Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&M were among the top gainers.
'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
'The situation is quite terrifying as you have no job creation and there will be loss of jobs.'
The high speed bullet train is expected to cover 508 km between in about two hours.
Passengers will get the thrill of riding under the sea while travelling between Mumbai and Ahmedabad
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
The bullet train is expected to cover 508 km between Mumbai and Ahmedabad in about two hours.
'A decade ago, even though the sentiment might have been felt in large parts of the media, it was not expressed.' 'There was a reserve and there was a culture that adhered to the principles expressed in the Constitution,' observes Aakar Patel.
These institutes, while expensive, are a viable alternative to studying abroad.
Fitch said COVID-19 is still in India and it is very likely that the government will have to spend a bit more on fiscal measures to support the economy.
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said. Employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said. Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees' Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.
The total distance covered by the train will be 534 kilometres.
Experts said banking is a play on the economy and the latest buying into this space is underpinned by hopes of a sharper-than-expected recovery in the economy.
The sobering news is that retailers - including big firms like Reliance Retail - and exhibitors are contemplating issuing force majeure notices to shopping malls and real estate owners, and are in discussions with them to formulate an action plan for sharing the financial burden of the lockdown.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
In its letter Voda Idea has warned that it is not in a sound financial state, and added that it would be in a position to meet its liabilities only if the government initiates steps including allowing set-offs for GST credit accumulated so far, and permitting staggered mechanism for payment of balance amount of interest, penalty, and interest on penalty.
Whatever its apprehensions and concerns about the regime of the Rajapaksa clan, India must be ready with unconditional assistance when Colombo asks for it. Because it will, observes Aditi Phadnis.
The government, which has expedited rehabilitation efforts, said over 1.28 crore food packets have been distributed and an immediate relief amount of Rs 67.47 crore was disbursed among over 1.11 lakh families.
'All parties and the government acknowledge that there we are in trouble and there is more trouble ahead,' observes Aakar Patel.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
The RBI on Wednesday provided more time to exporters to collect payment of goods and software sold to overseas buyers and repatriate that to India, as the central bank announced more measures to deal with the economic fallout of the Covid-19 pandemic. The central bank has also decided to increase the limit of advances it gives to states and UTs by 30 per cent under the Ways and Means (WMA).
Cancellation of at least Rs 3,000-crore worth of business has happened in the past few weeks.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
'The fundamentals look strong, but we will have to see if they translate into actual demand.' 'Because the April-May marriage season didn't see much sales due to the lockdown.'
The only feasible way to have a healthy banking sector could be making it mostly private, along with two or three large, better-run government banks, suggests T N Ninan.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
The Cabinet approved giving Bharti Airtel, Vodafone Idea Ltd and Reliance Jio an option to avail of a two-year moratorium on payments they were supposed to make in yearly installments for the spectrum bought in auctions.
It should cover mandatory expenses, insurance premiums and loan installments for six months to a year.
With over 8.69 lakh people still in 2,287 relief camps, it is a subdued 'Onam', the harvest festival, in the state.
Listening -- really listening -- to advisers in the government and outside would help. India has plenty of wise economists who have worked within the bureaucracy during previous crises, points out Rahul Jacob.
'Right now, we are increasing production in anticipation of the demand during the festive season.' 'If the demand doesn't come back, all the production will languish in the factories.'
'Willing to spend is different from when to spend and how much to spend'
As you ring in the New Year, here's a list of the 10 most important financial resolutions to get your money train back on track.
