This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
On the capital raising, where there are reports of the bank needing at least Rs 20,000 crore to spring back to normalcy, Yes Bank administrator Prashant Kumar declined to give an estimate of the requirement but said it would like for most of the fund raising to happen in the first round itself.
'So you have welfare programmes, you reach out to the poor, you cut out the middlemen, you cut out the leakages and you try to raise the standard of living.'
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'I'm 79 + now, and I've been doing all this since my late 20s.' 'Sometimes the ideological war extends to the home as well.' 'Many nights I couldn't sleep when someone close to me uttered the smallest insult.' 'It would cause me a lot of pain. But one has to be honest to oneself.'
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Government is expected to rely more on divestment proceeds to keep the fiscal deficit in check
By refocussing on equity-linked products, LIC has managed to turn in some splendid numbers.
About Rs 4,257 crore worth of bids have been received so far and the Centre hopes that retail investors - those investing up to Rs 2 lakh - will place bids worth at least Rs 750 crore.
Much of the tardy reaction to competition is the result of LIC's legacy.
'Earning expectations remain strong.'
Notional losses on insurer's PSU shopping spree at Rs 3,038 crore (Rs 30.38 billion) or 25 per cent of investment.
The LIC and some PSU general insurers are expected to maintain dominant position in the coming years even in the liberalised scenario, ICRA said in a research report.
People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy, with insurers making the waiting period requirement applicable for coronavirus cases like other ailments. As a standard practice, all life and health insurance companies require people to wait for a specific period with respect to certain ailments and diseases to gauge the risk before selling a policy. This condition of waiting period for people who have recovered from coronavirus infection will be applicable only for life insurance policies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Keki Mistry, bottom, left, vice-chairman, Housing Development Finance Corporation (HDFC), tells Joydeep Ghosh that debt fund investors could become risk-averse, leading to problems for other non-banking financial companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Infosys has emerged as the fastest growing IT services brand following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion, earning it third spot, the brand valuation consultancy said in its latest Global 500 IT Services Ranking report. TCS and Infosys have pushed IBM to fourth spot from second. IBM's brand value now stands at $10.6 billion, a decline of 34 per cent from last year and 50 per cent since 2020.
Wondering if mutual fund investments can help you make you enough money for your retirement and child's marriage? Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Though the number of Japanese foreign institutional investors in India is still negligible, it's significant that 8 of the 11 registered with Sebi entered in the past year and a half
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
Wondering if mutual fund investments can earn you enough money for your retirement and child's marriage? Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Retail investors have gained significant heft in the past year amid a sustained uptick in Indian equities. The share of retail investors in companies listed on the NSE reached an all-time high of 7.32 per cent in the quarter ended December 31, 2021, up from 7.13 per cent in the previous quarter and 6.9 per cent a year ago, the data from PRIME Infobase shows. This was despite the Nifty's 1.5 per cent decline during the quarter.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
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