Page 26 - Finance Sector

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

Regulator Irdai mandates life insurers to provide loans against policies

The regulator has also allowed policyholders an option of partial withdrawal under pension products

RBI asks banks to rework biz plan, flags gap in credit, deposit rates

Warns microfinance institutions, NBFCs against 'usurious' rates on small loans

Russian central bank keeps key rate unchanged at 16%; inflation at 8.17%

"The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting," the bank said in a statement

Capitalise on secular spending surge with consumption-themed equity fund

Consumption themed funds invest across a diversified range of sectors: FMCG, auto, telecom, consumer durables, healthcare, power, organised retail, and realty

Aye Finance adopts 'phygital strategy' to revolutionise credit underwriting

Aye Finance's phygital strategy leverages technology to underwrite credit and disburse loans, using business markers to predict sales and categorise underwriting methods

IIFL Samasta Finance to raise up to Rs 1,000 crore via secured bonds

IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), plans to raise up to Rs 1,000 crore through public issue of secured bonds for the purpose of capital augmentation and business growth. The bond issue opens on June 3 and closes on June 14, IIFL Samasta Finance said in a statement. IIFL Samasta Finance plans to issue bonds, aggregating to Rs 200 crore, with a green-shoe option to retain over-subscription of up to Rs 800 crore, it said. The IIFL Samasta bonds offer the highest coupon rate of 10.50 per cent per annum for a tenor of 60 months, it claimed. The NCD is available in tenors of 24 months, 36 months and 60 months, it said, adding, the frequency of interest payment is available on monthly and annual basis for each of the series. The company has a strong physical presence through about 1,500 branches and caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background, IIFL Samasta Finance MD an

UPI transactions clock new record in May at Rs 20.45 trillion, shows data

Data shared by the National Payments Corporation of India (NPCI) on Saturday said that the May figures were 49 per cent up in volume and 39 per cent up in value compared to the same month in 2023

June brings new finance related rules: Key changes you should know

As June begins, several finance related changes are set to take place from tomorrow. Check latest updates on major changes and key deadlines on policies that may impact your finance journey

ARCs misused by 'tainted' promoters: RBI Deputy Governor M Rajeshwar Rao

Promoters in an Indian market are large shareholders who can influence company policy and, according to regulatory definitions, are prospective owners or directors of the company

IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis

The allottees of these shares are LIC, HDFC Life, Aditya Birla Sun Life, Bajaj Allianz, ICICI Lombard, and SBI General

Gratuity explained: Delay in payment? You are entitled to receive interest

Organisations with 10 or more employees over the past year must pay gratuity. In non-mining roles, a year consists of 240 working days; in the mining sector, it is 190 days

RBI imposes business restriction on Edelweiss group's EARCL, ECL Finance

ECL has been accused of not maintaining arm's length with other group companies