Posts

GIFT IFSC emerges as international banking hub with $52.82 bn FCNR(B) disbursals: Uday Kotak

GIFT IFSC banking units are channeling foreign-currency deposits into financing. These units funded fifty-two billion dollars of FCNR(B) deposits under a swap facility. International Financial Services Centres Authority highlighted strong performance in foreign-currency mobilization. Indian banks also raised eleven billion dollars through bond listings on IFSC exchanges. These developments connect global capital pools with India's financing needs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gWkehi6 via IFTTT
Post a Comment
Read more

'Revolver' misfire hits credit card issuers: India's credit card boom sees lower bank profits

Credit card profits are shrinking for Indian banks as spending rises. Customers now use cards more for payments than borrowing, reducing interest income. Interest-bearing balances have significantly fallen as a percentage of total card spending. This trend is impacting major lenders like HDFC Bank and SBI Cards. Analysts predict further profit margin declines in the coming years. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Qeis1uv via IFTTT
Post a Comment
Read more

IDFC First Bank 'scam': CBI files chargesheet against 6 Haryana IAS officers, 13 others

The CBI filed a chargesheet against nineteen accused in a Rs 504-crore fund misappropriation case. Six Haryana cadre IAS officers and bank officials were named in the chargesheet. The accused allegedly orchestrated a fraudulent scheme to misappropriate government funds. These funds were transferred to specific bank branches and then to third parties. The CBI has now charged a total of thirty-seven individuals in this ongoing investigation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FwB9oie via IFTTT
Post a Comment
Read more

Direct Tax Reforms: Parliamentary panel to meet tomorrow to discuss simplifying taxes

A parliamentary committee will meet on September 3 to discuss direct tax reforms. The meeting will focus on simplification, rationalization, and ease of compliance. Discussions will also cover the Income-tax Act, 2025, and revenue performance. This session follows a previous cancellation regarding virtual digital assets. Representatives from the Ministry of Finance will attend the important deliberations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/u4gZB7f via IFTTT
Post a Comment
Read more

Breather for creditors: New NCLT bench stays the approval of a repayment plan proposed by Subhash Chandra

A special five-member NCLT bench stayed Subhash Chandra's repayment plan approval. The tribunal also restrained the Essel Group founder from alienating any asset. This new bench stayed a smaller bench's earlier order which had approved the plan. Dissenting creditors had sought protection against the guarantor's asset alienation. The bench directed that the guarantor shall not alienate properties directly or indirectly. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9Oamwoi via IFTTT
Post a Comment
Read more

Banks seek CRR cut on green deposits to boost green lending in India

In a bid to boost climate and transition finance, banks are pressing for a lower cash reserve ratio for green deposits. Presently, estimates show that these deposits fall short of the necessary critical mass. A decreased CRR could significantly cut funding expenses and unlock capital for loans, as India strives for substantial investments to fulfill its net-zero goals. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/N3zTcjQ via IFTTT
Post a Comment
Read more

New trade rules raise compliance worries for banks over cross-border payments

As of October first, banks will bear the new burden of overseeing cross-border payment transactions. They are required to confirm the validity of service contracts and foreign entities involved. Furthermore, banks will also be tasked with tracking export revenues and handling overdue export bills, creating a challenging landscape in service imports and exports aimed at curbing money laundering and suspicious trading practices. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6lQdI7j via IFTTT
Post a Comment
Read more