Page 144 - Finance News
Banks post profit gains, but NIM declines signal margin pressure
While the banking sector has improved its risk-management and underwriting skills to prevent bad loans, it needs to be innovative to mobilise deposits and keep the cost of money low
 "Banks post profit gains, but NIM declines signal margin pressure")
ACME Sun Power secures Rs 3,753-cr term loan from state-owned REC
The loan has been secured for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN
 "ACME Sun Power secures Rs 3,753-cr term loan from state-owned REC")
Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept
The department said taxpayers figuring under this criteria "must mandatorily" fill the foreign asset (FA) or foreign source income (FSI) schedule in their ITR even if their income
 "Failure to disclose foreign assets to incur Rs 10 lakh fine: I-T dept")
'Own-source' revenue of panchayats remains at Rs 59 per capita in 2017-22
Among the states, Gujarat collected the highest amount as OSR at Rs 829.75 crore, while Kerala came second collecting Rs 802.95 crore
 "'Own-source' revenue of panchayats remains at Rs 59 per capita in 2017-22")
CBDT launches campaign to inform taxpayers on undeclared foreign assets
The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitted ITR
 "CBDT launches campaign to inform taxpayers on undeclared foreign assets")
RBI likely to draw up road map for ECL adoption at Monday's meeting
The central bank's communication to private banks' board secretariats has not listed the agenda for the meeting, but has only given the event flow
 "RBI likely to draw up road map for ECL adoption at Monday's meeting")
Forex reserves decline $6.47 bn in a week to $675.65 bn, shows data
In the previous reporting week, the forex reserves had dropped by $2.675 billion to $682.13 billion
 "Forex reserves decline $6.47 bn in a week to $675.65 bn, shows data")
New business premium of life insurers rises 13% in Oct, LIC leads
Private insurers log 18% yearly increase at Rs 13,216.51 cr, according to data
 "New business premium of life insurers rises 13% in Oct, LIC leads")
Concerns about new audit norms misplaced: NFRA's Ajay Bhushan Pandey
For a Viksit Bharat, India cannot afford audit standards that are inferior, NFRA Chairperson Ajay Bhushan Pandey said
 "Concerns about new audit norms misplaced: NFRA's Ajay Bhushan Pandey")
Use of food inflation in setting rate flawed; RBI should slash it: Goyal
It can be noted that the RBI under Das has made its reservations about such an exclusion in the past. The headline inflation went up to 6.2 per cent for October, breaching the upper end of the 2-6%
 "Use of food inflation in setting rate flawed; RBI should slash it: Goyal")
Local rural bodies should raise their own resources, says Arvind Panagariya
Several states do not have proper state finance commissions (SFCs) for fund distribution to urban local bodies and panchayati raj institutions
 "Local rural bodies should raise their own resources, says Arvind Panagariya")
UCBs must strengthen liquidation process to secure depositors: RBI
Registrars of cooperative societies from various states participated in the conference which was attended by RBI and central government officials
 "UCBs must strengthen liquidation process to secure depositors: RBI")
Bank deposit growth may struggle to keep pace with credit momentum: S&P
Investors may seek higher risk premium for increased regulatory risk
 "Bank deposit growth may struggle to keep pace with credit momentum: S&P")
Rupee stumbles 1 paisa to all-time low of 84.40 against US dollar
At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close
 "Rupee stumbles 1 paisa to all-time low of 84.40 against US dollar")
Piyush Goyal wants RBI to cut rates, questions food inflation-driven policy
RBI's Monetary Policy Committee has kept the repo rate at 6.5% since February 2023. Retail inflation hit a 14-month high in October
 "Piyush Goyal wants RBI to cut rates, questions food inflation-driven policy")
Economists say MPC's rate cut in February may not be a done deal
Inflation hit a 14-mth high of 6.2% in Oct, breaching MPC's upper tolerance band
 "Economists say MPC's rate cut in February may not be a done deal")
India's financial regulatory pillars set for a leadership shake-up
Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year
 "India's financial regulatory pillars set for a leadership shake-up")
Centre may urge states to cut delay in formation of finance commissions
Today's meet may focus on facilitating dialogue to enhance efficiency of SFCs
 "Centre may urge states to cut delay in formation of finance commissions")
Some rich nations say trillions of dollars needed to fight climate change
Some developed countries on Wednesday acknowledged that trillions of dollars were urgently needed to address climate change and wealthy nations should continue to lead in providing climate finance.
 "Some rich nations say trillions of dollars needed to fight climate change")
Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs
76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class
 "Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs")