Page 108 - Finance News
RBI to inject $16 billion next week to cover tax outflows, liquidity
The RBI has doubled the quantum of government securities it aims to purchase Rs to 400 billion rupees ($4.61 billion) on a review of current and evolving liquidity conditions
 "RBI to inject $16 billion next week to cover tax outflows, liquidity")
RBI imposes Rs 68.1 lakh fine on Nainital Bank, Ujjivan Small Finance Bank
The penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the lenders with their customer
 "RBI imposes Rs 68.1 lakh fine on Nainital Bank, Ujjivan Small Finance Bank")
Poor governance: RBI replaces New India Co-op Bank's board for 12 months
Customers queued outside New India Cooperative Bank's branches in Mumbai on Friday seeking answers on the abrupt shut down of certain key services
 "Poor governance: RBI replaces New India Co-op Bank's board for 12 months")
Decoded: Why RBI stopped New India Co-operative Bank's operations
The RBI has barred the New India Co-operative Bank Ltd from issuing loans or permitting withdrawals for six months
 "Decoded: Why RBI stopped New India Co-operative Bank's operations")
FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements
Central Board of Direct Taxes expects the Institute of Chartered Accountants of India to go through the bill section-by-section, keeping in mind the needs of both businesses and individual taxpayers
 "FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements")
Customers panic as RBI bans withdrawals from New India Co-operative Bank
RBI imposed severe restrictions on New India Co-operative Bank, including a ban on withdrawals for six months, due to concerns over the bank's financial stability
 "Customers panic as RBI bans withdrawals from New India Co-operative Bank")
Overall bank exposure to NBFCs moderates, but remain primary source
Overall bank exposure to NBFCs as share of total bank credit declined in 2023-24, which bodes well for overall financial stability, according to the Reserve Bank of India
 "Overall bank exposure to NBFCs moderates, but remain primary source")
Business correspondents to undergo digital audit, new training models
New audit envisages banks using digital technologies like video-based interviews, geo-tagging technology, and transaction-based controls, committee to be headed by top SBI official
 "Business correspondents to undergo digital audit, new training models")
NBFCs urge RBI to raise ECB limit, ease loan recovery and eKYC rules
NBFCs urge RBI to raise the ECB limit, ease SARFAESI norms for small loans, expedite eKYC approvals, and relax asset classification rules for alternative vehicle financing
 "NBFCs urge RBI to raise ECB limit, ease loan recovery and eKYC rules")
RBI flags FEMA breach in overseas guarantees, seeks corporate compliance
RBI directs state-owned banks to ensure corporates admit and pay penalties for violating FEMA rules by securing performance guarantees from overseas financial institutions
 "RBI flags FEMA breach in overseas guarantees, seeks corporate compliance")
Rupee rises 8 paise to 86.85 against US dollar during early trade
The local unit, however, remained under pressure due to unabated foreign fund withdrawal and higher crude oil prices
 "Rupee rises 8 paise to 86.85 against US dollar during early trade")
IBBI mandates timely reporting of insolvency assignments on portal
In case of closed cases, the IP will have to add the assignment by March 31. However, for closed cases related to personal guarantors, the deadline has been extended to April 30, 2025
 "IBBI mandates timely reporting of insolvency assignments on portal")
ARCs acquire Rs 1.14 trillion worth of dues in April-December 2024
Recoveries to touch Rs 38,000 crore
 "ARCs acquire Rs 1.14 trillion worth of dues in April-December 2024")
The new Income Tax Bill FAQs: I-T department answers key questions
The FAQ further said that while "no major policy-related changes" or tax rates changes have been made in the I-T Bill, "material" changes are being proposed in the existing law
 "The new Income Tax Bill FAQs: I-T department answers key questions")
Bank of Baroda gets board approval to raise up to Rs 8,500 crore equity
Approves extra time for AT1 and Tier-II debt capital issuance
 "Bank of Baroda gets board approval to raise up to Rs 8,500 crore equity")
Rupee's two-day RBI-driven surge peters out despite rally in regional peers
The Reserve Bank of India (RBI) is believed to have intervened heavily on Monday to prevent the rupee from breaching 88 per dollar and then again on Tuesday for further support
 "Rupee's two-day RBI-driven surge peters out despite rally in regional peers")
Ensure fair customer treatment, address their grievances: RBI Guv to NBFCs
Highlighting the collaborative efforts required between the Reserve Bank and the NBFCs, the Governor stressed upon balancing growth aspirations with sound practices for ensuring inclusive development
 "Ensure fair customer treatment, address their grievances: RBI Guv to NBFCs")
FM presents new I-T Bill in LS, to be reviewed by a standing committee
The Income Tax Bill 2025 will undergo review by a standing committee before being sent back to the government for approval. Thus it will some time for it to be passed in the Parliament
 "FM presents new I-T Bill in LS, to be reviewed by a standing committee")
Exim Bank to provide $300 mn credit to Vietnam for boats, patrol vessels
The bank had also entered into an agreement with GO-VNM for making available to the latter, India supported LoC of $120 million for procurement of high-speed guard boats
 "Exim Bank to provide $300 mn credit to Vietnam for boats, patrol vessels")
New Income Tax Bill tabled in LS: Here's what's changing & what's not
If passed, the new Income Tax Bill, 2025 will replace the Income Tax Act of 1961 and come into effect on April 1, 2026
 "New Income Tax Bill tabled in LS: Here's what's changing & what's not")