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"We extend credit, basis comfort on cash flow, security, and repayment capability of obligors as per the Bank's credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same," the bank said in a regulatory filing.
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The budget presented on Wednesday proposed that annual income from insurance policies beyond the aggregate premium of Rs 5 lakh a year will be taxed from the coming fiscal year. The new rule does not include returns from unit linked insurance plans (ULIPs) and the amount received on the death of a person insured via term plans. Sitharaman said that the move must not be looked as one against another.
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Partial payment through cash, prepayment of interest, push out maturities to 2025-26, additional collateral for loans against shares being worked out.
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The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated.
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Promoter holding in the bank is 16.51% - IndusInd International Holdings had 12.58% and IndusInd Ltd had 3.92% on December 31, 2022, according to a stock exchange disclosure. "To increase stake in the bank, Hinduja Group may need to infuse ₹10,000-11,000 crore ($1.2-1.3 billion). They may infuse the money by issuing preferential shares," said the person cited above.
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Under RBI guidelines, NBFC-ULs have to implement a board-approved policy for adopting the enhanced regulatory framework applicable to them and mandatorily list within three years of this. Tata Sons chairman N Chandrasekaran met RBI officials in this regard last week, said the people cited above.
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Senior insurance executives said suggestions from companies are being collated for submission to the government in the next few days through industry grouping, Life Insurance Council of India.
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In its September 6 order, the top court ruled that any insolvency resolution plan, approved by the financial creditors by ignoring the statutory demands payable to state and Central governments or other legal authorities, was liable to be rejected.
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Since the slide in prices and spiralling yields of different dollar bonds issued by Adani companies in offshore markets would make it difficult for Adani to raise fresh dollar loans and bonds at a reasonable cost from international investors, the support of local lenders is crucial.
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Overall loan originations of retail loans in Uttar Pradesh comprised just over a quarter (26%) that were provided to new-to-credit (NTC) consumers. Credit penetration in Uttar Pradesh is steadily increasing, reaching 13% in the quarter ending September 2022 from 11% during the same period in the previous year.
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The Federal Reserve said on Wednesday that it had turned a key corner in the fight against high inflation, but that "victory" would still require its benchmark overnight interest rate to be increased further and remain elevated at least through 2023. In announcing its latest policy decision, the US central bank scaled back to a quarter-percentage-point rate increase after a year of larger hikes and swept aside in its statement the long list of reasons, from war to the pandemic, that were driving prices higher to say simply that "inflation has eased."
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Wealthy individuals boosting their investment returns from high-value insurance policies may be a thing of the past as the finance minister Nirmala Sitharaman proposes to limit the aggregate premium eligible for tax exemptions, but that could squeeze an industry that is still in a nascent stage.
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Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. Umesh Revankar, the executive vice chairman of Shriram Finance said the income tax benefits announced will boost purchasing power for middle-class consumers.
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Digital gold is an investment instrument that allows people to invest in gold without having to store it or worry about theft. It is a form of gold mutual fund that allows people to invest in gold without having to worry about the price of gold or the security of their investment.
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Shah said companies such as Hindustan Unilever Ltd. show a commitment to India pays off. Shares of Unilever’s local Indian unit have surged over decades of being listed in the country. He said some global asset managers still see the market as too small for the effort required after some global firms exited their mutual fund businesses in India.
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The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said.
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Last week, the RBI ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) - which allows Indian residents to send up to $250,000 abroad each financial year - until further notice, citing "material supervisory concerns" but without giving any further details.
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"Many farmers, small business owners/shopkeepers also resort to gold loans to meet their working capital needs," said George Alexander Muthoot, managing director of Muthoot Finance. "Gold loan NBFCs serve the underserved segment or the bottom of the pyramid as this segment frequently borrows less than ₹50,000 and the tenure of these loans is also typically for less than 12 months."
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Guide on how to invest in hybrid funds and the benefits that come with it
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Summit discussing how payments platforms are safe, simple, comfortable and trustworthy for users with seamless e-commerce payments experience and the importance of user experience in the payment space.
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The Reserve Bank of India is expected to raise its main interest rate by a modest 25 basis points to 6.50% at its meeting one week after New Delhi's Feb. 1 budget, before leaving it at that level for the rest of the year, a Reuters poll of economists found.
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Gold prices inched higher on Monday as the US dollar eased, while market participants globally awaited a slew of central bank meetings with the main focus on the Federal Reserve.
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The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added.
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