Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said.
The government has issued an ordinance to give effect to the relaxation in several compliances including extension in last dates to June 30 for making investments in instruments such as National Savings Certificates, Public Provident Fund for claiming income tax benefits.
Lenders do not want any borrower who makes use of the moratorium to fall into the category of a non-performing loan because of having missed payments in the previous two months – January and February. A loan gets classified as a bad loan if the interest or principal is overdue 90 days.
“Data consumption on mobile networks has increased by about 10-12% and in fact in places like Delhi, it has inched by 3% while in some areas of the capital, it has actually fallen,” a senior government official told ET, asking not to be named.
As the Covid crisis unfolds, legal firms are seeing a sharp rise in consultation on writing wills and estate planning. It’s not just intimations of mortality. The economic and market meltdown caused by the pandemic is also pushing the wealthy to make sure that those they want to take care of do not suffer.
Customers will either have to contact the bank or the bank will allow 3 months break on loan repayments by default
Taking note of non-functioning of banks in various places during the lockdown, Union home secretary Ajay Bhalla directed states and UTs to ensure bank branches remain functional, and cash management and maintenance agencies of ATMs are allowed.
On a year-on-year basis, non-food bank credit growth decelerated to 7.3 per cent in February 2020 from 13.2% in February 2019, according to the latest data on sectoral flow of credit released by the Reserve Bank of India on Tuesday. Only retail loan growth accelerated marginally to 17.0% in February 2020 from 16.7 per cent in February 2019.
Similar steps are also initiated by governments of various countries which could result in disruption in the operations of reinsurers, Irdai said.
Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date. Among others, such messages have been received by people who have taken personal, auto and home loans.
The option to extend dates without extra charges will come as a relief for those policyholders who have or will now have to reschedule their air ticket bookings due to the strict lockdown measures announced by the government amid coronavirus outbreak
This would mean that if you have a driving license, the validity of which expires on April 5, 2020, then your driving license would remain valid till June 30.
Starting Wednesday, borrowers are due to pay their monthly instalment but banks are not ready yet to implement the special facility created by the RBI, which allows borrowers to avoid paying three EMIs without being classified as a loan defaulter.
Indian Bank said this is applicable for the amalgamated entity. As the mega banks' merger kicks-in from April 1, Indian Bank will amalgamate Allahabad Bank into itself.
For FY21, analysts are recommending equities, mutual funds and agri-commodities.
SBI Mutual is the first fund house to have discontinued purchase in SBI Gold Fund, which has assets of ₹434 crore. As of now, investors can continue to buy gold funds from other fund houses that offer the product.
There’s misconception among borrowers that RBI has given a loan waiver.
Some lenders fear a huge pause could actually worsen their liquidity position.
Tata Motors, Maruti Suzuki, TVS Motor, Yamaha, Volkswagen and Hyundai have so far announced that the free services scheduled during the lockdown period will be honoured in succeeding months, while warranties expiring during this period will also be similarly extended.
These online ordering and delivery platforms have temporarily suspended the COD payment option to minimize the risk of spreading of coronavirus infection and to ensure the practice of social distancing.
"We would work closely with our member banks and credit institutions to define the data reporting framework basis (after) the announcements made by the RBI Governor, so that during the moratorium period there is no adverse impact on the credit histories and CIBIL Score of borrowers," the company.
The staffing federation has written to labour ministry last week asking them to re-look into the issue.
Any ICICI Bank savings account customer, who is also on WhatsApp, can access this service. Further, customers carrying only a credit card of the bank can use this service to 'Block/Unblock' their card.
Finance minister Nirmala Sitharaman had last week announced several relaxations in compliances including under the income tax.
Experts believe healthcare and telecom sectors are expected to perform well in this prevailing situation.
Former Chairman of SBI, Arundhati Bhattacharya has called for measures to provide liquidity to mutual funds and Non-Banking Financial Institutions (NBFCs) to mitigate the impact of the country- wide lockdown to check the spread of novel coronavirus, saying they need "backstop."
The Vivaad Se Vishwas scheme is a no interest - no penalty window that was supposed to end on March 31 but has since been extended in light of lockdowns and disruptions due to the Covid-19 outbreak.
Cash deposit and withdrawal, clearing of cheques, remittance services, government transactions and ATM services as listed as essential banking services.
Here is a weekly tracker to keep you updated on how Sensex, gold prices, 10-year government bond yield and consumer inflation performed.
The decision is taken in view of lockdown across the country to fight COVID-19. The COVID-19 has been declared pandemic and therefore employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952 are eligible for the benefits of non-refundable advance.
This move may well be due to the lockdown in the country due to the coronavirus infection spread and the situation arising from it.
The central bank also announced targeted LTROs (TLTRO) at monetary policy review.
Banks will now have discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.
Issuing the detailed instructions on the moratorium announcement later in the day, the RBI said, "The instalments include payments falling due from March 1 to May 31 such as the principal and/or interest components; bullet repayments; equated monthly instalments; and credit card dues."
THE BSE250 Smallcap Index is down 40 per cent since February 7.
With this downward revision SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent. EMIs on eligible home loan accounts (linked to EBR/RLLR) will get cheaper by over Rs 52 per one lakh on a 30 year loan, the bank said in a press release.
The Centre has decided to give three months pension in advance to all the 2.98-crore beneficiaries by the first week of April, according to the officials.
The Finance Minister welcomed RBI Governor Shaktikanta Das' statement that the macro economic fundamentals of the Indian economy are sound, and in fact stronger than what they were in the aftermath of the global financial crisis of 2008-09.
The comments, which came after a massive correction in banking stocks following the Yes Bank crisis and coronavirus outbreak, also urged depositors not to resort to panic withdrawals.
The Reserve Bank of India has joined the battle to contain the damage done to the economy by the Coronavirus pandemic by aggressively slashing policy rates earlier today.
Even as many branches are not able to operate because of a staff shortage, banks are warning of large crowds in branches as Pradhan Mantri Jan Dhan Yojana (PMJDY) account beneficiaries, unfamiliar with debit cards, approach branches for withdrawal.
The brokerage contends that ESG is even more critical in a downturn, with ESG funds tracking inflows on a year-to-date basis, while there are record outflows taking place in equity ETFs.
With the country under lockdown to slow the spread of Covid-19 outbreak, insurers such as HDFC Ergo, Religare, Max Bupa, Tata AIA along with intermediaries such as Policybazaar have ramped up these remote services that would involve vetting of customer applications and subsequent consultations by doctors over the telephone.
Contactless delivery means that an ecommerce or food package is prepared, packed and delivered under the strictest health and safety standards and procedures designed to minimise or eliminate contact between the delivery partner and the end consumer.
But lenders say that they had anyway stopped doing so after the Coronavirus outbreak crippled economic activity and look forward to guidelines from the regulator in formalising a structure on how to go about doing business once the dust settles. The advisory from Tamil Nadu CM had initially stumped lenders. It directed them not to collect ``daily/weekly/monthly installments.’
Cash withdrawals from banks hit a 16-month high when the public withdrew Rs 53,000 crore during the fortnight ended March 13, according to the data released by the Reserve Bank of India (RBI). Such huge cash withdrawals are seen only during festivals or elections.
Constituents of supply- chain be allowed to operate as availability of essential goods takes place through small local retail shops, large organised retail stores and e-commerce companies, read the notification.
From paying advance salary to honouring joining date for new joinees, cos going all out to reassure employees.
As many as 15 out of the total 18 PSB have announced schemes to mitigate hardship faced by various segments.
The RBI, today, cut the repo rate and reserve repo rate by 75 basis points and 90 bps, respectively (100 basis points/bps = 1 per cent). The repo rate now stands at 4.4 per cent and reserve repo rate at 4 per cent.