LIABILITIES
Govt's gross liabilities rise by 3.4 pc to Rs 171.78 lakh crore at March-end: Finance Ministry
Government's total gross liabilities rose to Rs 171.78 lakh crore by March 2024 from Rs 166.14 lakh crore in December. Public debt, at 90.2% of total, saw a 3.4% increase in Q4 2023-24. Indian bond yields softened due to fiscal adjustments, while US treasury yields were volatile. Ownership patterns of securities shifted.
BJP-Ajit Pawar tensions come to fore as BJP leaders call NCP a liability
Chaudhari's comments were made at a closed-door review meeting for the Shirur Lok Sabha seat recently by BJP. Leaking of his comments has caused tension between NCP and BJP, simmering since the Lok Sabha results, to increase.
Savings down, financial liabilities up: RBI says household debt warrants close monitoring
The Reserve Bank of India highlighted rising household financial liabilities post-Covid, with overall savings dropping to 18.4% of GDP in FY23 from an average of 20% between 2013-22. Household debt, driven by increased retail loans, is mostly held by prime credit quality borrowers. Savings are now shifting towards physical assets and non-bank investments.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
What is Net Asset Value: Which day’s NAV is used while buying or redeeming mutual funds?
If you are confused by personal finance terms, jargon and calculations, here’s a new series to simplify and deconstruct these for you. In the third part of this series, Riju Mehta explains Net Asset Value and how it is calculated.
Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
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South Indian ministers top liabilities, assets chart in new Central government, says ADR analysis
Andhra Pradesh’s MP from Guntur, Dr. Chandra Sekhar Pemmasani, tops the list with liabilities amounting to over Rs 1038 crore. Karnataka’s HD Kumaraswamy (Mandya) and V Sommana (Tumkur) are behind him , with liabilities of more than Rs 82 crore and Rs 22 crore respectively.
Banks ask RBI to ease liquidity rule to keep credit taps open
Indian banks are urging the industry regulator to relax the current liquidity coverage requirements. They believe easing these mandates will free up more funds for lending.
RBI sees moderation in unsecured retail loans, tells banks to maintain prudent asset-liability balance
The Reserve Bank of India (RBI) noted a moderation in unsecured retail loans and advances following concerns raised in November 2023. Governor Shaktikanta Das highlighted that growth in personal loans and NBFC funding reliance has slowed. The RBI continues to monitor these trends and has urged financial institutions to maintain risk within acceptable limits.
Insurers lap up GSec derivatives to manage liabilities
Global funds and insurers are showing strong demand for Indian government bonds, particularly ahead of their inclusion in a JP Morgan index. Insurers are increasingly interested in Bond Forward Rate Agreements (Bond-FRA) to manage long-term liabilities, with significant trading activity reported by Clearing Corporation of India (CCIL).
SBI and Muthoot Microfin join forces to support women entrepreneurs
Muthoot Microfin partners with State Bank of India to provide financial services to women in rural and semi-urban areas. The co-lending initiative targets joint liability groups involved in agriculture and other income-generating activities, offering loans ranging from Rs 10,000 to Rs 3 lakh.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
Reliance General Insurance's new accident policy covers EMI, loan liabilities
Reliance General Insurance has introduced a new accident policy, Reliance Personal Accident 360Shield, offering coverage for an individual's financial liabilities, hospitalisation expenses, and aftercare needs in case of an incident. The policy aims to provide 360-degree protection to individuals and families from the impact of personal accidents. The policy includes legal assistance and worldwide coverage.
Satin Creditcare Network raises Rs 332 crore from Dutch development bank
Satin's assets under management grew 34% year-on-year to Rs 10593 crore as of the end of March. The lender is aiming to grow its portfolio by 25% in the current fiscal. The lender disbursed Rs 9,691 crore during FY24, the highest in a year so far, while it added 6.3 lakh borrowers taking the total count to 34.7 lakh.
Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs
High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.
Income Tax department notifies cost inflation index for current fiscal
The Income Tax Department has notified the Cost Inflation Index (CII) for the fiscal year 2024-25, set at 363, to calculate long-term capital gains from the sale of assets. The CII reflects economic inflation, with an increase of 15 points from the previous year, aiding taxpayers in adjusting gains for inflation and reducing tax liabilities.
JK Tyre Q4 Results: Net profit zooms 54% YoY to Rs 172 crore
JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to Rs 172 crore for the fourth quarter ended March 31, 2024, on account of higher sales. The tyre maker had reported a net profit of Rs 112 crore in the year-ago period.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
Vodafone Idea’s AGR dues to plunge 46% if SC verdict on curative petition is favourable: Analysts
Vodafone Idea's AGR dues may drop by 46% to Rs 38,400 crore with relief on curative petition, analysts say. Vi seeks waiver of penalty component in AGR demand. Payment reduction could provide cash flow relief, but challenges remain with significant payouts ahead. Management hopeful for Supreme Court relief on AGR calculation errors. Financial restructuring and strategic partnerships planned for Vi's future growth.
Baramulla: In jail since 2019, Engineer Rashid declares assets increased, liabilities reduced in five years
Abdul Rashid Sheikh, an independent candidate from the Baramulla Lok Sabha seat, has reduced his liabilities and increased assets in the last five years, according to his poll affidavit. His assets are now valued at Rs 1.55 crore, including a 41,072 sq ft non-agriculture land in Langate and a house in Srinagar worth Rs 90 lakh. Rashid, a science graduate with a diploma in civil engineering, has declared a home loan and a Kissan Credit Card loan as liabilities.
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.
Advocates cannot be held liable under Consumer Protection Act: Supreme Court
The Supreme Court ruled that advocates cannot be held liable for deficient services under the Consumer Protection Act 1986. It stated that the legal profession is unique and specialized, with advocates required to respect client autonomy and not make concessions without instructions, thus excluding them from the Act's definition of services. This came in a response to a plea challenging a 2007 National Consumer Disputes Redressal Commission (NCDRC) verdict.
MahaRERA proposes self-declaration of project quality by realty developers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed that realty developers provide an annual self-declaration on projects' quality assurance to ensure structural integrity, material quality, and workmanship standards. Initially optional, it will become mandatory. The move aims to enhance construction quality and protect homebuyers' interests, with a feedback deadline of May 23.
Soon-to-be unfair trade practice, telemarketing & fraudulent calls to incur criminal liability
The Department of Consumer Affairs is working to bring out relevant guidelines in a couple of months. These will put accountability on telemarketers and their principal entities — such as banks, real estate companies or any other consumer-facing business — while sending promotional or transactional messages or making such calls for customer conversion.
India looking for additional sites for Russian nuclear reactors: S Jaishankar
India is exploring additional sites for Russian nuclear reactors while engaging in discussions with France regarding the proposed Jaitapur nuclear power plant project, External Affairs Minister S Jaishankar revealed on Monday. He highlighted the complexities surrounding the Civil Liability for Nuclear Damage Act 2010, which required extensive interactions with foreign suppliers to address their concerns. While progress has been made with Russian collaboration at Kudankulam, ongoing discussions with France are underway.
Can Streedhan be used to repay husband’s debt?
Smruti is protected under the law, which clearly defines streedhan, or property of a married woman. Her jewellery, as well as other gifts that she might have been given by her husband, parents or in-laws, are solely her property and she is free to use these in any way she thinks fit.
Stay light & keep some cash handy; buy only after the event is over: Anand Tandon
Anand Tandon provides insights on market dynamics, banking sector performance, consumer trends, and investment strategies amidst evolving economic landscapes and global uncertainties, suggesting cautious optimism and strategic planning for future opportunities.
Esop non-disclosure triggers black money law
A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income Tax (I-T) department which has pointed out amounts that either went undisclosed or untaxed or both.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
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