Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
The Reserve Bank of India has asked banks to conduct extra due diligence of accounts operated by non-government organisations to monitor and reduce risks of money laundering.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
The government is not averse to mega merger of banks and financial institutions like IDBI and IFCI, if all stipulated norms of the Reserve Bank of India are met, Finance Minister P Chidambaram said on Wednesday.
While asking all members to fall in line and lower interest rates on bulk deposits, Indian Banks' Association on Monday said further reduction in term deposits rates for retail customers will depend on a fall in inflation.
It is to keep labour unions away and make the employees feel important.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
Asia Securities Industry & Financial Markets Association (Asifma) has raised concerns about the Securities and Exchange Board of India (Sebi) proposal to introduce a T+0 settlement cycle. The industry association of top foreign portfolio investors (FPIs) has stated that this move could give rise to several issues, including the bifurcation of the market, liquidity fragmentation, and deterioration of market quality. In a discussion paper floated last month, Sebi has proposed a separate same-day settlement cycle that will run parallel to the existing T+1 cycle, where trades are settled the next day.
The interest rates on deposits continue to be high despite ample liquidity due to monetary policy uncertainty and expectations that liquidity would tighten later this year. Banks are still offering peak interest rates of 9 to 9.5 per cent on deposits
The Reserve Bank of India is expected to kick off the pilot project on cheque truncation, which eliminates physical movement of cheques, in Delhi over the next 9-12 months.
According to the RBI's April 6 circular, cash loading companies, which take cash around the country, are supposed to increase their net worth to Rs 1 billion within 90 days.
The effort is to make the PM's interaction with the diaspora at Abu Dhabi's Sheikh Zayed Sports city stadium on February 13 the largest he has addressed.
The government is committed to ensure a smooth flow of education loans for students and a total of 1,40,000 such loans were given till last December, Finance Minister P Chidambaram said on Tuesday.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
'Valuations of midcaps and smallcaps have reached very high levels, and hence to that extent leave little margin of safety.'
Bankers have demanded several changes in the NPA laws including a minimum deposit of 25 per cent of the outstanding loan amount by the defaulter for contesting a bank's claim over its assets.
Demands include 5-day banking, PF to be calculated on total salary and allowances, not only on basic
Under the 'educational loan scheme' of Indian Bank's Association, "the government is considering providing interest subsidy on the loans taken by students belonging to non-creamy layer to ensure that nobody is denied professional education," minister of state for human resource development D Purandeswari said in a written reply. Her reply came in response to apprehensions raised in the House about the exorbitant fees being charged by private institutes.
This meeting assumes importance pursuant to the fiscal stimulus package announced last Sunday mentioning package for housing loans below Rs 20 lakhs (Rs 2 million). The government had earlier said that public sector banks would soon announce a package for borrowers of home loans up to Rs 500,000 and between Rs 500,000 and Rs 20 lakhs (Rs 2 million).
'Who has given how much money to which party, the people of India must know this fact.'
The Reserve Bank of India is preparing a report on derivatives trading with an objective to bring harmony in regulatory aspects for over-the-counter and exchange traded products.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
Future Gaming of lottery king Santiago Martin was the biggest purchaser of electoral bonds at Rs 1,368 crore, of which nearly 37 percent went to the DMK.
In a message to public sector banks (PSBs) that only performers will survive, the government, in an unprecedented move, has decided to allocate capital to only nine PSBs.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said on Thursday. The bank has signed a memorandum of understanding (MoU) with the Indian Army for salary account. The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired, Kotak said in a release.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
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