Page 25 - Finance Sector

Budget FY25: MSMEs may get 180 days to repay loans before NPA tag

Current bad loan classification period is 90 days

RBI Governor Das asks banks to step up efforts to fight digital frauds

RBI governor, deputy governor met CEOs of public sector banks, private banks

Bank of India plans to raise up to Rs 5,000 crore via infra bonds

BOI's infrastructure loan book stood at Rs 58,860 crore at the end of March 2024

Nine NBFCs including Fino Finance surrender certificate of registration

Ujjivan Financial Services Ltd surrendered the CoR as it ceased to be a legal entity due to amalgamation

NaBFID raises Rs 5,000 cr via bonds, gets oversubscribed by 6 times

The National Bank for Financing Infrastructure and Development (NaBFID) on Tuesday said it has raised Rs 5,000 crore by issuance of listed bonds. The issue received overwhelming response from the investors with bids of Rs 12,287 crore, NaBFID said in a regulatory filing. The bonds were oversubscribed 6 times, against the base issue of Rs 2,000 crore. The unsecured non-convertible, 'AAA' rated with stable outlook, debt securities have been issued at an annualized coupon rate of 7.43 per cent for a 10 year-tenure. This represents a spread of 26 basis points over the corresponding Financial Benchmarks India Pvt Ltd (FBIL) GSec par yield curve, it said, adding, the total number of bids received was 131, indicating wider participation with heterogeneity of bids. The investors were across provident funds, pension funds, insurance companies, banks etc indicating the trust of investors across segment, it said. "This issuance is also very significant as NaBFID has been successful in raisi

RBI appoints Arnab Kumar Chowdhury, Charulatha S Kar as executive directors

The Reserve Bank of India (RBI) has appointed Arnab Kumar Chowdhury as executive director with effect from Wednesday. Chowdhury will look after three departments, including DICGC. Prior to being promoted as executive director, Chowdhury was serving as Chief General Manager-in-Charge in the Department of Supervision. As executive director, he will look after Deposit Insurance and Credit Guarantee Corporation (DICGC), foreign exchange department, and international department, the RBI said in a statement. Chowdhury is a chartered accountant and holds a master's degree in economics. He is also a certified associate of IIBF. He has experience of over three decades in the Reserve Bank of India. He has worked extensively in the area of supervision of financial entities. Chowdhury has worked in the area of corporate strategy, budgeting, accounting and issue department. He has also served as member of several committees and working groups and has been contributing to policy formulation.

Finance world's question to self: Are there too many regulators within?

From fintech to urban cooperatives, a host of industry associations have expressed interest in becoming self-regulatory organisations

Skills, financial support, AI access key challenges for tech MSMEs: Nasscom

Around 94% of tech MSMEs acknowledged AI's ability to drive business growth, and 87% showed confidence in AI's potential to improve overall productivity in their enterprises

RBI red flags NBFC consumer credit, calls for close monitoring of a few

Says need to monitor NBFCs growing fast clip pace with low capital buffers

Post runup, expect more modest returns from infrastructure funds

Altogether 22 infrastructure schemes manage assets worth Rs 41,912 crore.

Gujarat's new financial hub aims for real-time dollar settlement by 2025

The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City

Deferred pension plans, applying for visa: Top personal finance stories

This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application

Finance sector pitches for tax sops, removal of tax anomalies in Budget

Financial sector players on Thursday made a case for tax sops in the upcoming FY25 Budget for deepening of the market. In a pre-Budget meeting with Finance Minister Nirmala Sitharaman here, some of the players urged the government to fix tax arbitrage wherever it exists. This was the second Pre-Budget Consultation which was attended by leading experts of the financial and capital markets sector in connection with the forthcoming General Budget 2024-25, the finance ministry said in a post on X. The full Budget 2024-25 is expected to be presented in Parliament next month. Emerging out of two-hour meeting with the finance minister, Arun Kohli, MD & Country Head, Morgan Stanley India Company, said tax policies need to be stable and long-term oriented. Participants also made their point on capital gains tax and securities transaction tax. According to George Alexander Muthoot, MD of Muthoot Group, some of the players pitched for deepening the market and provide some tax ...

Fintech to switch on reset button as self-regulatory mechanism comes in

The first signs of change in the way the sector looks at itself are upon us

RBI broadens public engagement: 72 consultations held in three years

Between 2021 and 2024, RBI conducted 72 public consultations across various regulatory and supervisory areas, providing 15-60 days for feedback

Statsguru: Developing countries are hard hit amid rise in debt burden

A total of 54 developing countries spend more than 10 per cent of their revenues on interest payments, up from 29 in 2010

Data to diversification: 7 things digital lenders must do to manage risks

Assessing is challenging for digital lenders as they have to rely on alternative data sources and algorithms to evaluate creditworthiness

Irdai issues circular to create single reference for all periodic returns

The insurance regulator has taken up a comprehensive review of the regulatory framework for the insurance sector, to facilitate ease of doing business and reduce compliance burden

Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn

India's forex reserves jumped USD 4.307 billion to a new all-time high of USD 655.817 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday. The kitty had jumped USD 4.837 billion to USD 651.51 billion in the previous reporting week. The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was USD 648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps. For the week ended June 7, foreign currency assets, a major component of the reserves, increased by USD 3.773 billion to USD 576.337 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves increased USD 481 million to USD 56.982 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 43 million to USD 18.161 .

L&T Finance's rural business finance book reaches Rs 25,000 crore

Non-bank lender aims to scale up loan against properties