On August 17, Union Bank issued a tender inviting bids for the power company’s Rs 2,077-crore debt at a reserve price of Rs 919 crore for upfront cash, which was lower than Rs 935 crore reserve price set in mid-July, where it failed to attract any offers. Union Bank’s revised reserve price equated to a recovery of 44 paise on a rupee.
The government has enabled the option of making payments via credit card, UPI, and Net banking on the e-filing income tax portal. However, if an individual opts for the 'payment gateway' method on the e-filing portal to make income tax payments, then certain charges may be applicable if they opt for such a payment method.
The court was deciding an appeal by the Securities and Exchange Board of India (Sebi) seeking a stay on voting by creditors because it wanted all bond holders to participate in such votes, contrary to the debenture trust deed (DTD) and central bank guidelines that expect only 75% of the bondholders to vote.
IndusInd Bank signed a strategic partnership with Asian Development Bank (ADB) to support and promote supply chain finance solutions in India, the bank said in a stock exchange filing on Friday. It has entered into a partial guarantee programme with ADB with an initial outlay of Rs 560 crore, exclusively towards promoting supply chain finance solutions in India.
RFL owes more than a dozen lenders led by Bank of Baroda a total of ₹5,344 crore. It has offered to settle these claims with a payment of ₹2,320 crore - a 57% haircut for secured creditors. The amount includes cash reserves of ₹1,700 crore in RFL parked in the escrow account with banks and the rest will be infused by parent Religare Enterprises (REL), people familiar with the plan said.
Bank loans registered 15.1% growth in July compared with 5.1% a year earlier as large corporates came back to banks. Credit to large industry grew by 5.2% in July against a contraction of 3.8% a year earlier, as per RBI data. Medium industries recorded credit growth of 36.8%, down from 59% in July 2021, while credit growth to micro and small industries accelerated to 28.3% from 10.5% during the same period.
"We intend to increase our market share of non-par business as well as diversify the channel mix while ensuring that our agents stay as the main distribution pillars of our products," LIC chairman M R Kumar told shareholders in company's annual report for FY22. With its agency count of 13.3 lakh, the insurer has a large section of them working in rural areas of the country.
In the previous fiscal, the private general insurance major had registered a growth of 8 per cent with a gross written premium (GWP) of Rs 4,210 crore.
The Indian life insurance industry will show resilience and grow at an exceptional rate of 6.6% (in real terms) in 2022 and further grow at 7.1% in 2023. Considering the projected growth rate, the life insurance premiums in India are set to cross $ 100 billion for the first time in 2022. Though the global life insurance premiums growth will almost flat this year and grow by 1.9% in real terms in 2023
India is all set to become the sixth biggest insurance market in the world in the next ten years owing to the regulatory push and rapid economic expansion, a report by Swiss Re Institute said. The Indian life insurance industry is expected to grow at an exceptional rate of 6.6 per cent (real terms) in 2022 and further grow at 7.1% in 2023.
The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops.
As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.