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Finance

Standing Committee on Finance submits report on personal tax deductions

Exemptions and deductions in personal income tax, “should be continually revisited, rationalised and eventually scrapped in tandem with moderation of tax rates,” the Standing Committee on Finance recommended in its report on demand for grants. The report backed the government’s move of gradually doing away with deductions, exemptions and complicated tax structure for taxpayers. “However, terminal benefits available to retiring employees should not be taxed ... Read More »

John Ninfo: Coronavirus prompts some personal finance reminders

As I write this column, the worries over the spread of the coronavirus are increasing, and the stock market keeps dropping. As regular readers know, I avoid giving any investment advice, because I am not qualified, but there are a few things that I have been thinking about because of this issue. First, it’s a good reminder that if you ... Read More »

Mobile banking app Empower Finance just closed a $20 million Series A round

Another afternoon, another round of funding for a mobile banking app. This time, it’s Empower Finance, a San Francisco-based company that’s headed up by former Sequoia Capital partner Warren Hogarth and which just closed on $20 million in Series A funding from Icon Ventures and Defy Ventures. David Velez,  who is the founder and CEO of Nubank, the largest fintech in Latin ... Read More »

Finance panel to discuss centre, states’ Fiscal Responsibility and Budget Management

New Delhi: The NK Singh-led 15th Finance Commission (FFC) has called a meeting with state finance ministers on March 13 to discuss how states’ Fiscal Responsibility and Budget Management (FRBM) can be aligned with the Centre’s. An official statement said the meeting will focus on issues of the final report for 2021-26. The Commission has to submit the report to the government by October ... Read More »

Finance panel rightly backs the North-East

The 15th Finance Commission’s interim report has suggested that these States be rewarded for their dense forest cover The 15th Finance Commission (XVFC) had a delicate task at hand. Faced with strong global headwinds and tepid economic growth at home, it had to meet competing political expectations. The heart of the matter was an elusive formula which would define the ... Read More »

Power Finance Corporation, REC merger hits roadblock

NEW DELHI: The proposed merger of RECNSE -2.70 % with state-owned shadow banking firm Power Finance CorporationNSE -2.80 % has hit a roadblock and is not likely to happen in near future as it would violate Reserve Bank norms on the exposure of non-banking financial companies (NBFCs), according to sources. As per the Reserve Bank of India’s (RBI) norms, debt exposure of an NBFC in a project cannot ... Read More »

Finance Ministry puts in place measures to protect prudent commercial decision of bankers

The banks should form a panel headed by General Manager and it should either take decision to pursue the case with timeline or close the file of long pending vigilance cases, she had instructed. With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD ... Read More »

PNB Housing Finance falls 8% on disappointing Q3 earnings

PNB Housing Finance share price tumbled more than 8 percent intraday on January 24 after the company posted its December quarter numbers. The company has posted 22 percent de-growth in its Q3FY20 net profit at Rs 237 crore versus Rs 303 crore, while NII was up 1.4 percent at Rs 566 crore versus Rs 558 crore, YoY. The company’s revenue was ... Read More »

Bajaj Finance shows signs of a deeper slowdown in Dec quarter

When Bajaj Finance tapped the capital markets in November, investors were more than willing to put money even though valuations looked steep. The stock returned 61% in 2019 and trades at seven times its estimated book value for FY20 currently. But now, investors seem to have taken note that the consumption slowdown nipping at Bajaj Finance’s heels could finally make ... Read More »

Finance Ministry implores banks to boost RuPay, UPI infra: Report

Reinforcing its push for cashless transactions, the Finance Ministry has asked banks to ensure that they have appropriate infrastructure in place to support RuPay and UPI modes, The Times of India reported. This comes after Finance Minister Nirmala Sitharaman announced in November 2019 that businesses with a turnover of above Rs 50 crore would have to provide customers digital payment modes ... Read More »