Page 141 - Finance News
Indian banks write off Rs 1.7 trillion in loans in FY24, shows govt data
Loan write-offs by banks in FY24 are the lowest in the last five years
 "Indian banks write off Rs 1.7 trillion in loans in FY24, shows govt data")
PAN 2.0 explained: How India is digitising its tax identification system?
The govt has allocated Rs 1,435 crore for technological upgrades to create a fully digitised and seamless ecosystem under PAN 2.0
 "PAN 2.0 explained: How India is digitising its tax identification system?")
Govt plans insurance law changes for unified licence, hiking FDI limit
A single licence for insurers and higher FDI limit could boost investments and improve insurance penetration in the country
 "Govt plans insurance law changes for unified licence, hiking FDI limit")
Rupee gains 7 paise to Rs 84.22 against US dollar on strong equity rally
At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close
 "Rupee gains 7 paise to Rs 84.22 against US dollar on strong equity rally")
Rupee appreciates 0.2% tracking Asian peers, dollar index softens
The local currency settled at Rs 84.29 per dollar on Monday, against Rs 84.46 per dollar on Friday
 "Rupee appreciates 0.2% tracking Asian peers, dollar index softens")
Rs 1,435 crore PAN 2.0 project gets CCEA approval as business identifier
The PAN 2.0 project aims to enable technology-driven transformation of taxpayer registration services and offers several benefits
 "Rs 1,435 crore PAN 2.0 project gets CCEA approval as business identifier")
MFIN to further tighten norms for micro-loans from January 2025
Reduces MFIs per borrower to three from four
 "MFIN to further tighten norms for micro-loans from January 2025")
After RBI strictures, MFIs tighten norms to make lending more responsible
From January 1, the self-regulatory organisation's members will ensure that a single MFI client's borrowings are limited to three MFIs as against four at present
 "After RBI strictures, MFIs tighten norms to make lending more responsible")
Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years
In 2023-24, the total amount of Rs 2,632.29 crore was settled, compared to Rs 2,673.97 crore in 2022-23, while it was Rs 2,881.53 crore in 2018-19
 "Inoperative EPF accounts' total amount up 5 fold to Rs 8,505 cr in 6 years")
GoM report on GST on health insurance to be put before Council: FinMin
The issue of exempting/reducing GST on life and health insurance was placed before the GST Council in its 54th meeting on September 9, 2024
 "GoM report on GST on health insurance to be put before Council: FinMin")
Rupee appreciates 6 paise to Rs 84.35 against US dollar in early trade
The Indian rupee opened with some gains as FPIs selling came down considerably and markets rose last Friday, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP
 "Rupee appreciates 6 paise to Rs 84.35 against US dollar in early trade")
ICAI framing compulsory qualifications for forensic audit professionals
The criteria may include mandatory completion of Forensic Standards Course and ICAI membership
 "ICAI framing compulsory qualifications for forensic audit professionals")
Bima Sugam's capital requirement goes up significantly to Rs 500 crore
During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4-5 years
 "Bima Sugam's capital requirement goes up significantly to Rs 500 crore")
Bank of India plans to raise Rs 5,000 crore via 10-year infra bonds
State-owned banks have increasingly turned to the domestic capital market to raise funds via infrastructure bonds, driven by credit growth needs amid challenges in deposit mobilisation
 "Bank of India plans to raise Rs 5,000 crore via 10-year infra bonds")
Delegates of 18 nations join RBI conference for Global South central banks
High-Level Policy Conference of Central Banks from the Global South was organised here as part of the commemoration of the Reserve Bank of India's 90th year since its establishment
 "Delegates of 18 nations join RBI conference for Global South central banks")
Revised PLI scheme undermines autonomy of boards of PSBs, says AIBOC
The Department of Financial Services (DFS) directive undermines this well-established framework, violating the sanctity of collective bargaining and the essence of bilateral settlements
 "Revised PLI scheme undermines autonomy of boards of PSBs, says AIBOC")
Forex reserves see sharpest weekly drop on record, hit over four-month low
The reserves fell by $17.8 billion in the week of Nov. 15 - the most since available data starting 1998 - to $657.89 billion, data from the Reserve Bank of India (RBI) showed on Friday
 "Forex reserves see sharpest weekly drop on record, hit over four-month low")
Rupee hits record low as US dollar climbs, portfolio outflows continue
Rupee weakened to 84.4975 per US dollar in early trading on Friday, eclipsing its previous all-time low of 84.4925 on Thursday
 "Rupee hits record low as US dollar climbs, portfolio outflows continue")
Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr
Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products
60% of lenders on P2P platforms earned returns of over 20%: Report
26% of them faced partial losses to their principal amounts, says lending platform
 "60% of lenders on P2P platforms earned returns of over 20%: Report")