'There's a misconception that all Rs 1 lakh crore will be spent immediately, leading to higher consumption of FMCG goods, travel, and vehicle purchases.' 'While some of this money will go toward consumption, not all of it will.' 'The impact depends on where people deploy their savings.'
ICICI Bank on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
The obsession for migrating to the US is visible mostly in Majha and Doaba regions of Punjab, he further said.
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
The bank plans to launch a similar application on the mobile platform.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
'The critical event signalling a new era for India was Dr Singh's 1991 Budget in which he quoted Victor Hugo to say that no power on earth could stop an idea whose time has come,' recalls T N Ninan.
Loan against property can be taken against a self-occupied residence or a commercial building. The main requirement on the bank's part is that there should not be any other encumbrance.
The party also promised reservation to minorities on basis of their population after the caste census.
Dark, disturbing and full of gore, Fateh is gung-ho in its efforts to make this stylised action yarn as brutal as possible, observes Mayur Sanap.
In the months immediately following the 2024 tragedy, reporting on the landslide per se had been a straightforward affair. On one side was death and destruction. On the other side, survivors and the business of survival. It was black and white. What direction to take was clear. Rehabilitation in comparison, felt like a complex situation. One that is fraught with shades of grey. As grey as human life, explains Shyam G Menon.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
Banks create a credit profile of every person who approaches them for a loan. This is a very vital part of any loan application process and banks do consider it very seriously before sanctioning any kind of loan.
Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying $265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts. Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
Find out how you can put your gold -- stored in safes at homes and bank lockers -- to good use in case you urgently need money at comparatively low rates of interest.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
In August, the Reserve Bank of India Governor Shaktikanta Das held a meeting with chief executive officers/ managing directors (CEOs/ MDs) of large non-banking financial corporations (NBFCs). The discussions included diversifying borrowing sources for NBFCs and housing finance companies (HFCs) to contain increasing reliance on bank borrowing, risks associated with high credit growth in retail segment in unsecured loans, prioritising IT upgrades and cyber-security, improving provisioning, monitoring of stressed exposures and slippages, ensuring robust liquidity and asset-liability management, ensuring transparency in pricing, creating robust grievance redress mechanisms.
India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added.
A family court in Mumbai has ordered NCP leader and Maharashtra minister Dhananjay Munde to pay interim maintenance of Rs 2 lakh per month to his estranged wife Karuna and their daughter. The court denied maintenance for their son, considering him an adult. Munde's lawyer clarified that the court has not reached a final conclusion in the domestic violence case, and the interim maintenance order is based on financial considerations. Karuna Sharma, Munde's estranged wife, plans to challenge the order in the high court as she believes the amount is insufficient.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
Reddy dared the saffron party to prove its claim that the Congress government in the southern state did not fulfil its poll guarantees.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap
Banks such as IndusInd Bank, Federal Bank, DCB Bank and Axis Bank which have renewed their focus on secured loans may be, hence, walking on a tightrope.
If you opt for a term-life cover, buy separate policies to cover the loan for all the co-borrowers in a home loan for a sum assured equal to the home loan amount.
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.
How will the Reserve Bank of India's credit policy affect your loans? Will banks now charge you less interest?
Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent.
Adopting overly aggressive strategies without considering risk could lead to significant losses during the next downturn.
Almost every day banks use tele-marketing executives to sell pre-approved loans to prospective borrowers. But do such loans actually make sense? And how minimal are the formalities?
Shivakumar said, "Mahayuti leaders should visit my state to see how Congress' welfare guarantees are benefiting people."
If your are hassled with too many EMIs, bring them all under one umbrella and pay a single amount
A special court in Mumbai on Monday rejected Jet Airways founder Naresh Goyal's applications seeking medical checkup by his personal doctor on regular basis and home-cooked food inside prison.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
Despite fears of slow economic growth, the health of their unsecured assets are not so likely to be stressed.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
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