Thursday , 7 July 2022
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Address concerns, provide stimulus: Market players to Finance Minister

NEW DELHI: A rollback of the super-rich tax surcharge, removal of long-term capital gains tax (LTCG) on shares and tax policy certainty topped the wish list of market participants, including foreign portfolio investors (FPIs). They also sought a fiscal stimulus from the government to rev up the slowing economy at a meeting with finance minister Nirmala Sitharaman that she had called on ... Read More »

Rajiv Kumar appointed as new Finance Secretary

The Appointments Committtee of the Cabinet has approved the appoitment of Rajiv Kumar as the new Secretary of the Ministry of Finance on Tuesday. Kumar, a 1984 batch IAS officer from the Jharkhand cadre, was working as the Secretary, Department of Financial Services (DFS) at Ministry of Finance. Kumar will succeed Subhash Chandra Garg as the Finance Secretary. Garg, who ... Read More »

Mahindra Finance netslips 75% to ₹68 crore

Amid turbulence in the NBFC sector, Mahindra and Mahindra Financial Services reported a 75 per cent drop in standalone net profit to a mere ₹68 crore in the first quarter of the fiscal. Its net profit stood at ₹269 crore in the same period a year ago. Total income increased by 24 per cent at ₹2,413 crore during the quarter ended June 30, ... Read More »

Personal Finance wrap: From financial advice for planning a sabbatical to gilt funds

Are you planning to take a sabbatical? We’ve got you covered! From financial advice for your sabbatical to FDI in insurance intermediaries, find all the major personal finance stories of the week here. Credit quality woes for debt fund investors Earlier last week, rating agency CARE came with a report on how credit quality of the companies that it rates is ... Read More »

Lok Sabha passes Finance Bill

The Finance (No. 2) Bill, 2019 was passed in the 17th Lok Sabha on July 18. Finance Minister Sitharaman said that the tax proposals in the Finance Bill 2019 are aimed at improving the ease of living and reducing pain of the citizens. While replying to discussion on the Finance Bill, Sitharaman said Budget proposals will promote Make in India ... Read More »

European fintech MODIFI launches digital trade finance platform for Indian SME exporters

European fintech MODIFI today announced the launch of its digital export finance in India, with an objective to enable small and medium-sized (SMEs) exporters to thrive and offer attractive payment terms to their international buyers. A press statement said the company has chosen India as the first market for its expansion into Asia after having successfully launched its digital trade finance platform ... Read More »

Consumer finance focus can bring SoftBank to Piramal

MUMBAI: A potential investment by Japanese multinational conglomerate SoftBank into the financial services arm of the Piramal Group will likely depend on the Indian company’s willingness to aggressively move into the consumer finance segment away from its current wholesale focus, two people in the know of the matter said. Billionaire industrialist Ajay Piramal has held talks with at least four private equity funds, including ... Read More »

L&T Finance arm gets $100m from AIIB for green energy funding

The Beijing-headquartered multi- lateral developmental lender Asian Infrastructure Investment Bank (AIIB) Friday said it will provide USD 100 million in loans to L&T Infrastructure FinanceNSE -0.28 % Company for on-lending to wind and solar powerinfrastructure projects in the country. This deal with the arm of L&T Finance Holdings marks the bank’s first loan to a non-banking finance company. “Our latest project will increase the supply ... Read More »

RBI to consider ‘on tap’ licensing for small finance banks

The Reserve Bank of India (RBI) on June 6 said it was considering “on tap” licensing for small finance banks. The central bank said it would issue draft guidelines on the licensing of such banks by the end of August 2019. “There is a case for more players to be included to enhance access to banking facilities to the small ... Read More »

Hopes of cheaper finance, consumption growth to propel equities

Reserve bank of India will announce the FY20’s second bi-monthly monetary policy on June 6. Currently, the policy repo, or central bank’s short-term lending rate for commercial banks, stands at 6 per cent (Representational Image) Mumbai: Prospects of cheaper finance along with a liquidity boost from the apex bank will sustain the uptrend in equity markets during the coming week, analysts ... Read More »