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Allowing corporates to own banks in the country is not desirable due to the likely risks of related party transactions, former State Bank of India (SBI) chairman Rajnish Kumar said.
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These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing. It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore).
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In first three quarters of 2021, venture capitalists poured a record $21.4 billion into cryptocurrency and blockchain-related companies, in 1,196 deals, according to Pitchbook, a market data provider.
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“For borrowers, where the exposure of the banking system is less than Rs 5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore or more,” RBI said.
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“Low government expenditure on health has constrained the capacity and quality of healthcare services in the public sector. It diverts the majority of individuals – about two-thirds – to seek treatment in the costlier private sector,” the NITI Aayog has said in its report on Health Insurance for India’s Missing Middle released on Friday.
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The intimation under Section 143(1) informs taxpayers about initial assessments carried out by the tax department and points out discrepancies in tax filings, and demands additional taxes, if any.
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The petitioner, who is an account holder of SBI and registered user of cryptocurrency exchange, WazirX, said by the actions of the authorities infringe his fundamental right of trade and the right to equality.
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SWAMIH has given final approval to 95 projects sanctioning more than Rs 9,500 crores which will complete over 57,700 homes. It has already completed over 1500 homes in 7 projects and is on track to complete at least 10,000 homes every year.
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While electronic toys such as expensive robots and kids’ tablets attracted 18% GST earlier, other toys such as tricycles and bicycles were taxed at 12%.
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“While chasing higher asset growth and returns, lenders should not throw caution to the winds. Any slip-up through adverse actions of the MFIs may undo the tremendous progress achieved over the decades and the sector can ill-afford to do that,” Rao said at Sa-Dhan National Conference on “Revitalizing Financial Inclusion”.
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These leadership appointments are strategically aligned with Spice Money’s aim to strengthen human capital within the company and having people with the right skills as well as experiences, thereby driving the next level of growth for the company.
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The Reserve Bank of India has approved the appointment of Baldev Prakash as the MD & CEO of J&K Bank from next year for a period of 3 years.
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Fintech firm set to increase offer size by Rs 1,700 crore to Rs 18,300 crore after Sebi approval
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Avendus Group's asset management arm Avendus PE Investment Advisors is planning to launch a Rs 1,000 crore structured credit fun soon under AIF Category II
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The Place of Effective Management (Poem) framework was introduced in 2018 to determine the tax payable by a foreign company that, for all purposes, is managed from India and yet does not pay taxes domestically. Many Indian companies that have traditionally used holding companies and subsidiaries overseas for various reasons had put additional structures in their foreign entities following the regulations.
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The plea stems from the fear of getting notices asking them to pay the higher levy retrospectively from July 1, 2017 - when India moved to the GST regime - instead of the 5% they paid till now. If levied retrospectively, the amount will be huge and unsustainable for these businesses.
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Citi is expected to start bilateral negotiations and announce a formal winner in the next one-two months. None of the bidders have offered stocks, and have submitted all-cash bids. The first two are the most aggressive bidders and are the frontrunners.
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The main features of such a framework could include relaxations in ownership and management criteria for these banks to make room for a wider pool of bidders such as nonbanking finance companies (NBFCs) that are owned by corporate groups.
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Earlier, as a part of festive offers, the Bank of India had announced a 35 basis point reduction in its home loan interest rates and a 50 basis points in vehicle loan interest rates.
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In a statement, the Reserve Bank said the bank had not complied with its directions on ensuring end-use of funds in borrowal accounts and classification of loans/ advances as non-performing assets, specific direction of RBI for ensuring that the bank's balance sheet and profit and loss account are signed by at least three of its directors.
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The loans under the Credit Outreach Programme are over and above those sanctioned and disbursed under the various central government loan guarantee schemes, it added.
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"The partnership aims to facilitate HDFC's home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfill their dream of owning a home. IPPB will offer housing loans through nearly 190,000 banking service providers (Postmen and Gramin Dak Sevaks)," it said.
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The mandate is being sought based on an internal assessment by lenders led by UCO Bank that the promoters - the Kanoria brothers - allegedly diverted money borrowed from banks to infuse equity in the subsidiaries, the officials said.
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"We do not foresee any capital requirement for lenders going forward. They all have plans to raise capital from the markets," said a government official, adding that this year allocation will be done by the end of March.
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Fair trade regulator CCI on Monday approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company. In June, HDFC Bank had said its board has given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC)
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CSB Bank's net profit increased to Rs 119 crore in the second quarter ended September 2021 from Rs 69 crore a year earlier led by a 21% increase in NII profit into Rs 278 crore mainly due to a fall in interest expenses as cost of deposits fell to 4.30% from 5.18% a year earlier
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The Business Support Suite is a full stack offering that consolidates operations such as partner management, fees computation, partner settlement, billing and dispute management, for a wide set of transactions, onto a single platform. In 2020, BancNet processed a record one billion transactions through its platform, significantly contributing to the growth of the country’s digital payments economy.
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Nivesh, a digital-first platform today announced that it saw 100% growth in investments from tier-II & III cities. The company said the pandemic has increased the adoption of the platform and even its partner base has jumped about 150% to 2,000 in the last one year.
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Many smaller NBFCs are likely to enter the estimated Rs 80,000-crore short-term funding market, hitherto the preserve of large entities such as Bajaj Finance, IIFL, and JM Financial. To be sure, the IPO financing market might shrink after the Rs 1-crore limit per borrower kicks in on April 1.
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The bulk of the lenders filling up the rosters of prominent P2P platforms are return-hungry retail investors and traders with surplus cash flows. Low fixed-income returns prompting these high net worth individuals and family offices are writing large cheques favouring borrowers on these platforms.
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