To ease the potential liquidity stress, the Reserve Bank on Friday slashed Cash Reserve Ratio (CRR) by 50 basis points to 4 per cent, a move that would unlock Rs 1.16 lakh crore bank funds. The RBI on May 4, 2022 had raised CRR to 4.5 per cent from 4 per cent in an off-cycle Monetary Policy Committee (MPC) meeting, with effect from May 21 the same year.
Finance Minister Nirmala Sitharaman also said that the government proposes to increase the benefit of carrying forward losses for startups to 10 years.
Some of the services like cash deposit and withdrawal at the counter and cheque clearances have been impacted due to the strike by banking staff.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
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.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
10 largecaps stocks which stand to gain from the Budget.
The federal agency started its operation in the morning, with around 100 officers mobilised to swoop down at the 30 locations in multiple cities of Jammu and Kashmir, Punjab, Haryana, Uttar Pradesh, Bihar and Rajasthan, besides Delhi and Mumbai, the officials said.
State Bank of India (SBI), India's largest lender, is looking to raise Rs 10,000 crore through 15-year infrastructure bonds as early as next week, said multiple sources aware of the development. Market participants expect a coupon in the range of 7.15-7.18 per cent for SBI's upcoming infrastructure bond issuance. This comes as demand for longer-tenor papers has remained strong in recent domestic capital market offerings.
It is a sea of men clad in veshtis with distinctive party colour border design seeking votes with a smile and folded hands for their party candidates. The town is abuzz, with electioneering at its peak, and teeming trendy cars criss-cross the busy roads and bylanes bringing in more and more leaders from elsewhere for campaign.
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.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
When investing in fixed-income products, balancing considerations like safety, liquidity, and income is essential.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
For over a decade, HDFC Bank consistently outperformed industry growth rates in both deposits and advances, maintaining impeccable asset quality. Amid a landscape where other banks struggled with soaring non-performing assets (NPAs), HDFC Bank thrived, eventually surpassing ICICI Bank to become the largest private sector lender in India. Its net interest margin (NIM) remained stable in the range of 4.1-4.4 per cent.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
rediffGURU Kirtan A Shah answers your personal finance queries.
'Barring a temporary blip where stocks fell on verdict day, we are back to all-time highs.'
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
Sources said the government wants all of the 500 and 1000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
The Bombay high court on Monday allowed ailing poet-activist Varavara Rao, accused in the Elgar Parishad-Maoist links case, to furnish a temporary cash surety for release on bail until the process of submitting solvent sureties is completed.
People depositing money with banks in legal tender are allowed to withdraw the equivalent amount without any restriction.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
Jewellers initially feared the ban applied on them, too. However, after discontinuing their monthly schemes for almost two weeks, they've started accepting deposits again.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Growing concerns over slower-than-expected margin recovery, amid weak deposit growth have caught HDFC Bank's investors off guard. HDFC Bank's stock on Wednesday plunged nearly 9 per cent to hit an intraday low of Rs 1,527 on the BSE after reporting weaker-than-expected earnings in the third quarter (October - December) of the current financial year (Q3FY24). The shares of India's biggest private lender closed at Rs 1,536.9, down 8.46 per cent.
The best way to achieve financial security isn't by cutting out every vada pav or limiting yourself to home-cooked meals; it's by making yourself indispensable at work, says Vatsal Ramaiya.
'If supply of cash is not sufficient from the RBI, it may create difficulty for both banks and people.'
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Don't solely focus on tax-saving alone.
'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'
Ajit Balakrishnan on understanding the anti-cash chorus.
'The central bank has highlighted that the slowdown in growth has been limited to a few sectors and overall growth is expected to pick up in the second half of the year.'
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
The Enforcement Directorate (ED) on Wednesday conducted raids in three locations in and around Kolkata and again recovered large stacks of cash from a flat linked to Arpita Mukherjee, considered a close associate of arrested West Bengal Industry Minister Partha Chatterjee.
