best book ever written on investing’, The Intelligent Investor by Benjamin Graham shares investing gems that can help investors chalk an optimal investment journey.

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Uday Kotak's XXXL shoes: The big change at Kotak Mahindra Bank

Uday Kotak, the man behind India's third-largest private bank, Kotak Mahindra Bank, will step down as CEO and MD at the end of this year due to RBI tenure cap. Kotak Mahindra Bank is actively looking for his replacement to fill his shoes, which seems difficult as he is an institution by himself. Kotak started his journey with a small bill-discounting business, which later became one of India's largest banks. He made banking look cool and positioned it more as an FMCG one.

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Indian banks unlikely to go SVB, Credit Suisse way for it can swim good amid troubled waters

Days after the US saw its second and third largest banking failures, where the authorities had to step in to rescue the banks and depositors' money, Swiss banking giant Credit Suisse got into an excruciating financial crisis. Banks face interest rate risk when the country's policy rates increase rapidly in a short span of time. This spelled trouble for the banks. However, find out why India's banking system has considerably less chances to face such incidents.

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Now you can't get Section 80G tax deduction without this TDS-like certificate from income tax portal

Till FY 2020-21, an individual can claim the donation on the basis of the donation receipts at the time of filing income tax return (ITR). However, from FY 2021-22 onwards, the donation can claim be claimed only if an individual enters donation certificate details in the income tax return form. Without the certificate, an individual cannot claim Section 80G deduction.

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JM Financial, Indostar in talks to merge mortgage businesses

Non-bank lenders JM Financial and Indostar on Monday announced that they are in "preliminary discussions" to merge their respective mortgage verticals into a single entity.

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RBI harmonises provisioning norms for urban cooperative banks

"On a review, it has been decided to harmonise the provisioning norms for standard assets applicable to all categories of UCBs, irrespective of their tier in the revised framework," the central bank said in a circular.

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JM Financial Home Loans in talks with Indostar Capital's home finance business

"The companies are engaged in preliminary discussions to explore potential strategic options including potential combination and listing of the retail mortgage portfolio of JM Financial and the home finance business of Indostar Home Finance Private Limited including other mortgage-backed business of Indostar," JM Financial said in a regulatory filing to stock exchanges.

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India tax department cracks down on Bajaj Allianz, ICICI Prudential amid wider probe - sources

Tax authorities estimate that 16 insurance companies in all owe the government about 50 billion rupees ($610 million) in unpaid taxes, interest and penalties since July 2017, when India implemented goods and services tax (GST), two sources said. India's Directorate General of Goods and Services Tax Intelligence (DGGI) is in the process of sending show-cause notices to other insurance companies as well, said two sources, including a government official.

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Evercore may end decade-old tie-up with billionaire Uday Kotak’s unit, sources say

The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico.

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Asset recast companies hopeful of RBI fillip to help tackle Rs 6 lakh crore of soured loans

New guidelines in the works may include more qualified buyers which can deepen the market.

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A dozen foreign and local entities express interest in Rolta insolvency

The resolution professional, Mamta Binani, received 12 expressions of interest (EoI) which included eight companies, one Singapore-based fund house and three individuals.

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DBS knew problem areas at Lakshmi Vilas Bank, cleaned up and integrated business from day 1: India CEO

"As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome.

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Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction.

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Muthoot Microfin expects 25-30 pc growth in loan disbursals this fiscal

In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. He attributed the massive loan book expansion to the low base in the pandemic hit year, and bases his optimism to maintain the momentum on the rising need for liquidity among its customers, even though the interest rates have risen.

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Political stability keeping India ahead in an uncertain global scene: HDFC's Deepak Parekh

India is not immune to global disruptions, so some slowdown in growth is inevitable, he said, adding, since India is a domestic, consumption-based economy, India is less dependent on the global economy compared to countries that rely heavily on exports.

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ICICI Bank refutes reports of data breach; here's what we know so far

In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.

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Uday Kotak to become non-executive, non-independent director at Kotak Mahindra Bank after CEO tenure

The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.

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HDFC or HDFC Bank can raise stake in Life, ERGO beyond 50%

India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.

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Arohan Financial Services opens over 100 branches in FY'23

"Our endeavour is to include every underserved household and small business under financial services. As we commence on our ambitious five-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we plan to enter Gujarat, Haryana and Maharashtra this year, besides expanding our footprint in Madhya Pradesh and Uttar Pradesh," said MD and CEO Manoj Nambiar .

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RBI refuses exceptions on CRR, SLR; gives some leeway on PSL, investments for merger: HDFC Bank

HDFC Bank's request for an exception on cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements has been refused by the Reserve Bank of India (RBI) ahead of its merger with mortgage financier parent HDFC. RBI has allowed HDFC Bank some leeways on the priority sector lending front, according to the bank. CRR and SLR requests have been turned down despite being exempt from non-bank lenders which HDFC Bank is classified.

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RBI gives HDFC Bank selective regulatory relief post HDFC merger

The central bank has permitted the bank to meet priority sector lending requirements in a staggered fashion over three years, the bank said in an exchange notification.

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Indian banks wary of parking funds with RBI following liquidity swings, traders say

Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue.

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Reliance Capital lenders not to accept offers outside of auction

Lenders to Anil Ambani-promoted Reliance Capital decided they will not accept any topping offer outside the proposed auction process and negotiate only with the highest bidder, multiple people aware of the development told ET.

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Vedanta encumbers stake in HZL to raise Rs 1,500 cr in loans

Anil Agarwal-led resources conglomerate Vedanta has encumbered a part of its stake in Hindustan Zinc (HZL) to raise Rs 1,500 crore in loans against those shares at more than 50% margin to their market value, Vedanta told the exchanges in a mandatory filing Thursday.

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Kotak Mahindra wins case to liquidate ARSS Infrastructure Projects Ltd even as 76% of lenders approved it

Kotak Mahindra Bank, which had 0.64% voting rights, objected to Ocean Capital Markets resolution plan since it would compel them to release third-party guarantees in favour of the resolution applicant without recovering their entire dues.

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Tech layoffs didn't impact education loan repayments in FY23: Crisil

The non-performing assets (NPAs) of the NBFCs in education loans -- over 90 per cent of which are foreign students -- have remained below 0.5 per cent, Crisil said on Thursday. The rating agency's senior director Ajit Velonie said there are structural reasons for the lower NPAs, including the insistence on having a co-borrower, which is usually the parent.

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RBI top brass to meet public sector bank boards on governance on May 22

The Reserve Bank of India is holding a meeting with directors from all public sector banks on May 22 in New Delhi to discuss issues related to governance and ethics, and to clarify its supervisory expectations. RBI Governor Shaktikanta Das will address directors from the Department of Supervision, Department of Regulation and the Enforcement Department on a day-long interactive event.

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Tier 2, 3 Indian cities saw 162% growth in loan applications in 2022: Prodigy Finance study

More students from India's Tier 2 and 3 cities are seeking higher education abroad, and applications for loans have increased by 162%. Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in Tier 1 cities have seen the highest number of loan applications, with a rise of 237% in Delhi and 193% in Hyderabad.

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Is interest income earned on Mahila Samman Savings Certificate tax free?

The Mahila Samman Savings Certificate (MSSC) was officially launched on April 1, 2023, and there are currently 1.59 lakh post offices that offer it.

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