In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
The problem for the NBFC sector is the funding inertia by banks and not lack of funds.
Both groups warn of initiating strict actions, issue public notices.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
He termed the Centre's decision to demonetise Rs 500 and Rs 1,000 notes as "surgical strike" on common man's "small savings" and not on "black marketeers".
The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis.
The Reserve Bank of India is likely to take a call on the relaxations sought by HDFC Bank in relation to the merger, as the date of merger draws closer, sources said. The HDFC twins, which announced their decision to merge in April last year, received National Company Law Tribunal's (NCLT's) approval recently - a key milestone to close the deal in due time. The management of both the entities had said that it will take 15-18 months for the merger.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
In areas bordering Bangladesh, some have received strikingly high deposits in Jan Dhan accounts, said sources.
"The DMK is not worried a wee bit," he said on the ED searches. Such an action by the ED was 'usual, ordinary and a drama' enacted to divert attention.
The liquidity in the banking system could ease in the coming week due to an increase in government spending - a development that would be the key for the Reserve Bank of India (RBI) to decide whether to extend the incremental cash reserve ratio (I-CRR) mandate for banks. There are signs of improvement in the liquidity scenario as banks parked Rs 25, 833 crore with the RBI on Thursday. Market participants expect liquidity to gradually improve by the end of the month or during the first week of September, aided by government spending.
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
Do you know what kind of currency notes are illegal?
Taking bank lottery scam to a new level, scamsters are using the name and picture of RBI chief Raghuram Rajan to lure gullible people into making a cash deposit of Rs 15,500 to get a winning amount of Rs 5.50 crore.
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
The amount is around a fifth of the cumulative investment in fixed assets by these companies.
While Jio MF will undoubtedly grow in size, it will have to cross multiple hurdles even to emerge as the market leader, observes Debashis Basu.
The department gets data of high-value transactions under the Annual Information Return.
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
'One evening, my mother announced during dinner that we would open a Cumulative Time Deposit account in the post office. 'My father froze. 'The handful of curd rice that he had just put into his mouth remained there for a few extra seconds.' Colonel K Thammayya Udupa (retd) recalls an important decision that changed his family's life forever.
The National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of bankrupt-Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The latest rulings have come on two petitions filed by the consortium. One plea pertained to approval of transfer of ownership and the second one related to extension of time for the payment of dues to the creditors. Earlier, the tribunal had given time till November 16, 2022 for the consortium to make the payments to the creditors of the airline.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
Do you have financial planning queries? Ask rediffGURU Anil Rego.
The Pakistani PM is now scheduled to travel to Malaysia next week and to China on November 3 to seek financial assistance from the two friendly countries.
IMAGES from the World Cup match between Australia and England played in Ahmedabad on Saturday
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Prime Minister Narendra Modi on Sunday warned unscrupulous elements not to play with the lives of the poor by depositing illegal money into their accounts as stringent law against 'benami' transactions were in place to deal with them, as he asked the youth and other sections to move towards a "cashless society".
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
The I-T department has also filed 77 prosecution cases.
Ahead of the assembly elections in Gujarat and Himachal Pradesh, the government on Monday approved the issuance of the 23rd tranche of electoral bonds that will open for sale on November 9.
The agency detected the fixed deposits in State Bank of India, Axis Bank and Bank of India during the questioning of several close aides of Mondal and other witnesses during its ongoing probe in the case, they said.
The Enforcement Directorate (ED) is expected to press money laundering charges against its two officers and some private individuals who were recently booked by the CBI in a bribery case linked to an accused arrested in the alleged Delhi liquor policy scam, official sources said Tuesday.
The options include involving jewellers as collection centres, addressing of issues that banks have been facing and using domestically available gold for giving metal loans to jewellers for domestic sales.
