In order to help the cash-strapped mutual funds and NBFCs, RBI allowed banks to avail funds up to 1.5 per cent of their deposits by relaxing their SLR. In addition, banks have been tapping the repo window to raise resources as and when the need arises. The latest data released by RBI also said that, on a year-on-year basis, credit flow from the scheduled commercial banks, including regional rural banks, grew 27.7 per cent to (Rs 26,348.93 billion) as on November 7.
Pointing out that government borrowings would be less than what was projected for the current fiscal, Union Finance Minister P Chidambaram on Tuesday said that there was pressure on inflation due to rising oil prices and money supply.
The Reserve Bank has asked banks to encourage borrowers to hedge agri-products on commodity bourses.
Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August. India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period. India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.
A recent ruling by Income Tax Appellate Tribunal (ITAT) in the case of Chandrakant Shah stated that if you borrow interest-free money from friends and colleagues neither you nor the lender will have to pay tax.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The government indecisiveness on petroleum price rise, coupled with late release of cash subsidy, has sent the borrowings of three government-controlled oil marketing companies to an all-time high of around Rs 118,000 crore (Rs 1,180 billion).
Most analysts have downgraded the stock of SBI Cards and Payments (SBI Card) as the credit card issuer posted weak results during the December quarter (Q3) of financial year 2023-24 (FY24). The sub-par show, analysts said, was for the eighth straight quarter. With this, they have slashed their earnings estimates by as much as 20 per cent over FY24-26 amid near-term pressure points in the company's growth outlook.
Rating agency Crisil has said rising interest rates and the reintroduction of teaser loans by various banks would put an additional burden of Rs 6,000 crore (Rs 60 billion) on them.
'I'm talking about that predator in your house, and how one should protect one's children from him.'
Investors have lost confidence in the economy, says Professor Arun Kumar, Sukhamoy Chakravarty Chair at the Centre for Economic Studies and Planning, Jawaharlal Nehru University.
While both institutions provide financial assistance, there are significant differences between them in terms of offerings, eligibility criteria, interest rates, and other crucial factors.
Adani group companies have reported a 13.7 per cent rise in cash reserve to Rs 45,895 crore in the first half of the current fiscal as earnings across the business rose while debt was almost unchanged. In the half-year credit performance report, Adani said while EBITDA rose to Rs 71,253 crore in April-September this fiscal from Rs 57,219 crore a year back, gross assets increased 6 per cent to about Rs 4.5 lakh crore. Gross debt was almost unchanged at Rs 2.26 lakh crore, but after considering cash reserves, the net debt at Rs 1.80 lakh crore was 3.6 per cent less than Rs 1.87 lakh crore in April-September 2022.
'For the first time ever it has come below 1 per cent, at 0.97 per cent.'
Implying that the Centre's finances were comfortable and fiscal situation was set to improve, the government's gross borrowings fell by over 4 per cent to Rs 93,030 crore till September 20, PNB Gilts said on Tuesday.
India's current account deficit declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday. The current account deficit (CAD), which represents the difference between the total amount of money sent abroad and money received from overseas across the economy, was 3.8 per cent of GDP or $30.9 billion in the July-September quarter in 2022-23. CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
The target was for banks to sell Rs 2 trillion worth of non-performing assets to NARCL, the so-called 'bad bank, by 2021-2022. Only 10 per cent of this has been executed.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
Higher borrowing meant widening of fiscal deficit, which is already high this year because of the stimulus packages announced by the government to prop up growth in the face of global recession. Higher expenditure than planned but lower revenue receipts than expected in the interim Budget were the reasons cited by the CMIE for increased government's borrowings.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
HDFC Bank's market capitalisation (market cap) touched Rs 13 trillion in Thursday's (December 28, 2023) intra-day trades as the largest private sector lender is set to report its sharpest monthly rally in the past two years. At 10:33 AM; HDFC Bank's market cap stood at Rs 13.03 trillion, the BSE data shows. The stock was up 1 per cent at Rs 1,717.90 in intra-day trades on December 29, inching towards its record high of Rs 1,757.80 touched on July 3, 2023.
Banks had raised the interest rates on loans by as much as 350 basis points although the cost of deposits had increased by a maximum of 200 basis points. With the deposit rates having softened from the April 2007 levels, banks have decided to pass on the benefits but only to the new borrowers.
'Will Imran compromise with the army? We are all human beings. We all compromise.'
A younger co-borrower may help you get a longer tenure loan, while income of a non-taxpayer co-borrower can be shown as savings to get a bigger loan. Women are seen as more responsible when it comes to repaying loans.
In the current fiscal, as per the revised estimate, these two companies raised Rs 14,942 crore (Rs 149.42 billion) from markets.
Being driven to abandon Indian middle-class values, asks Ajit Balakrishnan.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
The Rs 67,700-crore (Rs 677 billion) revenue boost from the auction of 3G spectrum licences will help the government reduce its borrowings in the current fiscal, Planning Commission deputy chairman Montek Singh Ahluwalia said.
Rising property prices and the inflation hardly leaves sufficient amount after the payment of the EMIs.
'Data-dependence means you can raise or drop rates. The present stance is only for raising rates.'
The borrowing in the first half of the next fiscal will be less front-loaded (borrowing in tranches) than the similar period of the outgoing fiscal because access to overseas borrowings will be lot more improved next fiscal, finance secretary Ashok Chawla told reporters here today after a meeting with the Reserve Bank of India.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
Residents in India and other emerging economies borrowed $34 billion by issuing debt securities in the international market during the last three months ending November, the Bank for International Settlements (BIS) has indicated.
HDFC Bank on Monday reported a consolidated net profit of Rs 16,811 crore for the September quarter, its maiden quarterly earnings announcement after merging parent HDFC with itself. On a standalone basis, the largest private sector lender reported a net profit of Rs 15,976 crore. In the year-ago period, the net profit of the merged entity would have been Rs 11,162 crore on a consolidated level while the same on a standalone basis would have been Rs 10,606 crore.
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