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Finance


Moody’s Investors Service Tuesday said India’s insurance and reinsurance sectors will increase strongly driven by strong economic growth and evolving regulatory regime. It said robust GDP expansion, coupled with present low insurance penetration, should support double-digit growth for the non-life sector over the next 3-4 years. In fiscal 2018, total gross premiums for the non-life …

A section of public sector bankers Thursday raised questions about the RBI looking powers to regulate state-owned banks saying it apparently failed to act against officials in the ICICI Bank-Videocon issue despite claiming to have enough powers to deal with private sector lenders. Against the backdrop of CBI Thursday naming former ICICI Bank chief Chanda …

A Public Credit Registry (PCR) could well turn out to be the panacea for the ills of poor credit flow to numerous individual borrowers without credit history and to tiny enterprises which depend on money lenders. “The PCR could supply the missing link, which is the complete ‘360-degree view’- information of the borrower or prospective …

Private sector lender Yes Bank has partnered with Government of Maharashtra to onboard PDS shops which are popularly referred to as ration stores onto the electronic PDS initiative through which they can become agents of the bank. Under the partnership, Yes Bank will empower more than 20,000 ration shops which can offer the last mile …

The government has cracked the whip on several large companies, which had either failed to deposit tax deducted at source (TDS) with the income tax (I-T) department or delayed the payment, with claims against top 10 such entities adding up to nearly Rs 350 crore. I-T authorities have gone ahead and launched prosecution action, while …

The Central Board of Direct Taxes (CBDT) has said that the Mumbai Income-Tax TDS office published prosecution to show cause notices only in some big cases where more than Rs 5 lakh was collected as tax deducted at source (TDS) from employees, but not deposited with the I-T department in time. CBDT stated that some …

Indian billionaires saw their fortunes swell by Rs 2,200 crores a day last year, with the top 1 percent of the country’s richest getting richer by 39 percent as against just 3 percent growth in wealth for the bottom half of the population, an Oxfam study said Monday. In the world, billionaires’ fortunes rose by …

The National Company Law Appellate Tribunal has held that the lenders of defaulting companies can initiate corporate insolvency resolution process against corporate guarantors without invoking CIRP for the principal borrowers. A three-member bench of the appellate tribunal in a judge stated that corporate guarantors are also financial debtors. “We hold that it is not important …

State-owned United Bank of India on Saturday announced that it would offer third-party health cover to its customers. It has entered into a partnership with Star Health & Allied Insurance Co for the same a few days before. The Kolkata-based lender thus becomes a corporate agent of the health insurer. This arrangement would help the …

Kerala is so far the only state to keep the GST threshold at an annual turnover of Rs 20 lakh for businesses in the state, even as half-a-dozen states agreed to double the registration and tax limit for manufacturers to Rs 40 lakh. So far, six states have decided to double the threshold after the …

Total liabilities of the government has increased 49 percent to Rs 82 lakh crore in the last four-and-half years in the Narendra Modi government, as per the 8th Edition of the Status Paper on Government Debt released Friday. Related to the latest data available till September 2018 when the total debt of the Central government …

The government is open to further easing the simplified framework that will permit startups to seek exemption from the so-called angel tax to address concerns that entrepreneurs and other stakeholders have raised. Besides, the Central Board of Direct Taxes (CBDT) will soon establish a dedicated unit for processing requests from startups and angel investors for …