Bhopal's Satish Mehta had to move to Mumbai after his first year of postgraduate education due to his father's transferable job. Not only did have to deal with the blow of losing a year, his project on use of artificial intelligence in hospitals was also not considered.He would have immensely benefitted if the proposed National Academic Credit Bank (NAC Bank) existed at that time.The University Grants Commission (UGC) has proposed the NAC Bank, which gives students the flexibility to transfer credits from one institute to the other, and also enables multiple points of entry/exit.Close Once NAC Bank comes into force, a student who is facing a similar situation like Satish can directly join an institute for the second year MSc course. Further, the project completed in Bhopal will also be considered for his science degree in Mumbai. related news Are HNIs moving to these newer tax havens to secure assets against uncertainty? BJP can't bulldoze states to implement … [Read more...] about Explained | The NAC Bank will allow students to drop a course and join another, without losing credits
Credit cards affecting credit score
HDFC Mutual Fund has marked down the value of its holdings in Simplex Infrastructures in its credit risk debt fund by 49.64 percent after rating agency CARE Ratings further downgraded the company's non-convertible debentures (NCDs), the fund house said in a note to investors, a copy of which is in possession of Moneycontrol.HDFC Credit Risk Debt Fund had an exposure of Rs 124.11 crore to Simplex's NCDs on November 25. After the markdown, the value of the security in its portfolio stands at Rs 62.5 crore as on December 11, a loss of Rs 61.61 crore.On November 25, CARE downgraded the rating of Simplex's NCDs from CARE BBB to CARE BB+. On December 11, it further downgraded the Simplex's rating to CARE D due to a recent instance of delay in repayment of certain debt obligations. "Simplex's liquidity position has been affected by the elongation of its working capital cycle," the rating agency said.Close Consequent to this downgrade, HDFC Credit Risk Debt Fund valued its … [Read more...] about Simplex Infra’s rating downgrade dents NAV of HDFC Credit Risk Fund by 30 bps – Is there more pain in the offing?
The cabinet on December 11 extended the partial credit guarantee scheme for public sector banks (PSBs) to purchase high-rated pooled assets from non-banking financial companies (NBFCs) and housing finance companies (HFCs).The state-owned banks can now purchase high-rated pooled assets from financially sound NBFCs and HFCs, with the amount of overall guarantee provided by the government till the first loss of up to 10 percent of fair value of assets being purchased by banks or Rs 10,000 crore, whichever is lower, said a report.Close However, brokerage houses are not convinced. Credit Suisse is of the view that the wholesale debt market differentiation among NBFCs hasn’t eased. related news Cabinet approves Partial Credit Guarantee Scheme to help NBFCs, HFCs with liquidity Centre's FY20 fiscal deficit target may touch 3.5-3.8%: Report Credit Suisse continues to prefer retail-focused NBFCs such as HDFC Ltd, M&M Finance, Chola Finance, and LIC … [Read more...] about 4 stocks that will benefit most from changes in partial credit guarantee scheme
The Indian benchmark indices opend on a negative note on Wedneday morning with the Sensex falling 123 points while the Nifty was down 50 points and was trading below the 10,200 mark.The Nifty PSU banking index continued to head lower and was trading down 1.6 percent dragged by Punjab National Bank, State Bank of India, Allahabad Bank, Canara Bank and Andhra Bank.The Nifty PSU bank index cracked yesterday and closed 2.87 percent lower after investigation deepened in the PNB fraud case. The largest contributor to the index fall was Bank of India which plunged 6.46 percent, hitting fresh 52-week low. Syndicate Bank ended lower by 5 percent.Close Global research firm Credit Suisse has come out with a report on PSU banks. It is of the view that the bond hit will add to Q4 woes while over ownership will weigh on earnings. It feels that the PSU banks are staring at potential treasury loss of Rs 20,000 crore in Q4. related news Adani Transmission hits 52-week high on stake sale in a … [Read more...] about Credit Suisse expects PSU banks to report treasury loss of Rs 20K cr in Q4; overweight on SBI, BoB
The government has in recent months announced several measures to bring the flagging economy back on track. The measures include some important ones such as a cut in the corporate tax rate, funding of stalled real estate projects, and faster GST refund process.To highlight the impact of these measures on the economy, Finance Minister Nirmala Sitharaman addressed a press conference on December 13.On concerns over economic growth, she said, "We are not engaging in any predictions on economic growth, we are here to intervene in the economy when needed".Close On reports of a possible increase in Goods and Services Tax (GST) rates, she said, "The Ministry is yet to have any discussions with the GST Council on the issue. Sitharaman added that all there is, is "speculation churning". related news Forex reserves soar $2.3 bn to touch all-time high of $453 bn Exports contract marginally to $25.98 bn in November Krishnamurthy Subramanian, Chief Economic Adviser to government, who … [Read more...] about Economy report card after govt measures: Key takeaways from FM Sitharaman’s press conference