Page 251 - Finance News
RBI extends last date for exchanging Rs 2,000 bank notes to Oct 7
RBI says 96% of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned
 "RBI extends last date for exchanging Rs 2,000 bank notes to Oct 7")
Banks to continue accepting Rs 2,000 note till October 7, says RBI
From October 8 only RBI Issue Offices to accept the notes
 "Banks to continue accepting Rs 2,000 note till October 7, says RBI")
FinMin notifies Oct 1 date for implementing amended GST law for e-gaming
The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay taxes in accordance with domestic law
 "FinMin notifies Oct 1 date for implementing amended GST law for e-gaming")
Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI
The RBI had earlier fixed September 30, 2023 as the last date for the purpose of completing the exercise in a time-bound manner and to provide adequate time to the public
 "Last date to exchange Rs 2,000 banknotes is tomorrow, clarifies RBI")
RBI reviews flow of credit to MSMEs, delibrates on bridging credit gap
The RBI's Standing Advisory Committee (SAC) reviewed the flow of credit to Micro, Small and Medium Enterprises on Friday at its meeting held in Lucknow, a central bank said in a release.
 "RBI reviews flow of credit to MSMEs, delibrates on bridging credit gap")
Govt raises interest rate on 5-year recurring deposit to 6.7% for Dec qtr
According to a finance ministry circular, the interest rate on savings deposit has been retained at 4 per cent and on the one-year term deposit at 6.9 per cent
 "Govt raises interest rate on 5-year recurring deposit to 6.7% for Dec qtr")
Standard Chartered does not see rupee cross 84 even if dollar climbs
Sinha said the RBI will continue to maintain tight liquidity conditions to help support the rupee unless "we see big shocks from the global markets or if crude starts trending higher"
 "Standard Chartered does not see rupee cross 84 even if dollar climbs")
Business loans for startups and new businesses by the Indian government
Every business needs a loan to flourish and grow and the need is more if it is a new business or startup. The government has issued several loan schemes to help MSMEs. Check details below
 "Business loans for startups and new businesses by the Indian government")
Rupee appreciates 9 paise to 83.10 against US dollar in early trade
CAD has dropped to $9.2 bn, or 1.1% of GDP in the first quarter of the current fiscal from $17.9 bn (2.1% of GDP) a year ago, the Reserve Bank of India said
 "Rupee appreciates 9 paise to 83.10 against US dollar in early trade")
Depositors' trust is with banks, not fintech cos: Mastercard India chief
Speaking at the CII banking conclave here, Kumar, also the former chairman of State Bank of India, said that what the fintech companies are challenging is the legacy system in an innovative way
 "Depositors' trust is with banks, not fintech cos: Mastercard India chief")
Rivalry between direct lenders, banks fueling riskier debt deals: Moody's
Private credit firms and banks have been in a tug of war over financing new deals, with direct lenders raising huge amounts of capital to do so
 "Rivalry between direct lenders, banks fueling riskier debt deals: Moody's")
Current account deficit widens to 1.1% of GDP in June qtr at $9.2 bn
Rising oil prices may push CAD up further in Q2, say experts
 "Current account deficit widens to 1.1% of GDP in June qtr at $9.2 bn")
ICICI Lombard says it has got Rs 1729 cr tax demand from GST Intelligence
General insurer says it will file a response to the notice based on advice from its tax advisors
 "ICICI Lombard says it has got Rs 1729 cr tax demand from GST Intelligence")
Co-working firm EFC exploring FPO, other ways to raise funds for expansion
The company said in a statement that it has recently signed around 5 lakh square feet of office spaces in Pune, Noida, Hyderabad, and Kolkata
BNP Paribas upbeat on India bonds on JPMorgan inclusion, sees $20 bn inflow
The benchmark 7.18% 2033 bond yield was trading at 7.23% on Thursday, after hitting a two-month low of 7.07% last Friday in the immediate reaction to the inclusion news
 "BNP Paribas upbeat on India bonds on JPMorgan inclusion, sees $20 bn inflow")
Efforts on to make NPS available at all banks, post offices: PFRDA Chairman
The efforts are to increase the penetration of pension schemes by making the NPS products easily available to the public
 "Efforts on to make NPS available at all banks, post offices: PFRDA Chairman")
Massive write-offs, low recovery ailing banking sector: Amit Mitra
Principal chief advisor to West Bengal chief minister Amit Mitra said on Thursday that massive write-offs in the last nine years and low recovery is presently ailing the banking sector of the country.
 "Massive write-offs, low recovery ailing banking sector: Amit Mitra")
Bank credit growth to dip to 13-13.5% this year from 15.9% in FY23: CRISIL
Growth in wholesale credit, which makes up to 60% of overall credit, is likely to slow to 11-11.5% this year from a decadal high of 15% last year
 "Bank credit growth to dip to 13-13.5% this year from 15.9% in FY23: CRISIL")
Fintech firms rush to make tweaks as new data protection law looms
Fintechs, banks and non-bank financial companies (NBFCs) will have to redraw their contracts with their business partners with whom customer data gets shared
 "Fintech firms rush to make tweaks as new data protection law looms")
ICICI Bank sees $10 bn of flows before India's entry to global bond index
As markets anticipate inclusion of the debt in other indexes, including the Bloomberg Global Aggregate, the flows could rise to $50 billion by the end of next year
 "ICICI Bank sees $10 bn of flows before India's entry to global bond index")