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File image of an IDBI Bank branch facade (Representative Image) The government is likely to introduce amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, during the Monsoon Session of Parliament to enable full divestment of its stake in public sector banks (PSBs), The Economic Times reported. One amendment being considered will allow the Centre to completely exit from banks that are privatised, an official told the paper. Inputs from the industry, merchant bankers and potential investors have been taken on record, and more changes could be incorporated to make the stake sale process “faster and with less regulatory hurdles”, the official said. Moneycontrol could not independently verify the report. Another official called the bill “an enabling mechanism” that may be brought in this session and then issues ironed out, adding that the changes are based on discussions with potential investors during roadshows for the recent IDBI … [Read more...] about Government weighs 100% divestment from privatised PSU banks: Report

Borrowing costs of Indian states are likely to rise in the coming weeks as the Reserve Bank of India ’s (RBI) rate hike cycle becomes more entrenched and the supply of state papers rises, money market experts and bankers told Moneycontrol on June 27. A majority of those expect the yield on the 10-year state development loan (SDL) to rise above 8 percent in the coming weeks. “In the first quarter of this fiscal year, supply of debt was limited. But in the second half of this fiscal year, we expect state debt supply to rise and that should put upward pressure on (state) bond yields,” said Ritesh Bhusari, deputy general manager, treasury, at South Indian Bank. To put in perspective, the cut-off yield for 10-year SDL ranged from 7.83 percent to 7.86 percent at an auction on June 21, according to data from the RBI. Prior to that, at an auction on June 14, Tamil Nadu’s 10-year paper was sold at a cut-off yield of 7.94 percent, while Haryana’s 10-year bond was sold at 7.95 percent. … [Read more...] about States’ borrowing cost set to rise on higher debt supply, RBI’s rate cues, experts say

The Reserve Bank of India (RBI), on June 27, imposed a monetary penalty of Rs 10 lakh on Tamil Nadu-based The Tiruchengode Cooperative Urban Bank for non-compliance of certain norms. An inspection report of the bank based on its financial position as of March 31, 2020, revealed that the lender inter alia, did not comply with directions issued on exposure norms and statutory or other restrictions pertaining to urban cooperative bank and Know Your Customer (KYC) guidelines, the RBI said in a release today. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the banking regulator said. Also read: RBI penalises two co-operative banks for rule violations The RBI has been tightening its grip on regulated entities, specifically cooperative banks, to ensure that appropriate corporate governance practices are followed. Close … [Read more...] about RBI penalises The Tiruchengode Co-operative Urban Bank for rule violations

Representative image In July 2017, India ushered in the Goods and Services Tax (GST) for levy and collection of taxes on inter-state supply of goods and services. Almost five years on, accountants complain of multiple glitches in the system hailed as the single biggest tax reform in post-independence India when it was introduced. For instance, the GST Act has failed to provide a system to address Centre-state and inter-state disputes, they said. Article 279A (11) of the Constitution enables the GST Council to institute a mechanism to resolve inter-state disputes, but no such system has been seriously contemplated so far. Also Read: GST at 5: A structural, economic analysis and prescriptions Close Today, the law only says that if GST has been wrongly paid to the Centre, there will be no interest liability and if tax has been wrongly paid to a state, it will be refunded. Moreover, there is a constant doubt still over the applicable rate of GST that makes … [Read more...] about GST at 5: Accountants still confront major issues in filing returns

PM Modi addressing the Indian diaspora in Munich, Germany, on June 26 (Image: Twitter/@DDNews) India is leading the "way of innovation", with one unicorn emerging in the country at every 10 days, Prime Minister Narendra Modi said on June 26 in Germany's Munich, where he addressed members of the Indian community. "There was a time when India was nowhere in the race of startups. Today, we are the third-largest startup ecosystem. Similarly, we used to import even the simplest phones, today, we are the second-largest mobile phone manufacturer in the world," he said. "Not only this, in India, on an average, we have a ‘unicorn’ every 10 days," Modi added. The spirit of innovation is evident in all parts of the country, Modi claimed, noting that an average of 5,000 patents are filed every month in India. Also Read: Modi at G7 in Germany | Expectations from and support for India will rise rather than fall Close The country is also matching the pace of … [Read more...] about India leading the way of innovation, one unicorn coming up every 10 days: PM Modi in Germany

Reserve Bank of India The central bank is fighting twin battles at this point. It needs to control inflation that is way above its mid-term target of 4 percent and has been consistently above the upper band of 6 percent. On the other hand, the nascent recovery seen on the economic growth, needs to be supported. The central bank-led monetary policy committee (MPC) clearly misjudged the inflation trajectory for a prolonged period in its bid to support growth recovery. The stance remained accommodative for a long time which led to differences even within the panel. In May, the rate-setting panel then embarked on a catch-up game by initiating sharp rate hikes in two rounds, totaling 90 basis points (bps). One basis point is one hundredth of a percentage point. The MPC has signalled to take the rate back to pre-pandemic levels. The repo rate, which is currently at 4.9 percent, can go up by at least 100 basis points, according to economists considering the inflation … [Read more...] about Banking Central| Where will the repo rate settle ultimately?

Share to Twitter Share to Linkedin Novak Djokovic has no plans to get the Covid-19 vaccine ahead of the U.S. Open and as of now wouldn’t be eligible to enter the U.S. for the final Grand Slam of the year. Under current rules, unvaccinated foreigners can’t enter the U.S. “Hopefully I can have a very good tournament [at Wimbledon], as I have done in the last three editions,” said Djokovic, who has won the last three Wimbledons in 2018, ‘19 and ‘21 and owns 20 major titles. “Then I’ll just have to wait and see. I would love to go to States. But as of today, that’s not possible. There is not much I can do anymore. I mean, it’s really up to the U.S. government to make a decision whether or not they allow unvaccinated people to go into the country.” Djokovic, who has had Covid twice, was deported ahead of the Australian Open in January because he was not vaccinated and was not allowed in the U.S . for Indian Wells and Miami in March. He opens … [Read more...] about Novak Djokovic Won’t Get Covid-19 Vaccination For U.S. Open

Share to Twitter Share to Linkedin The latest Hindi film, JugJugg Jeeyo has earned $4.7 million over the first weekend in India. The movie features Neetu Kapoor, Anil Kapoor, Varun Dhawan and Kiara Advani. It also marks Neetu Kapoor’s return to films after a long gap of nine years. The film collected $0.75 million in US markets alone. The film had a decent opening and made $1.1 million on Friday when it released. The collections saw a steep rise on Saturday and the film bagged $1.59 million on the second day. Directed by Raj Mehta, the film released across 3500 screens in India alone, and saw further rise in collections on Sunday. It collected $1.9 million in India alone. JugJugg Jeeyo traces the story of a family in which the parents, and the son decide to go for a divorce. How a modern, but typical Indian family deals with the news and what changes it brings, is what the film explores. Much like Mehta’s first film, Good Newwz, JugJugg Jeeyo … [Read more...] about India Box Office Report: ‘JugJugg Jeeyo’ Earns $4.7 Million In Three Days

For many individuals, obtaining tax benefits , and not retirement planning, is the primary objective of investing in the National Pension System (NPS) . This despite the scheme gaining popularity in the recent years as a pure-play retirement tool. As per the Pension Funds Regulatory of Authority of India (PFRDA) data, the non-government sector subscriber base rose 2.4 lakh in the financial year 2021-22 up to August. During the same period last year, the system had seen 1.6 lakh new subscribers being added to its fold. Do I get extra tax breaks if my employer offers NPS? If you contribute to NPS under the All Citizens’ Model, you are eligible for deductions under section 80C, with a limit of Rs 1.5 lakh. Your contributions as an employee will also entitle you to this tax benefit. Moreover , you can claim an additional break of Rs 50,000 under section 80CCD (1B). Now, if you are a salaried employee and your cost-to-company structure is such that your employer … [Read more...] about Explained: How corporate NPS works and offers additional tax benefits

senior citizens, specifically those aged 60 and above, accounted for around 63 percent of all COVID-19 related deaths in the country. All this makes it imperative to provide financial aid to this section of society. (Image: Moneycontrol) Spotlight is now on the burning need for effective retirement products for elderly in the country after the Life Insurance Corporation of India (LIC) launched its Saral Pension Scheme aimed at safeguarding financial interests of senior citizens in India. This populace is only set to grow, even triple by 2050, if he Longitudinal Ageing Study of India (LASI) is to be believed. While the 2011 population census pegged the number of senior citizens at 103 million, or around 8.6 percent of the population, the figure is estimated to grow around 3 percent annually to reach almost 320 million in the next three decades. Moreover, per a collaborative report prepared by the International Institute of Population Sciences (IIPL), around 75 percent of … [Read more...] about Planning to retire? Here are 5 pension schemes you should check out for retirement planning