Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
'Karenge aur kaam, sir. Zindagi bahut choti hai, ideas bahut sare hain.'
"Whose money is this? From where did the money in these bank accounts have come," a bench headed by Justice Dipak Misra asked the counsel for Setalvad.
'Should we shortchange our investors by exiting early?'
US Secretary of State Antony Blinken, in the 2020 Country Reports on Terrorism issued on Thursday, said that regionally, terrorist groups continued to operate from Pakistan.
Given the dismal show of the Congress in the recently concluded assembly polls and the JMM eating into its vote bank, the possibility of Congress MLAs switching sides is not bleak, reports R Krishna Das.
The chargesheet names 14 accused, including the Congress leader's son Karti Chidambaram, Peter Mukherjea and Indrani Mukerjea.
Most personal finance advisers or wealth planners agree that emergency savings are a critical component of financial wellness. However, despite the importance of savings to financial health, there is no commonly accepted methodology to determine how much an individual or family might need in case of an emergency, says Aron Szapiro, a consumer finance expert.
By evaluating their loan rate against the best available every year, borrowers can achieve considerable savings over the entire tenor, suggests Sanjay Kumar Singh.
The focus of the meeting will be on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation.
The government's subsidies on food, fertilisers and petroleum are estimated to decline by 39 per cent to Rs 4,33,108 crore this fiscal and fall further by 27 per cent to nearly Rs 3.18 lakh crore in 2022-23. In its revised Budget (RE) estimate for the 2021-22 fiscal, the government has pegged total subsidies to be at Rs 4,33,108 crore against the actual Budget estimate of Rs 7,07,707 crore in the previous financial year. Out of which, the food subsidy is estimated to decline to Rs 2,86,469 crore in the current fiscal from Rs 5,41,330 crore in 2020-21, while petroleum subsidy is estimated to fall to Rs 6,517 crore from Rs 38,455 crore in the said period.
Sitharaman, who is not known to reply to comments made on her Twitter handle, instantly choose to respond to drug-maker Biocon chairman Kiran Mazumdar-Shaw's criticism of lack of fiscal measures to support growth.
The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
Indrani was spiritedly telegraphing details of the jewellery from the back of the court...
The prime minister tweeted, "On this day, last year, we lost Shri Arun Jaitley Ji. I miss my friend a lot. Arun Ji diligently served India. His wit, intellect, legal acumen and warm personality were legendary. Here is what I had said during a prayer meeting in his memory."
'Would this crackdown of the terrorist module by NIA have been possible without interception of electronic communications?'
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
'There have been many cases where clients have indicated that they feel suicidal as they feel they have no other options to deal with their financial hardship.'
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
The 13th report of the Analytical Support and Sanctions Monitoring Team cites a UN Member State as saying that Jaish-e-Mohammed (JeM), a Deobandi group ideologically closer to the Taliban "maintains eight training camps in Nangarhar, three of which are directly under Taliban control."
The DMK feels its genuine gestures have had no bearing on the governor's politico-administrative conduct, which is 'more political and politicised than administrative and Constitutional', observes N Sathiya Moorthy.
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
'If Ranil Wickremesinghe starts repressing and suppressing the protesters who represent the people, that will pose a danger for him to continue in office.'
Do not go for riskier options like co-operative bank only for the higher return. Even if you go for them, park only a small portion of your capital there, say Tinesh Bhasin and Sanjay Kumar Singh.
Finance Minister Arun Jaitley said the Reserve Bank and the Finance Ministry have "very mature level of consultation" and it wasn't fair to comment on them.
Indications are that Modi will have words of encouragement for Stalin, and the meeting is likely to be much less acrimonious than critics of either would want it to be. notes N Sathiya Moorthy.
The Delhi assembly has chosen former Union Minister Yashwant Sinha as 'margdarshak' to guide the city government's budget.
Ghosh refused to comment on his stepping down. He is believed to have not made much headway at the NCA.
The prime minister's gifts to the temple are estimated to cost Rs 4.09 crores!
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
"I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed," Naushad Forbes, president, CII.
India, being the world's largest democracy, is likely to play an important role in such a summit. Biden defeated incumbent President Donald Trump in the bitterly-fought presidential election that attracted a record number of Americans to cast their votes.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
"Unlike in UP, the governments of Punjab and Rajasthan are not denying that the girl was raped, threatening her family and blocking the course of justice. If they do, I will go there to fight for justice," he tweeted.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax.
The BJP will not announce the chief ministerial candidate before the Assam polls and a decision in this regard will be taken by its Parliamentary Board at the time of forming the next government, the saffron party state unit president Ranjeet Kumar Dass said on Monday.
If suitable action is not taken in corruption cases, it becomes normalised in society, the prime minister said. When a generation sees that a corrupt person in the family is let off without or very little punishment, their courage to indulge in corrupt activities grows manifolds, he said.
