Page 8 - Finance

Foreign banks in regulatory standoff seek RBI relief on trading rules

In October 2022, Esma de-recognised the Clearing Corporation of India, creating significant obstacles for European banks conducting large-scale transactions

Tax on EPF withdrawals: Know what rules say about deduction, exemption

To ensure accurate TDS deduction it is important to submit your PAN when applying for provident fund withdrawal

SBI Life fined Rs 1 cr by insurance regulator for 'violating norms'

IRDAI's says investigation was based on various charges arising from an on-site inspection and several regulations under the Insurance Act of 1938

Shriram Finance plans to raise $1 bn from overseas in next 6 months

NBFC Shriram Finance plans to raise USD 1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth. "We are planning to raise USD 300 million in the next few weeks, may be by October and rest USD 500-700 million during the remaining part of the current financial year," Shriram Finance Managing Director and CEO Y S Chakravarti told PTI. The fund raise would also include loans from development financial institutions like Asian Development Bank, Kfw, and United States Development Finance Corporation (DFC). The timing would depend on market conditions, he added. To fund its business growth, the Non-Banking Financial Company (NBFC) raises resources from diversified sources like public deposits, bank finance and raising money from domestic markets. On the loan growth, Chakravarti said, it is expected to increase 15 to 16 per cent during the current financial year. The company's Assets Under Management (AUM) stood at Rs 2.33 lakh crore at the end of J

Finance platform Drip Capital raises $113 mn through debt, equity issue

US-based trade finance platform Drip Capital, which has 90 per cent employees in India, secured USD 113 million, about Rs 949 crore, through a mix of debt and equity issue, the company said on Thursday. The funding includes USD 23 million equity investment from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), while it has raised USD 90 million in debt financing led by the International Finance Corporation (IFC) and East West Bank. "We have raised USD 113 million which is a mix of debt and equity investment. Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC) have invested USD 23 million in equity while USD 90 million in debt financing has been led by the International Finance Corporation (IFC) and East West Bank," Drip Capital Co-Founder and CEO Pushkar Mukewar said. He said that the company funds trade worth USD 1.8-2 billion annually and 50-60 per cent of its business originates fro

Banks to maintain real-time fraud list, more than 3,000 entities listed

Lenders would be required to consult this list before engaging with these entities and continuously update it

Bank holidays in September 2024: Check the full list before making a visit

Essential financial services will be functional through digital channels such as online platforms, ATMs, mobile banking apps, and bank websites

New MSME credit assessment model for PSBs may see March 2025 launch

Credit model goes beyond credit scores, evaluates supply chains, digital footprints

Passport website unavailable for use till Sept 2: What should you do

Website under maintenance for five days, will be inaccessible to people and government authorities

Is it a wise decision to bundle health and life cover plans?

Single policy reduces paperwork and simplifies premium payments

Baroda BNP Paribas MF launches new dividend yield fund: Check details

New Fund Offer (NFO) will remain open from August 22 to September 5, 2024

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

LIC agents income varies widely across India; Andaman tops list with 20,446

In terms of the number of agents, Life Insurance Corporation (LIC) has the lowest number of agents at 273 in the Andaman & Nicobar Islands

Bandhan Bank revises FD interest rates, offers up to 8.50%

The updated fixed deposit interest rates for retail deposits will be effective from August 7, 2024

SBI warns job seekers about fake job offer scams

SBI cautions youth against scammers using WhatsApp, SMS, and Email to lure them with fake job offers, urging vigilance and verification

Explore different ways to convert cryptocurrencies into cash

There is no central body operating in India to regulate cryptocurrency. Users should be careful while dealing in cryptocurrency

RBI MPC proposes process to speed up clearance of cheques in a few hours

Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours, says RBI Governor Shaktikanta Das

RBI Policy: MPC to announce repo rates today. When and where to watch?

RBI MPC meeting: A Business Standard poll earlier indicated that economic experts anticipate that the RBI is expected to maintain this status quo for the ninth consecutive policy review

Small banks' digital payment services affected in cyberattack on tech firm

Ransomware attack on C-Edge Technologies on Wednesday prompts NPCI to security review

Union Budget 2024: How Key changes in TDS rates simplify life for taxpayers

Budget has proposed to provide a standard operating procedure for TDS defaults and simplify the compounding guidelines for defaults