Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
For the time being, digital lending remains a grey area, notes Tamal Bandyopadhyay.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
The Budget decides to take the lead in revving up infrastructure.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
'All governments try owning the message, but the Modi-Shah BJP has developed it into a fine art.'
The central bank dashed hopes of any steep interest rate reduction.
Moody's Investors Service, while silent on the sovereign rating on the higher-than-expected fiscal deficit numbers, expressed doubts over attaining the higher revenue targets and divestment realisation as assumed in the Budget. The Union Budget 2021-22 has pegged a fiscal deficit of 9.5 per cent for the current financial year as against the consensus 7 per cent, and 6.8 per cent for 2021-22 with a market borrowing of around Rs 12 lakh crore. It also assumes Rs 1.75 lakh crore to be scooped up from divestment.
Stating that a weak fiscal position continues to constrain India's sovereign ratings, Fitch said the next government's medium-term fiscal policy will be of particular importance from a rating perspective.
Finance Minister Arun Jaitley presented the Union Budget.
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
Raghuram Rajan speaks on the unscheduled rate cut.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
If you are running a sweetmeat shop, will you manage a dairy for milk supply or buy milk from the market? Banks are running a dairy (which has its cost for processing milk), while NBFCs are buying milk from the market, observes Tamal Bandyopadhyay.
Hindustan Zinc (HZL), a subsidiary of Vedanta, announced an interim dividend of Rs 21 per share last week, resulting in an outflow of Rs 8,863 crore. The announcement has turned the spotlight on India Inc's dividend-paying policy - more so for reasons driving the generosity of firms. An analysis of BSE 500 companies by Business Standard Research Bureau shows that some of the top 20 dividend-paying companies in 2021-22 (FY22) include Vedanta, Tata Consultancy Services, HZL, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil), Hindustan Unilever (HUL), Reliance Industries (RIL), and Bajaj Auto, among others.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
Prompt measures and legal actions taken by the Indian government and PNB helped in securing the extradition of diamantaire Nirav Modi by the UK on Friday, a senior official said. UK Home Secretary Priti Patel on Friday signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case. According to the government official, a scam of this magnitude had potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
Rather, the existing ones should be implemented speedily to clean up the mess.
The remarks by Naidu in his last address as the country's Vice President came even as Telangana's ruling Telangana Rashtra Samithi RS said the welfare of poorer sections of society is not a freebie and that welfare measures taken by governments should continue.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
Options include fresh capital infusion by the management and/or some new investors.
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
Indian bankers are fearful that going out of their way to save Jet could lead to subsequent harassment from investigative agencies.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
Financial planners advise against putting capital to work by anticipating what might go up or down.
Moody's said the government will face challenges in achieving its deficit target for the fiscal year ending March 2021, amid persistent structural and cyclical headwinds to growth.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
