On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
The veteran leader breathed his last at Indira Gandhi Medical College (IGMC) in Shimla at 3.40 am, senior medical superintendent Indira Gandhi Medical College (IGMC) Dr. Janak Raj said.
'There are a lot of companies that have been struggling really hard expecting to do better year after year.' 'All these people will think now, "Let me not fight any more. Let me end this".'
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
But private Indian defence firms prefer to do business with the West. Indian CEOs say they encounter difficulties in obtaining full and timely payment from Russian partners.
The government has withdrawn its order directing companies and commercial units to pay full wages to workers even when they are not in operation during the COVID-19-induced nationwide lockdown, which began on March 25. The government's move is expected to bring relief to a large number of industries and companies which were unable to pay full wages to their employees.
The plan includes step-wise expansion of a crucial credit guarantee net, establishment of an unprecedented number of functional clusters and increased government procurement from MSMEs.
'It is entering growth territory on a month-on-month basis.'
The background work of creating a suitable digital architecture of a website also remains unfinished as it has been a challenge to shortlist technology partners.
This upgrade will allow air operations by military and civil aircraft even in poor visibility and adverse weather conditions.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
While the total disbursement of housing loans by PSBs as well as HFCs witnessed a deceleration in 2016-17, there was significant growth for the lower slabs
In less than two months since the announcement in March, the state has mobilised an armada of small and medium enterprises keen on making components for large equipment manufacturers.
The proposed policy is increasingly becoming an item of negotiation, as the US pushes hard to change India's stance.
Ahead of the assembly elections next year, the BJP has been wallowing in a welter of ideas that has resurrected the debate on populism versus pragmatism, as it has to pander to two important but incompatible constituencies, of the freebie consuming masses and Bengaluru's heavy hitters craving for even roads, pristine lakes and unbroken power supply, reports Radhika Ramaseshan.
The Make in India Week has become a platform for two Bharatiya Janata Party (BJP)-ruled states to jostle for the number one destination in India for investor funds.
CII suggested the policy measures required to ease the tight liquidity situation by cutting CRR by at least 50 basis points.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
Sitharaman, who was holding the Commerce portfolio (Independent charge), was on Sunday promoted to the Cabinet rank as was Goyal.
Open loop pre-paid cards come with a two-factor authentication. One for ATMs and PoS transactions, and the other for online transactions
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
RRVL will make an open offer to acquire up to an additional 2.17 crore equity shares of Just Dial, representing 26 per cent stake, in accordance with Sebi Takeover Regulations, a regulatory filing said.
Fitch Ratings on Monday said the shock to economic activity from the latest wave of COVID-19 pandemic will be less severe than the one in 2020, but recovery is likely to be delayed as economic activity dropped in April-May. The global rating agency said there are growing indications that the latest wave of COVID-19 infections will add to risks among financial institutions (FIs) and anticipates that the Reserve Bank of India (RBI) may introduce additional measures to support the financial sector if indications of economic stress mount.
RBI has invited case studies from participant banks by January 31.
In an affidavit filed by Union finance ministry on behalf of the Union of India, it said that the relief to all borrowers in respect of compounding of interest during the period of moratorium would be admissible to the categories specified irrespective of whether the borrowers had availed the moratorium or not.
If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
Most industry players in Tirupur feel that though the idea of GST is good, the problems are largely due to its poor implementation. Refund delays, withdrawal of incentive schemes make Made-in-Tirupur products costlier by 10-15 per cent, say entrepreneurs.
The corridor is expected to attract around Rs 1,250 billion investment and create 4,00,000 jobs. It will start from Mysore, pass through Bengaluru in Karnataka, to connect with Chennai, Coimbatore, Salem and Tiruchy in Tamil Nadu.
Prime Minister Narendra Modi will retain DoPT, Atomic Energy as well as all important policy issues and portfolios not allocated.
Three years and Rs 28,710 crore worth of transactions later, it has more than double the number of sellers than Flipkart.
To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies, she said.
The Rs 20 lakh crore package includes Rs 1.7 lakh crore package of free foodgrains to the poor and cash to poor women and elderly, announced in March, as well as the Reserve Bank's liquidity measures and interest rate cuts.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
A look at six indicators shows all of them have collapsed from positive growth in April to contraction in September.
Highlighting the role of MSMEs in enhancing exports and helping the country achieve self reliance, Union Minister Nitin Gadkari on Monday said India does not need to import from China. "Already in automobile sector, in many sectors now, in agriculture, automobiles, everywhere, we have already found the solutions. Now we don't need to import from China," said the minister. He observed that India was exporting a lot of items instead of importing them.
'Allegations of Reliance benefitting by thousands of crores is a figment of imagination, promoted by vested interests'
'Instead of wailing about the absence of tax benefits, the private sector should press for an early implementation of the package of measures,' advises A K Bhattacharya.
Anand Sharma working tirelessly for extension of tax breaks that expired on March 31, 2010.
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