Page 276 - Finance News
State-run banks confident of withstanding macro shocks: Finance Ministry
India's state-run banks are confident of withstanding any macroeconomic shocks and expect their outlook to improve, despite headwinds in the global banking sector, the finance ministry said
State Bank of India rejigs senior leadership roles to boost dominance
State Bank of India, the country's largest lender, is re-jigging its senior leadership positions with at least four key executives getting new roles, according to people familiar with the matter
 "State Bank of India rejigs senior leadership roles to boost dominance")
15 financial transactions that cannot be done with an inoperative PAN
It was mandatory to link Aadhaar number with PAN by June 30. As per the CBDT guidelines, if it is not linked, PAN will be inoperative from July 1, 2023
 "15 financial transactions that cannot be done with an inoperative PAN")
Phonepe launches point-of-sale systems so vendors can accept card payments
Paytm had been providing all-in-one POS machines to check-out counters across the country, which were earlier only available for bank payments
 "Phonepe launches point-of-sale systems so vendors can accept card payments")
PNB launches virtual branch in the Metaverse with immersive 3D experience
State-owned Punjab National Bank (PNB) on Thursday announced the launch of a virtual branch, PNB Metaverse.
 "PNB launches virtual branch in the Metaverse with immersive 3D experience")
Fund pick: HDFC Corporate Bond Fund
Fund pick of HDFC Corporate Bond Fund
 "Fund pick: HDFC Corporate Bond Fund")
Indian lenders want RBI to conduct more overnight reverse repo auctions
The Indian central bank has been conducting shorter duration two-day VRRRs through the week, before being prompted by lenders to resort to an overnight auction
 "Indian lenders want RBI to conduct more overnight reverse repo auctions")
Securitisation volumes surge 60% YoY at Rs 53,000 crore in first quarter
Securitisation involves pooling of loans and selling them to a special purpose entity, so that a lender gets liquidity upfront on the assets it has originated
 "Securitisation volumes surge 60% YoY at Rs 53,000 crore in first quarter")
A snapshot of term insurance plans with 2 riders offered by various firms
Here is how the term insurance plan with two riders offered by various companies stack up
 "A snapshot of term insurance plans with 2 riders offered by various firms")
RBI permits UBS-owned Credit Suisse to keep Indian banking license
Tom Wipf from Morgan Stanley, who will play a key role in the tie-up of the two banks and in facilitating the integration of Credit Suisse and UBS
 "RBI permits UBS-owned Credit Suisse to keep Indian banking license")
Indian state-run banks to be cautious buyers of govt bonds as yields rise
Bond yields started rising after the Reserve Bank of India's June monetary policy decision pushed out hopes of a rate cut to February, with many participants expecting one only next financial year
 "Indian state-run banks to be cautious buyers of govt bonds as yields rise")
DCB Bank gets RBI's approval to sell 7.5% stake to Tata Mutual Fund
Private sector DCB Bank on Wednesday said it has received RBI approval to sell up to 7.5 per cent stake in the bank to Tata Asset Management Private Limited (TAMPL).
 "DCB Bank gets RBI's approval to sell 7.5% stake to Tata Mutual Fund")
RBI issues draft circular on issuance of debit, credit, prepaid cards
RBI directive tells debit, credit and prepaid card issuers to give customers more freedom to choose networks
 "RBI issues draft circular on issuance of debit, credit, prepaid cards")
Rupee weakens by 21 paise as oil importers' demand for dollar grows
A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts
 "Rupee weakens by 21 paise as oil importers' demand for dollar grows")
Seniors citizens must disclose all forms of income in ITR to avoid charge
Review forms 26AS and Annual Information Statement to see if you are eligible for refund of TDS
 "Seniors citizens must disclose all forms of income in ITR to avoid charge")
Poonawalla Fincorp's AUM grows 41% YoY in Q1FY24 to at Rs 17,770 crore
Sequentially, the AUM grew by 10% over the March 2023 quarter
 "Poonawalla Fincorp's AUM grows 41% YoY in Q1FY24 to at Rs 17,770 crore")
Private banks more aggressive in writing off bad loans than public banks
The ratio of write-offs to gross non-performing assets (GNPAs) in private banks was 47.9 per cent, much higher than 22.2 per cent in public banks
 "Private banks more aggressive in writing off bad loans than public banks")
Over 4,900 fake GST registrations cancelled since May 16 in ongoing drive
Currently, there are 14 million businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout
 "Over 4,900 fake GST registrations cancelled since May 16 in ongoing drive")
No ITC claim if vendors of suppliers of company don't pay GST: Punjab AAR
Experts disagree with ruling and say it could be reviewed at higher judicial forums
 "No ITC claim if vendors of suppliers of company don't pay GST: Punjab AAR")
RBI rejects 3 'not suitable' applications for setting small finance banks
The Reserve Bank of India has rejected three applications, including the of West End Housing Finance, for setting up small finance banks