Finance

GE Says Finance Woes Pushing Company Toward Low End of Forecast

(Bloomberg) — General Electric Co. is heading toward the bottom of its profit forecast for the year as the manufacturer faces challenges in its finance operations, a top executive said Wednesday. Following a large charge against an insurance portfolio and plans to shrink the GE Capital division, the company’s earnings are “probably more at the lower end” of the range, ... Read More »

PNB’s LoU story spoils plot for import finance

A majority of Indian lenders are entangled in the Rs 11,300-crore fraud through issuances of unauthorised LoUs by PNB officials in connivance with firms owned by diamond merchant Nirav Modi. KOLKATA | MUMBAI: Import finance, crucial for ensuring critical supplies for India’s industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking (LoUs) after ... Read More »

India’s financial destiny is at the crossroads: Uday Kotak

This is a problem created over several years, cobwebs have settled, everything was justified on the grounds of public interest. As Asia’s richest banker, Uday Kotak has an interesting job at a very interesting time in India’s financial history. The executive vice-chairman of Kotak Mahindra BankBSE 0.67 %leads the country’s most admired lender at a time when about $200 billion is stuck in ... Read More »

Bitcoin Set for Worst Week Since 2013 as Crypto Sell-Off Intensifies

Cryptocurrencies plunged on Friday, with several of the largest falling by more than 20 percent and Bitcoin sliding below $8,000 (roughly Rs. 5.12 lakhs) and headed for its worst week since 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell. The slump in prices this week means the total market value of cryptocurrencies is down to $385 ... Read More »

GST Collections Rise To Rs. 86,703 Crore In December, Says Finance Ministry

As many as 56.30 lakh GSTR 3B returns have been filed for December, Finance Ministry said. New Delhi: Halting two months of decline, the GST collections gathered momentum in December, rising to Rs. 86,703 crore. “Total revenue Collections under GST for the month of December 2017 (received in December 2017/January up to January 24, 2018) has been Rs.86,703 crores till January 24 2018,” the ... Read More »

Crisil Ups Outlook On 18 PSU Banks After Capital Infusion Plan

The government would pump Rs. 88,139 crore into 20 PSU banks before end-March (Representational image) Mumbai: Rating agency Crisil on Friday revised upwards the outlook on 18 state-run banks to ‘stable’ from ‘negative’ and also reaffirmed their ratings following the announcement of capital infusion worth Rs. 88,139 crore by the government. The agency said move will strengthen the balance sheets ... Read More »

Small Finance, Payments Banks To Offer Atal Pension Yojana To Subscribers

There are 11 Payments Banks and 10 Small Finance Banks that have received license from RBI. New Delhi: The Central government on Friday said “Payments Banks and Small Finance Banks” will offer social security scheme Atal Pension Yojana (APY) to their subscribers. “To strengthen the existing channels of APY distribution, it is felt that these new Payments Banks and Small Finance ... Read More »

H-1B visa holders drive innovation, help build economy: US lawmakers

The announcement about the proposal came days after reports emerged that the Trump administration was considering tightening H-1B visa rules that could lead to deportation of 750,000 Indians. Photo: AP Washington: Asserting that H-1B visa holders drive innovation and help build and strengthen the American economy, top US lawmakers on Tuesday backed the Trump administration’s decision that it was not considering ... Read More »

Narendra Modi to meet experts today to reset economic policy

A file photo of Prime Minister Narendra Modi. Photo: Vipin Kumar/HT New Delhi: With economic growth estimated to pick up further momentum after the shake-up from structural reforms, the government is getting into broad-based consultation for a new economic policy for the future. Prime Minister Narendra Modi along with senior cabinet colleagues will discuss on Wednesday “the road ahead” for social, ... Read More »

Finance Ministry cautions against bitcoin, says ‘virtual currencies are like ponzi schemes’

The Ministry of Finance has cautioned people against investing in virtual currencies and compared them to ponzi schemes. “There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of bitcoin and ... Read More »