All Blog's

Article

  Navneet Singal Oct 26 ,2023

 Published In :  Taxmann

Well thought-out Move from EEE Regime to EET Regime - Taxati...

Article

  Navneet Singal Oct 13 ,2023

 Published In :  TAXMANN

Gifts: A Comprehensive Analysis of an Everlasting Tax Planni...

Article

  Navneet Singal Oct 11 ,2023

 Published In :  Taxsutra

GST on Ocean Freight: Whether the Dust has Settled After Re...

Article

  Navneet Singal Aug 13 ,2023

 Published In :  EvoBreyta

Applicability of withholding tax on Import of Goods

Blog

  NAVNEET SINGAL Nov 04 ,2022

 Published In :  TAXMANN [2022] 144 taxmann.com 89

Apex court take on Charity and Educational Institutions

Article

  NAVNEET SINGAL Dec 17 ,2020

 Published In :  TAXMANN [2020] 122 taxmann.com 158

ESOP: A wealth creation and retention tool - Whether discoun...

Article

  NAVNEET SINGAL Jun 27 ,2020

 Published In :  TAXMANN [2020] 117 taxmann.com 361

Analysis of deductionu/s 80G of expenditure on CSR activitie...

Article

  NAVNEET SINGAL Nov 15 ,2022

 Published In :  TAXMANN [2022] 144 taxmann.com 220

Critical analysis on implementation of Central Bank Digital...

Blog

  NAVNEET SINGAL Jan 23 ,2023

 Published In :  TAXMANN [2023] 146 taxmann.com 425

3% Interest for one day of delay in Payment of TDSA Horrific...

Search by keyword

Recent News

Banking/Finance-Industry-Economic Times

Indian Overseas Bank plans to open 88 new branches in FY24

Indian Overseas Bank is set to establish 88 new branches across India in FY24. The bank recently opned a new branch in Nagapattinam and its 126th ATM in Puducherry. Managing Director and CEO Ajay Kumar Srivastava said that the bank's expansion strategy aimed to serve unbanked rural areas with innovative products. The bank's total business has surpassed Rs 5 lakh crore.

Published on: May 24, 2024


Technology-enabled professional services firm Sikich Secures $250 Million minority growth investment from Bain Capital

Sikich LLC received a $250 million investment from Bain Capital to accelerate growth and maintain professional services leadership under CEO Christopher Geier.

Published on: May 23, 2024


Reliance Capital administrator seeks 90-day extension from NCLT to implement resolution plan

Reliance Capital's administrator has filed a request for a 90-day extension to implement a resolution plan submitted by the Hinduja Group, which was approved by the National Company Law Tribunal (NCLT) Mumbai. The resolution plan, approved by the tribunal, was for IndusInd International Holdings Ltd's Rs 9,650-crore plan. Reliance Capital's board was replaced by the Reserve Bank in November 2021 due to governance issues and payment defaults. The company's debt is over Rs 40,000 crore.

Published on: May 23, 2024


PSBs ask US to route advisories via finance ministry

Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.

Published on: May 22, 2024


... Admits Ireda's insolvency petition against Shri Saikrupa Sugar

NCLT ordered management transfer to IRP/RP for Shri Saikrupa Sugar during CIRP. Ireda sanctioned a loan of Rs 121 crore in 2012, leading to the insolvency resolution process.

Published on: May 22, 2024


NCLT rejects JM Financial Asset Reconstruction's plea in Arch Pharmalabs case...

The National Company Law Tribunal dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs.

Published on: May 22, 2024


IRDAI introduces new corporate governance regulations for insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.

Published on: May 22, 2024


Karur Vysya Bank to open 100 new branches in current financial year: MD & CEO

Karur Vysya Bank aims to open 100 new branches this year, with Chairperson Meena Hemchandra inaugurating the 840th branch in Ayodhya. MD and CEO B Ramesh Babu plans to add 100 branches, achieving a record net profit of Rs 1,605 crore, and maintaining a 0.40% NPA as of March 31, 2024.

Published on: May 22, 2024


Mahindra & Mahindra Finance secures IRDAI license to offer tailored insurance plans

The corporate agency license would help in broadening Mahindra Finance’s product portfolio by incorporating insurance solutions. It would help customers with their financial and insurance needs being met by a single entity. The process would augment the company’s existing sources of revenue and profits as it deploys its common infrastructure of branch network and feet on street.

Published on: May 22, 2024


Paytm employees warned of potential job losses after hit from RBI probe

Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.

Published on: May 22, 2024


IPL insurance claims hit Rs 150 crore

This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.

Published on: May 21, 2024


Expect significant growth from insurance income this year: City Union Bank MD

City Union Bank, led by N Kamakodi, aims for significant growth in insurance income to Rs 55 crore in FY'24, with a PAT of Rs 1,016 crore and NIM within guidance levels.

Published on: May 21, 2024


IRDAI relaxes procedural norms on expense of management, share transfer

IRDAI introduces new Master Circular, streamlining application procedures, ESOPs compliance, share transfers, and specifying timelines for prior approval and amalgamation guidelines. Reporting for capital forms and lock-in periods clarified.

Published on: May 21, 2024


Muthoot FinCorp records highest-ever loan disbursement in FY24 at Rs 61,703 crore

Muthoot FinCorp reported its highest-ever loan disbursements in FY24 at Rs 61,703.26 crore, up 18.6%, with an asset under management of Rs 33,359.30 crore. The company's consolidated net profit surged 62% to Rs 1,047.98 crore. Muthoot FinCorp's standalone disbursements rose 15% to Rs 50,167.12 crore, with a 22.4% increase in profit after tax to Rs 562.81 crore. The company's revenue for the March quarter of FY24 was Rs 1,197.31 crore, representing a 25.59% growth.

Published on: May 21, 2024


Mahindra Finance appoints Mahesh Rajaraman as CRO

Mahindra & Mahindra Financial Services appoints Mahesh Rajaraman as Chief Risk Officer, replacing Mallika Mittal who resigned amid a fraud case involving Rs 135.9 crore. Rajaraman, with 29 years of banking experience, will lead the risk management function for a 5-year term.

Published on: May 21, 2024


FSIB defers interview for SBI chairman's position

FSIB defers SBI Chairman selection interview for unknown reasons. New date post new government formation after June 4 to replace Dinesh Khara, retiring on August 28. FSIB recommends candidate, final decision by Appointments Committee of the Cabinet led by PM Narendra Modi. Selection panel includes former DoPT secretary Bhanu Pratap Sharma, Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.

Published on: May 21, 2024


Project loan provisions to impact earnings due to limited pass-through: Banks to RBI

Banks face challenges passing on higher provisions due to competition and pressure to maintain relationships. RBI proposed a 5% provision increase for project, commercial, and real estate loans. Lenders may find it difficult to raise rates, impacting project viability and borrower bidding process.

Published on: May 20, 2024


IFSC regulator looking to allow NBFCs operate as risk aggregators

The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.

Published on: May 20, 2024


Consumer panel directs IDFC Bank to pay Rs 1 lakh to man for deducting EMI for loan he didn't avail

A consumer commission in Mumbai has instructed IDFC Bank to compensate a resident of Navi Mumbai with Rs 1 lakh. The bank wrongly deducted EMIs for a loan he never took. The commission ordered the bank to refund the deducted EMIs with interest and provide the compensation for deficient service and the resulting mental and physical distress within 60 days of receiving the order.

Published on: May 20, 2024


FSIB to interview candidates for SBI Chairman post on Tuesday

FSIB to select replacement for retiring SBI Chairman Dinesh Khara. Decision by Cabinet Committee, headed by PM Modi. FSIB led by Bhanu Pratap Sharma. Panel includes Financial Services Secretary, Public Enterprises Secretary, and RBI Deputy Governor. Animesh Chauhan, Deepak Singhal, Shailendra Bhandari also on panel.

Published on: May 20, 2024


Varthana receives 3 million euros of debt finance from Dutch investor

Varthana, a non-bank lender in the education sector, secured 3 million euros in debt finance from Triodos Investment Management, enabling the company to expand and support schools and students in upgrading infrastructure and educational foundation. Established in 2013, Varthana has financed over 11,000 schools and provided 16,500 loans for expansion. Triodos Investment Management sees this investment as contributing to financial inclusion and quality education accessibility.

Published on: May 20, 2024


Tata Motors' arms partner with Bajaj Finance to provide financing to passenger, EV dealers

Tata Motors has partnered with Bajaj Finance to offer supply chain finance solutions to its passenger vehicles and electric mobility subsidiaries. The partnership will help dealers access funding with minimal collateral, leveraging Bajaj Finance's extensive reach. The partnership will strengthen dealer partners' access to increased working capital, enabling them to seize opportunities in the growing passenger vehicles market.

Published on: May 20, 2024


Indian banking sector pips IT as net profit tops Rs 3 lakh crore in FY24, rises 39% YoY

India's banking sector reached a historic milestone with a net profit surpassing Rs 3 lakh crore in FY24. The combined profit of listed public and private sector banks surged by 39%, totaling Rs 3.1 lakh crore compared to Rs 2.2 lakh crore in FY23. This amount roughly equals the cumulative quarterly profits of all listed companies in the initial three quarters of the fiscal year.

Published on: May 20, 2024


Hindujas' acquisition of Reliance Capital hits financing hurdle

"IndusInd International Holdings (IIHL) is trying to reduce the cost by nearly one percentage point and is seeking a cheaper loan through ongoing discussions with the lenders," one of the sources said. "The loan arrangement must be finalised before May 27, as IndusInd International Holdings needs to close the Reliance Capital deal by then," the person added.

Published on: May 19, 2024


Banks want to regain power to issue lookout notices, to move Finance ministry

Banks primarily issued LOCs to fraudulent borrowers and wilful defaulters - who they suspected could run off to take the residency or even citizenship of another country. However, last month, the Bombay High Court struck down the powers of chairmen, managing directors and CEOs of all public sector banks to issue LOCs on the grounds that the 'right to travel abroad' cannot be taken away by an executive action and the powers given to bank chiefs is arbitrary and unreasonable.

Published on: May 19, 2024


PNB Housing Finance expects 17% loan growth in FY25 aided by increase in branch network

The housing finance company opened 100 branches last year, which will help in expanding business including in affordable segment.

Published on: May 19, 2024


Bank of Maharashtra tops among PSU banks in business growth in FY24

Bank of Maharashtra, a state-owned lender, demonstrated impressive growth in total business and deposit mobilization during the last fiscal year, outperforming many public sector banks struggling to achieve double-digit growth. With a 15.94% rise in total business and a 15.66% increase in deposits, Bank of Maharashtra led the pack, followed by SBI. It maintained its dominance in low-cost CASA deposits, crucial for reducing fund costs.

Published on: May 19, 2024


Ujjivan Small Finance Bank becomes eligible for universal banking license, but has no immediate plan to seek one

The bank’s gross non-performing assets ratio stood below 3% and net NPA ratio below 1% for two consecutive years, making it entitled to apply for a licence. "Next week, the process of reverse merger will be over. A call on universal banking will be taken later. We are not rushing for it," managing director Ittira Davis said.

Published on: May 18, 2024


Debt, equity holders approve merger of IDFC with IDFC First Bank

​​"We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said.

Published on: May 18, 2024


Sundaram Home Finance hopeful of continuing growth momentum

Sundaram Home Finance plans to continue its growth momentum in the current financial year by expanding into smaller towns and exploring opportunities in Tier 4 towns in South India. The company, a subsidiary of Sundaram Finance Ltd, is optimistic about the real estate sector's outlook and expects growth momentum to continue. The company has opened 30 exclusive SBL branches in Tamil Nadu, with disbursements of over Rs 125 crore.

Published on: May 18, 2024


Need proactive risk mitigation measures to tackle cyberattacks: RBI DG

RBI deputy governor Swaminathan J emphasized proactive risk mitigation strategies in the face of cyberattacks and emerging banking risks, addressing challenges in regulations, corporate governance, and assurance functions to ensure bank safety and stakeholder trust.

Published on: May 17, 2024


Reliance Capital Administrator seeks 10 days extension from RBI to transfer assets to Hinduja Group

The National Company Law Tribunal (NCLT) Mumbai, while approving the resolution plan on February 27, directed IndusInd International Holdings Ltd to implement it within 90 days ending May 27.

Published on: May 17, 2024


Need to rationalise MSME schemes for reach: DFS Secretary

Speaking at the CII Annual Business Summit 2024 on Friday, Joshi also noted that there is a need to address language issues of schemes to make them easier and more comprehensible.

Published on: May 17, 2024


Creditors' haircuts in bankruptcy cases jump to 73 pc in FY24, resolutions taking longer: Report

Creditors' haircuts in bankruptcy resolutions rose to 73% in FY24 from 64% in FY23. 269 resolution plans were approved by NCLTs, with a decline in new admissions due to Covid-19. The average resolution time also increased, impacting CIRPs and entities. NCLT passed liquidation orders for 446 corporate debtors in FY24.

Published on: May 17, 2024


RBI approves appointment of Pradeep Natarajan as IDFC FIRST Bank's Whole Time Director

The Reserve Bank of India has approved Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank for three years. IDFC FIRST Bank reported a net profit of Rs 724 crore for the fourth quarter of March 2024, with reduced gross and net Non-Performing Assets. Shareholder approval pending.

Published on: May 17, 2024


HDFC Bank raises USD 500 mn from IFC for on lending to women borrowers

HDFC Bank secured a USD500 million loan from IFC to support underserved women borrowers by providing microloans through self-help and joint liability groups. The initiative aims to promote financial inclusion and socio-economic growth, empowering women and benefiting the economy.

Published on: May 17, 2024


Fusion MicroFinance to raise $25 mn from DFC

Fusion MicroFinance is raising $25 million from the US International Development Finance Corporation (DFC) for growth capital, following a $20 million loan facility. The micro loan lender has already received $20 million from DFC. Fusion, founded in 2010, has assets under management of Rs 11,476 crore.

Published on: May 17, 2024


Japan's Mizuho hires Sanjay Nayar as advisor for Mizuho Bank India

An active player in the Indian financial services space, Mizuho has already infused about $500 million (₹4,100 crore) into its India bank branches. Mizuho made an investment of $145 million for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India) recently.

Published on: May 17, 2024


PhonePe UPI payments launched in Sri Lanka

The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in Indian currency, showing the currency exchange rate.

Published on: May 16, 2024


PNB official allegedly embezzles nearly Rs 5 Crore from Bhopal-based infrastructure company: CBI FIR

The CBI has booked a PNB official for allegedly siphoning off Rs 4.98 crore from the account of a Bhopal-based infrastructure construction company in collusion with a private person. The incident occurred at PNB's Delhi Road Branch in Hapur, Uttar Pradesh. Head cashier Mukul Singh and Vinod Kumar Singh are accused of merging the company's account with that of Star Raze and transferring the funds through internet banking, causing a loss to PNB. The CBI conducted searches and registered an FIR in this regard.

Published on: May 16, 2024


LIC Housing Finance eyes lower double digit loan portfolio growth in FY25

LIC Housing Finance targets "lower double-digit" loan portfolio growth this fiscal, focusing on affordable housing, says MD Tribhuwan Adhikari. March saw a 4.3% y-o-y loan portfolio rise to Rs 2.87 lakh crore. Annual loan disbursement dropped 8% to Rs 58,937 crore, partly due to cautious lending amid competition from other lenders.

Published on: May 16, 2024


RBI warns NBFCs a mode they use for giving loans may bring grief

Bank Loans: The Reserve Bank of India has issued a caution to non-bank finance companies, advising them against becoming overly reliant on algorithm-based credit models. RBI Deputy Governor Swaminathan J flagged the importance of maintaining a balanced approach in credit assessment, highlighting potential risks associated with over-reliance on historical data and algorithms.

Published on: May 16, 2024


Axis Bank to groom LGBTQIA+ talent for careers in banking

Axis Bank has introduced the ‘ARISE ComeAsYouAre’ talent acquisition programme to recruit individuals from the LGBTQIA+ community across India for careers in banking. The initiative focuses on skills-based hiring, offering equal opportunities to fresh graduates and professionals up to 5 years of experience. The bank emphasizes diversity, equity, and inclusion, aiming to foster innovation and leverage talent diversity. This follows Axis Bank's previous efforts to support the LGBTQIA+ community, including offering joint accounts and insurance products.

Published on: May 16, 2024


IndiaFirst Life Insurance appoints Rushabh Gandhi as MD & CEO

IndiaFirst Life Insurance has announced the elevation of Rushabh Gandhi, currently the deputy CEO, as its new MD and CEO. Gandhi, with over 29 years of experience in Indian and international markets, will succeed R.M. Vishakha, who is retiring on June 30. Gandhi's appointment is effective July 1 or upon regulatory approvals. The move aligns with the company's succession planning, leveraging Gandhi's strategic vision and experience in driving growth and profitability. His appointment is subject to IRDAI approval and other statutory clearances.

Published on: May 15, 2024


IIFCL aims to be zero net NPA financial institution during FY25, says MD Jaishankar

IIFCL, the state-owned infrastructure financing firm, anticipates a loan growth of approximately 18% and targets reducing net non-performing assets (NPAs) to zero in the current fiscal year. Gross NPAs at India Infrastructure Finance Company Ltd (IIFCL) decreased to 1.61% in FY24 from 4.76% in the previous year.

Published on: May 15, 2024


L&T Finance aims at 25% CAGR, retail lending in focus

L&T Finance Ltd aims for a 25% compound annual growth rate (CAGR) in the coming years, focusing on strengthening its retail lending business. The financial services arm of Larsen & Toubro plans to exit the wholesale segment entirely by 2026, becoming a 100% retail non-banking financial company (NBFC). The company introduced a new offering, 'Complete Home Loan', signaling a fresh push in its mortgage business, expected to surpass microfinance in book size.

Published on: May 15, 2024


NCLAT lifts lien on IL&FS Transportation

NCLAT orders lifting of lien on ITNL's account, deeming Maharashtra tax department's attachment contrary to previous decision. PNB seeks interim distribution of Rs 12 crore from ITNL's account towards debt, allowing IL&FS board to consider fund distribution.

Published on: May 14, 2024


NBFCs' profitability to moderate on higher borrowing costs: Moody’s

“ We expect loans at NBFCs to grow about 15% in the next 12-18 months, driven by various types of lending, including infrastructure financing by large government-owned NBFCs and loans to small and medium-sized enterprises” Moody’s said in a report. “We also expect the sector’s credit costs to increase from cyclically low levels, especially as unsecured loans mature”.

Published on: May 14, 2024


HDFC Bank says 6-7 pc of overall annual expenses are on tech

It can be noted that HDFC Bank was the first major lender to be slapped with business restrictions like a pause on issuing new credit cards and also launching new online products over two years ago.

Published on: May 14, 2024


DHFL scam: After CBI arrest, Dheeraj Wadhawan sent to judicial custody for Rs 34,000-crore bank fraud case

Former DHFL director Dheeraj Wadhawan was arrested by the CBI in connection with a Rs 34,000-crore bank fraud case. He was charge-sheeted in 2022, produced before a special court in Delhi, and sent to judicial custody. Wadhawan was earlier arrested in the Yes Bank corruption case and is linked to the biggest banking loan fraud in India.

Published on: May 14, 2024