Finance

States should have been consulted before changing Finance Commission Terms of Reference, says Manmohan Singh

At a seminar organised by Kerala Government opposition leaders and economists term new ToRs as an attack on federalism Former Prime Minister Manmohan Singh on Saturday termed as “unilateral” the Centre’s move to change the Terms of Reference of the 15th Finance Commission for creation of a non-lapsable fund for “Defence and Internal Security”. At a day-long seminar on “Additional ... Read More »

Small finance banks need minimum ₹200 crore capital in on-tap licence regime

Mumbai: The Reserve Bank of India on Friday allowed payments banks to apply for small finance bank (SFB) licences, provided they meet the criteria. According to the new draft guidelines for on-tap licencing of private sector SFBs, the promoter of a payments bank is eligible to set up an SFB, provided both banks come under the non-operating financial holding company (NOFHC) structure. Existing rules do ... Read More »

Finance Ministry officials to meet heads of CPSEs for capital expenditure push

The government has a capital expenditure plan of Rs 3.3 lakh crore during the current financial year. To revive sagging economy, the finance ministry will hold meeting with heads of central public sector enterprises (CPSEs) on Friday to impress upon them the need to expedite capital expenditure. The government has a capital expenditure plan of Rs 3.3 lakh crore during ... Read More »

Finance Ministry expects remaining four banks to be out of PCA framework this fiscal

New Delhi: The finance ministry expects the remaining four public sector lenders to be out of the RBI’s prompt corrective action (PCA) framework with the recent round of capital infusion. Currently, Indian Overseas BankNSE -0.96 % (IOB), Central Bank of India, UCO Bank and United Bank of India are under this framework which puts several restrictions on them, including on lending, management compensation ... Read More »

Weekly Tactical Pick | LIC Housing Finance

This week’s tactical pick is LIC Housing Finance (current market price: Rs 412). With loan portfolio of around Rs 1,98,000 crore, LIC Housing Finance (LICHF), the second-largest housing finance company (HFC),  is one of the very few housing NBFCs that have managed to keep its head above water in the aftermath of the liquidity crisis that engulfed non-banks, especially HFCs, since September ... Read More »

Share market update: Nifty Financial Services index up; Indiabulls Housing Finance rises 3%

NEW DELHI: The Nifty Financial Services index was up with its components trading higher in Monday’s afternoon session. The Nifty Financial Services index was trading 1.62 per cent up at 12,275.90 around 11:56 am. Shares of Mahindra & Mahindra Financial Services (up 5.05 per cent) , Indiabulls Housing Finance (up 3.61 per cent) , Edelweiss Financial ServicesNSE 6.25 % (up 3.56 per ... Read More »

Nirmala Sitharaman press conference: Finance Minister touches on pain points plaguing economy

Union Finance Minister Nirmala Sitharaman is addressing a press conference amid concerns over the on-going economic slowdown in the country. This development came after Moody’s Investors Service on Friday cut India’s GDP growth forecast for 2019 calendar year to 6.2 per cent from the previous estimation of 6.8 per cent. For 2020 calendar year, it reduced the estimate by a ... Read More »

PSU banks launch joint plan to boost economic growth

While the overall credit growth is still at 12%, the flow of credit to small/medium businesses remained weak and export credit growth has contracted. In a bid to kick-start growth, the government has pushed public sector banks to initiate a nationwide campaign to ensure credit flow to businesses, big and small. For the first time, such a massive coordinated effort ... Read More »

Jana Small Finance Bank receives Scheduled Bank status from RBI

The Bengaluru-headquartered bank, established as a financial services company in 2009, said it presently operates 260 branches and 338 asset centres serving over 5.5 million customers in different states. Jana Small Finance Bank Ltd announced on Thursday it has got the status of a Scheduled Bank from RBI. The Bengaluru-headquartered bank, established as a financial services company in 2009, said it ... Read More »

Ujjivan Small Finance Bank Q1 net jumps two-fold to Rs 94 cr

Ujjivan Small Finance Bank (SFB) on Friday reported more than two-fold jump in its net profit at Rs 94.4 crore in the first quarter ended June 2019, helped by healthy growth in advances and improvement on stressed assets front. The bank had posted a net profit of Rs 46.10 crore during the corresponding April-June quarter of the previous fiscal ended March ... Read More »