The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
State Bank announced a 15 basis points reduction in its lending rates, effective August 10 across all tenors.
The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay high court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the Kochhars' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Banks typically fund about 70 per cent to 80 per cent of the cost of a property
Nobody is held accountable for lapses, no matter how badly it affects the person or business whose accounts are frozen. Nor is there compensation for losses. Most people get to know their accounts are blocked only when a cheque bounces, points out Debashis Basu.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
'We may see little softness in liquidity position after the stabilisation of the government.'
People like Doctors, Chartered Accountants, Interior Decorators, Architects, Company Secretary etc. fall in the category of self-employed professionals. Given here are the different categories of documents that a self-employed professional has to fulfil.
Bankers' committee suggests banks lend to meritorious students without collateral.
Consumer durables retailers and manufacturers may end up bearing the cost of the Reserve Bank of India's (RBI's) tightening on easy personal loans, as their margins are expected to be impacted by higher borrowing costs. During the recently passed festival season, consumer durables companies started offering longer tenure loans, zero down payments, and zero interest on a wider assortment of products than ever before, making the products more affordable. While 18- and 24-month easy monthly instalment (EMI) options were available earlier, companies offered them only on select products; now, they are being extended to a larger section of products.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
'Maharashtra is virtually in a debt trap.'
The RBI has this year cut interest rates by 110 basis points in four instalments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
Mortgage lender HDFC Ltd on Wednesday announced an increase in its benchmark lending rate by 5 basis points (bps), a move that will make loans dearer for both existing and new borrowers. This is the third hike effected by HDFC in the last one month. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022," the housing finance company said in a statement.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
Corporation Bank has decided to slash interest rates on home, car and educational loans with effect from September 1 for a three-month period.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
The sector seems set for a rally that may be somewhat temporary.
Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
Banks may also rate students every year and fix interest rates according to the ratings.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
The Central Bureau of Investigation has arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said on Friday. The CBI had booked Chanda Kochhar, her husband and Venugopal Dhoot of Videocon Group, along with companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.
rediffGURU T S Khurana answers readers' personal income tax queries
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
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.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Union Finance Minister Nirmala Sitharaman will review the performance of regional rural banks (RRBs) after the Budget session of Parliament, according to two people familiar with the matter. The finance minister will review the performance of RRBs after August 13. The review will include discussions on enhancing the digital capabilities of RRBs, said a senior government official.
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
'The real repo rate is very high in terms of core inflation.'
Banks' bad loans might cross Rs 10 lakh crore by the end of this fiscal, mainly on account of slippages in retail and MSME sectors, a study said on Tuesday. "NPAs are expected to rise to 8.5-9 per cent by March 2022, driven by slippages in retail, Micro, Small and Medium Enterprise (MSME) accounts, besides some restructured assets," the study by industry body Assocham and ratings firm Crisil said. The study titled 'Reinforcing the Code' said the Gross Non-Performing Assets (GNPAs) of banks are expected to cross Rs 10 lakh crore by March 2022.
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.
Will offer lower rates on home loans till end of 2012.
Housing finance company (HFC) PNB Housing is planning to focus on reducing delinquencies in 2023-24.
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