Page 277 - Finance News
HSBC chases wealthy clients in India with private banking business launch
HSBC said on Tuesday it would target business with India's wealthy as it launched its global private banking business in the country
 "HSBC chases wealthy clients in India with private banking business launch")
SBI Mutual Fund AUM crosses Rs 8 trillion; eyes Rs 10 trillion milestone
SBI Mutual Fund, largest fund house by a wide margin in the 43-player industry, has clocked yet another milestone crossing the Rs 8 trillion-mark assets under management
 "SBI Mutual Fund AUM crosses Rs 8 trillion; eyes Rs 10 trillion milestone")
Rupee up 4 paise at 81.87 against dollar on bullish trend in domestic mkt
In initial trade, the rupee also touched a low of 81.95 against the American currency
 "Rupee up 4 paise at 81.87 against dollar on bullish trend in domestic mkt")
Indian rupee may inch up; RBI remains in way of large appreciation
The rupee on Monday reached a near two-month high of 81.75 on dollar offers by foreign banks, which market participants said was likely related to their custodial clients and to a one-off inflow
 "Indian rupee may inch up; RBI remains in way of large appreciation")
Don't dodge lender if default is imminent; request for loan recast instead
Also explore options such as swapping higher-cost debt with lower-cost alternatives, and debt consolidation
 "Don't dodge lender if default is imminent; request for loan recast instead")
76% of Rs 2,000 banknotes returned to banks since May 19; 87% as deposits
According to RBI, as on May 19, the total value of Rs 2,000 notes in circulation was Rs 3.56 trillion and out of this, notes worth Rs 2.72 trillion have been returned
 "76% of Rs 2,000 banknotes returned to banks since May 19; 87% as deposits")
IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB
With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million
 "IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB")
Centre to soon notify rules for setting up GST appellate tribunals
Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers
 "Centre to soon notify rules for setting up GST appellate tribunals")
Covid-19, Ukraine war led to data gaps in 2022: RBI dy governor Patra
Analysis of forecast errors show there is no systematic bias in system, he says
 "Covid-19, Ukraine war led to data gaps in 2022: RBI dy governor Patra")
Falling inbound shipments cast a shadow on IGST and cess on imports
Imports were the only exception in the otherwise strong GST numbers in the first three months of the current financial year
 "Falling inbound shipments cast a shadow on IGST and cess on imports")
Soon, you may be able to use the same QR codes for e-Rupee and UPI payments
The interoperability between e-Re and UPI QRs will be implemented only at the front end
 "Soon, you may be able to use the same QR codes for e-Rupee and UPI payments")
Federal Bank Q1 advances up 21%; deposits grow 21.4% to reach Rs 2.22 trn
Retail credit book grows by 20.2% YoY, says private bank in stock exchange statement
 "Federal Bank Q1 advances up 21%; deposits grow 21.4% to reach Rs 2.22 trn")
Rupee hits near 2-month high on dollar inflows, RBI may have stepped in
The focus this week is on the slew of important US data releases. The ISM US manufacturing data is due later in the day, followed by their services print on Wednesday
 "Rupee hits near 2-month high on dollar inflows, RBI may have stepped in")
Rupee appreciates 33 paise to 81.77 against US dollar in early trade
At the interbank foreign exchange, the domestic unit opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close
Onus on taxpayers to make correct declaration about LRS remittances
TCS on LRS will also apply to remote education and medical consultancy
 "Onus on taxpayers to make correct declaration about LRS remittances")
Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions
State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd
 "Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions")
Indian Bank rolls out digital services under 'Project WAVE' initiative
Public sector lender Indian Bank has unveiled new services under its digital transformation initiative -- Project WAVE -- the bank said on Sunday
 "Indian Bank rolls out digital services under 'Project WAVE' initiative")
TMB failed to file details of Rs 3,610 cr deals due to tech glitch: sources
The bank has now submitted all the required documents, may not invite any penalty
 "TMB failed to file details of Rs 3,610 cr deals due to tech glitch: sources")
SBI launches 34 Transaction Banking hubs nationwide to drive growth
State Bank of India, on Saturday, launched 34 Transaction Banking Hubs at 21 district centres across the country with an aim to provide quick and efficient Transaction Banking solutions to customers.
GST added to revenue buoyancy, helped bring down taxes for common man: FM
Before GST was introduced, India's indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer
 "GST added to revenue buoyancy, helped bring down taxes for common man: FM")