Page 267 - Finance News

Govt broadens access to 'vostro' accounts to facilitate rupee trade

India has allowed banks in 22 partner countries, including Russia and UK, to open "vostro" accounts in the country, the government told parliament on Tuesday, to help facilitate trade in rupees

CAG asks FinMin to put in place online Customs refund system for efficiency

A refund can also be claimed by a person who has paid duty on assessment of imported goods and applies for refund of duty consequent on remission /abatement of duty due to pilferage/damage of goods

Credit card default increases by 1.94% to Rs 4,072 crore in FY23-24

All cooperative banks are required to comply with the guidelines issued by the Reserve Bank of India (RBI) from time to time, he said

28% GST on casinos, online gaming, racing to up revenue collection: FM

In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28% GST on Gross Gaming Revenue (GGR)

RBI's rate-setting panel starts 3-day deliberations on monetary policy

BofA Securities in a report said it expects the RBI MPC to deliver a hawkish hold on August 10 while retaining the stance as withdrawal of accommodation

Indian private credit funds, non-bank lenders filling gap left by banks

Private credit funds lend to these companies at 12%-18%, splitting transactions into tranches. The riskiest of such credit can yield up to 20%-24%

Rupee appreciates, govt bond reverses gains post US non-farm payroll data

The yield on the benchmark 10-year government bond ended flat at 7.20 per cent

Banks write off Rs 14.56 trn NPAs in last nine financial years: Centre

Net write-off loans by private sector banks stood at Rs 73,803 crore (RBI provisional data) in FY 2022-23, he said

14,277 GST appeals pending against disputed tax demands by authorities

"It has been planned to establish the State benches in a phased manner based on the request of states," the MoS said in a written reply in the Lok Sabha

Number of ITRs filed between Apr-June 2023 nearly doubled to 13.6 million

As per the comparative statistics of ITR filing available on the I-T e-filing portal, over 7.03 million tax returns were filed in April-June 2022-23. This number surged 93.76 per cent to over 13.6 mn

Five-day work week in banks soon as industry demand gets nod from IBA

The proposal has now been sent to the finance ministry for its final approval. If approved, all Saturdays will be declared as bank holidays

Sahara refund process begins: How to claim, eligibility and other details

On March 29, the government said money would be returned to 10 crore investors within nine months.

Policy repo rate cut not likely before Q1FY25: Business Standard poll

Despite inflation worries, MPC to maintain status quo on rates in its meet this week

Profit of PSU banks more than doubles to Rs 34,774 cr in April-June quarter

Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023

LIC Housing Finance to aggressively use OTS, ARC for loan recoveries

The company had written off Rs 544.71 crore during FY23, in comparison to just Rs 23.03 crore written off in the previous year

Bank credit growth to MSMEs decelerates on y-o-y in Q1, finds RBI data

Bank credit growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year basis in the first three months of the current fiscal, according to Reserve Bank data.

RBI may continue to hold rate amid concern over inflation: Experts

The RBI Governor-headed six-member Monetary Policy Committee's (MPC) meeting is scheduled on August 8-10. The policy decision will be announced on August 10 by Governor Shaktikanta Das

Irdai allows insurers to treat HDFC investment as one under infra sector

Irdai has provided an exemption allowing insurers not to comply with the single investee equity

FPI inflows hit 11-month high in July, lift benchmarks to fresh highs

This is the highest monthly FPI inflows since August 2022

India's success is case study in using tech to transform lives: MoS IT

He emphasised the milestones achieved through Digital India in the past nine years, which catalysed the country's rapid progress towards a five trillion US dollar economy by 2026