In the first half of the fiscal year, government had borrowed Rs 3.44 lakh crore.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
It is eyeing the proposed Food Security Bill as one of the areas of pro-active involvement, even as the government is not much interested to consult the estranged comrades. The Bill has the potential of being the biggest social sector programme of the second Manmohan Singh government, just as the National Rural Employment Guarantee Act did during the first UPA regime.
Providing some relief to borrowers under the Securitisation Act, the Supreme Court has ruled that secured creditors cannot straightaway attach the defaulter's assets after giving the mandatory 60-day notice.
The states will be able to raise additional open market loans of about Rs 21,000 crore (Rs 210 billion) in the current year, according to the 2009-10 Budget estimates presented on Monday. According to Budget estimates of 2009-10, the states' share of taxes and duties is expected to increase to Rs 1,64,361 crore (Rs 1,643.61 billion) against Rs 1,60,179 crore (Rs 1,601.79 billion) in 2008-09.
With the economy witnessing a slowdown, the Planning Commission has recommended to the finance ministry that states be given more freedom to borrow from the market, even if the fiscal deficit touches 4 per cent of state GDP.
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.
Public banks refrained from buying CDs of private banks, CPs of companies. The Reserve Bank of India had opened a 14-day repo window of Rs 20,000 crore (Rs 200 billion) for banks at 11 per cent to lend to the mutual fund industry on October 15.
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Amid liquidity and inflation concerns, government's market borowings have come down by 21 per cent to Rs 85,000 crore (Rs 850 billion) till November 25 this fiscal.
In absolute terms, close to 9.2 million customers (almost equal to Mumbai's suburban population) have defaulted on loan repayment. Microfinance institutions currently have around 32 million clients in the country.
The company, however, did not specify how much capital it has planned to raise from the public through this initiative and also the purpose for such a step. This is the first time since 1995 that Tata Motors is borrowing from the public. On Monday, Tata Motors had announced borrowing from the public by offering up to 11 per cent annual interest for a period of up to three years.
The state's joblessness is three times higher than the national average of 7.8 per cent.
Companies don't have to be in the field to nudge people to return money they owe lenders.
There they were, showing the world that there are still people motivated not by religious structures, not by past glories, not by hatreds deliberately stoked. These were ordinary folks doing something extraordinary purely because they think that effort might shake a nation out of a spiralling miasma of division, mistrust, cynicism, sophistry and violence.
The Reserve Bank of India's latest order prohibiting Bajaj Finance from sanctioning and disbursing loans under its 'eCOM' and 'Insta EMI Card' products may not have serious implications on the non-banking finance company's profitability, provided the ban is lifted within six to eight weeks, analysts said. "In a surprise move, the RBI has asked Bajaj Finance to stop sanction and disbursal under two of its digital lending products. "While the move is negative, the speed of correction will be key to reinstate products," global brokerage Jefferies said in a report.
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In the hills of Pakur in Jharkhand's Santhal Pargana, in the absence of alternatives, tribals borrow from moneylenders at interest rates as high as 50%.
Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. Fintechs which source funds through banks or non-banking finance companies (NBFCs) are looking at quickly building their secured portfolio options to at least 40 per cent of their total portfolio. "Over the medium to long term, as part of our product strategy, we are evaluating secured products which can be enabled over a digital platform" said Yogi Sadana, the founder of Zype, a lending-focussed fintech.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
'The rising cost of construction, the cost of doing business, high compliance, and inflation/interest rates going up have already reduced returns to single digits.'
A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
Vedanta Limited (Vedanta) helping its parent and group holding company Vedanta Resources to deleverage its balance sheet has started to strain its balance sheet. Vedanta's gross debt (consolidated) was up 24.3 per cent year-on-year (YoY) in FY23 and reached a six-year high of Rs 66,628 crore by the end of March. Similarly, its net debt went up 20.3 per cent YoY to Rs 45,706 crore at the end of FY23, up from Rs 38,228 crore a year ago; it was the highest since FY20.
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The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
Net borrowings of the government in 2012-13 are pegged at Rs 4.79 lakh crore.
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Will Vijay will go the most successful MGR/Jayalalithaa way, or that of Vijayakanth, Seeman or Kamalahaasan, or will he end up as another Rajinikanth who cries wolf at the last minute and quits the scene even before it all had really begun, asks N Sathiya Moorthy.
Growth in India is expected to slow to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services. The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023. In Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9 per cent this year from 4.1 per cent last year. These forecasts reflect broad-based downgrades.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
The net market borrowing of the government through issue of dated securities in 2009-10 is estimated at Rs 3,97,957.46 crore (Rs 3,979.57 billion), finance minister Pranab Mukherjee said on Monday while presenting the Budget 2009-10.
However, a healthy deposit mobilisation will help banks insulate themselves from liquidity pressure due to heavy government borrowing even if the credit demand picks up.
'Pancham told me once, "It's very difficult to be taken seriously when there are stalwarts like Shankar-Jaikishan, S D Burman, Madan Mohan and Naushad... How do I make my mark?"' Amit Kumar salutes R D Burman on his 30th death anniversary on January 4.
Securitisation Act tilted against borrowers: FICCI
Prashant A Bhonsle lists 5 major points you need to keep in mind before applying for a student loan.
Youngsters must remember education is their BIGGEST investment EVER: Their lifelong income-earning provider! asserts CA P V Subramanyam.
The government's market borrowing crossed Rs 100,000 crore (Rs 1,000 billion) till November 1, as fiscal deficit surged to over Rs 81,014 crore (Rs 810.14 billion) in first half of 2003-04, PNB Gilts said in its latest report.
'With NPA under control, we should be able to post better profits.'
The theme of her dressing is always simplicity meets elegance.
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