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"Post rights issue, the holding of the bank would come down below 30% but would be higher than 26% so that the bank retains promoter status," chief executive AK Goel said. The state-owned bank currently holds a 32% stake in the housing finance firm.
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Many importers had filed the refund claims after the Supreme Court order, but their claims are still stuck. "It is directed that if any IGST amount is collected, the same shall be refunded within six weeks along with statutory rate of interest," Justice NV Anjaria said, while admitting the petition by Louis Dreyfus Company India Pvt Ltd Vs Union of India.
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The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs increased by 4 bps in May to 5.07 per cent and by 6 bps from in June 2022.
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Tax revenues at the end of the first quarter stood at ₹5.06 lakh crore, 22% higher than the same quarter last year. Non-tax revenues contracted by 51.2% in the same period due to 69.4% lower surplus transferred by the RBI to the Centre, pulling down the overall revenue receipts that grew by a tepid 5.2%.
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The Central Bureau of Investigation (CBI) on Thursday recovered paintings and watches worth several crores during further searches conducted in the Yes Bank-DHFL (Diwan Housing Finance Corporation Ltd) scam case.
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After a year of flat headcount, FY22 saw a 10% jump in jobs, according to a study of 675 companies done by Bank of Baroda, with the total headcount rising to 4.1 million as economic activity resumed following the lockdown and the second wave of Covid-19.
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"This is another instance of divergent ruling by different state authorities," said Harpreet Singh, indirect tax partner at KPMG in India. "In the past, Madhya Pradesh and Goa advance ruling authorities have held sale of developed land as non-taxable as in essence the transaction continues to be sale of immovable property."
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The regulator has also decided to allow insurance companies to tap fund raising options, like through the debt market, without prior approval from the Irdai.
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Most banks have decided to gradually reduce their exposure to high carbon-emitting businesses in the coming years, according to a survey by the Reserve Bank of India (RBI).
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Lenders may need to incorporate an assessment of both physical and transition risks across a range of climate-related scenarios. They may identify and simulate plausible and relevant scenarios, factor in the inter-linkages between climate-related risk and other risks and explore resilience to financial losses under a variety of scenarios.
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All about floater funds and guide to whether it makes sense to invest in it. Read to know more
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Many of the country's private sector banks and UPI platforms engaged in mobile banking are looking to upgrade their cyber security systems, thanks to exponential increase in digital banking over past couple of years and quick adoption of cloud technologies amid pandemic.
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On the first day of ET Future of Money Summit, top leaders and experts will focus on the theme of financial inclusion, women and money, fintech startup innovations, digital assets, role of blockchain and CBDCs.
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Rupee has lost 6.77% to the greenback this year, ranking seventh among Asian currencies. But the rupee has fared much better against other major currencies. It has gained between 3% and 10% against the Euro, Pound and the Yen this calendar year.
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The bidders have raised concerns about potential investments in the bank being subject to CAG's scrutiny in the future. IDBI Bank also follows CVC guidelines for investigating internal complaints of suspected wrongdoing, which the bidders have raised as a concern.
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Dr. Bhagwat Kishanrao Karad, MoS - Ministry of Finance, Government of India will deliver the inaugural keynote address at ET Future of Money Summit 2022, scheduled for July 26-27. Other prominent speakers include Rajesh Bansal, CEO, Reserve Bank Innovation Hub (RBIH), Sanjeev Sanyal, Member, EAC PM, Nilesh Shah, MD, Kotak Asset Management Co, and Nithin Kamath, CEO and Founder, Zerodha.
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The subject has assumed importance because banks have never invoked a government guarantee in the past. Senior bank officials conveyed their reservations on the subject to the NARCL management at a meeting last week, the people cited above said.
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Banks including State Bank of India and Axis Bank have doubled consolidated balance sheet size to $35 billion in the last two years since the unified regulator assumed formal status. Prime Minister Narendra Modi is likely to visit GIFT City this Friday after a gap of five years, launching a host of new initiatives.
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