The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants. The Union Budget proposed that starting October 1, 2024, investors may face a 10 per cent TDS on investments in central government securities and state development loans (SDLs). "Last Budget, TDS on interest on securities was reintroduced.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
According to the cause list of July 10 uploaded on the apex court website, a five-judge bench headed by Chief Justice DY Chandrachud would consider in chambers the pleas seeking review of the October 17 last year verdict.
The government on Thursday rolled out the internship programme on a pilot basis that will provide a total annual financial assistance of Rs 66,000 to those in the age group of 21-24 years, and aim to cover one crore youth over five years.
Those with plans to enter the wealth management business want to first put in place robust processes.
A bank employee from Rajasthan was shot dead on Thursday by terrorists in Kulgam district of Jammu and Kashmir, officials said.
The BJP and Congress have called out the 'Delhi model' as a hoax, built on sustained propaganda when the ground reality is different.
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
The Bharatiya Janata Party, which pulled off a hat-trick of wins in Haryana by bucking anti-incumbency, managed to make significant inroads into the Dalit seats and Jat strongholds.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Leading brokerages have revised their charges with the true-to-label norms by the Securities and Exchange Board of India (Sebi) kicking in from Tuesday.
Terming Naxals the biggest human rights violators, Union Home Minister Amit Shah on Monday said security forces have been carrying out 'offensive operations' instead of defensive against the insurgents and have achieved big successes in recent times.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
'An in-house contest encourages employees to share yoga and well-being practices with their families.'
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
Scheduled commercial banks have written off loans amounting to over Rs 10.09 lakh crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.
The government will soon finalise a reshuffle of top management teams in the country's leading 11 public sector banks (PSBs), 10 of which are listed on the stock exchanges. They include the country's third largest bank, Canara Bank, and fifth largest bank, Bank of Baroda.
'It is the first technology in history which is not just a tool, it is an agent.' Yuval Noah Harari on the dangers on AI.
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
First things first: For those wondering if they need to reapply, the answer is no.
"Give up arms and come for talks or our forces will hunt you down," the home minister said in election rallies in Jammu and Kashmir.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
The notification of the Act comes just a day after Union Education Minister Dharmendra Pradhan was asked when the legislation would be implemented. The minister had said the law ministry was framing the rules.
Manish Khera, chief executive officer, Fino, tells Shriya Bubna that the smart card technology platform of Fino can help banks cut operational costs by one-third and MFIs, but connectivity remains an issue.
The Reserve Bank of India's move to raise ceiling on NRE rupee deposits have prompted IDBI, Union Bank of India and Yes Bank to increase interest rates on fixed deposits of non-resident Indians.\n\n
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
AIBEA has decided to write to the government and RBI against infusing money into Jet Airways. State-owned banks, including SBI and PNB, are the main lenders to Jet.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Prime Minister Narendra Modi on Thursday mocked Shiv Sena (UBT) chief Uddhav Thackeray for "handing over the remote control" of the party to the Congress as he took poll battle to Mumbai with less than a week left for voting in Maharashtra.
Chief Minister K Chandrasekhar Rao-led Bharat Rashtra Samiti has pinned hopes on the development work his government undertook during the past ten years, while opposition Congress and BJP bank on anti-incumbency and the alleged failures of the incumbent.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
After nearly three quarters of generosity , banks are now facing pressure to reduce deposit rates.
