Banking And Finance

Gross NPA of banks may rise to 12.5 per cent by March 2021: RBI Financial Stability Report

The Reserve Bank of India (RBI) released its Financial Stability Report today. The Reserve Bank of India (RBI) released its Financial Stability Report on Friday where the central bank warned…

Former RBI Guv Urjit Patel says insolvency law caused rift with central government

In a book released Friday, Patel — who headed the RBI between September 2016 and his unexpected resignation in December 2018 — said the government seemed to lose enthusiasm for…

Amid rising bad loans, losses and COVID disruption, bank staff to get 15% salary hike

Bank managements and unions have agreed to introduce the system of performance-linked incentive (PLI) in public sector banks for the first time. Around 8.5 lakh bank employees will get a…

Capital conservation for banks important as moratorium ends on August 31: SBI report

The SBI report said as per the regulatory requirement, banks in the country need to have a regulatory capital of 9 per cent of risk weighted assets (RWA) along with…

Economy

Revenue-Tax division to share account knowledge with intel, probe businesses

The current notification will allow the tax division to share info of a taxpayer which is perhaps related for the notified enforcement businesses. The Central Board of Direct Taxes (CBDT)…

India needs further economic reforms to attract more investment, IMF says

The remarks by International Monetary Fund’s Chief Spokesperson Gerry Rice on Thursday came in response to a question on the recent FDI announcements made by global giants like Facebook and…

No direct monetisation plan yet: DEA Secy

While data from various agencies, including World Bank and IMF suggest GDP contraction this year, the economy is expected to recover sharply next year, indicating a V-shaped recovery, he said.…

No free lunches: Raghuram Rajan says monetisation by RBI has a cost and cannot be everlasting

The former RBI Governor said central banks in many emerging markets are resorting to such strategies and disagreed with votaries of the “modern monetary theory” who support this, making it…

Companies

Biocon Q1 net profit declines 26% to Rs 167.8 crore

Shares of Biocon Ltd were trading at Rs 418.85 per scrip on BSE, down 2.66 per cent from its previous close. Biotechnology major Biocon has reported a 26.30 per cent…

Forensic audit flags 2012 stake sale of IL&FS arm to Singapore-based firm

The audit report, submitted to a consortium of lenders led by Punjab National Bank in June 2020, has found that SEPCO was one of the contractors of ITPCL and it…

‘General Atlantic, Sequoia Capital weigh taking over TikTok from parent ByteDance’

As per a Financial Times report, the two investment firms are in discussions with the US and other regulators regarding the takeover. With many jurisdictions including the US and India…

Express Group acquires insurance web aggregator MyInsuranceClub

An IRDAI-licensed insurance web aggregator, MIC has been an early entrant into the insurance comparison business in India. The Indian Express Group announced Thursday its entry into insurance web aggregation…